Following another strong Q1, the commercial and profitability recovery is set to be faster-than-expected with >8% growth and >5% EBIT margin. FY 2025-27 EBIT estimates increased by c.9% and PT from SEK61 to SEK63. Buy reiterated with th business model set to thrive alongside HelloFresh in the
Post-another impressive Q1 trading update and a reassuring HelloFresh CMD, we are turning more optimistic on Cheffelo's ability to maintain its customer and growth momentum with an expected 7.3% sales CAGR over 2024-27e, a FCF margin crossing 5% and a dividend yield of around 6-7%. Buy vs. Neutral
Post-Q4, we have lifted our FY 2025-27e EBIT and FCF estimates by respectively 17% and 18% with our new PT coming out at SEK37. Cheffelo proved its ability to quickly restore "profitable growth" mode in 2024, and the 2025 growth/profitability profile looks appealing. But uncertainty will remain ove
Post-Q3, we have left our FY 2024-26 estimates unchanged and stick to our SEK30 PT. Cheffelo proved its ability to quickly return to "profitable growth" mode in 2024 and the growth/profitability profile we foresee is interesting. But uncertainty over competitive dynamics in the Nordics prevents us
Post-Q2, we raise our FY 2024-26 EBIT estimates by 11% and our PT from SEK25 to SEK30 to reflect stronger growth fuelled by better market dynamics and the recent agreement with Middagsfrid, better leverage on fulfilment and slightly less marketing. Cheffelo proved its ability to quickly return to "
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at the US job market that is gradually cooling, prompting investors to bet o
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we take a new look at the latest rumors around Shein London IPO. Happy reading!
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
Moody's Ratings (Moody's) today assigned Baa2 ratings to the gtd senior unsecured euro notes offered by Molson Coors Beverage Company ("Molson Coors"). The proceeds will be used for general corporate purposes including refinancing the €800 million gtd senior unsecured Euro notes due in July 2024. Mo...
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
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