BUY
Original-Research: Marley Spoon Group SE - von NuWays AG
Einstufung von NuWays AG zu Marley Spoon Group SE
Unternehmen: Marley Spoon Group SE
ISIN: LU2380748603
Anlass der Studie: Update
Empfehlung: BUY
seit: 07.12.2023
Kursziel: € 8,20
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Mark-Hendrik Schüssler
RS feedback: Venture-like D2C meal kit opportunity
Yesterday, we hosted a digital roadshow with the CEO of Marley Spoon. Here are our key takeaways:
Adjusted voucher strategy and turnaround. In Q3, the company rectified a previously changed voucher strategy and has already seen promising signs of increasing marketing efficiency and early cohort retention rates in Q4, paving the way to return to sales growth in 2024e aided by a more stabilized order frequency, growing basket size (c. 2% eNuW), as well as growing subscriber quality and base (c. 3% eNuW; currently 15% retention rate over > 20 quarters).
Ongoing reduction in G&A expenses should contribute to a positive operating
EBITDA in 2024e. Executing on its strategic shift from growth to
profitability, Marley Spoon managed to significantly decrease G&A expenses
by 20% yoy in Q3 2023 (excl. one-time charges) as it continues to reduce
costs through automation, business service centralization, and realizing
cost synergies from its Chefgood integration. Moreover, installed capacity
should help it produce c. € 1bn in sales, rendering future capex
superfluous
and supporting break-even to positive free cash flow generation starting
2024e.
Process of ending dual-listed status underway. The company is in the
process of transferring its float from ASX to Frankfurt Stock Exchange
through a tender offer to acquire the remaining shares of the Australianlisted
Marley Spoon SE (
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28499.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
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