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Original-Research: Marley Spoon Group SE - von NuWays AG
Einstufung von NuWays AG zu Marley Spoon Group SE
Unternehmen: Marley Spoon Group SE
ISIN: AU0000013070
Anlass der Studie: INITIATION
Empfehlung: BUY - INITIATION
seit: 15.11.2023
Kursziel: EUR 8,20
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Mark-Hendrik Schüssler
Treasure in a BOX - Initiate Marley Spoon with Buy
Marley Spoon is a leading meal kit delivery company in a still nascent, but
rapidly growing $ 12bn global meal kit market that solves the "What's for
dinner?" problem.
The company has gained impressive traction during the past 5 years, growing
its revenue by 29% p.a. to c. EUR 328m in FY23e and created a sticky customer
base of c. 307k (Q3 2023) with 95% of revenues stemming from recurring
orders. Its subscribers cherish the industry-leading selection of 100+
recipes per week along with high-quality ingredients conveniently delivered
to their homes and the
hassle-free and time-saving cooking experience. Addressing a narrowly
defined customer group willing to pay a price premium for unconventional
and exotic recipes allows Marely Spoon to generate higher contribution
margins than its biggest competitor, despite lower economies of scale.
The meal-kit industry provides an exciting growth opportunity and is
expected to reach $ 51bn sales by 2030 (16% CAGR), mainly driven by
consumers' desire for more convenience, sustainability, and learning
opportunities in their meal preparation. While we expect Marley Spoon to
grow sales at a 10% CAGR (FY2023-26e) due to its strategic shift from
growth to profitability, the company is nonetheless wellsituated to benefit
from increasing e-commerce penetration rates in the global food market.
The recent macroeconomic headwinds and muted consumer sentiment have not
left Marley Spoon unscathed. The company has tempered its marketing
investments due to prospectively unprofitable and inefficient customer
acquisition and has further streamlined its operations with G&A expenses
seen to drop by 18% yoy to c. EUR 64m in 2024e. However, we see the company
to return to sales and subscriber growth in 2024e, although at a slower
pace as Marley Spoon continues to balance its ambitions for long-term
growth with healthy bottom line development. As a result, the company is on
track to achieve a positive operating EBITDA margin of c. 3% (eNuW) and
positive operating cash flow on a group level by 2024e.
In our view, Marley Spoon presents a compelling micro-cap opportunity,
which allows investors to participate in an entrenched D2C brand that looks
set to return to top line growth while substantially improving the bottom
line in FY24e. Trading at 0.37x EV/Sales 2023e, the stock is attractively
valued and we hence initiate the coverage with a BUY and a EUR 8.20 PT based
on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28291.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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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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-------------------übermittelt durch die EQS Group AG.-------------------
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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