Original-Research: Marley Spoon Group SE (von NuWays AG): BUY
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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: LU2380748603
Anlass der Studie:
Empfehlung: BUY
seit: 01.02.2024
Kursziel: 8.60
Kursziel auf Sicht von: 12 Monate
Letzte Ratingänderung:
Analyst: Mark-Hendrik Schüssler
Yesterday, Marley Spoon Group ('MSG') released Q4 and preliminary FY'23
results that were in line with
our expectations. Q4 sales came in at EUR 73.5m (-18% yoy; eNuW: EUR 73.1m),
implying revenues of EUR
328.5m for the full year (-18% yoy; eNuW: EUR 328.1m), which was mainly
driven by a smaller active subscriber
base of c. 193k (-22% yoy; eNuW: 189k) and lower order frequency per
subscriber on account of
a very challenging macroeconomic environment and pronounced consumer budget
concerns throughout
2023. While macroeconomic uncertainties persist, MSG has made operational
and non-operational
progress on several fronts and thus looks set to disproportionately benefit
from an eventual return of
consumer confidence and a less hawkish monetary policy:
Removing operational roadblocks. Operationally, MSG continued to expand its
industry-leading contribution
margins for Q4 and the full year to 32.6% and 31.7% (+290bps yoy, eNuW:
31.5%),
respectively, through operational efficiencies in fulfilment (180bps
yoy fulfilment costs) and marginbased
menu planning (+120bps in gross margin). Notably, MSG was able to translate
a higher contribution
margin into a strong operating EBITDA margin of 4% for Q4 (eNuW: 3.4%) and
0.8%
for the full
year (+140bps yoy, eNuW: -1%). This healthy margin development was aided by
(1) rectifying a previously
changed voucher strategy, allowing the company to increase marketing
efficiency and early cohort
retention rates in H2'23 and into Q1'24 as well as a more stabilized order
frequency and enhanced subscriber
quality; and (2) a more streamlined G&A setup (-11% yoy to c. EUR 69m,
excluding one-off costs) as
cost-reduction measures from automation, business service centralization,
the closure of underutilized
operations, and cost synergies from its Chefgood integration began to kick
in.
Progress in ending dual-listed status. In Q4'23, the Group closed its
tender offer to the remaining
shareholders of Marley Spoon SE (listed on the ASX). The results indicated
that it successfully acquired
10.4% of the total issued capital of Marley Spoon SE, increasing the stake
to 95% (see illustration on
page 2) and further paving the way to delist Marley Spoon SE from the ASX
in H1 2024e (eNuW). In our
view, this should benefit liquidity for MSG shares and help reduce
investment complexity stemming from
its current dual-listed status. Additionally, each share of MSG now owns
10ppts. more of Marley Spoon
SE, which is reflected in our raised PT.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28789.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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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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