Original-Research: Marley Spoon Group SE (von NuWays AG): BUY
^
Original-Research: Marley Spoon Group SE - from NuWays AG
06.06.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.
---------------------------------------------------------------------------
Classification of NuWays AG to Marley Spoon Group SE
Company Name: Marley Spoon Group SE
ISIN: LU2380748603
Reason for the research: Update
Recommendation: BUY
from: 06.06.2025
Target price: EUR 2.70
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr
Q1 shows further margin and cash flow improvements
While Q1 sales decreased by 7.4% yoy to EUR 74.7m as a result of the notably
reduced marketing vouchers (-19.8%) and cut marketing expenses (-8.3%),
which impacted the number of active subscribers (-17% yoy to 160k), margins
across the board benefited as the quality of subscribers further increased
(i.e. 5.2% higher average oder value and 6.2% increased order frequency). As
a result, the group's contribution margin improved by 60bps to 35%.
From a regional perspective, the US remains the star of the show. With EUR 40m
sales, the contribution margin stood at 39.1% (+142 bps yoy) and the
operating EBITDA margin at 9.7% (+40 bps yoy). As Europe operates sub scale
(EUR 7m sales) margins are clearly below the group's averages; CM 25.9% (-120
bps yoy), op. EBITDA -3.2% (+350 bps yoy thanks to significant fix cost
reductions).
As per its focus on margins over growth, G&A expenses shrunk 20% yoy.
Despite the weak top-line, MSG's operating EBITDA increased to EUR 0.6m. The
reported EBIT loss halved to EUR 3.8m.
Even more importantly, the operating cash flow further improved to EUR 4.6m (+
EUR 1.7m), which led to a net cash inflow of EUR 1.7m; total cash at the end of
Q1 stood at EUR 7.7m. This, coupled with the expected cash inflow from the
Chefgood divestment in Q2 (eNuW: EUR 6.3m) forms a comfortable liquidity
buffer to bridge the gap to sustainable positive operating cashflows
expected from this year onwards.
FY25 guidance remains intact. Management expects a single-digit % yoy sales
decline while at the same time the contribution margin is expected to
improve by >100bps and operating EBITDA to increase by 70-80% yoy (i.e. EUR
15.6-16.6m).
Ongoing Marley Spoon transformation. With the discontinuation of its
Dinnerly brand in Europe and the expected launch of its ready-to-eat (RTE)
offering in Europe, Marley Spoon is further progressing on its single brand
strategy, which offers simpler processes and synergies in regards to
marketing. Mind you, during the mid-term, management highlighted plans to
offer additional food and nutrition solutions (e.g. juice packs, healthy
snacks, special diet meals) under the Marley Spoon brand, ultimately
increasing the value proposition for customers on the platform.
BUY with an unchanged EUR 2.70 PT based on DCF.
You can download the research here: http://www.more-ir.de/d/32814.pdf
For additional information visit our website:
https://www.nuways-ag.com/research-feed
Contact for questions:
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
++++++++++
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.
++++++++++
---------------------------------------------------------------------------
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
2151820 06.06.2025 CET/CEST
°