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 € 73.5m (-18% yoy; eNuW: € 73.1m), implying revenues of €
328.5m for the full year (-18% yoy; eNuW: € 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. € 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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