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SRH AlsterResearch AG Update: HelloFresh SE - Full set of figures without surprises – Up to HOLD

SRH AlsterResearch AG Update: HelloFresh SE - Full set of figures without surprises – Up to HOLD

Nachrichtenquelle: AlsterResearch AG
05.05.2021, 13:06  |  147   |   |   

Hellofresh had a solid start to Q1, with both the top line and AEBITDA coming well within the preliminary update range. Overall, the updated guidance looks achievable after the solid start into 2021.

HelloFresh SE (Update)

Retail
MCap EUR 11.4bn

HOLD (from SELL), PT EUR 61.00 (-4% potential)
Research_update

Hellofresh had a solid start to Q1, with both the top line and AEBITDA coming well within the preliminary update range. Overall, the updated guidance looks achievable after the solid start into 2021. However, with a possible end to the Corona pandemic in mind, we are critical of the continued success. Even though the trend towards online grocery shopping has grown disproportionately during the crisis, we expect this momentum to flatten out sharply. Having said that, trading on >37x ‘21E earnings the stock still looks expensive in our view. Based on our DCF-valuation, we keep the price target of EUR 61.00 unchanged, but we switch our recommendation from SELL to HOLD. After the price decline of the last few days, especially after the publication of the Q1 report, the potential to our price target is -6%. Therefore HOLD

 

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HelloFresh Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de

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Disclaimer

SRH AlsterResearch AG Update: HelloFresh SE - Full set of figures without surprises – Up to HOLD Hellofresh had a solid start to Q1, with both the top line and AEBITDA coming well within the preliminary update range. Overall, the updated guidance looks achievable after the solid start into 2021. However, with a possible end to the Corona pandemic in mind, we are critical of the continued succes.

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