HelloFresh: Leading Subscription Business Primed for Growth after Expectations Reset

A short-term bounce, a near term upside surprise and a long-term 10x?

Summary

• Best-in-class online food solutions operator trading at 2.3x EV / Adj EBITDA

• Meal kit vertical is a cash cow in transition about to return to sustainable growth

• Ready-to-eat, growing 50% in 2024, to become the dominant vertical long term

Disclaimer: This writeup is not investment advice and should not be construed as such. I am sharing my research…