Thanks. Assuming they achieve guidance, current valuation looks definitely attractive. I am a bit hesitant about the general economics of the industry though… Low contribution margins, high marketing spend needed, heavy logistics... and the G&A looks heavy in absolute terms (albeit not as a % of revenue). I would think it would be easy for management to cut cost to achieve healthy margins with their 8bn topline. Anyhow great write up as usual!
Thanks, how can they possibly hit their AEBITDA guidance of EUR 350-400mn for FY24, with only EUR 17mn of AEBITDA in Q1 24? Any thoughts would be appreciated!
Thanks. Assuming they achieve guidance, current valuation looks definitely attractive. I am a bit hesitant about the general economics of the industry though… Low contribution margins, high marketing spend needed, heavy logistics... and the G&A looks heavy in absolute terms (albeit not as a % of revenue). I would think it would be easy for management to cut cost to achieve healthy margins with their 8bn topline. Anyhow great write up as usual!
Thanks, how can they possibly hit their AEBITDA guidance of EUR 350-400mn for FY24, with only EUR 17mn of AEBITDA in Q1 24? Any thoughts would be appreciated!