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Nov 2 2021, 06:45 GMT
Friday’s +13% move in Naked Wines (WINE) was a little odd; the comparison with Netflix feels a stretch. However, we like the business model and the opportunity, with a high-quality management team intent on execution. Supply chain challenges are real though, as evidenced by recent communication with customers. Consensus FY22 revenue is at the upper end of guidance, always difficult to call ahead of print. WINE will issue H122 numbers on November 18th, with pressure on margins the most likely outcome.