Naked Wines plc

A tough H221

  • Companies : Naked Wines plc

DAVY VIEW

Naked Wines (WINE) is an exciting business model exposed to an intriguing segment of online customer behaviour – buying wine online – and a segment that we think has some way to travel in terms of the offline to online transition. Senior management communications come from the US west coast, which may not be very helpful for a UK-listed equity. We also find the ‘subscription’ focus slightly confusing, certainly when perceiving the offer to the UK consumer. The H122 interims were mixed; we retain our ‘Neutral’ rating as we tweak numbers.

Download full report with analyst certification and important disclosures

Jan 11 2022, 07:10 GMT

Download