Download full report with analyst certification and important disclosures
Jan 11 2022, 07:10 GMT
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.