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Feb 9 2022, 06:55 GMT
HelloFresh (HFG) provides an alternative way to play the growth of online food. Its demonstrable success in the largest market opportunity, the US, early-stage profitability and indeed a share buyback scheme further add to its appeal. December’s Capital Markets Day (CMD) accelerated revenue growth and lowered EBITDA margin expectations. This didn’t play well to today’s market sentiment setting and the equity almost halved, providing a great entry point. We initiate with an ‘Outperform’ rating and price target of €70.