JPM upgrades Hellofresh on cost execution, move to more stable business
** J.P.Morgan upgrades Hellofresh HFGG.DE to "overweight" from "neutral", saying the management is executing well on costs and that markets are missing its changing financial profile
** The meal-kit company's shares rise 7% to the top of Germany's mid-cap index .MDAXI
** JPM says Hellofresh is moving towards a more stable and high margin and FCF accretive business
** It also sees potential for higher cash distribution going forward, expecting 300 million euros ($326 million) net cash position by December 2025
** "We now see clear signs that management's strategic shift to retaining the existing customer base in meal-kits, away from costly gross additions, is bearing fruit," JPM says
** It expects the ready-to-eat (RTE) branch to offset the meal-kit operations, on which it is cautious
** "We estimate RTE will take a 40% profit share (EBITDA) by 2027E from just 2% in 2024E" - JPM
** However, it adds Hellofresh should provide meaningful information regarding the size of its loyal customer/order base and retention over a longer period
($1 = 0.9199 euros)
Reporting by Paolo Laudani
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