MFB - My Food Bag

[Lego_Man]

Mulling over whether at 13c it's worth a tickle ahead of results next month.

[winner69]

Mulling over whether at 13c it's worth a tickle ahead of results next month.

Metro Glass at 9.4 cents might be a more fun tickle

[Rawz]

Mulling over whether at 13c it's worth a tickle ahead of results next month.

What’s your thinking?

I’ve been meaning to go over the numbers to try guess if it’s worth a punt but never can seem to find the time.

[nztx]

That darn kitchen has been mysteriously quiet .. not even a whisper or leak through the insulated sound proofing .. could that be bad ?

Anyone seen any MFB marketing spiel lately ?

The past four months have only seen hellos, goodbyes & shuffling of the brass inside the Meal Bag empire, no whisper on whether there are any pots overflowing or being depleted

I mean .. heck if things were worth raving about then the Head Baconiser would be the first to out with it in an announcement

But alas .. A big fat nothing being announced on trading etc

A curious stance on Continuous Silence


Is the CEO still alive & kicking or just been accidentally locked in one of freezers or pantries for the duration ?

Hopefully it wasn't due to a new recipe or concoction that went went badly wrong ..

[troyvdh]

She I believed got 11 million.

woof.

Yes

[nztx]

She I believed got 11 million.

One of the foundation initial stakeholders pre-IPO - you must be referring to ?

woof woof

I'm assembling a chain of Takeaway Bars to throw together to pull off the same scheme

[silverblizzard888]

I suspect a lot of changes happening within the company and not all outcomes being final to announce to the market. If things were business as usual we would have likely heard from them by now.

[carrom74]

I suspect a lot of changes happening within the company and not all outcomes being final to announce to the market. If things were business as usual we would have likely heard from them by now.

Re: changes happening---only two possibilities I can think of

1.Cecilia mopping it of by going private.
2.Hello fresh -doing what they did with Youfoodz -Takeover for $150m.

If they could muster $5.5m Npat for FY24 then the dividends are back.

[Rawz]

At half year the decline in deliveries looked to be halted but times are tougher again now for households so maybe it’s reversed back to the declining trend of the last few years? The fact that no guidance has been given by the company shows how much of a unknown it is right now.

If the decline IS halted it should survive with plenty of ebitda to pay the big debt pile ($14.1m).

Npat could be lower for the second half with a higher interest cost, depending on when the debt rolls over onto today’s rates.

FCF could be around $2.5-$3.5m for the FY all going well. They should use it to pay down debt rather than dividends. I don’t believe this business should have any debt anyway, it has no assets and unless it’s using fresh capital to generate new revenue streams then it’s only using the debt to pay dividends- which is of course what has happened in the past and the main reason it’s a risky investment right now.

Overall it’s still too risky for me and not cheap enough to bother to have a punt. Would rather buy 2CC, TWR or HGH. All just as cheap as MFB but have more going for it and less risk..

[Rawz]

Just looking at the financials again at half year and current assets vs current liabilities.. MFB have basically got their suppliers to fund the business. That’s not bad actually