MFB - My Food Bag

[nztx]

Hello fresh shares rose 11% last Friday on good Q3 revenues.

Surprisingly not one update from MFB ..this year. So we take it as “no news is good news” and expect a $5m npat with a 2.5c divvy??

https://ir.hellofreshgroup.com/websi...newsID=2724835

might be wishful thinking expecting a multi-pennied genie to arise out of a small bag after earlier challenging releases and the kitchen might not be so generous to allow 2 1/2 fractions out on the current unloved SP levels

Anyone seen the Bag being thrown around on the squawk box recently ?

[Lego_Man]

Hello fresh shares rose 11% last Friday on good Q3 revenues.

Surprisingly not one update from MFB ..this year. So we take it as “no news is good news” and expect a $5m npat with a 2.5c divvy??

https://ir.hellofreshgroup.com/websi...newsID=2724835

MFB have been studious in updating the market under Mark Winter, which makes me think they must be bang on target. So I would say that you're correct, which makes the current share price all the more attractive.

[nztx]

MFB have been studious in updating the market under Mark Winter, which makes me think they must be bang on target. So I would say that you're correct, which makes the current share price all the more attractive.

No Feb 24 Trading Update last month, as there was in the previous year & a month earlier in Jan 2022

Coincidence or just to down CFO changes ?

Don't think we can't work out when spitting out the updates takes a break

[silverblizzard888]

Had expected an update by now, but probably waiting till the end of this month to finish up before finalizing the numbers. They have been pushing 40% discount deals for all their customers the past few weeks, so could also be trying to push their numbers as far as they can before updating the market.

[winner69]

50% off Gourmet Box offer in emailmtoday

[troyvdh]

woof woof gnarl

[Gerald]

Hello fresh shares rose 11% last Friday on good Q3 revenues.

Surprisingly not one update from MFB ..this year. So we take it as “no news is good news” and expect a $5m npat with a 2.5c divvy??

https://ir.hellofreshgroup.com/websi...newsID=2724835

Not quite, look at the chart. They pre announced earnings a few days prior and the stock dropped ~45%, still down ~35%.

Interesting to read the annual report if you have the time: https://ir.hellofreshgroup.com/downl...23-EQ-E-01.pdf


Quick comparison, both trade on a similar price to revenue (~0.17) BUT;

- Since 2019 MFB has compounded revenue at 3.08% vs 42% for HFG (with almost no share issuance). HFG revenue currently stable, MFB declining.

- MFB is more levered.

- MFB has almost no cash in the bank, vs €433m for HFG (1/3 market cap).

- MFB has tons of intangibles, no tangible book value, shoddy balance sheet. HFG balance sheet mostly cash + real estate (distribution centres).

- MFB product pricing less competitive for comparable product.

- MFB subscale. Disadvantaged in product sourcing vs HFG.

- MFB leases properties so higher fixed cost base.

- HFG more diversified geographically. Less risky.

- HFG has 2/3 of business in USA, most attractive global market. Less interest rate sensitive customers.

- HFG founder led, MFB run by shaky kenwood mixer of random and unalligned short lived management.

---------------

Anyway tons more reasons, but not sure why you would own MFB here over HFG. Free option value of future growth and worldwide domination vs poor MFB holding on for dear life.

[carrom74]

Had expected an update by now, but probably waiting till the end of this month to finish up before finalizing the numbers. They have been pushing 40% discount deals for all their customers the past few weeks, so could also be trying to push their numbers as far as they can before updating the market.

Guess they could afford discounting as food inflation in relative terms has come down.Hope their $5m investment on picking technology is working for them - cost wise.

I am quite happy to see no updates - at least they seem trying.

2cent dividend should be in the offing if nothing else comes up.

[Habits]

Not quite, look at the chart. They pre announced earnings a few days prior and the stock dropped ~45%, still down ~35%.

Interesting to read the annual report if you have the time: https://ir.hellofreshgroup.com/downl...23-EQ-E-01.pdf


Quick comparison, both trade on a similar price to revenue (~0.17) BUT;

- Since 2019 MFB has compounded revenue at 3.08% vs 42% for HFG (with almost no share issuance). HFG revenue currently stable, MFB declining.

- MFB is more levered.

- MFB has almost no cash in the bank, vs €433m for HFG (1/3 market cap).

- MFB has tons of intangibles, no tangible book value, shoddy balance sheet. HFG balance sheet mostly cash + real estate (distribution centres).

- MFB product pricing less competitive for comparable product.

- MFB subscale. Disadvantaged in product sourcing vs HFG.

- MFB leases properties so higher fixed cost base.

- HFG more diversified geographically. Less risky.

- HFG has 2/3 of business in USA, most attractive global market. Less interest rate sensitive customers.

- HFG founder led, MFB run by shaky kenwood mixer of random and unalligned short lived management.

---------------

Anyway tons more reasons, but not sure why you would own MFB here over HFG. Free option value of future growth and worldwide domination vs poor MFB holding on for dear life.

MFB promoters talked up the hype and sold an overvalued investment with no break up value

Now we're subjected to smiley face founders popping up to instruct

[ralph]

Guess they could afford discounting as food inflation in relative terms has come down.Hope their $5m investment on picking technology is working for them - cost wise.

I am quite happy to see no updates - at least they seem trying.

2cent dividend should be in the offing if nothing else comes up.

The dividend will hopefully be suspended to use that $ for upscaling ,buyback etc .
I think the fact this is a kiwi company with a respected bit of food fluff is the big difference over Inferior foreign competitors more focused on foreign owners .