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Last edited 2 years ago
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#ASX Announcements
stale
Last edited 2 years ago

Like others, we have tried this product. I am not a fan, but I do enjoy cooking. It is my separation from the day. We still have one of their cardboard delivery boxes in the pantry which we use for recycling. 

For those that are not aware, like their competitors, German headquartered Marley Spoon deliver “kits” of proportioned ingredients. You then follow the recipe and assemble. One of the things I don’t like about the offering is the process is often unnecessarily fussy and/ or includes ingredients that make you wonder why they bothered. 

On the back of the 4C which positioned a downgrade of revenue growth expectations and continued negative operating EBITDA, the shares were spanked, down nearly a third. This leave holders down nearing two thirds in the last year. 

The business now sits at a net loss of EUR21M for the half year. The inflationary environment is not helping them, in a competitive market, they must contain subscriber prices while being impacted by increasing costs in raw materials. Marketing costs have also risen significantly, likely as they are seeking greater customer subscription “skip” rates. 

Founder and CEO Gilbert Siegel has offloaded around 20M worth of shares in the last few years, half of which were in the last six months. He retains an interest in about 20M shares. 

The company continues to have decent sized institutional backers with Blackrock stumping for ~18M via CDI’s just yesterday. Ouch.

Despite being stale elpaso96 straw below is worth reading. 

This is a tough space to play and at least in the short term does not appear as it it is about to get easier. It wasn’t on the watchlist yesterday and remains absent today.