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Blue Apron Holdings（APRN）株式概要
Blue Apron Holdings, Inc. operates a direct-to-consumer platform that delivers original recipes with fresh and seasonal ingredients. 詳細
APRN Community Fair Values
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Blue Apron Holdings, Inc. 競合他社
価格と性能
| 過去の株価 | |
|---|---|
| 現在の株価 | US$12.99 |
| 52週高値 | US$19.20 |
| 52週安値 | US$4.70 |
| ベータ | -3.29 |
| 1ヶ月の変化 | 0.46% |
| 3ヶ月変化 | 72.97% |
| 1年変化 | -5.87% |
| 3年間の変化 | -82.51% |
| 5年間の変化 | -93.32% |
| IPOからの変化 | -99.28% |
最新ニュース
Recent updates
分析記事 • Aug 16
A Piece Of The Puzzle Missing From Blue Apron Holdings, Inc.'s (NYSE:APRN) 44% Share Price Climb
Blue Apron Holdings, Inc. ( NYSE:APRN ) shareholders would be excited to see that the share price has had a great...Seeking Alpha • Aug 10
Blue Apron: Recipe For Financial Turnaround Looks Good, But Growth Still Missing
Summary Blue Apron has made progress in narrowing its losses and aims to achieve profitability by next year. Deal with "FreshRealm" to outsource meal kit fulfilment provides a path to profitability through stronger margins. The company's outlook has improved but poor sales trends remain a concern. Read the full article on Seeking AlphaSeeking Alpha • Jul 07
Blue Apron: A Lifeline Is In Place (Rating Upgrade)
Summary Blue Apron has sold its fulfillment centers, equipment, and related personnel teams to FreshRealm for $50 million, using the upfront cash to clear its debt. The company now plans to focus on brand management and customer acquisition, with FreshRealm becoming the exclusive supplier of meal kits to Blue Apron. Despite these strategic moves, Blue Apron continues to struggle with declining order rates and customer counts. The company's goal of hitting positive adjusted EBITDA by Q2 of 2024 rests on its ability to revive demand in its meal kits. Read the full article on Seeking AlphaSeeking Alpha • Feb 06
Blue Apron: How Much Longer Can It Keep Bleeding Red Ink?
Summary Shares of Blue Apron have shot up 60% year to date, barely saving the company from a de-listing. The company continues to bleed customers and revenue. Especially in a tough macro environment where consumers are curtailing spending, the company's pricing at $8-$10 per serving is unappetizing for a home-cooked meal. Liquidity continues to pose a challenge for the company. So far, the 2023 rebound rally has managed to lift up almost all small and mid-cap tech stocks, even those that seemed to be dangling on a lifeline. Even Blue Apron (APRN), the original meal-kit company that has been struggling for years, managed to take advantage of the resurgence in risk-taking to shoot up ~60% since the start of the year and stave off a delisting from the NYSE (which requires the company to maintain a market cap of at least $50 million and a share price above $1). Data by YCharts It's unclear, however, how much of a lifeline this company has left. In my view, investors are best off ignoring this year's phantom rally and remaining on the sidelines. The customer bleed continues Blue Apron is focusing all of its efforts on cost-cutting and liquidity, in a struggle for mere survival (more on that next). But I think the core of the company's issue is this: is the meal-kit format even still viable anymore? Are customers still going for this type of service? Blue Apron top-line metrics (Blue Apron Q3 earnings deck) In Blue Apron's most recent quarter, the company achieved flat revenue growth of $109.7 million. Active customers, meanwhile, shed 26k quarter-over-quarter, and 27k (-8%) year over year. The company is stuck in a tough place in this macro environment. Amid inflation and recessionary fears, consumers are cutting back on their discretionary spending - and convenient at-home meal kits like Blue Apron are something of a luxury. The company's biggest plan - 4 servings with 4 meal recipes per week - costs $128, which comes out to $8/serving - not including a $10 shipping fee. Smaller plans, like 2 servings for 3 meals a week, cost $10/serving. That's a hefty charge for an at-home meal in this economy. Blue Apron, of course, still continues to rely on introductory promotional offers that significantly reduce these prices. A customer can still sign up with $35 off and free shipping reduced from their first box. But I think it's this kind of promotional activity that encourages high churn, as customers defect when these promotional rates expire and the much higher standard prices kick in. Blue Apron intro offers (Blue Apron website) And perhaps it's a greater mix of promo (versus full price) customers that are helping to drive down the company's variable margin, down 90bps y/y to 32.2%. Blue Apron is stuck in a hard place here: as its number of customers and orders shrinks, the company faces deleverage issues in its procurement and warehouse operations, but without margins and profitability the company can't spend to chase growth, either. In Q3, the company reported a 21% y/y reduction in marketing spend, which is partially the reason behind the consistent bleed in customers. Blue Apron margins (Blue Apron Q3 earnings deck) Cost-cutting may not provide the answer On top of Blue Apron's decision to cut marketing spend, the company also made the decision to lay off 10% of its workforce (which may not even be enough to solve the company's issues). All in all, the company notes it has identified a run rate of $50 million in annual savings. But is this enough? In Q3, the company generated negative adjusted EBITDA of -$17 million. In the trailing twelve months, adjusted EBITDA losses were -$82 million. Blue Apron adjusted EBITDA (Blue Apron Q3 earnings deck) The company has a goal to get to adjusted EBITDA breakeven: but even if it fully realizes $50 million in opex savings that translate directly to adjusted EBITDA, it won't hit positive. And that's assuming revenue can continue to perform at flat levels and gross margins don't get impacted further: in reality, I think harsh economic tidings plus the reduction in marketing spend (thus putting Blue Apron's brand even further into a fading background) will cause continued revenue deceleration and volume deleverage. Liquidity continues to be a challenge for Blue Apron. At the end of the third quarter, the company had only $31.0 million of cash remaining, on top of $35.8 million of long-term debt. It managed to raise $14 million in a follow-on offering in October after the close of the quarter, but considering Q3 free cash flow burn alone was -$22.7 million, this is only a temporary salve.Seeking Alpha • Jan 23
Blue Apron: Another Reverse Stock Split On The Menu
Summary Blue Apron is once again trading below the NYSE minimum listing requirement. The meal-kit service company is suffering from a precarious liquidity position and consecutive quarters of high cash burn. Against a short interest that stands at nearly 50% and a roadmap for continued dilution, it's hard to see the appeal of a long position. Blue Apron (APRN) had to engineer a 1-for-15 reverse stock split a few years ago after its commons had fallen below the NYSE $1 minimum listing requirement. The meal-kit service company potentially stares down a similar action with shares yet again now trading just below the minimum listing floor. Whilst any such move has been lessened by the positive 26% year-to-date increase of its shares, the New York-based company continues to face a broadly uncertain future with the demand for its meal kits flatlined, underlying profitability metrics negative, and its average diluted shares outstanding in an insatiable upward trend. Data by YCharts The business model is straightforward. Blue Apron delivers fresh meal kits to its customers who sign up via different tiered monthly plans that correspond with the number of servings and meals per week that they'd like. On the menu for the week ahead are Sweet & Spicy Shrimp, Oven-Baked Turkey Bolognese, and Couscous-Stuffed Poblano Peppers. The appeal to its customers is clear. Blue Apron, and meal-kit food platforms more broadly, essentially marry a restaurant and food market to offer variety to otherwise static diets. Customers get to try new meals they'd probably have never considered with easy-to-follow instructions and with all the ingredients delivered fresh to their doorstep. A serving for two delivered twice a week currently comes with a $57.95 per month plan. Hence, Blue Apron could be thought of as an augmentation of the existing weekly food plans of their customers. We've Been Here Before The company currently trades on a $35.62 million market cap against revenue for its last reported fiscal 2022 third quarter which came in at $109.7 million, flat from the year-ago comp but still a small miss of around $240,000 on consensus estimates. Data by YCharts The company trades on a price to trailing 12-month sales multiple of 0.07x, an incredibly low and rare level of discounting for any type of company. It is nearly 94% lower than the median for its peer group to help form a market cap that infers heavy distress. Blue Apron's 45% short interest reflects the almost unending pessimism that has stalked its common shares since it went public in 2017 and you can't fault the bears here. Blue Apron sales have stalled for years, switching between meagre and negative year-on-year growth as gross margins continue to decline. The last year for this dynamic was especially pertinent with rapid food and energy inflating driving a deterioration of gross margin and pushing the company's net loss further into negative territory. Blue Apron recorded a gross profit of $35.3 million for its third quarter, down 2.75% from the year-ago period despite revenue being the same. On a sequential basis, gross profit was down around 253 basis points from the prior second quarter. During their earnings call, management blamed the decline on increased packaging, shipping costs, and a fall in total customers.Seeking Alpha • Dec 23
Blue Apron receives non-compliance notice from NYSE
Blue Apron (NYSE:APRN) said on Friday it received a notice from the New York Stock Exchange stating that it was not in compliance with the listing standards, which requires it to maintain a minimum average closing price of at least $1 per share over a consecutive 30-day trading period and an average global market capitalization of at least $50M. The company plans to notify the NYSE by January 6 on a plan to cure both the global market capitalization listing standard.Seeking Alpha • Dec 15
Blue Apron receives $1M of $56.5M private placement obligation
Blue Apron (NYSE:APRN) said it has received $1M of the private placement obligation of $56.5M. The carbon-neutral meal-kit company is set to issue 176,991 shares of class A common stock at a price of $5.65 per share. The capital is a part of the committed funding from Joseph Sanberg's affiliates. Source: Press Release分析記事 • Nov 09
Blue Apron Holdings, Inc. (NYSE:APRN) Analysts Just Slashed Next Year's Revenue Estimates By 13%
Market forces rained on the parade of Blue Apron Holdings, Inc. ( NYSE:APRN ) shareholders today, when the analysts...Seeking Alpha • Nov 07
Blue Apron GAAP EPS of -$0.74 misses by $0.21, revenue of $109.7M misses by $0.24M
Blue Apron press release (NYSE:APRN): Q3 GAAP EPS of -$0.74 misses by $0.21. Revenue of $109.7M (flat Y/Y) misses by $0.24M. Outlook: Due to the uncertainty of the anticipated funds from Mr. Sanberg’s affiliates, Blue Apron is withdrawing its previously announced revenue growth target of 7% to 13% for full year 2022. The company remains focused on achieving Adjusted EBITDA profitability in the future and will evaluate providing updated targets once the company has more certainty on its liquidity position.Seeking Alpha • Sep 29
Blue Apron announces CFO transition
Blue Apron (NYSE:APRN) announced that CFO Randy Greben to resign from his role, effective October 17, 2022. Company appointed Mitchell Cohen to serve as interim CFO, effective following. Mr. Cohen will immediately start working with the company to facilitate a smooth transition in partnership with Mr. Greben, while a permanent replacement is identified. Company to conduct search for a permanent replacement. Stock drops 1.4% after hours分析記事 • Sep 08
Is Blue Apron Holdings (NYSE:APRN) Weighed On By Its Debt Load?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Seeking Alpha • Sep 06
Should Investors Buy Blue Apron's Next Course?
Summary APRN is incorporating a new strategy to market its meal kits on a non-subscription basis as well as subscription. APRN is considering share buybacks worth up to $25 million. The stock has been rising on momentum and its recent catalysts. While the COVID-19 pandemic exploded the meal-kit and food delivery industry with rapid growth, 2022 has proved more difficult for meal-kit delivery companies like Blue Apron (APRN). Down 55% from its 52-week high of $12.76, APRN has recently rallied following the company's announcement of $25 million in potential share buybacks. This is part of Blue Apron's "Next Course" strategy, which is intended to lead the company closer to its goal of adjusted EBITDA profitability in 2023. While APRN is still struggling to become consistently profitable despite 10 years in operation, I believe its turnaround strategy has merit as the company works to diversify its business model. Market Share Established in 2012, Blue Apron initially benefited from being the first meal kit delivery company in the US. While this may have given the company a first mover advantage, it has now found itself in a very competitive space. Its market share has shrunk since 2019, leaving APRN with only 9% of the meal kit market as of 2021. Whereas its competitor - HelloFresh (HFG) - which dominated over half of the entire market in 2019 - held 69%. Although APRN is still outperforming Marley Spoon and Sunbasket, Home Chef - a subsidiary of Kroger (KR) - held 14% of the market at the time. It's worth noting that despite its market dominance, HelloFresh - a global meal-kit provider with a primary listing on the Frankfurt Stock Exchange - has seen a 64% decrease in its stock since the start of the year. Now trading at the same price level as it was in February of 2020, it's clear that APRN is not the only meal kit delivery company impacted. However, HFG's constant expansion has put it in a stronger position to weather the storm. Thanks to its presence in 16 countries, HFG reported 8 million customers as of Q4 2022. It also has a strong presence in the US due to its acquisitions of Green Chef in 2018, Factor 75 in 2020, and the launch of EveryPlate in 2018. Despite its competitor's dominance, I believe APRN could still capture a slice of the global meal kit delivery market, which is projected to grow from $17.86 billion to $64.44 billion by 2030. For comparison, HFG has achieved profitability with a P/S ratio of .57 given its $3.896 billion market cap and the equivalent of $6.83 billion in sales. Whereas Blue Apron has a P/S ratio of .43 based on its $198.34 million market cap and $458.65 million in sales over the last four quarters. APRN's lower P/S ratio shows that the company is not overvalued despite its setbacks and while it presents certain risks as an investment, APRN could have a successful turnaround. Turnaround Meal kit delivery companies must overcome many initial challenges due to the nature of their business. After all, mastering the logistics of shipping perishable groceries to thousands of customers nationwide, every day is no mean feat. But APRN's problems have only compounded since its listing. APRN brought on Linda Findley as its new CEO in 2019 to lead the company's turnaround. Since then the company has made progress in engaging with high-value customers and offering greater menu variety, but much of the company's plans were hampered by the unexpected COVID-19 pandemic which both helped and hindered its progress. Now with the pandemic behind it, it seems that APRN is finally able to make the changes necessary to achieve profitability. Overall, APRN's goals of reaching positive operating cash flow, at least 500 thousand customers, and at least $700 million in revenue by 2024 appear modest for a company founded in 2012. But this is a decisive moment for APRN which has quickly become a growth company with barely any growth. APRN peaked with 1 million customers in Q1 2017 but has not reported more than 400 thousand customers since Q2 2019. As of Q2 2022, it had 349 thousand customers and 682 thousand active customers over the last 12 months. APRN Quarterly Reports For this reason, APRN has been focused on bringing in more revenue per customer which led to a slight increase in average revenue per customer QoQ though this metric is still down from a year ago. Its number of orders has also remained relatively stagnant ranging between 1.6 and 2.1 million per quarter. The most notable growth has been in its average order value and average revenue per customer which have continued to grow since the pandemic, though this is partly due to APRN's recent price increases. For the company to attract 500,000 customers and bring in $700 million in revenue, APRN will need to undergo major changes to its business model and strategy for attracting customers. But I believe that APRN can hit this metric as it incorporates non-subscription options in its business model through third-party platforms. Diversification Shareholders appear to share my confidence in the company's ability to diversify through non-subscription offerings since the stock rallied on news of APRN's Walmart.com (WMT) deal. As it achieves next-day shipping capabilities, the company could form new partnerships or open a storefront on Amazon (AMZN). These platforms will reduce customer acquisition costs while bringing a new audience to the brand. However, this is not a cure all. Blue Apron sold its meal kits at a discount on Jet.com from 2018 to 2019 and had even experimented with in-store offerings selling its meal kits through Costco in 2018. But neither of these strategies paid off at the time. Despite its lackluster results in the past, this is likely the best strategy for reaching the 50% of consumers who have never tried a meal kit delivery service due to its subscription element. As Findley shared, APRN is an ecommerce company with subscription at its core. Defining and capitalizing on this market of as of yet untapped consumers offers a potential upside for the company moving forward. Considering how fierce competition between meal kit delivery companies has become, diversifying its business to appeal to non-subscription customers as well could be the next step for APRN. Especially since many of APRN's subscribers do not behave much like subscribers. The median number of weeks between pausing and reactivation ranges from 75 to around 10. Customers are ordering on average 5 meals per quarter and many of APRN's most valuable customers do not order regularly throughout the entire quarter. I believe the takeaway from this data is that customers are interested in high-quality meal kits but not necessarily on a subscription basis. The subscription bubble that took off in 2011 will likely burst as consumers grow weary with subscription fatigue. The combination of additional subscription services added on during the pandemic and reductions in discretionary spending are key factors in what the Kearney Consumer Institute predicts will be a steep decline in the subscription market. I believe that pursuing non-subscription options will help APRN avoid the brunt of what could be the "great unsubscribe". APRN was also able to drive a 6% increase YoY in revenue thanks in part to a $10 million bulk enterprise sale in Q2. Enterprise sales appear to be becoming a focus for the company which sees the opportunity for revenue, customer, and brand growth through corporate portals, bulk gift card sales, sweepstake programs and the curation of custom boxes and experiences. I agree that enterprise and bulk sales are a new way for the company to reduce its customer acquisition costs and diversify its business further, but this $10 million bulk sale was a one-time deal and it will be up to APRN to prove its ability to secure additional sales in the future. If APRN reports additional enterprise sales and new partnerships with third-party platforms in the coming quarters, I believe this would be a bullish sign indicating the company's ability to diversify and branch out despite these economic conditions. The Next Course? Overall, APRN is now in a better position to pursue its turnaround strategy having negotiated amendments to its debt agreement. Among these amendments is a provision giving the company the option to use up to $25 million in cash for future share repurchases. These share buybacks could only occur on the condition that APRN closes $50 million in equity financing which Joseph Sanberg has already agreed to personally guarantee. Sanberg's faith in Findley's ability to lead the company's turnaround is another cause for confidence. So far this year, Sanberg has assisted with a $40 million private placement investment by his affiliate RJB Partners and a gift card sponsorship agreement worth $20 million. Between April and August, he also purchased 11.7 million shares, increasing his holdings to 27.6 million shares. Sanberg is clearly very invested in Blue Apron's success having considered taking the company private in May. Based on his involvement, I believe Sanberg will be an important part of the turnaround process. However, Bed Bath & Beyond's (BBBY) rally and unceremonious drop following Ryan Cohen's divestment from the company outlines the risk that APRN could follow a similar path. But it's worth noting that the company is already taking a more proactive approach to improving its relationship with shareholders. As part of the New Course strategy, Findley has improved communication with investors through a series of recent interviews as well as hosting APRN's first Investor's Day. These moves along with the potential share buyback have reinvigorated interest in the stock as demonstrated by its latest rally. As is, I believe APRN will show an improvement in its Q3 earnings since the company has been making investments in its ESG goals and other operations for the past two quarters. With these investments now concluded, APRN expects to significantly reduce its spending moving forward. Q2 was also a seasonal lull for APRN, and as customers return to their normal work schedules in Q3, the company could report higher revenues. In Q2 the company reported a $.04 miss on its GAAP EPS loss along with a $774 thousand revenue miss. However, Wall Street is expecting a notable improvement next quarter with expectations of $129.6 million in revenue and a GAAP EPS loss of $.48. Although APRN reduced its expectations for revenue growth in the mid-teens to that of 7%-13% for the year, the company appears on track to achieve its goal for adjusted EBITDA profitability in 2023. Technical Analysis But not everyone has confidence in APRN's turnaround plan as illustrated by its 44% short interest. This 12.36% increase from a week ago comes as investors' excitement for the meme stock rally led to higher than average trading volume for much of August.Seeking Alpha • Aug 30
Blue Apron amends terms of $30M senior note offering
Blue Apron (NYSE:APRN) said Tuesday it amended the terms of its $30M offering of senior secured notes due 2027. A provision has been added by which the notes are callable within 18 months of their issue (May 5), subject to a make-whole payment. The amendment provides APRN with the option to use up to $25M of cash for future stock repurchases, subject to certain conditions including the closing of $50M equity financing - which APRN expects this week. The amendment also adds certain limitations to the definition of cash flow forecast. APRN shares +1.5% in aftermarket trade.Seeking Alpha • Aug 19
Blue Apron: Don't Trust This Rebound
Shares of Blue Apron have rallied more than 2x relative to all-time lows near $2 noted earlier in June. Even though the business is deteriorating, investors are cheering a recent liquidity injection. Though Blue Apron has bought itself a little more time, its business fundamentals remain dire with persistently high customer churn and weakening gross margins. A lot of beaten-down tech stocks have gotten nice rebounds over the past month, but I would be loath to trust every rebound rally as genuine and supported by fundamentals. In particular, I'm very wary of Blue Apron's (APRN) recent rise from the dead. This embattled meal-kit vendor has struggled post-pandemic to retain customers while also dealing with severe cost inflation, putting it at a very difficult crossroads. Year to date, Blue Apron has lost only 20% of its share price after its recent rebound. Recent rebound action has been volatile, and a short squeeze is one of the driving factors here. I think, however, this stock carries incredible risk, and it won't be long until a continued string of disappointing results pushes Blue Apron back down. APRN data by YCharts I remain bearish on Blue Apron after parsing through the company's latest updates. I continue to think Blue Apron's business model has proven itself unsustainable, and no amount of financing can course-correct this company for the long run. Due to volatility, I'm leery of taking any outright short positions against this stock, even buying puts on it - my preferred approach is to stay on the sidelines. Certainly, avoid buying this stock, however, thinking that this rally has further steam. Financing only extends lifeline, but doesn't solve current issues Blue Apron's recent uptrend is driven primarily by an expanded financing agreement with RJB Partners. The net of the story here - in early April, the company signed an agreement with RJB for an equity investment at $12 per share. Due to share price compression, RJB negotiated the purchase price down to $5 per share. However, in August, Blue Apron managed to get RJB to expand the investment commitment to $50 million. Blue Apron financing details (Blue Apron Q2 earnings release) Now, let's put aside the dilutive impact of this for a moment. This capital is essential to Blue Apron. At the end of Q2, Blue Apron had only $54.0 million of cash left on its balance sheet (alongside $63.0 million of debt, however). But while this $50 million injection pushes out Blue Apron's "expiration date", it hasn't bought the company that much of a lifeline. The company intends to spend $25 million of the investment on strategic growth initiatives and the rest on general corporate purposes (in other words, we should expect spending to increase). Meanwhile, already through the first six months of FY22, Blue Apron has burned through -$50.1 million of free cash flow: Blue Apron cash flow (Blue Apron Q2 earnings release) In other words, it may not be long at all before Blue Apron has to raise capital again. This is a band-aid solution only. As long as no structural improvements are being made in Blue Apron's business model, a temporary liquidity injection won't save it. Q2 trends continue to sour To illustrate the point of how Blue Apron's fundamentals continue to show a number of red flags, let's now go through Blue Apron's latest Q2 highlights. The company reported earnings in mid August, and as usual the news wasn't good. Blue Apron Q2 results (Blue Apron Q2 earnings deck) In Q2, as shown in the chart above, Blue Apron managed flat y/y revenue at $124.2 million - but the saving grace here was a $10 million, one-time enterprise deal. Outside of this deal, Blue Apron's revenue would still have declined roughly -8% y/y, in-line with last quarter's decline. Note as well that this deal did not help Blue Apron meet Wall Street's expectations of $125.0 million for the quarter. Also, as shown above, Blue Apron continued to bleed customers, down to 349k at the end of Q2 (down -7% y/y). And, as shown in the chart below: average revenue per customer is down, as order frequency also continued to tank to 4.9 orders per customer in the period: Blue Apron customer metrics (Blue Apron Q2 earnings deck) The company has increased pricing slightly to offset inflationary pressures. This could be driving the customer churn, though the company chose to also attribute weakness to seasonal travel. Per CEO Linda Findlay's remarks on the Q2 earnings call: Similar to many other companies, we saw seasonal and macroeconomic pressures on purchasing patterns due to concerns over the inflationary environment. I would note that we have some subscribers who chose not to order during the quarter for budgetary and travel reasons and therefore, are not included in our customer count for the second quarter.Seeking Alpha • Aug 05
Blue Apron Q2 2022 Earnings Preview
Blue Apron (NYSE:APRN) is scheduled to announce Q2 earnings results on Monday, August 8th, before market open. The consensus EPS Estimate is -$0.76 (+22.4% Y/Y) and the consensus Revenue Estimate is $125.01M (+0.8% Y/Y).Seeking Alpha • Jul 17
Blue Apron: Still Unappetizing
Today, we profile Blue Apron, a company whose stock has lost some 95% of its value since coming public in 2017. However, recently the company landed a deal with Walmart and there has been some minor chatter about going private. Is a rebound in the works? An investment analysis follows in the paragraphs below. "Politicians were mostly people who'd had too little morals and ethics to stay lawyers." ― George R.R. Martin Today, we take our first look at Blue Apron Holdings, Inc. (APRN). This one of the many and one of the most well-known names that has sprung up over the past decade as a direct-to-consumer platform that delivers original recipes and ingredients to individuals across the nation. This once novel concept has spread across the country. Unfortunately, it has not resulted in profits to date and original shareholders have been decimated since the stock debuted on the public markets in 2017. Can the company turn things around? We take a look at Blue Apron's dynamics in the analysis below. Seeking Alpha Company Overview Blue Apron is headquartered in New York City. In addition to recipes and food, the company operates an e-commerce market that provides cooking tools, utensils, pantry items, and other kitchen related products. The company also operates Blue Apron Wine, where customers can buy wine to pair with their entrees. The stock currently trades for just four bucks a share and sports an approximate market capitalization of $135 million. First Quarter Results On May 9th, the company posted first quarter numbers. Blue Apron lost $1.19 a share on a GAAP basis, badly missing expectations as revenue fell 9% to just over $117 million, also under the consensus. The company's net loss more than doubled to $38 million from the same period a year ago. The firms adjusted EBITDA came in with a loss of $30.7 million, compared with an adjusted EBITDA loss of $6.1 million in 1Q21. Management provided the following guidance for the full fiscal year. They expect: Top line net revenue growth to be in the mid-teens percentage range compared with full-year 2021. To return to positive year-over-year net revenue growth starting in the second quarter of 2022 and for the rest of 2022. Some other notable tidbits from the quarter included. May Company Presentation Revenue was down from the same period a year ago, but up 10% sequentially from the fourth quarter of 2021. Average Order Value increased 2% from the same period a year ago. Hardly impressive with the CPI running over 9% currently. Blue Apron continues to expand its product and menu selection. The company recently launched a new breakfast offering while adding new four-serving menu options and various Add-ons. May Company Presentation Cost of goods sold, excluding depreciation and amortization (COGS), as a percentage of net revenue, rose 460 basis points year-over-year from 62.9% to 67.5%. The increase was due primarily to a rise in shipping and fulfillment costs which have become common across industries over the past year as inflation hits the highest levels in more than 40 years. The company also saw a significant increase in labor and food costs. Two weeks after earnings, the shares got a minor bump on a question on whether the company would be taken private which I would take with a huge grain of salt. The equity got a larger and more long lasting lift when Blue Apron announced early in June that consumers can now purchase a selection of meal kits on Walmart's website without a subscription. Blue Apron being the only meal-kit provider on the Walmart Marketplace platform is a win, how big investors will see in coming quarters in regards to additional sales. Analyst Commentary & Balance Sheet Once a darling of Wall Street, the company gets sparse attention these days. The only analyst firm commentary I can find on Blue Apron in 2022 is from Canaccord Genuity on May 10th. At that time, Canaccord's analyst maintained his Buy rating but lowered his price target from $12 to $10 with the following commentary.Seeking Alpha • Apr 28
Blue Apron: This Sinking Ship Is Going Under
Shares of Blue Apron have shed half of their value this year as fundamental performance has continued to deteriorate. Revenue declines continued to worsen, held up only by ASP improvements that are insufficient to absorb cost increases. A rise in both raw food material prices as well as wages has deeply cut into the company's gross and adjusted EBITDA margins. The company's strategy to invest more in marketing in 2022 may not pan out as planned.Seeking Alpha • Feb 18
Blue Apron: Still A Call Option On Return To Growth
Stock fell after Q4 numbers were affected by higher marketing spend which will continue this year. Bears also jumped on small drop in subscribers. Market also did not like extra investment by largest shareholder. Continue to believe stock is a cheap call option on return to subscriber growth and an eventual take out.分析記事 • Feb 11
Would Blue Apron Holdings (NYSE:APRN) Be Better Off With Less Debt?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company...Seeking Alpha • Jan 21
Blue Apron: Citron Research Joining The Party
Citron Research posted a bullish report on the company with a $40 price target. Report is largely consistent with my earlier report plus some added bells and whistles. Citron speculates on possible acquisition.Seeking Alpha • Jan 13
Blue Apron: Winner Winner Chicken Dinner
Former unicorn that was nearly sent to the glue factory. Recent rights offering with strategic investor de-risks the company. Bears are ignoring the turnaround the current CEO has managed and comparing the result to the wrong time periods. Stock has a chance to appreciate by multiples if the company can execute.株主還元
| APRN | US Consumer Retailing | US 市場 | |
|---|---|---|---|
| 7D | 0.2% | -4.7% | -0.8% |
| 1Y | -5.9% | 16.3% | 27.1% |
業界別リターン: APRN過去 1 年間で16.3 % の収益を上げたUS Consumer Retailing業界を下回りました。
リターン対市場: APRNは、過去 1 年間で27.1 % のリターンを上げたUS市場を下回りました。
価格変動
| APRN volatility | |
|---|---|
| APRN Average Weekly Movement | 39.3% |
| Consumer Retailing Industry Average Movement | 5.2% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.3% |
| 10% least volatile stocks in US Market | 3.2% |
安定した株価: APRNの株価は、 US市場と比較して過去 3 か月間で変動しています。
時間の経過による変動: APRNの 週次ボラティリティ は、過去 1 年間で27%から39%に増加しました。
会社概要
| 設立 | 従業員 | CEO（最高経営責任者 | ウェブサイト |
|---|---|---|---|
| 2012 | 160 | Linda Kozlowski | www.blueapron.com |
Blue Apron Holdings, Inc. 基礎のまとめ
| APRN 基礎統計学 | |
|---|---|
| 時価総額 | US$99.98m |
| 収益（TTM） | -US$111.04m |
| 売上高(TTM) | US$424.92m |
0.2x
P/Sレシオ-0.9x
PER（株価収益率APRN は割高か？
公正価値と評価分析を参照収益と収入
| APRN 損益計算書（TTM） | |
|---|---|
| 収益 | US$424.92m |
| 売上原価 | US$270.48m |
| 売上総利益 | US$154.44m |
| その他の費用 | US$265.48m |
| 収益 | -US$111.04m |
直近の収益報告
Sep 30, 2023
次回決算日
該当なし
| 一株当たり利益（EPS） | -14.43 |
| グロス・マージン | 36.35% |
| 純利益率 | -26.13% |
| 有利子負債／自己資本比率 | 0% |
APRN の長期的なパフォーマンスは？
過去の実績と比較を見る企業分析と財務データの現状
| データ | 最終更新日（UTC時間） |
|---|---|
| 企業分析 | 2023/11/14 22:49 |
| 終値 | 2023/11/10 00:00 |
| 収益 | 2023/09/30 |
| 年間収益 | 2022/12/31 |
データソース
企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。
| パッケージ | データ | タイムフレーム | 米国ソース例 |
|---|---|---|---|
| 会社財務 | 10年 |
| |
| アナリストのコンセンサス予想 | +プラス3年 |
|
|
| 市場価格 | 30年 |
| |
| 所有権 | 10年 |
| |
| マネジメント | 10年 |
| |
| 主な進展 | 10年 |
|
* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。
特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。
分析モデルとスノーフレーク
本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。
シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。
業界およびセクターの指標
私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。
アナリスト筋
Blue Apron Holdings, Inc. 3 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。15
| アナリスト | 機関 |
|---|---|
| Daniel Kurnos | Benchmark Company |
| Michael Graham | Canaccord Genuity |
| Matthew DiFrisco | Guggenheim Securities, LLC |