Marley Spoon (ASX:MMM) - Share price, News & Analysis

MMM fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	1/6
Past Performance	0/6
Financial Health	2/6
Dividends	0/6

MMM Stock Overview

Marley Spoon AG provides subscription-based weekly meal kit services in Australia, the United States, Austria, Belgium, Denmark, Sweden, Germany, and the Netherlands.

Rewards

Revenue is forecast to grow 13.76% per year

Risk Analysis

Negative shareholders equity

Currently unprofitable and not forecast to become profitable over the next 3 years

Shareholders have been diluted in the past year

Does not have a meaningful market cap (A$58M)

Marley Spoon Competitors

Step One Clothing

ASX:STP

AU$48.2m

Mad Paws Holdings

ASX:MPA

AU$46.1m

WhiteHawk

ASX:WHK

AU$14.3m

Adore Beauty Group

ASX:ABY

AU$114.8m

Price History & Performance

Summary of all time highs, changes and price drops for Marley Spoon
Historical stock prices
Current Share Price	AU$0.20
52 Week High	AU$3.20
52 Week Low	AU$0.20
Beta	-0.95
1 Month Change	-41.18%
3 Month Change	-60.00%
1 Year Change	-93.29%
3 Year Change	-73.33%
5 Year Change	n/a
Change since IPO	-83.26%

Shareholder Returns

	MMM	AU Online Retail	AU Market
7D	-11.1%	12.4%	1.4%
1Y	-93.3%	-70.0%	-11.3%

Return vs Industry: MMM underperformed the Australian Online Retail industry which returned -70% over the past year.

Return vs Market: MMM underperformed the Australian Market which returned -11.3% over the past year.

Price Volatility

Is MMM's price volatile compared to industry and market?
MMM volatility
MMM Average Weekly Movement	12.3%
Online Retail Industry Average Movement	14.8%
Market Average Movement	9.7%
10% most volatile stocks in AU Market	16.3%
10% least volatile stocks in AU Market	4.2%

Stable Share Price: MMM is not significantly more volatile than the rest of Australian stocks over the past 3 months, typically moving +/- 12% a week.

Volatility Over Time: MMM's weekly volatility (12%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
2014	1,862	Gilbert Siegel	https://www.marleyspoon.de

Marley Spoon AG provides subscription-based weekly meal kit services in Australia, the United States, Austria, Belgium, Denmark, Sweden, Germany, and the Netherlands. The company creates original recipes and delivers ingredients directly to customers for them to prepare and cook. As of December 31, 2021, it had approximately 376,000 active customers across the Marley Spoon and Dinnerly brands.

Marley Spoon Fundamentals Summary

How do Marley Spoon's earnings and revenue compare to its market cap?
MMM fundamental statistics
Market Cap	€38.10m
Earnings (TTM)	-€46.21m
Revenue (TTM)	€322.39m

0.1x

P/S Ratio

-0.8x

P/E Ratio

Is MMM overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
MMM income statement (TTM)
Revenue	€322.39m
Cost of Revenue	€173.30m
Gross Profit	€149.09m
Other Expenses	€195.30m
Earnings	-€46.21m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)	-0.16
Gross Margin	46.25%
Net Profit Margin	-14.33%
Debt/Equity Ratio	-321.8%

How did MMM perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is MMM undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MMM?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for MMM. This is calculated by dividing MMM's market cap by their current preferred multiple.
What is MMM's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	€38.10m

MMM key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.3x
Enterprise Value/EBITDA	-2.1x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does MMM's PS Ratio compare to its peers?

MMM PS Ratio vs Peers

The above table shows the PS ratio for MMM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PS	Estimated Growth	Market Cap
Peer Average	3.7x
STP Step One Clothing	0.7x	11.4%	AU$48.2m
MPA Mad Paws Holdings	9.1x	76.4%	AU$46.1m
WHK WhiteHawk	4.3x	n/a	AU$14.3m
ABY Adore Beauty Group	0.6x	10.4%	AU$114.8m
MMM Marley Spoon	0.1x	13.8%	AU$58.2m

Forward PS

Price-To-Sales vs Peers: MMM is good value based on its Price-To-Sales Ratio (0.1x) compared to the peer average (3.7x).

Price to Earnings Ratio vs Industry

How does MMM's PE Ratio compare vs other companies in the Global Online Retail Industry?

Price-To-Sales vs Industry: MMM is good value based on its Price-To-Sales Ratio (0.1x) compared to the Global Online Retail industry average (0.9x)

Price to Sales Ratio vs Fair Ratio

What is MMM's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MMM PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.1x
Fair PS Ratio	0.5x

Price-To-Sales vs Fair Ratio: MMM is good value based on its Price-To-Sales Ratio (0.1x) compared to the estimated Fair Price-To-Sales Ratio (0.5x).

Share Price vs Fair Value

What is the Fair Price of MMM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate MMM's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate MMM's fair value for valuation analysis.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate MMM's PEG Ratio to determine if it is good value.

Discover undervalued companies

Take a look at our analysis of MMM's management and see if the CEO's compensation is within a reasonable range, who is on the board and if insiders have been trading lately.
When valuing a company like this, investors focus more on how they perceive the size of the opportunity, the company's ability to deliver and scale, and the strength of the team. While we are not analysing this type of data at the moment, if you don't know where to start, we recommend reading through Marley Spoon regulatory filings.

Future Growth

How is Marley Spoon forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

Future Growth Score

1/6

Future Growth Score 1/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

34.8%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: MMM is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: MMM is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: MMM is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: MMM's revenue (13.8% per year) is forecast to grow faster than the Australian market (5.2% per year).

High Growth Revenue: MMM's revenue (13.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if MMM's Return on Equity is forecast to be high in 3 years time

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Past Performance

How has Marley Spoon performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-16.5%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: MMM is currently unprofitable.

Growing Profit Margin: MMM is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: MMM is unprofitable, and losses have increased over the past 5 years at a rate of 16.5% per year.

Accelerating Growth: Unable to compare MMM's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: MMM is unprofitable, making it difficult to compare its past year earnings growth to the Online Retail industry (-5.4%).

Return on Equity

High ROE: MMM's liabilities exceed its assets, so it is difficult to calculate its Return on Equity.

Discover strong past performing companies

Financial Health

How is Marley Spoon's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Stable Cash Runway
Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: MMM has negative shareholder equity, which is a more serious situation than short term assets not covering short term liabilities.

Long Term Liabilities: MMM has negative shareholder equity, which is a more serious situation than short term assets not covering long term liabilities.

Debt to Equity History and Analysis

Debt Level: MMM has negative shareholder equity, which is a more serious situation than a high debt level.

Reducing Debt: MMM's has negative shareholder equity, so we do not need to check if its debt has reduced over time.

Balance Sheet

Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: MMM has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: MMM has sufficient cash runway for 1.9 years if free cash flow continues to grow at historical rates of 8% each year.

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Dividend

What is Marley Spoon current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate MMM's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate MMM's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if MMM's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if MMM's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as MMM has not reported any payouts.

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Management

How experienced are the management team and are they aligned to shareholders interests?

2.4yrs

Average management tenure

CEO

Gilbert Siegel

8.08yrs

Tenure

€578,393

Compensation

Mr. Gilbert Fabian Siegel served as Venture Partner at Global Founders Capital. He joined Global Founders in February 2013 and has previously served as a Partner. Mr. Siegel is Founder of Marley Spoon AG s...

CEO Compensation Analysis

Compensation vs Market: Gilbert's total compensation ($USD613.68K) is above average for companies of similar size in the Australian market ($USD288.24K).

Compensation vs Earnings: Gilbert's compensation has increased whilst the company is unprofitable.

Leadership Team

Experienced Management: MMM's management team is considered experienced (2.4 years average tenure).

Board Members

Experienced Board: MMM's board of directors are considered experienced (3.2 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: MMM insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 13.6%.

Data	Last Updated (UTC time)
Company Analysis	2022/06/27 00:00
End of Day Share Price	2022/06/27 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31