Marley Spoon Group Valuation

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

FSES.F ($1.9) is trading below our estimate of [[fair value]] ($14.18)

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

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Book vs Peers
Price-To-Book vs Industry
Price-To-Book vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: FSES.F ($1.9) is trading below our estimate of fair value ($14.18)

Significantly Below Fair Value: FSES.F is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FSES.F?

Key metric: As FSES.F is unprofitable and pre-revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for FSES.F. This is calculated by dividing FSES.F's market cap by their current book value.
What is FSES.F's PB Ratio?
PB Ratio	-3.2x
Book	-€13.76m
Market Cap	€43.73m

FSES.F 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	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Book Ratio vs Peers

How does FSES.F's PB Ratio compare to its peers?

The above table shows the PB ratio for FSES.F vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PB	Estimated Growth	Market Cap
Peer Average	3.3x
BDL Flanigan's Enterprises	0.8x	n/a	US$46.4m
RAVE Rave Restaurant Group	3.2x	n/a	US$43.0m
ARKR Ark Restaurants	0.7x	n/a	US$36.3m
NDLS Noodles	8.3x	36.0%	US$31.8m
FSES.F Marley Spoon Group	n/a	34.9%	US$43.7m

Price-To-Book vs Peers: FSES.F has negative equity and a Price-To-Book Ratio (-3.2x) compared to the peer average (2.6x).

Price to Book Ratio vs Industry

How does FSES.F's PB Ratio compare vs other companies in the US Hospitality Industry?

8 Companies	Price / Book	Estimated Growth	Market Cap
ZMMP.Y Zamp	0.5x	65.5%	US$134.00m
GDHG Golden Heaven Group Holdings	0.1x	n/a	US$6.49m
HOFV Hall of Fame Resort & Entertainment	0.07x	n/a	US$6.36m
LTRY Lottery.com	0.1x	n/a	US$2.92m

8 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Book vs Industry: FSES.F has negative equity and a Price-To-Book Ratio (-3.2x) compared to the US Hospitality industry average (2.6x).

Price to Book Ratio vs Fair Ratio

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

FSES.F PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	-3.2x
Fair PB Ratio	n/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate FSES.F's Price-To-Book Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.