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Mytaste Group

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Mytaste Group: First comment Q2, delivering according to plan

Today Mytaste Group released their report for the second quarter of 2018. The company delivered a report close to our expectations. It’s exciting to see that the increase in profit margin during the period and that the earlier acquisitions are delivering. We can firmly state that Mytaste is improving in the right direction and are executing on their plan to turn to profitable growth. Overall we do not expect to make any significant changes to our projections. Our current Base-case amounts to 5.4 SEK per share.

MytasteGroup delivered a report close to our expectations. It’s truly exciting to see that the increase in profit margin during the period. The Shopping segment produced net sales of SEK 8.2m with an EBITDA margin of 34%. The growth is primarily driven by the earlier acquisitions, but also improvements within the Shopello network. The company is working on a couple of interesting projects within the segment, among other; the successful OutletSverige will be launched in Norway with the brand Trendley, and we expect to see more markets coming up.

We also saw improvements in the Food and Beverage segment with increasing sales and profits. The business area showed uptake of 16% and an EBITDA margin of 20%. The primary revenue driver seems to be Vinklubben, and the company continues to focus on improving the customer experience.

This was yet another report where Mytaste Group showed substantial improvements. The company hints that Q3 usually is weaker quarter seasonality wise and that the hot weather can have an adverse effect on traffic to their and their partners’ sites. We can firmly state that Mytaste is improving in the right direction and are executing on their plan to turn to profitable growth. Our current Base-case stand at 5.4 SEK per share.

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