Mytaste Group

Research note


Mytaste Group: Weaker quarter expected

In this preview, we present our outlook ahead of Mytaste Group’s report for the third quarter of 2018. The report is expected to be published on Thursday, November 8.

In our video interview with Mytaste Group following the Q2 report, CEO Andereas Friis was hopeful that the company this year will reach their best quarter in history. The company, however, also indicated that Q3 is expected to be somewhat weaker due to seasonality effects. This is especially accurate this year, following the unusually hot summer weather.
Since the Q2 report, the share price of Mytaste Group is down about 25% and is now trading just above our bear case. Fundamentally, the company has expanded the collaboration with Expressen by the launch of a loan comparison site for consumers. Also, CFO Ewa Wodmar has recently decided to leave the company. Further comments about these events and the development for the new brand "Trendly" in Norway, are of particular interest for us in the report. Signals of how the fourth quarter is progressing are also of great interest, as it’s the most important period of the year for Mytaste Group.
Despite the adverse seasonality effects in Q3, we estimate a positive EBITDA of SEK 1.1 million and an EBITDA margin of 9%. Our net sales forecast for the period amounts to SEK 12.4 million, corresponding to a growth of 85% compared to the same quarter last year. The explanatory variable is acquisitions, that we expect to continue drive growth going forward. 
The Q3 report for 2018 will be published on Thursday, the 8th of November.

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