MFB - My Food Bag

[Dolcile]

Over the last couple of days I've accumulated a small holding at 21c. I think MFB could benefit from a general recovery in the overall economy and I'm happy to collect a modest dividend while I wait.   

Accepting that results haven't been great of late, I'm impressed with how they've done relative to HelloFresh.  This gives me confidence that with the operational efficiency they've implemented, they'll be able to deliver value for shareholders. 

[Shareguy]

https://www.1news.co.nz/2025/03/11/criminal-charges-filed-against-hellofresh-nz/

[Basil]

The problem as I understand it is they often bring in specialist teams of contract cold callers.  Each cold caller gets paid an agreed rate for each person they re-sign to the program so it's no surprise that deceptive conduct is used by unscrupulous cold callers to earn their commission.

Good to see action being taken against the company.  I tried for several months to cancel my subscription to Spotify premium and in the end had to cancel that credit card and get another one.  Be very wary of paying subscriptions to overseas companies, its often very hard to cancel them.

[KW]

I tried for several months to cancel my subscription to Spotify premium and in the end had to cancel that credit card and get another one.  Be very wary of paying subscriptions to overseas companies, its often very hard to cancel them.

Most online banking apps now allow you to lock your card, rather than cancel it.  So you can stop payments for a month or two until they cancel your account, then unlock it again to resume using it. 

[Shareguy]

Positive update with better second half (revenue up 5 percent). Costs controlled and margin maintained.

Looks like another profit for the full year around $6m (same as last year).

https://www.nzx.com/announcements/449357

[Shareguy]

Latest Craig's

Discontinuation of coverage
 
Due to changes in team structure we discontinue coverage of My Food Bag with immediate effect. Our previous ratings, forecasts, and price target should no longer be relied upon.
 

[Crackity]

Latest Craig's

Discontinuation of coverage
 
Due to changes in team structure we discontinue coverage of My Food Bag with immediate effect. Our previous ratings, forecasts, and price target should no longer be relied upon.
 

Why don't Craig's link to stocktalk or the other place for informed or uninformed comment eh?


Our musings are probably much more use than their muzzled analyst comments anyway I reckon


Lest we forget - from BusinessDesk many years ago when BG was there

My Food Bag has followed a long and winding path to the IPO since having brought Bowler onboard in 2018 to help the company go public.

The first order of business was not being blown out of the water by global rival Hello Fresh which launched in New Zealand that same year. In September last year — having proven it could at least hold its own and amid a covid-boom for food delivery — it appointed PwC to explore options for listing or selling the firm. In the lead up to Christmas, it was revealed investment bank Jarden was involved and had set up meetings with fund managers to pitch them the company.

 During this phase, an informal valuation would likely have emerged prior to the more formal process. An investment bank or brokerage firm running an IPO is called the 'lead manager', one of their key roles is to set the price at which shares will be sold. In this case, Jarden and Craigs Investment Partners are the 'Joint Lead Managers', sharing the role between them. Generally, the lead manager will set a valuation range for the company and invite fund managers to bid for shares at a price within that range. Those bids are collated in a 'book' to settle on a price at which all shares on offer would be purchased — in this case, $1.85 per share. 




Jeez - $1.85 eh 😎 I understand why they don't cover this though maybe they shoulda stopped way earlier 🤔

[winner (n)]

Maybe Craigs are 'working' on new corporate activity which involves MFB

Just speculating

[Waltzing]

sweeties....  havnt the big players been making tiny ones for ages...

how do these corner store huts even get listed...

https://en.wikipedia.org/wiki/Mars_bar

[bulltrap]

Latest Craig's

Discontinuation of coverage
 
Due to changes in team structure we discontinue coverage of My Food Bag with immediate effect. Our previous ratings, forecasts, and price target should no longer be relied upon.
 

Interesting. I'm not a client, but from their recent public announcements, 'changes in team structure' is likely related to implementation of their strategic partnership with TA Associates.

That doesn't tally so well with their Dec '24 announcement:

Client outcomes remain our top priority, and there will be no change in the people or our approach to providing outstanding service to our clients.

Can you say, if other NZ companies lost coverage, and what their guidance for MFB was like?

I'm aware that Jarden bullied analysts to give positive coverage of MFB post-IPO. Wondering if Craigs is also guilty. Symbolic handwashing?

Disc: Still holding