Gaming: Much More Than A Stay-At-Home Story, Looking Forward To 2021-22

The newsflow in the gaming industry remains extremely supportive, to say the least. Last week, Nvidia commented that demand for its graphics cards was significantly exceeding supply and Ubisoft announced that its latest Assassin’s Creed title was the biggest first-week seller in the franchise, suggesting that consensus relatively low expectations for Assassin’s Creed Valhalla are…

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Food Revolution: Beyond Meat, Short-Term Pain, Long-Term Gain

The roller-coaster ride is set to continue for Beyond Meat, one of our largest Food Revolution positions, with significant disappointment and confusion last night following the company’s Q3 earnings report and McDonald’s announcement of its MacPlant burger (initial perception was that McDonald’s would develop plant-based burgers on its own). Even if we understand the short-term reaction,…

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Food Revolution: Unabated Growth In Online Food Delivery

HelloFresh, the leading German online mealkit provider, just pre-announced impressive figures for Q3 with revenue expected up 120% to around EUR970m (vs. EUR836m initial guidance) and EBITDA expected to rise 7x to around EUR115m (vs. EUR73m initially). The company raised its full-year guidance accordingly, now forecasting 95%-105% revenue growth vs. 75%-95% previously. The read-across is…

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