Berenberg initiates with "buy"
08/08/2019 08:37
** Berenberg initiates online fashion and lifestyle
marketplace Global Fashion Group (GFG) GFG.DE with a "buy"
rating and a price target of 4.50 euros
** The broker says the company's centralised head office and
flexible retail and marketplace business models increase
convenience for brands
** It points out that GFG differentiates itself from its
competitors by offering a content-rich, convenient experience
for its 18- to 45-year-old target customers
** The company raised 180 million euros in an early July IPO
priced at 4.50 euros per share urn:newsml:reuters.com:*:nS8N23Q056
** The company's order economics are attractive when
compared to key e-commerce peers, Berenberg writes
** It expects Global Fashion Group to reach EBITDA breakeven
in 2022E and FCF breakeven in 2025E
((marta.frackowiak@tr.com))