Great discussion here.Projecting scale and growth is one of the...

Great discussion here.
Projecting scale and growth is one of the hardest things in investing.
So many great investments are about seeing 5 years into the future, getting set and being patient.
The strategy day gave great insights into the vision and strategy MMM are plotting for the future.
I also saw a good Twitter thread the other day about how a fund manager did some analysis of Netflix’s launch into international markets back in 2014, they were looking at Brazil, they looked at the size of the broadband market and the probability of converting the 8 million users who had speeds fast enough to use Netflix at the time. Fast forward a few years and everyone was watching Netflix on their phones and they totally underestimated the size of the potential market.
I feel most are doing something similar with MMM. The MFB example, including how profitable it is in NZ is a perfect example.
If Marley Spoon keeps growing at 30% each quarter (pcp) and then can reduce their capital investment, as they have forecast next year, they will be in a great position. Building their own delivery network in Europe is going to be a game changer as well.
This is probably more a 2023/2024/2025 story and most won’t have patience for that, but that’s okay, it’s going to be a cracker!