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  "notes": "This slide serves as a research note regarding index rebalancing.",
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      "text": "Thus, we expect that one of the SDAX companies will officially replace HelloFresh in the MDAX in the next index review announcement on December 3, 2025 with effective date on December 22nd.",
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      "text": "market capitalization: €1B",
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      "text": "HelloFresh is currently a constituent of the German MDAX index. The stock enjoys benefits accordingly. The main variable for the German index in/exclusion for HelloFresh is the market capitalization.",
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      "text": "HelloFresh currently trades at around €1B, which makes it one of the very smallest of the 50 MDAX constituents by market cap. The smaller index the SDAX, includes about 30 companies of which more than 15 have currently a larger market cap than HelloFresh. Thus, we expect that one of the SDAX companies will officially replace HelloFresh in the MDAX in the next index review announcement on December 3, 2025 with effective date on December 22nd.",
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