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  "docSlug": "e4724ca977c6",
  "documentTitle": "HelloFresh SE (HFG)",
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  "authorName": "Grizzly Research",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-11-06 00:00:00",
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  "notes": "The slide uses external data sources (Google Trends and AppMagic) to support a bearish thesis on HelloFresh.",
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      "text": "Der Kern der Probleme von HelloFresh ist ein Geschäft im fundamentalen Niedergang.",
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      "kind": "disclaimer",
      "text": "Dieser Bericht und alle darin enthaltenen Aussagen geben die Meinungen von Grizzly Research wieder und stellen keine Tatsachenbehauptungen dar...",
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      "kind": "metric",
      "text": "Search interest / App ranking: 16%",
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      "text": "Wir analysierten unabhängige Daten auf Marktebene, um die tatsächliche Gesundheit des Unternehmens zu beurteilen. Etwa 50 % des Umsatzes stammen aus Nordamerika, wo die Google-Suchanfragen nach HelloFresh in den USA auf nur 16 % ihres Höchststandes im Januar 2022 gesunken sind, ein Niveau, das zuletzt 2016 erreicht wurde.",
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      "kind": "paragraph",
      "text": "Auch die App-Downloads sind seit 2022 sowohl auf iOS als auch auf Android stark rückläufig, wobei die HelloFresh-App nun außerhalb der Top 100 in der Kategorie Essen und Trinken liegt.",
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      "text": "Der Kern der Probleme von HelloFresh ist ein Geschäft im fundamentalen Niedergang.",
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      "text": "AppMagic's App-Download-Ranking",
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      "kind": "source-note",
      "text": "Quelle: Google Trends",
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      "text": "Steil nach unten tendierendes Kundeninteresse und Kundeninteraktion",
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