Oda and Mathem starting to turn the corner?
Last year has been challenging for all online grocery retailers. Mathem and Oda faced the same headwinds as their peers. Mathem suffered quite significantly from the cooling of the online grocery market in Sweden. There are some signs of improvement for Mathem as the Last Twelve Month (LTM) revenue increased from the prior quarters LTM revenue. The revenues are still down by -8,5% from the LTM revenues a year before.
Oda has been able to grow more robustly throughout 2022. The growth has also improved throughout 2022. This is partly influenced by the launch in Finland during early 2022. The launch in Germany and expansion in Finland will start to increase the growth rate for Oda in 2023. This bodes well for the valuation of Oda, which has also recovered from the lows of last quarter. Currently Oda’s Fair value is at 3,36 billion SEK (295 M€).
The long road back to recovery from the pandemic highs is hopefully starting. Oda’s expansion mode helps it to reach new heights rather soon, whereas Mathem will need more time to reach the pandemic highs.
Find more about Oda and Mathem from our archives:
Mathem valuation crashed after the pandemic highs (24.10.2022)
Nordic online grocery rivalry: Oda overtaking Mathem (12.9.2022)
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