We initiate coverage of Parsley Box with a 220p share price target, implying 14% potential upside. Parsley Box is a small, dynamic, fast-growing company that delivers quality ambient ready meals direct to its customers, targeting the growing number of older and wealthy people in the UK. We expect Parsley Box to break into EBITDA profit and be cash-generative in 2022 and to grow rapidly thereafter. We would expect the valuation discount will narrow as it continues to deliver.