Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Down 324.40p
Change Today:
-0.60p
Market Cap:
1,109.81m
Sector:
General Retailers

Numis upgrades Moonpig forecasts

By Abigail Townsend

Date: Wednesday 23 Jun 2021

LONDON (ShareCast) - (Sharecast News) - Numis has upped its earnings forecasts for Moonpig, arguing that the online card retailer is well-placed to benefit from a shift in shopping habits.
The broker, which has a 500.0p target price on the stock, said it remained "enthused" about Moonpig, which debuted on the London market in February.

It conceded that the firm had benefited from a surge in online shopping caused by the pandemic. But it argued: "The level of 'give back' captured in forecasts and IPO guidance looks conservative.

"Increased marketing spend alone can bridge the gap to consensus expectations, which fails to capture any tailwinds from changes in customer habit and the benefits of an evolving proposition.

"We note further extension in card, and management delivering on promised improvements to gifting; web traffic data and peer read-across add further reasons for encouraged."

Numis therefore now expects full-year revenues, earnings before interest, tax, depreciation and amortisation, and earnings per share to be 7%, 10% and 14% ahead of consensus respectively.

It reduced its rating on the stock, however, to 'add' from 'buy'. "Valuation is not cheap, but this is a high-quality, high-margin and well-underpinned earnings agenda," Numis said.

"The shares have rebased around 10% from recent highs, and this looks to be building to a good entry point. The prospect of further upgrades underpins enthusiasm.

"However, the proximity of the shares to [the] target price does see us moderate our rating."

As at 1430 BST, shares in Moonpig - which debuted at 350p - were largely flat at 438.4p.

Moonpig is set to publish results for the year to 30 April next month.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Moonpig Group Market Data

Currency UK Pounds
Price 324.40p
Change Today -0.60p
52 Week High 488.40p
52 Week Low 285.40p
Volume 89,052
Shares Issued 342.11m
Market Cap 1,109.81m

Performance Indicators

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Moonpig Group Dividends

No dividends found

Trades for 18-Oct-2021

Time Volume / Share Price
15:20 128 @ 324.40p
15:20 92 @ 324.40p
15:20 128 @ 324.40p
15:15 105 @ 324.60p
15:15 57 @ 324.60p

Moonpig Group Key Personnel

CEO Nickyl Raithatha
CFO Andy MacKinnon