Moonpig Group "Expect solid FY26 but tapering mid-term growth" (Buy) Huynh

研报英文原文证据摘录

Moonpig Group "Expect solid FY26 but tapering mid-term growth" (Buy) Huynh

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Moonpig Group Equities

United KingdomExpect solid FY26 but tapering mid-term growth

Retailers, Specialty

12-month rating Buy *

Structural growth intact, though near-term momentum to moderate; Reit Buy

Moonpig remains one of the standout structural growth stories in UK retail, supported 12m price target 290p

by continued online penetration in cards and gifting and a highly cash generative model. Prior : 320p

However, we see clearer evidence of a moderation in near-term momentum, with softer

Price (19 May 2026) 206p

consumer spend feeding through into transactions and a normalisation after stronger

H1 trends helped by Tracked Delivery mix shift. UBS Evidence Lab data point to slower RIC: MOONM.L BBG: MOON LN

spend and transaction growth in recent months, with ATV still supportive, while web

Trading data and key metrics

traffic trends remain resilient and confirm ongoing market share gains. This combination

52-wk range 260p-193

suggests a softer demand backdrop but continued strength in customer engagement

and brand positioning. We therefore trim our revenue forecasts to reflect recent trading Market cap. £0.66b/US$0.89b

and segment dynamics, resulting in a new PT of 290p (prev. 320p) and reiterate Buy. We Shares o/s 320m (ORD)

continue to like Moonpig given c.90% of revenues from existing customers, sustained Free float 92%

revenue growth, best-in-class 22% EBIT margins in UK Retail, and attractive capital Avg. daily volume ('000) 1,060

returns with net cash and ongoing buybacks. Moonpig will report FY26 results on 25th Avg. daily value (m) £2.3

June where we watch for strategic updates and mid-term targets from the new CEO.