Good FY results and first outing for new CEO

研报英文原文证据摘录

Good FY results and first outing for new CEO

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Hold Moonpig Group PLC 3 July 2026

Europe Reuters Bloomberg Rating Hold

United Kingdom MOONM.L MOON LN Price target (GBX) 278.0 Price at 1 Jul 26 250.0

52-week range 250.0 – 192.6

Retail

Retail - Non Food Valuation & Risks

Gareth Davies

A good set of FY results and a strong first results outing for new CEO Catherine Research Analyst

+44-20-754-11560 Faiers. Revenue and gross margin as modelled with EBITDA/EPS ahead and

dividend up more than modelled. We push up our forward-looking estimates, also Steve Liechti

incorporating the expected benefit from the £65m buyback. We increase our FCF Research Analyst

based target to 278p, though retain a HOLD, our preferred names in our mid cap +44-20-7541-1549

UK platform coverage remain Auction Technology (410p) and Trustpilot (274p).

Annabel Hames

Revenues and gross margin as modelled, profit ahead. Revenue up 6.5% to Research Analyst

+44-20-754-11574 (Moonpig a touch soft, Greetz broadly as expected, Experiences ahead), and

gross margin of 58.4% as expected. A good adjusted EBITDA at £104.6m (DB

£103m), an adjusted diluted EPS of 17.4p (DB 16p). Dividend to 3.75p (DB 3.3p).

Key changes

Outlook confirmed confidence for 2027. Outlook notes that trading since the start

Price target (GBX) 235 278 18%

of the year has been in line with expectations, and expectations for FY 27 remain

unchanged. Key mid-term financial parameters of mid to high single digit revenue Source: Deutsche Bank

growth, an EBITDA margin of between 25 and 27%, with double digit % growth

in adjusted EPS alongside continued returns of excess capital to shareholders.

Estimates and target up but retain HOLD for now. All in, a good set of results and