- Moonpig Group
- 04 July 2025 14:40:54
Source: Sharecast
"Rightly or wrongly, the focus in Moonpig's equity story has been its ability to deliver double digit topline growth," the bank said.
"Wrongly perhaps, as such a sharp focus does somewhat overlook the strength of margins and cash generation, but focus was very much directed here with October's CMD."
DB said that a confident KPI formula was set out and the core Moonpig brand was set to be the proof point this year.
It noted that FY25 earnings beat expectations by around 7% with a 27.6% EBITDA margin, exceeding the 25-27% target, but Moonpig revenue was up 7.5% in H2.
"Certainly not a bad performance relative to the sector, but it has invited questions as to whether the mid-term equity story can be hung off double digit topline growth to drive mid teens earnings per share growth," it said.
At 1440 BST, the shares were down 7.6% at 223.50p.