Moonpig Analysis22 Feb 2021 13:16
At 5.1x EV / 2021E Sales, it's a punchy valuation. However, there are a number of catalysts which support the story, including driving upsell of gifting products, increasing average order value (AOV) and capturing new users in a growing market (given the sturctural offline to online shift we are now seeing). Capturing some of these catalysts could add significant revenue in the coming years, which supports its high valuation based on its current financials.
I've summed this up in my newsletter, linked below, together with my full analysis.
https://investingdrilldown.substack.com/p/the-drilldown-moonpigs-ipo
Thanks,
RB