Hardman & Co Research: Appreciate Group (Initiation of coverage): Solid core + digital disruption = unique model

Hardman & Co Research (Initiation of coverage):

Solid core + digital disruption = unique model

Appreciate (APP) gives investors potentially explosive growth through new digital offerings in the gifting/engagement markets, where its share is just 3%. This is uniquely combined with a dominant 71% market share in the consumer pre-paid Xmas savings market, which brings decades of key partnership management experience. FY'21-22 has been a challenging period for Xmas savings, but APP is generating the profits to fund the digital growth. Digitalisation not only opens new markets (a Europe comparator quadrupled sales in two years), but also improves efficiency and customer service, and typically sees share ratings double those of non-digital models.

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