Moonpig Group plc (“Moonpig”) is a leading online greeting cards and gifting platform, comprising Moonpig, Red Letter Days and Buyagift brands in the UK and the Greetz brand in the Netherlands. It manufactures an extensive range of cards, that can be personalised, and offers a curated range of gifts, generating £373m revenues from 36m orders and 12.3m active customers in FY26.

08 Oct 2026

Playing its cards right

We initiate on Moonpig, the category leader in online physical greeting cards, with c.70% UK online market share, 12.3m active customers and 90% of revenues from existing customers, supporting a sector leading 20.5% Adj. PBT margin and c.70% ROCE.

We forecast a 12.5% EPS CAGR between FY26 and FY29E, driven by a 6% revenue CAGR and share buybacks, as growth in active customers, purchase frequency and average order value is supported by data led personalisation and gifting.

c.17% of revenues convert into free cash flow, and with leverage at c.1.0x net debt to EBITDA we estimate c.£70m a year of surplus cash can be returned via a progressive dividend and share buybacks, reflecting an 8% FCF yield.

Shares trade on 13.5x cal 2027 PER, a c.10% discount to the 15x historic average (2022 to 2025). We initiate with a Fair Value of 330p per share, equating to c.16x PER, c.10x EV/EBITDA and a c.7% FCF yield (all cal 2027).

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