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Oct 6 2021, 06:45 IST/BST
Moonpig Group (MOON), the online greetings card and gifting player, went public in February 2021 at 350p. That valuation feels full despite the rather anaemic equity performance since then. The longer-term 20/23 view seems unlikely to match either the business performance prior to IPO or the COVID-inspired bump. The risk/return profile is not compelling, in our view, and we initiate with a ‘Neutral’ rating and a price target of 345p.