Appreciate Group - FY21 meets consensus as recovery continues
Ahead of results for the year to 31 March 2021 (FY21) due in June, a trading update for Appreciate Group (APP) indicates underlying results in line with market expectations, supported by the continuing positive trend in billings and despite an increase in profit deferral. In this note we provide an update on our forecasts and a detailed review of our fair valuation (60p per share), which looks through the near-term suppression of earnings by the pandemic and the cash flow effects of business mix changes.Park Group is a provider of prepaid gift cards, multi-retailer gift vouchers and digital rewards services to corporate and consumer markets. Co.'s brands include: Love2shop, a multi-retailer gift voucher and prepaid gift card brand; Park Christmas Savings, which helps families prepare and budget for Christmas in a controlled and careful manner; flexecash®, which issues e-money; Love2shop Business Services, which provides solutions from Co.'s own multi-retailer vouchers and prepaid cards to single store vouchers and cards, gift experiences, holidays and travel; and Evolve, which is a digital rewards platform that provides commercial organizations with a means to reward individuals.
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