Report
Mark Thomas

Appreciate Group (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.
Underlying
Appreciate Group

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.

Provider
Hardman & Co
Hardman & Co

We are a rapidly growing, innovative corporate research & consultancy business, based in London, serving the needs of both public and private companies.

Our expert team of sector analysts and market professionals collectively have over 400 years of experience.  This depth of knowledge and a reputation for integrity have built trust with investors. With effective communication and precision distribution, we help companies disseminate their investment message to interested investors, as well as advise them on strategy.

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Analysts
Mark Thomas

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