Mad Paws Holdings Ltd (ASX:MPA) has announced a trading update to November 2021 with rolling 12-months GMV (including both marketplace and subscription revenue) +92% on the PCP. Looking at our numbers and allowing for the seasonally strong December month this guidance is in-line with our current estimates. While COVID-related lockdowns impacted marketplace bookings for the first four months of FY22, a strong recovery is evident from November with GMV in the last week of November +~50% on both FY21 and FY20. Travel from the origin is a key driver of marketplace bookings/GMV and should only improve going into CY22 cycling a weak base with a larger customer pool. Interest and appreciation of the sector’s growth potential continues to increase, evidenced by recent capital raisings from Lyka Pet ($6.5m in July) and Pet Circle ($125m in December). Increased pet ownership and the humanisation of pets are cited by both companies as a driver of growth opportunities, and MPA is no different. While MPA continues to consolidate (Waggly Club and Sash Beds), it is also a potential acquisition target given its growing customer base.
09 Dec 2021
Trading on track as sector interest grows
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Trading on track as sector interest grows
Mad Paws Holdings Ltd. (MPA:ASX) | 0 0 0.0%
- Published:
09 Dec 2021 -
Author:
Finola Burke | John Burgess -
Pages:
6
Mad Paws Holdings Ltd (ASX:MPA) has announced a trading update to November 2021 with rolling 12-months GMV (including both marketplace and subscription revenue) +92% on the PCP. Looking at our numbers and allowing for the seasonally strong December month this guidance is in-line with our current estimates. While COVID-related lockdowns impacted marketplace bookings for the first four months of FY22, a strong recovery is evident from November with GMV in the last week of November +~50% on both FY21 and FY20. Travel from the origin is a key driver of marketplace bookings/GMV and should only improve going into CY22 cycling a weak base with a larger customer pool. Interest and appreciation of the sector’s growth potential continues to increase, evidenced by recent capital raisings from Lyka Pet ($6.5m in July) and Pet Circle ($125m in December). Increased pet ownership and the humanisation of pets are cited by both companies as a driver of growth opportunities, and MPA is no different. While MPA continues to consolidate (Waggly Club and Sash Beds), it is also a potential acquisition target given its growing customer base.