PET has reported good progress at Underlying PBT level driven by 7.6% Group LFL growth. 1H PBT growth of 18.9% will moderate in 2H as the full effect of changes in billing Joint Venture Vets impacts the business. But this, like the resetting of food prices over the last two years, is by way of a one-time adjustment. Full year PBT guidance has been raised by 3-4% on the back of the better than expected Retail performance. Overall we believe the shares already discount successful implementation of
Companies: Pets At Home Group Plc
After consensus-beating Prelims we present revised numbers and our updated view of the risk/reward position here. The trajectory of our forecasts has gone from down to flat over the next three years. The swing back into more positive profit delivery in Retail needs in our view to be gauged for longevity as delivery on the services side is likely to be constrained by re-setting the JV part of the business. Buying on Retail prospects is effectively partly a bet against Amazon it should be remember
PET is doing an IR-Sell-side round up. Our view of our meeting was broadly positive but with little of significance news-wise likely to emerge at the Prelims. There were some interesting insights into in-store experimentation. Our view is that the financials are still vulnerable to downward pressure in the short term but that new senior management will start to pivot the story here back towards the fundamentals and away from financial engineering in due course – which is encouraging.
Company has reported LFL sales change of +4.7% in Retail (WHE +3%) and +9.1% in the Vet Group (WHE +10%) resulting in a Group 3Q LFL of +5.1%. Full year 2018/19 PBT guidance has been re-confirmed in the £80-85m range previously guided. There has been no update on previous guidance of a slight decline in 2019/20. Omni-channel revenues grew by 41.5% to 9% of retail revenues.
While full year profit guidance has been held broadly in line with consensus (adjusted for lost Vet JV fees) at £80-85m the decisions on restructuring the Vet Practice business mean a fundamental re-balancing of the investment characteristics here, with online pressure on pet food pricing set to continues but without as much offset from growth of the Vet business. This is clearly an unfavourable combination but one which is already reflected to some extent in the de-rating of the shares to aroun
Jadestone Energy (JSE.TO)—an independent oil and gas production and development company focused on the Asia-Pacific region. Pro-forma production of 13.9 mboe/d, 2P reserves of 45.3 MMboe, and a 2P NPV10 of US$563.7 million . Offer TBA. Current mkt cap C$135m. Due early August.
Ovoca Gold (to be renamed Ovoca Bio PLC) - RTO of IVIX, a Russian company developing a drug candidate for the treatment of female sexual dysfunctions. No monies to be raised, market cap of £8.5m, due 30 July
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PET may be characterised as a Service and Merchandise business. Merchandise is predominantly Food (mainly Dog and Cat, within that mainly Dog) and Accessories while the most important part of the Service business is its various Veterinary Surgeon activities. These are mainly First Opinion Practices which are owned by Joint Ventures between PET and the practitioner. In the enhanced disclosures provided with these Prelims PET showed that they accounted for around one third of EBIT in 2017/18.
Merchandise LFLs of +6.8% slightly ahead of 2Q rate against weaker comparative benefiting from price investment and 77% growth of online (c half of the merchandise LFL), Services LFL +10.1%. Full year guidance elements unchanged. We expect small (1-2%) upward revisions to 3/18E PBT consensus today.
PAH has a variety of strategies which were discussed at the September Capital Markets Day. We believe that the most significant for investors are its current re-pricing actions in the Pet Food markets (seen as negative) and the economics of its largely Joint Venture Vets operation (seen as positive). This note looks at the pricing strategy in some depth.
Interims beat slightly, FY guidance held, some major compositional changes, retirement of Group CEO.
Animal Health is a vast market with multiple long-term growth characteristics and opportunities. In this report we have outlined valuations, M&A activity and the key growth drivers in two animal health subsectors: companion animal health and livestock health. Although the commercial positioning of the eight companies covered in this report (Animalcare, Anpario, Benchmark Holdings, CVS Group, Dechra, ECO Animal Health, Genus and Pets at Home) differ significantly, all have exposure to positive ma
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Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz. Offer TBA. Due early Nov.
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Arrow Exploration Corp. (AIM: AXL ; TSXV: AXL) , the oil and gas exploration and production company, has conditionally raised approximately £8.8m and is due to complete its dual listing on AIM on 25 Oct. Market cap c£13.1m.
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Guild Esports provided an encouraging operational update and published H1 results yesterday. H1 financial results do not reflect the company’s substantial progress on sponsorships signings, tournament wins and fanbase growth:
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Softline the global solutions and services provider in digital transformation and cybersecurity, with its headquarters in London, is considering proceeding with a potential initial public offering of global depositary receipts representing its ordinary shares. The Company is considering applying for admission of the GDRs to the standard listing segm
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Guild Esports is positioned to become the leading global esports brand based in the UK. With strong support from David Beckham, the company plans to pioneer the UK Premier League academy model in esports, attract leading sponsors, build a loyal fan base and establish a premium line of merchandise. Within 12 months of the IPO, Guild plans to contract 19 esports staff, register 1m fans and generate £5m sponsorship revenue, £1m merchandise revenue and £0.6m media revenue. Today, Guild announced a £
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