Greencross Likely to be Snapped up by Private Equity
Despite no-moat-rated Greencross’ share price jumping almost 20% during the past week, on the back of corporate activity speculations, we continue to believe the stock is undervalued at the current price. The company is a leading player in the Australian pet care retailing and veterinary services, and in our view, the industry fundamentals are strong. The increasing humanisation of pets is a phenomenon driving premiumisation of pet food, uptake of additional services, and is likely support conti...Greencross is a pet care company providing veterinary services. Co. provides a network of retail stores, veterinary clinics, grooming salons and dog-wash facilities across Australia and New Zealand. As of June 30 2016, Co. had over 220 stores operating under the brands Petbarn and City Farmers and over 150 clinics including general practices, specialty and emergency centres. Co. also provides a range of additional pet care services such as crematoria, pet adoption, puppy behavioral training, pet insurance and pet hotels. In addition to selling pet food and accessories via its store and clinic network, Co. also has an online business serving the Australian and New Zealand pet care market.
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