Amazon Fears Overdone: Greencross Shares Remain Undervalued
While we recognize the impending threat posed by Amazon across the retail sector, we believe no-moat Greencross is arguably less susceptible than other types of traditional retailers. We retain our AUD 8.50 per share fair value estimate and regard the stock as undervalued at current levels. In our view, the company’s integrated pet care strategy, which offers grooming, dog washing, pet adoption, and in-store vets, makes Greencross stores a one-stop destination for pet owners, and should insulate...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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