Greencross’ Guidance Lower Than Expected, but Long-Term Prospects Are Positive; FVE Cut to AUD 8.50
Greencross’ fiscal 2016 result was broadly in line with market expectations and slightly below our forecasts. Nonetheless, it was a solid result, with underlying net profit after tax up 10% to AUD 42.1 million on underlying EBITDA growth of 12%. Fiscal 2017 guidance is for similar EBITDA and NPAT growth but is below our previous expectations. The cash flow improvement is on track to deliver further deleveraging, providing ammunition to continue consolidating the fragmented pet-care industry and ...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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