The humanisation of pets creates a mammoth opportunity for Greencross.
We’ve cut our fair value estimate for no-moat Greencross by 19% to AUD 6.50 per share after transferring analyst coverage, but we still believe the stock is undervalued. While we now expect a slowing retail network expansion, a higher price tag on future acquisitions, and increased capital costs associated with store renovations, we have also reduced our fair value uncertainty rating to medium from high, to reflect the resilient nature of industry demand and Greencross’ dominant market position....
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