VCA Delivers Decent Fourth Quarter, but Our Fair Value Remains Pegged to Take-Out Offer
VCA saw robust double-digit growth in the fourth quarter, fueled by acquisitions, while organic growth was decent in the mid-single-digit range for the hospital and lab segments. We're leaving our fair value estimate at $93, reflecting the price Mars plans to pay for VCA. VCA's organic growth in the 4%-5% range was a shade under the 7%-8% that characterizes long-term growth in the pet healthcare market. However, we were pleased to see same-store gross profit margin for the hospitals increase yea...
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