VCA Delivers Tail-Wagging Second-Quarter Results, and We've Raised Our Fair Value Estimate
VCA’s second-quarter results slightly exceeded our expectations on the top and bottom lines, and we’ve moderately raised our fair value estimate after revising our projections through the medium term upward. VCA added to its narrow economic moat through the integration of its newly acquired Companion Animal Practices, North America. This puts VCA’s hospital count at over 760, and we expect the firm to raise operating margin at the new additions, just as it has done with previous hospitals that i...
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