Gamesinvestor1
06 Nov 2019
CEO Departs [link] CVS Group PLC said on Wednesday that Chief Executive Officer Simon Innes has decided to step down immediately, but added that trading remains in line with expectations. Sold this for about a 10% gain after suffering a long wait after the last fall. When the CEO decided to offload a big chunk of his shares in October, that looked like the signal. Won’t be going back to this one I think. Games
Eadwig
17 Jun 2019
Recovery Breakdown? image.png1843x829 122 KB
Ripley94
30 Jan 2019
after a run like this.... Did any of you two sell ?
Ripley94
30 Jan 2019
floated today CVSG… XXXXX IPO… 2007 @ about 233p it did very well until lately. Not been this low since Oct 2014
Gamesinvestor1
13 Sep 2018
Societe General oohps - wrong board – perhaps I need some coffee !! Games
Gamesinvestor1
13 Sep 2018
Societe General [link] Taken 4.17% stake on 31st August 2018 Games
Gamesinvestor1
28 Aug 2018
Shares Magazine Article this week :- ""The veterinary sector is involved in some major M&A at the moment and we wonder if long-term predator CVS (CVSG:AIM) could become prey. Mars Petcare – the brand behind the Pedigree and Whiskas pet food – also has veterinary health interests and in June acquired UK services group Linnaeus which owns 87 veterinary practices. Private equity group BC Partners earlier in August bought VetPartners, owner of 260 primarily small animal UK vet practices, for £700m. These transactions highlight the industry’s structural attractions. Animal lovers prioritise spending on the wellbeing of their pets, making earnings fairly resilient among veterinary groups. CVS operates 482 veterinary surgeries across the UK, Netherlands and Republic of Ireland, plus it has an online store selling medicines and pet food, four diagnostic laboratories and seven pet crematoria. It has been consolidating a fragmented industry, snapping up small animal, equine and farm animal veterinary operations and boasting a strong pipeline of acquisitions in the UK, Netherlands and elsewhere. So why would someone pounce on CVS now? The answer is simple. Its share price is currently weak, making it a sitting duck for someone interested in the sector and happy to take a long-term view of its prospects. It trades on approximately 13 times EV/EBITDA (enterprise value to earnings before interest, tax, depreciation and amortisation). Broker N+1 Singer believes BC Partners paid 15.2-times for VetPartners. CVS has been marked down because of some trading problems caused by bad weather earlier this year and recruitment challenges. The Brexit vote led to a shortage of clinicians coming to the UK, meaning CVS had to pay more money to secure available workers. Furthermore, some of its acquisitions haven’t performed to expectations. All of these issues aren’t a reason to suddenly turn your back on what has historically been a superb investment. For example, CVS’ shares increased by 460% in value between November 2013 and 2017. The best times to buy a share are often when the market has lost interest, and we certainly think that applies to CVS at the moment. Results on 27 September may cause a slight wobble in the share price as CVS has already warned that earnings would only be ‘broadly in line’ with expectations. That word ‘broadly’ normally implies a slight miss. For the year to June 2018, stockbroker N+1 Singer forecasts adjusted £36.1m pre-tax profit (2017: £33.5m) and a dividend hike from 4.5p to 5.5p, ahead of £42.9m pre-tax profit and a 6.5p dividend in the current financial year. (JC)
Gamesinvestor1
13 Aug 2018
Testing hi just testing Open Draft issue is cleared
Gamesinvestor1
02 Aug 2018
Trading Update Mr Market doesn’t seem to like these results :-1 [link] Just how much are they overpaying for all these acquisitions. the VET practice owners must be rubbing their hands with the pay offs. The share price is doen nearly 12% at the open. “â€""Total Group revenue for the year was £327m, 20.7% higher than the prior year figure of £271m. Like-for-like growth was 4.9%. As expected, the strong growth in sales of Animed Direct has continued. Excluding Animed Direct, like-for-like sales for the Group grew by 2.9%. The unusually severe snow at the end of February and start of March is estimated to have reduced sales by approximately £1.0m. Adjusted EBITDA for the recently ended financial year is anticipated to be broadly in line with analysts’ consensus expectations. This reflects the impact of snow and the lower than anticipated short-term performance of some acquisitions. Following management action, these acquisitions have shown improvement more recently and they are expected to achieve normal performance levels during the current financial year and beyond. The board is satisfied with ongoing like-for-like growth since the year end, being at similar levels to the past year. The high pace of acquisitions continued in the year to 30 June 2018 with a total of 52 surgeries being acquired. Approximately £50.6m (including net debt acquired) was paid for these acquisitions. Games
Hydrogen_Economy
20 Jun 2018
In Yesterday's Times Not clear if Mars will boost CVS as a takeover target or squash them by scale. Maybe it will drive other players to consolidate H2 CVS, which wants to convert a former pub in Thirsk into a 24-hour animal hospital, is one of a gaggle of groups consolidating the independent market, although this month’s assault by Mars, the confectioner, on the European veterinary market has led to speculation that CVS could become a target for the American company. In the past fortnight Mars, which owns Whiskas cat food, has made two incursions into the European veterinary market, acquiring Anicura, a Swedish provider, from Nordic Capital for about €2 billion (£1.75 billion), and Linnaeus, a British company, for an undisclosed sum — estimated at £450 million — from Sovereign Capital… thetimes.co.uk Global giants see profit in all creatures great and small Alf Wight’s tales of life as a country vet in Yorkshire, written under the nom de plume James Herriot, could not be further from the corporatisation consuming the veterinary market, yet proposals...
valeite
01 Jun 2018
Re: falling like... it's all down to Dignity ,I think . if the government are taking a look at funeral plans then how long before they took a look at pet insurance plans /both are a bit of a racket for the consumer .quite a sell off as I write
gamesinvestor
01 Jun 2018
falling like... a stone :-down to 938 -- something wrong here?Not invested, just watching at the moment, as it's 3.x % of Mark Slaters growth fund.The acquisitions and the associated costs of are the thing that concern me, albeit in an interesting area of overcharging for pet services.Games
Hydrogen Economy
06 Apr 2018
Times Spat between Vetplus and IVC Bit of an odd spat between IVC and drug supplier. CVS mentioned, but not directly involved.[link]
Hydrogen Economy
20 Feb 2018
Share Placing and IC View CVS's (CVSG) half-year figures were accompanied by news that the veterinary group had initiated a discounted placing of 6.4m shares at 1,050p apiece. The money raised will be used to pay down the group's growing debt pile, and fund £40m in targeted acquisitions over the next six months. The placing shares represent a maximum of 9.88 per cent of existing voting rights and will be initially dilutive for earnings. Analysts at Peel Hunt expect pre-tax profit of £41.3m in the year to June 2018, giving EPS of 53.8p, compared with £35m and 47.4p in FY2017.IC View- FWIWCVS has been building revenues and cash flows on the back of an ambitious acquisition strategy as it seeks to take advantage of a still fragmented marketplace. But the group's rate of expansion increases execution risk, and the high level of intangible assets won't sit well with some investors. Some may even question why management plumped for a dilutive capital-raise over senior debt. However, the investment rationale has not changed, with the animal healthcare market expected to grow at around 5 per cent a year for the next decade, aided by an increased take-up of pet insurance. The shares, trading on 21 times forward earnings, still present a decent value buying opportunity. Last IC View: Buy, 915p, 5 Dec 2017
frusset
16 Feb 2018
Re: dignity casts a shadow.... I sold. Morningstar [link] shows mediocre ROIC of about 8%. Return on equity is much better, but only because of the debt. Miserable net margin consistently <5%, 2010 to 2017. I see no evidence of economies of scale from the growth. I got about 2% less than the quoted selling price.
