Share Name Share Symbol Market Type Share ISIN Share Description
Cvs Group Plc LSE:CVSG London Ordinary Share GB00B2863827 ORD 0.2P
  Price Change % Change Share Price Shares Traded Last Trade
  -13.00 -1.11% 1,163.00 275,326 13:19:38
Bid Price Offer Price High Price Low Price Open Price
1,162.00 1,167.00 1,180.00 1,159.00 1,180.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Retailers 406.50 11.70 11.60 100.3 822
Last Trade Time Trade Type Trade Size Trade Price Currency
13:19:38 AT 170 1,163.00 GBX

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Date Time Title Posts
08/8/202016:33CVS Group: VETS,All things bright and beautiful595
07/10/201920:38Concerns founded?33

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Cvs Daily Update: Cvs Group Plc is listed in the General Retailers sector of the London Stock Exchange with ticker CVSG. The last closing price for Cvs was 1,176p.
Cvs Group Plc has a 4 week average price of 1,000p and a 12 week average price of 898.50p.
The 1 year high share price is 1,290p while the 1 year low share price is currently 670p.
There are currently 70,654,959 shares in issue and the average daily traded volume is 123,708 shares. The market capitalisation of Cvs Group Plc is £821,717,173.17.
bramble13: Which endorses my prediction that the share price could easily Reach 900p.
gilessaint: Why is the City still smarting over CVS Vets and Dignity Funerals? CVS have made great stock, in the past, of bench marking against sister company Dignity Funerals. Then in late 2016 Dignity was on the skids, with questionable practices and pricing and a UK Government investigation by the CMA into the market.The writing was on the wall at Dignity Funeral, it’s shares crashed catastrophically and are now worth 25% of its original share price high. The joint (CVS/Dignity) executives and other directors, seeing the ensuing blood bath and contagion spreading seemingly dumped their shares in CVS vets netting themselves personally millions of pounds. To make matters even more incredible CVS’s biggest shareholder Invesco Perpetual and ex-employer to CVS’s Chairman, both directors are budies from PWC audit days) somehow had the timely and opportunistic knack to dump 35 million pounds worth of shares in CVS, with no questions asked from regulators!CVS Shares have gone down by 2/3rds For shareholders like me who invested in CVS pre their collapse in share price, we are unhappy and asking many difficult questions, which CVS won’t answer! Indeed, I’ve got the needle on CVS and asking all sorts of questions of the senior executives, which has co-incidentally seen recent resignation of their current and last company secretaries and head of legal services (who partly carry the can!) Draw your own conclusions! I've been writing to CVS and asking the dfficult questions and would like to share my further and quite staggering findings into CVS
investorschampion: Is CVS a takeover target at these levels and has the share price sell off been overdone? hxxps://
lomax99: Shares magazine today: CVS warns on margins as staffing costs soar Shares in veterinary services group CVS (CVSG:AIM) slump 13.2% to 630.5p on the disappointing news soaring rates for temporary veterinary staff and other rising costs are hurting its margins. CVS says earnings before interest, tax, depreciation and amortisation (EBITDA) margins will be lower than last year as it is relying more on temporary staff despite lower vacancy rates. Unfortunately for CVS, skilled and temporary veterinary surgeons come at a high price. Day veterinary locum rates are currently 14% above the same period last year. STRONG GROWTH IN VETERINARY PRACTICES The good news is all divisions are delivering growth in revenues with overall like-for-like sales climbing 4.7% in the four months to 31 October compared to the same period of 2017. In the company’s biggest division representing nearly 90% of sales, Veterinary Practices, like-for-sales grew 3.8%. The Healthy Pet Club continues to attract new members keen to take advantage of loyalty benefits, regular health checks and discounts on pharmaceutical products. IS CVS A POTENTIAL TAKEOVER TARGET? Acquisitions are a key part of CVS' growth strategy and several more are expected to complete over the next couple of months as the company consolidates a fragmented industry, although persisting share price weakness could stoke speculation that CVS itself may become a takeover target. Here in August, we considered whether the long-term predator could become prey, noting that Whiskas pet food owner Mars Petcare had acquired UK services group Linnaeus and BC Partners had bought VetPartners.
gilessaint: I’m increasingly finding it hard to keep the faith with CVS Group, CVS (Veterinary Services Provider). The share price enjoyed some really positive gains but in the last 12 months has lost half its value. My major concern is that CVS senior management are made up of the same directors who run Dignity Funerals UK (Stock DTY) and CVS group directors at one time “held up” Dignity Funerals as a like business and benchmark for which they were going to strategically follow. Essentially, instead of funerals business growth acquisitions, CVS were buying up veterinary services businesses. Dignity stock similarly crashed a year ago, going down a staggering 70 percent. The UK funerals business is suffering from poor publicity and severe pricing challenges and competition challenges, also changes in the ways people select and choose their funeral/undertaking options for their loved ones. As an investor/stakeholder in CVSGroup Vets, I see many risks and challenges to their business model that will ultimately render them in the slow lane of profits growth and controlling costs from their inherited bricks and mortar estate, grappling with regulation from their regulatory body (RSVS). Also retaining talented skilled staff and keeping them motivated and preventing the competition from popular experienced vets setting up profitable dedicated surgeries in competition to the CVS behemoth!
tristan1561: Word in the vet employment market is that with the shortage of experienced vets CVS are having to significantly increase vet salaries to attract and retain vets. With low L4L sales growth hard to see anything other than a squeeze on profits. They are also being regularly outbid, by vetpartners particularly, for prime practice acquisitons so that growth from that route is restricted. Without a bid cant see the share price picking up and the PE backed groups would be a much easier acquisition for say Mars than CVS.
lomax99: Shares magazine today: Act quick and snap up CVS as it looks a prime takeover candidate The veterinary services group could switch from predator to prey 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) CVS Buy
lomax99: From 20/8/18: RBC upgrades CVS as it turns positive on underlying prospects despite acquisition issues In a note to clients, the bank said the recent underperformance of some recent acquisitions for the AIM 100 veterinary services provider was “something of a surprise" Analysts at RBC have upgraded CVS Group PLC (LON:CVSG) to ‘Outperform217; from ‘Sector Perform’ as the bank was positive on the company’s underlying prospects despite recent issues with acquisitions. In a note to clients, the bank said the recent underperformance of some recent acquisitions for the AIM 100 veterinary services provider was “something of a surprise, given the company has an extensive track record in making acquisitions since IPO (over 450)”, but added that these would remain “short-term in nature”. RBC also added that despite investors’ concerns on slowing underlying growth, the company had still had “room to grow in the UK and more again across the continental EU”, while also maintaining exposure to the “fundamentally attractive and defensive pet healthcare end-markets”. However, the bank also cut its target price for the firm to 1,190p from 1,230p to reflect reduced earnings per share (EPS) multiples for the 2020 financial year, on the assumption that acquisitions would continue and the deployed capital expenditure to complete them. “With the underlying picture largely in-line with our views expressed at initiation (only recently) we again see the pullback [in the share price] as an opportunity for investors given CVS is still a leader in an attractive market,” the broker said. In a trading update on 2 August, CVS said heavy snowfall earlier this year and a lower-than-expected performance from some acquisitions hit its full-year earnings, causing its shares on the day to drop around 16%.
tristan1561: Take out the 2% contribution to L4L by animed which is an internet pharmacy buying turnover with rock bottom pricing and you get left with just 2.9% from the practice division. Current prof staff cost pressures in this sector means you need significantly more growth than this for profits to even stand still. Buying practices is easy you just throw money at owners. Running them to achieve turnover growth is hard and I am not sure CVS Group has a real strategy to achieve this. Recent share price has been supported by Mars buying Linnaeus but there are other PE backed non listed groups that would easier for Mars to acquire so dont bank on that as a future way out. They have missed out on the majority of recent large practice acquisitons to PE backed vet partners. Hard to see where the growth will come from going forward
lomax99: Shares magazine: Sales growth slowdown triggers CVS share slump Staffing issues and consumer uncertainty blamed for weak trading update One of AIM’s most successful stocks has experienced a rare moment of share price weakness. Veterinary services provider CVS (CVSG:AIM) has fallen by 30% in value to 900p in the past week after a slowdown in sales growth, blamed on uncertain economic conditions troubling consumers and a shortage of clinicians in the UK. It says salaries will now be increased by more than inflation, plus more flexible working hours, in order to attract more veterinary surgeons to work for the company. It will fund these extra costs by putting up its prices. CVS achieved 4.3% like-for-like sales growth for the four months to 31 October, a slowdown from the levels seen in financial years 2016 and 2017. Stripping out high growth but lower margin online drugs arm Animed Direct, CVS’s like-for-like growth was a muted 1.5%. This news has soured CVS’s long run of making money for its shareholders. It had generated 680% total return (share price appreciation plus dividends) in the five years to the eve of its troublesome trading update on 30 November. The business has historically generated strong cash flows and rising dividends thanks to operating in an industry more resilient than most, since UK animal lovers prioritise spending on the wellbeing of their pets. While the near-term outlook is less certain, Berenberg reiterates its ‘buy’ rating and £14.50 price target, implying 60% upside over the next 12 months. The investment bank flags easier year-on-year comparative figures across the rest of the financial year to June 2018, meaning ‘like-for-like growth should accelerate in the second half’. It still forecasts robust 4.8% like-for-like growth this year. CVS itself says customer loyalty remains high with its healthy pet scheme memberships exhibiting ‘excellent growth’ and providing earnings with some backbone. Berenberg notes CVS is making strong progress on acquisitions in the UK and Netherlands with its pipeline of deals remaining strong. It adds: ‘CVS has made further acquisitions in the equine market, where it envisages significant medium-term opportunities given the lack of consolidation and less competition for assets from its main competitors for acquisitions like Independent Vetcare.’ Among the risks to its bullish investment thesis is competition for practices; any increased competition for assets would raise the multiples CVS has to pay on M&A, ‘decreasing the earnings accretion it currently enjoys on acquisitions’. For the year to June 2018, Berenberg forecasts £315m revenue (2017: £272m) and £38m pre-tax profit, ahead of £335m and £42m respectively in 2019. On forecast earnings of 46.6p, rising to 51.2p in 2019, CVS’s sharp de-rating leaves the shares selling for less than 20 times forward earnings. (JC) ------------------------------------- At last nights close the PE's implied are 18.4 and 16.7. The YE 2019 fee growth forecast is somewhat pessimistic, with revenues only climbing £20M/6.3% - bearing in mind they attributed £65.1M of the uplift in YE 30/6/17 revenues to acquisitions, this assumes acquisitions almost come to a halt, can't quite see this myself.
Cvs share price data is direct from the London Stock Exchange
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