Share Name Share Symbol Market Type Share ISIN Share Description
CVS Group LSE:CVSG London Ordinary Share GB00B2863827 ORD 0.2P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -53.00p -6.07% 819.50p 820.00p 823.00p 878.00p 820.00p 878.00p 174,072 16:35:04
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Retailers 327.3 14.1 16.0 51.2 576.71

CVS Group Share Discussion Threads

Showing 501 to 524 of 525 messages
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DateSubjectAuthorDiscuss
15/10/2018
08:22
Interesting to see a hedge fund stick their head above the parapet as a holder - Half Sky Master Fund have just confirmed a notifiable holding.
lomax99
14/10/2018
03:24
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!
gilessaint
04/10/2018
12:13
Shares mag still positive - I recommend susubscribing. CVS (CVSG:AIM) 948.5p Gain to date: 2.4% Original entry point: Buy at 926.5p, 23 August 2018 Our ‘buy’ call on veterinary services provider CVS (CVSG:AIM) is modestly in the money and we’re staying positive on the stock. Resilient full year results (27 Sep) and management’s positive overall outlook for the business are reassuring, although challenges with retaining and recruiting vets may continue to weigh on investor sentiment. Solid results for the year ended 30 June revealed 20.4% top line growth to a record £327.3m and 7.1% growth in adjusted pre-tax profit to £36m, with the cash generative veterinary industry consolidator also declaring an 11.1% hike in the dividend to 5p. Robust like-for-like growth of 4.9% was boosted by an exceptional performance from online drugs arm Animed Direct, while the jump in group sales reflected last year’s acquisition of 52 surgeries. Vet staffing is proving a significant challenge for CVS, yet industry-wide salary pressures should necessitate price increases to pass on increased costs. We believe concerned pet owners should readily accept these price increases, potentially boosting CVS’ organic revenue growth through the year.
runthejoules
28/9/2018
19:56
IC today:CVS still offers growthAnnual adjusted cash profits of £47.6m for veterinary practice operator CVS (CVSG) fell slightly short of broker Peel Hunt's estimates. The impact of heavy snow earlier this year, combined with higher wage costs, offset an otherwise strong top-line performance, with like-for-like sales rising nearly 5 per cent. The underperformance of recent acquisitions – largely the result of staffing issues – was also disappointing, although analysts remain confident the business can get this under control during the current financial year.Last year, CVS acquired 52 surgeries, and bought another 16 post-period-end, taking the estate total to 491. Together, the acquired businesses contributed £18.9m-worth of revenue. But adjusted cash profits as a percentage of sales fell from 18 per cent to 16.9 per cent, suggesting income struggled to find its way to the bottom line.For now, analysts at Peel Hunt still expect pre-tax profits of £47.2m for the year ending June 2019, giving EPS of 55.6p, moving up to £50.6m and 58.7p in FY2020.IC ViewHigher wages and staff shortages continue to be challenging, but cash flow rose to £46.7m thanks to improved profitability. That suggests CVS still has decent firepower with which to pursue more acquisitions at a decent price; Peel Hunt reckons recent deals have been struck in the region of 10 times cash profits, relative to much pricier takeovers in the sector. Even better, the shares' 17 times forward earnings price tag also signifies a potential value opportunity. Buy.
lomax99
28/9/2018
08:13
Shares magazine Vet CVS remains in rude health Veterinary services provider CVS (CVSG:AIM) scurries in with very resilient full year results and management sees a ‘very promising’ outlook for the business. Despite the squeeze on UK consumers’ disposable income, the Diss-headquartered concern says like-for-like sales growth has ‘remained robust since the year end’. Yet the shares are off 2.8% at 994.5p as Brexit-induced European vet recruitment challenges continue to weigh on sentiment. Nevertheless, CVS believes its exposure to the potential impacts of Brexit ‘appears to be limited’ and says it has ‘not seen any significant impact on employment so far’. DEMONSTRATING RESILIENCE Results for the year ended 30 June from CVS, a recent addition to our running Great Ideas portfolio, reveal impressive 20.4% top line growth to a record £327.3m and solid 7.1% growth in adjusted profit before tax (PBT) to £36m. The cash generative veterinary industry consolidator also declares an 11.1% hike in the dividend to 5p. Last year, strong like-for-like growth of 4.9% was boosted by an exceptional performance from online drugs arm Animed Direct, with group sales enhanced by the acquisition of 52 surgeries. In addition, CVS’ high quality Healthy Pet Club loyalty scheme operation continued to grow like topsy. RISING TO THE CHALLENGE However, CEO Simon Innes concedes that a number of acquisitions ‘have encountered the staffing challenges experienced in the wider business leading to a lower than anticipated level of sales. Conversely, some locations have taken on additional staff in anticipation of increased sales which have not materialised to the extent anticipated.’ Seeking to soothe sentiment, Innes also insists that ‘action has been taken to address the issues and the performance of the acquisitions is expected to recover to more normal levels in 2019.' Addressing the Brexit threat, CVS says: ‘We have not seen any significant impact on employment so far but, together with other major employers in the industry and the Royal College of Veterinary Surgeons, we are lobbying the UK Government to mitigate against any such potential adverse impacts. Clearly, Brexit issues create some uncertainty for the pace of growth in the UK economy over the next couple of years, but the board believes that the characteristics of our business make it relatively resilient.’
lomax99
20/9/2018
08:15
Interesting, L4L increases will filter through over a period. Can you post up a link to the benchmarking data you refer to? I note that you say you are involved in the business area - out of curiosity is that either for, or related to, any of the PE backed groups?
lomax99
20/9/2018
07:11
So how come the fee inflation isnt being refected in L4L sales? Benchmarking data from privately owned vet practices suggests L4L of 4 to 5 % is the average at the moment.
tristan1561
20/9/2018
05:37
They flagged the shortage last year:Http://www.dissmercury.co.uk/news/prices-will-rise-because-of-vet-shortage-warns-cvs-group-1-5302399the problem is not unique to them, cost inflation will inevitably be passed on.
lomax99
19/9/2018
18:18
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.
tristan1561
19/9/2018
13:36
Good to see some movement of late, still some way short of where it should be IMO.
lomax99
18/9/2018
07:25
Didn’t notice it was last year!
lomax99
17/9/2018
22:20
Why the repost of B&W acquisition from sept 2017? CVS have made a few more since then.
tristan1561
17/9/2018
13:22
A decent acquisition: Https://www.vetsurgeon.org/news/b/veterinary-news/archive/2017/09/14/cvs-bags-b-amp-w-equine-vets.aspx CVS has announced the acquisition of B&W Equine Vets, the largest specialist equine veterinary group in the south west of the UK. B&W operates an integrated practice based around a multi-disciplinary referral hospital in Breadstone, Gloucestershire, with additional clinics in Cardiff, Gloucestershire and Bristol. The group employs more than 30 veterinary surgeons, including seven diploma holders, and offers a full range of services, including what it says is the most comprehensive equine imaging service in the UK. Ian Camm, Managing Director of B&W, will continue in the role of Equine Regional Director for the South West at CVS. He said: "We are excited about life within CVS and see many opportunities for our staff both within B&W and within the wider Equine Division at CVS. We look forward to working with the CVS team to realise the potential the partnership offers to members of our team and to further developing B&W as an equine veterinary centre of excellence." Simon Innes, Chief Executive at CVS, said: "Our Equine Division has grown rapidly over the last 18 months because we offer an ambitious and exciting vision for the future of equine practice. B&W is one of the UK’s premier equine practices and we are delighted to welcome the team to CVS and look forward to working with them to help them build an even more successful future."
lomax99
25/8/2018
11:41
Another Irish acquisition: Https://www.vettimes.co.uk/news/second-irish-acquisition-for-cvs/
lomax99
23/8/2018
06:21
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
22/8/2018
13:44
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%.
lomax99
09/8/2018
15:14
Had a few more.
lomax99
09/8/2018
13:21
Missed this one, another PE vulture swoops: BC to buy £700m VetPartners in sector's biggest UK takeover BC is buying the veterinary services group VetPartners, which trades from 260 UK sites, in a £700m deal The private equity firm BC Partners is close to sealing a £700m takeover of VetPartners in a deal that will mark the fast-growing sector's biggest UK deal. Sky News has learnt that BC, which owns British companies such as the Cote restaurant chain, is putting the finishing touches to an agreement to buy a controlling stake in the 260-site business. If completed, the deal, which insiders said could be announced later this week, would mark a bet on Britons' continued propensity to spend ever-increasing sums on the welfare‎ of their pets. York-based VetPartners employs roughly 3000 people, making it a substantial British employer‎. Its sale is expected to generate a handsome return for August Equity, the private equity group‎ which backed the company in 2015. The deal will come just months after Ares, another investment firm, ploughed about £500m into VetPartners through a combination of debt and equity instruments, giving it a substantial minority stake. Both Ares and VetPartners' management team are expected to reinvest in the business as part of the sale to BC. Speaking at the time of the Ares deal, David Lonsdale, a partner at August Equity, said: "We see significant further growth potential in the business and a market with a very long runway. "With high-quality earnings, high levels of fragmentation and private pay dynamics, veterinary services is a highly attractive sector for private equity." The fragmented nature of the British vets market has created scope for private equity groups to develop 'buy-and-build' tactics aimed at achieving scale for companies which benefit from synergies in areas such as marketing and equipment procurement. CVS, which is one of few London-listed providers of veterinary services, has a market value of just under £700m. It operates about 360 practices across the UK and the Netherlands. Assuming the VetPartners deal goes through‎, it will be the latest in a string of deals involving British companies in the sector. Mars, the confectionery-to-petfood conglomerate, recently took control of Linnaeus, while EQT, the Swedish investor, is reportedly examining options for Independent Vetcare, which it bought in 2016. Https://news.sky.com/story/bc-to-buy-700m-vetpartners-in-sectors-biggest-uk-takeover-11463449
lomax99
09/8/2018
13:15
Perhaps the new FD might like to dip his toe in the water, for an initial purchase?
lomax99
09/8/2018
08:28
Thanks, lomax99
saucepan
09/8/2018
05:08
IC comment:CVS disappoints shareholders, againVeterinary group CVS (CVSG) has admitted that trading in some of its newly acquired practices has been disappointing. The group – which bought 52 new surgeries for £51m in the year to June 2018 – blamed poor weather for the performance and said that normal like-for-like growth would resume in the current financial year. Still, unimpressed shareholders wiped a fifth off the company's market capitalisation in response.CVS can't afford any slip ups. The group's aggressive acquisitions strategy has made it the largest owner of veterinary practices in the UK and investors have come to expect seamless integration and solid underlying growth. But competition is on the rise, forcing CVS to enter into expensive deals in order to keep rivals at bay. What's more, as many of these practices are being bought from private owners, retaining the vets and nurses has caused a big hike in staff costs. The extent of the spending will be revealed when the group announces its annual results at the end of September.IC ViewFollowing its spectacular growth until the end of 2017 and despite the positive trends of the market, CVS has struggled to regain favour with investors since its profit warning last December. But we think investors have over reacted to the recent update. A forward price to earnings valuation of 19 times looks good value considering the long-term potential. Buy at 939p.
lomax99
04/8/2018
17:54
First post but I am involved in this buisness area so have a reasonable understanding of how things operate in this market. Like for like in the practice division is what you need to see to drive increased profit. After the short term gain of improved GM post acquisition of practices the hard yards are all about keeping that turnover going forward. CVS claims that owners often stay post acquistion. My experience is not for long and some even leave to then open a new venture competing against their old practice. Keeping and motivating professional staff to drive turnover is hard but without good staff in surgeries clients walk out of the door.
tristan1561
03/8/2018
09:41
New Investor's Champion Blog considers whether it is time to give up on this hitherto high-flying cash machine, or keep the faith?
investorschampion
02/8/2018
23:44
Welcome to Advfn tristan1561, I see that you have just joined today and that this is your first post. I suspect that they know what they are doing - they have been acquiring, and successfully integrating, practices for quite some time......
lomax99
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