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 Shares Traded Last Trade
  -9.00p -0.78% 1,140.00p 170,115 16:35:29
Bid Price Offer Price High Price Low Price Open Price
1,137.00p 1,139.00p 1,171.00p 1,129.00p 1,137.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Retailers 271.80 14.50 18.50 61.6 801.8

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Date Time Title Posts
20/7/201811:23CVS Group: VETS,All things bright and beautiful476

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CVS Group (CVSG) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2018-07-20 15:54:201,144.461001,144.46O
2018-07-20 15:53:041,149.3011,284129,687.01O
2018-07-20 15:39:111,140.002002,280.00O
2018-07-20 15:35:571,140.2090010,261.80O
2018-07-20 15:35:571,140.2090010,261.80O
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CVS Group (CVSG) Top Chat Posts

CVS Group Daily Update: CVS Group is listed in the General Retailers sector of the London Stock Exchange with ticker CVSG. The last closing price for CVS Group was 1,149p.
CVS Group has a 4 week average price of 1,034p and a 12 week average price of 920.50p.
The 1 year high share price is 1,500p while the 1 year low share price is currently 825.50p.
There are currently 70,334,204 shares in issue and the average daily traded volume is 158,605 shares. The market capitalisation of CVS Group is £801,809,925.60.
lomax99: New FD (why?), results soon (sometime w/c 30 July). Https:// Promoting VETS: Https://
lomax99: Good to see the Chairman pick up £91.1k worth of shares. Latest IC comment: CVS pays the price for high expectations The annual general meeting of veterinary group CVS (CVSG) is usually an opportunity for management to proudly reveal that recent acquisitions have sent profits way ahead of expectations. Normally, what proceeds is a flurry of broker upgrades and a stampede to buy the shares. Not so this time around. News that like-for-like revenue growth has slowed to 4.3 per cent wiped 30 per cent off the group’s share price in three days. The price has been paid for high expectations. To a certain extent, the drop in organic revenue growth can be explained by the extraordinarily strong performance last year: in the four months to September 2016, revenues grew 6.3 per cent on a like-for-like basis. But management has also pointed to a slowdown in the UK veterinary marketplace, which they think may have been caused by economic instability, and a drop in the number of clinicians. Moreover, exclude the Animed Direct online veterinary retail division – which reported a 60 per cent increase in sales – and the underlying business only grew 1.5 per cent in the first four months of the financial year, compared with 6.3 per cent in the year to June 2017. And yet overall revenue growth remains just as spectacular as ever at 20.6 per cent. The group spent £20m on 21 new surgeries in the period, taking the total number of sites up to 444 (from 378 in the comparable period last year). Those acquisitions span the UK – from north Scotland to south Wales – and cover domestic animals, farm animals and horses. Four new sites have been added in Northern Ireland and three in the Netherlands, including the first Dutch equine business. But the price of veterinary practices has climbed to roughly 10 times adjusted cash profits, according to brokers at Peel Hunt, compared with the historic range of six to eight times. CVS has spent £6.5m more in the first four months of the current financial year than last, for just three more surgeries. But there are positives. More expensive surgeries mean more willing sellers and CVS maintains the financial firepower to keep growing via acquisition: net debt is forecast to fall to just 1.7 times adjusted cash profits by the end of June 2018 thanks to the group’s ability to generate cash. IC View The recent turn of events will have been disappointing for followers of our buy tip. However, we also think the sell-off is a major over-reaction to moderately disappointing news. With the shares now trading on 17 times forward earnings, we think this is an ideal opportunity for investors to top up their holdings. Buy at 915p.
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.
itr7: Trytotakeiteasy - I think there are a few significant barriers to entry for what CVSG have done - they have taken traditionally very independent practitioners and brought them together in a loose corporate structure to give them more buying power - that isn't easy to do with Vets who are very much used to being their own bosses. The other thing to remember is that there is a shortage of vets in the UK - that isn't going to get any better post brexit - so Vets therefore tend to carve out territories between them - don't set up too near each other - there is no need as they can have a decent catchment area all to themselves. Therefore in order to each CVSGs lunch I would have to a) persuade a load of vets to work together and b) persuade them to set up in an area already serviced by another Vet instead of going to an area where they would have a much more captive audience. Now I don't know if the CVSG price is a fair multiple of earnings etc but I don't see them struggling to make a profit and so there must be a floor on the sp
ewanwhose: The PE is high, but management have a good record of building the business. There is more organic growth by acquisitions in the UK and we're just started in Netherlands. Would this model work in other countries? I like the animal hospital and crematoria fed by the surgeries - maybe add drug distribution?Main question in my mind is whether the % expansion rate can continue.Share price is volatile, which provides opportunities for trading, but the trend is up and I would be a pure holder if it was more consistent.
saucepan: Earnings enhancing acquisitions without share price dilution; excellent.
saucepan: Hi folks I opened a position in CVSG yesterday, after it appeared in one of my ShareScope value/momentum filters. I just wish I had spotted it before; but, hopefully, better late than never. Apart from the fundamentals (including Slater PEG of 0.33) and the obvious quality of the business, I was attracted by what I perceive as a consolidation pattern, below 700p, which has developed since late May/early June. It is something of a cup and handle pattern, which now appears to have resolved. It shows better on the following chart than the one in the header: Once 700p has cleared, I am hopeful that the share price will make up for lost time.
eno nedlog: Is this sideways move of the share price due to its overeaching itself in March April and June? Or just pacing with the rest of the market? Eno
pet lover: Lomax99 Big Thankyou for your post and well done here.CVS took on a huge debt to buy up these vets over the last 7 years and the market held the companies share price down as a result.As the debt has reduced and profits have gone up so has the share price.PVG looks to have had a cash shortage from day one and thus could not buy up other vets in any kind of numbers.You are also spot on with your view that the big two are going to keep on buying and expanding.CVS has seen its stock rise 200% over 7 years with rocket under the price over the last two.We will have to wait and see what PVG does but without the odd £100M plus being raised they don't have a chance in hell of buying up vets in the UK.A much safer and cheaper option would be to grow the pet plans and buying side of the group in quick order.PVG have just hired a director and talked about a global company. Have you any idea where UK vets sit in the world rankings.? In other words is the UK ahead or to the rear of other nations product / price and so on. Thanks from the hound and myself.
androvitch: Those of you looking back through posts will already know my views on this great business. But sometimes the price accelerates faster than business performance, and this one now feels toppy on all valuation multiples. Great business does not always equal great stock. Sold down my holding over the last week. But I'll keep my eye on this and buy back in when performance catches up with the share price. Looking for what to do with the proceeds - similarly advantaged businesses, simple business model, clear growth path. Ideas?
CVS Group share price data is direct from the London Stock Exchange
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