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
  -5.00p -0.63% 785.00p 21,928 13:12:29
Bid Price Offer Price High Price Low Price Open Price
784.00p 785.50p 832.00p 783.00p 832.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Retailers 327.30 14.10 16.00 49.1 553.6

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Date Time Title Posts
25/10/201813:14CVS Group: VETS,All things bright and beautiful514
14/10/201802:24Concerns founded?-

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CVS Group (CVSG) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
13:12:29785.0040314.00AT
13:12:02786.5013102.25AT
13:12:02786.501951,533.68AT
12:46:27788.00103811.64AT
12:46:27788.001381,087.44AT
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CVS Group (CVSG) Top Chat Posts

DateSubject
16/11/2018
08:20
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 790p.
CVS Group has a 4 week average price of 764.50p and a 12 week average price of 764.50p.
The 1 year high share price is 1,407p while the 1 year low share price is currently 764.50p.
There are currently 70,519,031 shares in issue and the average daily traded volume is 154,785 shares. The market capitalisation of CVS Group is £563,447,057.69.
14/10/2018
02:24
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!
19/9/2018
17:18
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.
23/8/2018
05:21
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
22/8/2018
12:44
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%.
02/8/2018
22:19
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
31/7/2018
10:57
hkre3: Pre-annoucement jitters or a leak? Dignity share price stable today. No other reason?
20/7/2018
06:49
lomax99: New FD (why?), results soon (sometime w/c 30 July). Https://uk.advfn.com/stock-market/london/cvs-group-CVSG/share-news/CVS-Group-plc-Board-Changes-and-Notice-of-Trading/77900956 Promoting VETS: Https://www.vettimes.co.uk/news/cvs-turns-to-vets-to-lead-business/
08/12/2017
07:55
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.
07/12/2017
08:12
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.
05/12/2017
11:54
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
CVS Group share price data is direct from the London Stock Exchange
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