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PETS Pets At Home Group Plc

268.40
-1.60 (-0.59%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Pets At Home Group Plc LSE:PETS London Ordinary Share GB00BJ62K685 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.60 -0.59% 268.40 269.80 270.00 273.40 269.40 270.00 1,484,400 16:35:22
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Misc Retail Stores, Nec 1.4B 100.7M 0.2114 12.77 1.29B
Pets At Home Group Plc is listed in the Misc Retail Stores sector of the London Stock Exchange with ticker PETS. The last closing price for Pets At Home was 270p. Over the last year, Pets At Home shares have traded in a share price range of 251.60p to 400.20p.

Pets At Home currently has 476,425,444 shares in issue. The market capitalisation of Pets At Home is £1.29 billion. Pets At Home has a price to earnings ratio (PE ratio) of 12.77.

Pets At Home Share Discussion Threads

Showing 2051 to 2070 of 2575 messages
Chat Pages: Latest  91  90  89  88  87  86  85  84  83  82  81  80  Older
DateSubjectAuthorDiscuss
03/6/2020
11:56
worth repeating:
I'm in.

1. Massive increase in Puppy Ownership (says FT):


2. Directors Buy

3. OverSold (according to charts)

4. British Bulls say BUY signal...(technical analysis from last night 02/06/2020)

Whats not to like?

netcurtains
28/5/2020
15:08
LOL that was a bit of a roller coaster.... Blimy....
Hope every day is not like that.

netcurtains
28/5/2020
10:53
Actually if you join the above FT article on 'massive rise in puppy ownership' with this from Pets at Home Results:

Circa 20% of the UK puppy population signed up to VIP Puppy Club, typically spending 23% more than non-members across the Group

netcurtains
28/5/2020
08:00
I'm in.

1. Massive increase in Puppy Ownership (says FT):


2. Directors Buy

3. OverSold (according to charts)

Whats not to like?

netcurtains
22/5/2020
10:12
Thanks skinny
gswredland
22/5/2020
09:37
Liberum Capital Buy 218.90 220.00 275.00 - Reiterates
skinny
22/5/2020
08:51
Confidence from the directors as well. Nice taken a few yesterday and tucked away for a while. Will rebound nicely
mcrudden
21/5/2020
18:23
I didn't catch the 200 either. 208 for me.
sao1
21/5/2020
16:18
Me to Sao but not near 200... had to pay 207
gswredland
21/5/2020
16:12
#2055. Bookbroker, they are deemed as essential. My local PETS has been open all through, thankfully for my three guzzling dags.
the knight of no
21/5/2020
16:06
Wow. What a day. Thankfully made the jump and came back in today.
sao1
21/5/2020
10:33
Shock horror- a retailer is suffering during lock down. Don't panic! Beneath the retail tag, is a valuable veterinary business.
spotdog40
21/5/2020
08:26
Well I took a fee at 1.99
babbler
21/5/2020
07:55
FWIW :-

Peel Hunt Buy 202.90 229.80 300.00 - Reiterates

Shore Capital Buy 202.90 229.80 - - Upgrades

Liberum Capital Buy 202.90 229.80 - - Resumes

skinny
21/5/2020
07:47
It’s probably where it should be given the statement. A decent entry point I guess.

It calls into question, massively, the soaring valuation of Games Workshop, which on clearly restricted information, continues to soar!

niggle
21/5/2020
06:03
.

· Group like-for-like# (LFL) revenue growth of 9.0%

o Total Group revenue exceeded £1bn for the first time, with growth of 10.2% to £1,058.8m

o Retail LFL# revenue growth of 9.4%, or 15% on a 2-year basis - Q4 LFL revenue growth of 15.9%

o Omnichannel revenue# growth of 27.8% or 83% on a 2-year basis, reflecting previous investment in capacity and fulfilment

o Vet Group LFL# revenue growth of 5.6%, with LFL customer sales# growth across all First Opinion practices of 13.5%, and Joint Venture practices at 13.2%

· Growth in Group underlying PBT# of 11.0% to £99.5m on a pre-IFRS16 basis, and Group underlying free cashflow# of 40.7% to £89.6m

· Underlying basic earnings per share, excluding the impact of IFRS16, were 16.0 pence# (FY19: 14.1 pence)

· Resilient balance sheet with significant headroom on debt capacity and covenants

o Net debt of £85.9m, with net debt/EBITDA of 0.6x vs leverage covenant of 3.25x; on a post IFRS16 basis, net debt of £549.8m with net debt/EBITDA of 2.5x

o Total liquidity, comprising cash balances and undrawn portion of £248m RCF (maturity 2023), of approximately £162m; an additional £100m facility agreed post year end

o Final dividend per share of 5.0p, reflecting our strong performance in FY20 and robust liquidity and balance sheet, giving a total of 7.5p for FY20, equal with the prior year

· Ongoing expansion of our pet care ecosystem:

o Number of VIPs who purchase both products and a service grew 24% year-on-year, representing c16% of all 5.6m active members

o Number of subscription customers across the Group is now over 865,000, up 23% YoY

o Circa 20% of the UK puppy population signed up to VIP Puppy Club, typically spending 23% more than non-members across the Group

more.....

skinny
20/5/2020
18:02
I’d be in if it hits near 200
gswredland
20/5/2020
17:00
Up down. When's the best time to come back in.
sao1
13/5/2020
12:11
Fortuitous that Merian Global Investors were able to increase their holding by 1.06% on the back of yesterday's 'Upgrade'!
skinny
12/5/2020
11:31
Seems like it is being targeted by a short seller. Although for some reason, I can't find the full report on their website. It would be interesting to see the full analysis. They may be onto something, lots of hedge funds have shorted this stock in the recent years.

Bonitas is Short Pets At Home (London: PETS)

UK Companies House filings revealed that Pets At Home Group Plc (London: PETS) lied about GBP 34 million of undisclosed trading loans hidden from its balance sheet used to support circular payments from PETS Vet Group Joint Ventures (“PETS JVs”) which we believe artificially inflated PETS reported profits.

Including undisclosed trading balances, PETS’ actual funding, trading and operating (“FTO”) loan balances owed by PETS JVs were GBP 74 million and GBP 64 million as of FYE’18 and FYE’19, 87% and 51% greater than what PETS reported in its FY’19 Annual Report. Without these loans, PETS JVs would not have been able to pay PETS service fees and rents.

The circular payment scheme had a significant impact on PETS’ purported profitability. PETS recognized 50%+ operating margins on PETS JV service fees versus 8% for its retail segment. While accounting for only 6% of PETS revenues, PETS JV service fees accounted for 31% of PETS’ operating profits.

We reviewed over 1,800 annual reports for 432 individual PETS JVs between FY’15 and FY’19 available for free online via UK Companies House filings. Most PETS JVs were loss-making and drowning in liabilities. In FY’18, while PETS generated GBP 27 million operating profits from PETS JV service fees, PETS JVs generated aggregate losses of GBP 14 million. PETS JVs revealed aggregate liabilities of GBP 170 million as of FYE’19.

Recently PETS actively restructured some PETS JVs via step-up acquisitions and in each instance PETS assumed all PETS JV liabilities. PETS’ restructuring efforts have already cost GBP 40+ million in write-offs and expenses from 55 PETS JV step-up acquisitions as of FYE’19. As PETS JVs sink deeper into debt, we anticipate that PETS will be forced to bail out and write off additional PETS JVs.

Below are additional highlights from our review of operating PETS JV annual reports:

• 253 (61%) generated aggregate losses of GBP 27 million in FY’18.
• 108 (26%) had adminstrative expenses that exceeded revenues in FY’18.
• 283 (69%) were balance sheet insolvent with aggregate net liabilities of GBP 100 million as of FYE’19.
• 60 (15%) had net liabilities that exceeded GBP 500,000 as of FYE’19 (not including 19 additional PETS JVs that were bought back and written off by PETS in FY’19).

PETS charged PETS JVs service fees and rents only afforded with concurrent financial support. If PETS cannot continue to provide such a significant level of financial support to PETS JVs, the scheme collapses.

PETS’ FYE’19 balance sheet held GBP 395 million goodwill largely attributable to the future cash flow generating ability of PETS JVs and reported a contingent liability of GBP 11 million, only 17% of what PETS JVs owed third party banks.

To us, the evidence is clear that PETS lied to investors about the level of financial support given to PETS JVs which artificially inflated PETS’ reported profitability and understated its liabilities. We believe a restatement of PETS’ financial performance would include adjustments to goodwill, increased recognized exposure to PETS JV bank debt and further write-offs of direct loans to PETS JVs.

As investors consider PETS’ hidden liabilities, its low earnings quality from circular payments and inflated carrying balances for certain assets, we think PETS’ stock price could break previous lows with a downside of 75%+.

pstick
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