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Pets At Home Group Plc

1.80 (0.47%)
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 Shares Traded Last Trade
  1.80 0.47% 385.00 611,471 16:35:26
Bid Price Offer Price High Price Low Price Open Price
384.20 385.00 389.60 383.20 386.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Misc Retail Stores, Nec 1,404.20 100.70 - 19.16 1,914.22
Last Trade Time Trade Type Trade Size Trade Price Currency
18:00:34 O 7 385.00 GBX

Pets At Home (PETS) Latest News

Pets At Home (PETS) Discussions and Chat

Pets At Home Forums and Chat

Date Time Title Posts
25/5/202317:08Pets at Home -woof woof or purring?2,525

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Pets At Home (PETS) Most Recent Trades

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Pets At Home (PETS) Top Chat Posts

Top Posts
Posted at 15/2/2023 18:49 by chiefbrody
Nice. And nice to see it still edge up without the buybacks. Still 3 months till the next update but should be good and expecting another div hike. Don't need another share buyback if the share price is much higher than this.
Posted at 16/1/2023 14:59 by jonnywalker77
Because it helps make sure the C suite’s LTIPs vest by hitting the eps performance condition by shrinking the share count - simple as that
Posted at 31/12/2022 13:06 by chiefbrody
Terrible year share price wise. FTSE250 hammered but Pets suffering far worse. 2023 will be my last year in Pets come what may so how it's better than this one lol.
Posted at 28/11/2022 21:23 by yump
Be interesting to see if Pets Corner starting in smaller premises and building up, ends up more sustainable than PETS massive stores.

Our local PETS store always seems to just have about 5 people in whenever I go. But there's acres of space. I'm a bit uneasy about that. If it incorporated a dispatch warehouse, that would make more sense.

Can't help thinking that pre covid and Ukraine, physical retail might have just about stabilised and got itself sorted out having taken the online hit. Now with the energy cost hike - not sure. I presume rents have been renegotiated a while ago.

Posted at 28/11/2022 17:13 by essentialinvestor
Pets Corner are expanding aggressively in my area. I have used a couple of
their stores (typically much smaller than PETS) but don't know much about the business.

Posted at 23/11/2022 13:16 by fuji99
"We will never let price be a reason not to shop with us." - Do they mean they will be happy to let margins drop ? Was this the reason for the share to drop too ?
Posted at 23/11/2022 09:29 by terminator101
Profit warning huh. Seems that long term downtrend will continue. Plus the lockdown bonus is being abandoned as people cannot afford to look after their pets.
Posted at 04/7/2022 09:16 by cari4
RBC Capital Markets downgraded the shares to 'underperform' from 'sector perform' and slashed the price target to 280p from 330p, partly on valuation grounds.
The bank said PETS has a strong position as a specialist player in the UK pet care market. "However, we believe valuation looks full and consensus forecasts look demanding.

"We expect further earnings growth to be more challenging to achieve given mounting pressures on the consumer and a wider spend rotation away from 'pandemic-winning' categories. Hence, we downgrade to underperform."

RBC said current consensus is looking for circa 2% earnings per share growth in FY23, with a further 12% growth in FY24. "Even with investments coming down in FY24 and PETS' more defensive offering, we think that this looks challenging to achieve, given pressured consumer budgets and margin headwinds," it said.

It noted the shares currently trade at around 15x CY23 estimated price-to-earnings, towards the middle of the historic range.

"We note that this is at a premium to others in the UK retail space, and looks demanding for a retailer with 100% UK exposure, at a time when consumer spending is under pressure," RBC said. "We have more valuation upside for some other UK retailers at these levels, such as JD Sports and WH Smith."

RBC said the company has benefited over the last two years from its market leading position in a sector that has seen strong growth. According to data from Statista, 62% of UK households now own a pet, compared to around 40% before the -pandemic, it said.

"Whilst we think that the defensive nature of pet care should provide PETS with some topline resilience, we think that further growth will now be more difficult to achieve in the light of rising cost of living and the benefits from higher spend on new pets fading away."

Posted at 27/5/2022 10:57 by chiefbrody
50 million share buy back. Over 12 month. Can't imagine it would take that long.Might buy back 2.5% of the shares in issue. Over the 12 months though....can't see it boosting the share price (other than sentiment).Hopefully others see the bargain this is and drive the share price back up to were it should be.
Posted at 12/5/2020 12:31 by pstick
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%+.

Pets At Home share price data is direct from the London Stock Exchange
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