2025-06-11-花旗集团-Chewy公司（CHWY）_Chewy公司（CHWY.N）财报电话会议要点_12页_511kb

Chewy Inc (CHWY.N) Citi Research Flash Earnings Analysis Summary

Date: June 11, 2025
Target Price: US$42.00
Current Price: US$41.30
Market Cap: US$17,139M

Citi’s Key Takeaways

• Earnings Performance:
  • Sales and EBITDA beat expectations; full-year guidance maintained.
  • No significant pricing benefit observed, despite moderate consumables inflation likelihood.
• Growth Drivers:
  • 60% of EBITDA expansion attributed to gross margin improvements, influenced by sponsored onsite ads.
  • Offsite ads are becoming more prominent but did not show efficiency improvement in the most recent quarter.
• Advertising Strategy:
  • Ad spend and marketing efforts expected to mirror 2024 and 2023 trends.
  • Blended margin for sponsored ads is projected at 70% once scaled.

View on Pricing and Inflation

• Chin-up in H2 pricing outlook uncertain due to sustained supplier caution about past inflation.
• No signs of imminent hard goods or pharmacy inflation at present.

Valuation Assessment

• Target price supports potential upside of ~1.7%.
• EV/FY26e EBITDA multiple stands at ~19x.
• Shares undervalued vs. high-growth retail peers, driven by potential EBITDA margin expansion.

Key Risks

• Customer growth slower than expected could cap EBITDA expansion.
• Peer competition and wider-than-expected slowdown in the pet industry.
• Declined market share to larger rivals.

Conclusion

• Maintain Buy rating.
• Attractive valuation with upside to EBITDA estimates; sensitivity to customer retention activity and comps.