2025-05-28-Jefferies-宠物在家（PETS）_兽医集团支撑强劲的中期增长_11页_617kb

Summary of Pets at Home Equity Research Report

Pets at Home is a UK-based pet care business, operating through retail stores, veterinary practices, and online platforms. The equity research report, published by Jefferies on May 28, 2025, maintains a "Buy" rating with a price target of 340p, up from the previous target of 325p.

FY25 Performance and Outlook:

• Financial Year 2025 results met guidance, with Persistent Book Profit (PBT) of £133m, achieving this despite a challenging Q4 due to supply chain changes.
• Strategic projects, including digital replatforming and distribution center simplification, are completed and expected to drive sustained outperformance and share gains.
• For FY26, PBT estimates remain at £115-125m, supported by market share gains in both Retail and Vet segments. The Retail market is projected to grow at ~2%, aiding profit growth after accounting for consumer cyclical headwinds and opex inflation.

Growth and Value Drivers:

• The Vet Group, contributing significantly to the company's valuation, has delivered strong PBT progress with a 3-year CAGR of 21%, and is expected to expand with new site rollouts and practice investments.
• A mid-single-digit growth framework for consumer revenue and PBT, with EBITDA margin improving to ~16.7% in FY25. Valuation, based on a sum-of-the-parts approach, targets 12.5x FY26 PBT for Retail and a discounted cash flow (DCF) for the Vet business, leading to a market cap of £1.6bn.

Risks:

• Key risks include market normalization, inflation pressures, consumer spending constraints on discretionary goods, competitive pricing on pet food, slower share gains, regulatory changes, and challenges in capital deployment.

Analyst Stance:
Jefferies retains a positive outlook, emphasizing the Vet Group's role in sustaining robust value creation and recommending a price target increase to 340p.