|Shares Out. (in M):||500||P/E||11.5x||9.8x|
|Market Cap (in $M):||1,380||P/FCF||10.9x||9.2x|
|Net Debt (in $M):||372||EBIT||167||192|
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Pets at Home operates in the UK small animal pet care market which includes pet food (including grocery food, advanced nutrition food and treats), non-food pet products (including health and hygiene related products, small accessories and large equipment), veterinary services, grooming services and pet insurance. The company estimates that the entire market was worth ~£5.4 billion in 2012 of which the company estimates that it had a 12% market share as of 2012. The company’s estimated shares in the UK pet food, non-food products and veterinary services markets in 2012 were 12.6%, 32.3% and 5.9%, respectively and the company has increased its share across all these categories since 2009. As of September 2014, Pets at Home was the clear market leader in terms of store numbers with 386 stores and an average retail space of ~6,600 square feet per store.
The Bear Case:
Comparable Valuation Analysis:
 This report written as of 9/25/14 and all figures and stock price returns calculations are based on 170p share price
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