Pet Retail Market and Valuation Outlook
109
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30. Petlove: The Brazilian Chewy
***
Appendix 30
Balance Sheet
Total Assets
17'
18'
19'
20'
Income Statement
17'
18'
19'
20'
44
55
107
410
|(=) Net Revenue
(-) COGS
79
Current Assets
41
51
70
334
(=) Gross Profit
47
Cash & Equivalents
17
15
20
209
(-) SG&A
51
Receivables
Inventory
Others
Non-Current Assets
3
Investments
PP&E
Intangible
Others
Total Liabilities
Current Liabilities
Suppliers
Advance to Clients
Short-Term Debt
Labor Obligations
Tax Liabilities
≈ = -momo ou3230-2
12
19
23
57
|(=) EBIT
11
17
26
42
(+) D&A
1
0
1
26
|(=) EBITDA
4
0
3
4
0
0
0
50
68
37
52
27
32503286
37
76
|(=) Financial Result
19
0
(+) Financial Revenue
1
8
(-) Financial Expenses
27
(=) EBT
22% -
225T045-69
178
256
428
petl❤ve
115
162
293
63
94
135
62
95
140
1
-1
-5
Vetsmart
1
1
2
-3
-8
-9
-8
Vetus
1
4
10
12
-7
-10
-13
Hp
(-) Taxes
dog hero
0
0
2
13
41
(=) Net Income
-9
-7
-10
-15
79
111
90
58
4
5
0
10
15
7
1
3
13
2
0
3
Others
1
1
7
10
Non-Current Liabilities
13
16
21
21
Long-Term Debt
13
16
18
13
Long-Term Leasing
0
0
0
3
Others
0
0
3
5
Equity
-6
-13
28
299
In the Petlove issue, we see an
approach with Chewy (the largest
pet e-commerce company in the
US). Petlove currently has the
second largest market share in the
industry in the digital segment,
losing ground to Petz, the industry
leader. In this aspect, Petlove has
sought to position itself better in the
digital/e-commerce issue, increasing
the number of mini-hubs in the
country and trying to generate
more digital engagement.
Digital Market Share; [%]
Petz
Petlove
54%
46% 46%
44%
37%
33%
27%
13%
7%
9%
4%
-1%
15'
16'
17'
18'
19'
20'
Source: Diário Oficial; Team 7View entire presentation