Pet Retail Market and Valuation Outlook

PETZ3 - BUY We see Petz trading significantly lower than its fair value and with a secure margin of safety that ensure our buy recommendation BRL 33 BRL 30 BRL 27 BRL 24 BRL 21 BRL 18 BRL 15 BRL 12 11/20 01/21 03/21 05/21 07/21 09/21 11/21 11/22 39% DCF 24% IRR

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