Pet Retail Market and Valuation Outlook
108
29. Cobasi: A Purebred Competitor
||29.
***
Appendix 29
Balance Sheet
17'
18'
19'
Income Statement
17'
18'
19'
Physical Market Share; [%]
Total Assets
583
700
800
|(=) Net Revenue
786
873
1,053
Current Assets
247
315
356
(-) COGS
441
515
632
Petz
Cobasi
Cash & Equivalents
94
136
144
(=) Gross Profit
345
358
421
6.1%
(-) SG&A
240
247
304
Receivables
71
78
97
(=) EBIT
105
111
117
4.9%
5%
Advances
1
4.8%
3
1
(+) D&A
14
19
22
Inventory
75
90
112
|(=) EBITDA
119
130
139
3.1% 3.3%
5.4%
Prepaid Expenses
1
1
Others
5
7
NO
(=) Financial Result
1
-6
7
4.4%
4.8%
3.9%
(+) Financial Revenue
16
10
26
Non-Current Assets
336
385
444
(-) Financial Expenses
15
16
19
2.9%
2.4%
Investments
222
240
243
(=) EBT
106
105
124
PP&E
81
111
166
(-) Taxes
27
27
33
(=) Net Income
79
78
_91
Intangible
Others
1
1
2
15'
16'
17'
18'
19'
20'
32
33
33
Total Liabilities
136
185
204
Current Liabilities
136
185
202
Suppliers
102
149
159
Short-Term Debt
6
0
Labor Obligations
6
7
Tax Liabilities
18
Others
11
Non-Current Liabilities
0
0
NOJ = N
2
21
11
Long-Term Debt
0
Long-Term Leasing
0
0
1
Others
0
0
1
Equity
447
515
596
9
Cobasi is Petz's biggest competitor with revenues of BRL 1.5 bn by
2020. The company has a similar business model to Petz and from
the customer's point of view they are both very similar. In this
aspect, we see Cobasi as the next consolidator in the sector next
to Petz, although it has had a later development. The company
also seeks a consolidation outside the state of São Paulo, focusing
on mega stores of similar size and CAPEX as Petz.
We see that Cobasi will be able to create a similar ecosystem to
Petz, as it already has an outsourced veterinary clinic service (SPet)
and has recently acquired Pet Anjo, a platform that offers the
intermediation of services such as dog walker, babysitting, lodging
and daycare. However, we see an advantage of Petz over Cobasi
its best acquisitions and being the first-mover in this respect.
Cobasi
SPET
Source: Diário Oficial; Team 7View entire presentation