Pet Retail Market and Valuation Outlook

Appendix 27 106 六 27. DuPont Analisys: Petz vs. Cobasi 7% 17' 3.3x Return on Equity; [%] Petz Cobasi 18% 17% 15% Leverage; [x] 4.2x 20% 15% 18' 19' 2.5x 2.5x 1.3x 1.4x 1.3x 14% We see that Petz has a higher ROE from 2017 because it has leveraged more for national expansion. Today we see that the company will have a higher ROE according to the increase in net margin, because it is already well capitalized.... 20' Assets Turnover; [x] Net Margin; [%] 1.5x 1.3x 1.3x 1.3x 1.3x 10.1% 1.2x 8.9% 8.7% 1.1x 5.2% 4.0% 3.8% 1.9% 17' 18' 19' 20' 17' 18' 19' 20' 17' 18' 19' 20' Source: Company's Data; Team 7

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