Pet Retail Market and Valuation Outlook

Appendix 37 Source: Reuters 六 120 | 37. Consensus Comparison HISTORICAL (ACTUALS) FY Dec-20 FORECAST (MEAN) FY Dec-21 FY Dec-22 FY Dec-23 REVENUE COST OF GOODS SOLD GROSS INCOME GROSS PROFIT MARGIN SELLING & MARKETING EXPENSE SG&A EXPENSE GENERAL & ADMIN EXPENSE 1436.756 2073.858 2867.672 3818.500 743.249 1091.333 1577.333 2053.667 693.506 1001.667 1440.667 1912.500 48.260% 40.500% 40.250% 40.900% 426.690 575.000 906.000 1218.000 547.915 745.500 992.000 1253.000 133.746 161.000 254.000 338.000 OPERATING EXPENSE 1311.610 1707.000 2170.000 2716.000 EBITDA 185.459 284.952 423.672 624.750 DEPRECIATION 131.241 177.000 220.000 233.000 DEPRECIATION & AMORTIZATION 141.219 122.000 170.667 209.000 EBIT 124.102 158.568 253.152 385.518 INTEREST EXPENSE 63.543 71.000 105.000 129.000 PRE-TAX PROFIT 69.949 114.360 186.646 315.750 TAX PROVISION 11.562 34.000 TAX RATE 29.200% 53.250 26.150% 95.000 28.000% NET INCOME 58.387 86.032 136.996 221.250 NUMBER OF SHARES OUTSTANDING 374.612 EARNINGS PER SHARE 0.150 0.218 0.335 0.530 EBITDA REPORTED 266.365 376.000 579.000 789.000 PRE-TAX PROFIT REPORTED 69.949 107.500 185.000 317.500 NET INCOME REPORTED 58.387 81.667 143.333 236.333 EARNINGS PER SHARE REPORTED 0.150 0.190 0.340 0.560 DIVIDEND PER SHARE 0.030 0.060 0.085 0.127

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