Pet Retail Market and Valuation Outlook
Bull, Base & Bear
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Bull, Base & Bear: Stressing Scenarios
Our main DCF assumptions lead us to three main scenarios to Petz, reinforcing our investment thesis...
Bear Case
Stores Opened (22E-25E) = 107
Avg. Mature SSS (22E-25E) = 7.1%
Gross Margin (20'-25E) = -100bps
BRL 15,32
Target Price
Base Case
Stores Opened (22E-25E) = 165
Avg. Mature SSS (22E-25E) = 8.4%
Gross Margin (20'-25E) = 180bps
-16%
Downside
✓ BRL 25,29
Target Price
39%
Upside
Bull Case
Stores Opened (22E-25E) = 182
Avg. Mature SSS (22E-25E) = 9.2%
Gross Margin (20'-25E) = 220bps
احد
M BRL 33.33
67%
Upside
Target Price
We have a wide range of prices, but we are still believing in a buy recommendation...
Overview | Promissing Industry | Assertive Hub-and-Spoke Strategy | Expansion to Outpace | Healthy and Solid Ecosystem | ESG | Valuation & Risks
Source: Team 7
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