Pet Retail Market and Valuation Outlook
Appendix 1
70%
1. Highlights
|1.
Margins
Gross Margin (excl. Zee.Dog)
Gross Margin (incl. Zee.Dog)
EBITDA Margin
EBITDA Margin (IAS-17)
EBIT Margin
Net Margin
COGS/Net Rev
SG&A/Net Rev
Opex/Net Rev
Profitability
ROA
Net Income
Shareholder's Equity
ROE
ROE-Ke Spread
EBIT
NOPAT
Net Debt
Invested Capital (PL + Net Debt)
Invested Capital (WK + Fixed Assets)
ROIC Financeiro
ROIC (Financeiro)-WACC Spread
ROIC Operacional
ROIC (Operacional)-WACC Spread
Cash Flow Ratios
CFO/Net Revenue
CFO/Capex
CFO/Earnings
CFO/EBITDA
CFO-CFI
Market Ratios
P/E
P/E
PEG
EV/EBITDA
EV/EBITDA (8702)
EPS
Asset Management
Inventory Turnover
Days Sales of Inventory
Receivables Turnover
Days of Receivables
Payables Turnover
Days of Payables
Operational Cycle
Cash Cycle
Operational Ratios
Number of Stores
SSS for Mature Stores
DuPont Analysis
Leverage (Assets/Equity)
Assets' Turnover
Net Margin
Source: Team 7
17'
18'
19'
20'
21E
22E
23E
24E
25E
26E
27E
28E
29E
30E
44.3%
45.8%
48.3%
48.3%
48.2%
48.2%
48.6%
49.3%
49.8%
50.3%
50.3%
50.3%
50.3%
50.3%
48.51%
48.59%
48.9%
49.6%
50.0%
50.5%
50.5%
50.5%
50.5%
50.5%
8.0%
9.9%
19.6%
17.9%
17.7%
17.8%
18.1%
18.8%
19.3%
19.8%
19.8%
19.8%
19.8%
19.8%
11.7%
11.2%
11.7%
11.7%
12.2%
13.3%
14.1%
14.7%
14.8%
14.9%
15.1%
15.0%
4.2%
6.9%
7.5%
7.5%
7.5%
7.9%
8.6%
9.9%
11.0%
11.7%
11.8%
12.0%
12.1%
12.1%
1.9%
4.0%
2.4%
4.1%
4.5%
5.6%
5.5%
6.0%
6.6%
7.0%
7.0%
7.1%
7.1%
7.1%
55.7%
54.2%
51.7%
51.7%
51.8%
51.8%
51.4%
50.7%
50.2%
49.7%
49.7%
49.7%
49.7%
49.7%
36.3%
35.9%
36.6%
37.1%
36.5%
36.6%
36.4%
36.0%
35.7%
35.5%
35.4%
35.3%
35.2%
35.2%
92.0%
90.1%
88.3%
88.8%
88.3%
88.3%
87.8%
86.7%
85.9%
85.3%
85.2%
85.1%
84.9%
85.0%
3%
5%
2%
3.1%
11,425
30,897
157,815
7%
181,770
17%
23,576
176,278
13%
58,387
514,759
11%
25,103
53,171
73,545
108,028
53,268
96,464
229,208
52.588
4.7%
95,635
1,376,549
6.9%
-4%
162,059
106,959
(606,511)
6.9%
7.7%
9.1%
10.4%
11.2%
11.6%
12.1%
12.6%
12.9%
163,597
1,499,246
10.9%
-1%
232,828
153,667
(461,487)
218,914
314,025
435,002
554,588
653,361
761,977
880,238.
960,707
1,663,432
1,898,950
2,175,244
13.2%
3%
343,236
226,536
(349,335)
16.5%
6%
517,142
341,314
(296,143)
770,038
1,037,760
1,314,096
1,602,807
20.0%
10%
726,381
479,411
(267,937)
1,907,307
2,507,997
22.1%
12%
932,229
745,586
1,013,308
1,289,644
1,578,355
1,882,855
615,271
(187,274)
2,320,723
2,296,271
2,769,341
23.6%
13%
1,107,034
730,642
2,997,934
3,173,982
3,270,053
25.4%
27.7%
29.4%
(168,907)
2,600,434
15%
1,294,026
854,057
(129,003)
2,868,932
17%
1,498,498
989,009.
(51,792)
3,122,190
18%
1,643,713
1,084,850
48,328
3,318,380
2,575,982
2,844,480
3,097,738
3,293,928
13.9%
14.8%
17.2%
21.3%
25.1%
26.5%
28.1%
29.8%
31.7%
33%
3%
4%
8%
12%
16%
18%
19%
21%
23%
24%
14%
15%
18%
22%
25%
27%
28%
30%
32%
33%
4%
4%
8%
13%
17%
18%
19%
21%
23%
24%
6%
6%
7%
8%
9%
10%
10%
10%
10%
11%
(0.73x)
(0.74x)
(1.10x)
(1.63x)
(2.21x)
(1.97x)
(3.46x)
(4.14x)
(4.99x)
(5.88x)
1.4x
1.2x
1.3x
1.3x
1.3x
1.4x
1.4x
1.4x
0.5x
0.5x
0.6x
0.6x
0.6x
0.6x
0.7x
0.7x
1.4x
0.7x
1.5x
0.7x
-74,747
-119,171
-45,874
66,661
197,788
233,116
490,742
632,996
791,784
952,613
75.0
43.9
32.8
23
16
13
76.2
44.6
33.3
N.A
1.2x
0.9x
0.7x
0.6x
0.6x2
70.4
52.4
34.2
14.6
10.8
8.6
71.4
53.2
34.7
0.24
0.42
0.56
0.80
1.10
1.41
(4.8x)
(4.6x)
(4.6x)
(4.5x)
(4.5x)
(4.4x)
-76
-79
-80
-81
-82
-84
(4.3x)
-85
(4.3x)
(4.3x)
(4.2x)
-85
-86
-87
11.1x
11.2x
11.2x
11.1x
10.9x
10.7x
10.5×
10.5×
10.4x
10.3x
33
33
32
33
33
34
35
35
35.
36
(4.5x)
(4.4x)
(4.3x)
(4.2x)
(4.2x)
(4.1x)
(4.0x)
(4.0x)
(4.0x)
(3.9x)
-80
-83
-84
-86
-87
-90
-91
-91
-92
-94
-43
-46
-47
-48
-48
-50
-50
-50
-51
-5°
37
37
37
38
39
40
41
41
42
43
63
80
105
133
175
225
267
305
340
372
405
435
460
480
6.1%
7.7%
26.5%
8.0%
8.2%
8.1%
8.6%
8.7%
6.0%
5.4%
5.6%
6.1%
6.1%
3.3x
7.0x
3.7x
1.5x
1.6x
1.7x
1.8x
1.9x
2.0x
2.0x
2.1x
2.2x
2.3x
1.3x
0.8x
0.8x
1.0x
1.2x
1.4x
1.5x
1.6x
1.6x
1.7x
1.7x
1.8x
1.8x
4%
2%
4%
4%
6%
6%
6%
7%
7%
7%
7%
7%
7%View entire presentation