Pet Retail Market and Valuation Outlook
Appendix 14
86
| 14: 5-Y IRR Price to Earnings.
Sensitivity
Net Revenue
Sensitivity GR
Net Income
20'
23E
21E
22E
26E
1.436.756 2.147.101 2.941.575 3.980.090 5.203.013 6.619.740 7.974.370
24E
25E
P/E FWD Exit 2025E
Payout Ratio
Payout
Forward P/E
CAGR
25%
Sensitivity CAGR
Shares Outstanding
25%
393.991
393.991 393.991 393.991
393.991
393.991 393.991
Share Price
18,21
Market Cap
7.174.580
42,0
16.622.002
Cash Flow to Equity
-7.174.580 42.695 57.276
79.525 16.622.002
2.147.101 2.689.368 3.368.588 4.219.350 5.284.979 6.619.740 8.291.606
101.055 170.782 229.105 318.102 434.134 575.728
25% 25% 25% 25%
36% 40%
25.264 42.695 57.276 79.525 158.391 230.291
29x
Net Revenue CAGR (20'-25E)
13% -2%
16% 2% 5%
24% 21x 23x
4% -13% -11%
7% -9% -7% -5%
10% -6% -3% -1% 1% 2%
1% 3% 5% 7%
25x 27x 29x 31x
-9% -8% -6% -4%
-4% -2% 0%
4%
33x 35x 37x
-3% -1% 0%
1% 3% 4%
6% 7% 9%
8%
10% 12% 13%
7%
9% 11% 13% 14% 16% 18%
9%
IRR
23,9%
Ke 2025E
10,5%
Spread TIR-Ke
13,4%
13% 15% 17% 19% 21% 23% 25% 27%
19% 6%
22% 10%
25% 14% 17% 19% 22% 24% 26% 28% 30% 32%
28% 18% 21% 24% 26% 28% 30% 33% 34% 36%
31% 23% 25% 28% 31% 33% 35% 37% 39% 41%
34% 27% 30% 32% 35% 37% 40% 42% 44% 46%
37% 31% 34% 37% 40% 42% 44% 47% 49% 51%
40% 35% 38% 41% 44% 47% 49% 52% 54% 56%
43% 40% 43% 46% 49% 51% 54% 56% 59% 61%
46% 44% 47% 51% 53% 56% 59% 61% 64% 66%
11% 13% 15% 17% 19% 21% 22%
Fair P/E FWD 2025E
28,7x
Source: Team 7View entire presentation