Pet Retail Market and Valuation Outlook

Multiples 63 Multiples: Time to Buy! We see that Petz shares are historically very cheap, and when compared to peers, we see that the growth justifies its value... Market P/E is closer to the historic minimum than ever... ...and when compared, the growth justifies our high multiple... EPS Growth (CAGR) 5-Y vs. P/E NTM; [% & x] FWD P/E Ratio 1-Y 20 10 -10 90x 85x 80x 75x 70x EPS Growth (CAGR) 5-Y 104% 78% 52% ARZZ3 PETZ3 26% RADL3 ESPA3 0% AMER3 SBFG3 LREN3 65x PCAR3 -20 -26% 60x -26x Ox 0/20 12/20 02/21 04/21 06/21 08/21 10/21 26x P/E NTM 52x 78x 104x Source: Refinitiv; Team 7 Overview | Promissing Industry | Assertive Hub-and-Spoke Strategy | Expansion to Outpace | Healthy and Solid Ecosystem | ESG | Valuation & Risks

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