宠物之家2025财年业绩：设定较低增长财务框架，宣布回购2500万英镑股票

FY25 results: Lower growthfinancial framework set out, £25mshare buyback declared First Look PETSP.L/PETS LNEQUAL WEIGHTUK Mid & Small CapLeisure/ConsumerNEUTRALPrice TargetGBp 245Price (27-May-25)GBp 262Potential Upside/Downside-6.6%Source: Bloomberg, Barclays Research The lower growth financial framework may be disappointingfor investors, but the market already appeared sceptical ofthe c10% PBT growth target (BBG cons PBT growth 7% inFY27). £25m buyback a modest +ve. Insurance business to beloss making until FY28, but capable of contributing 10% ofPBT in MT. UK Mid & Small Cap Leisure/Consumer Richard Taylor+44 (0)20 3555 2650richard.e.taylor@barclays.comBarclays, UK Our view:FY26 guidance with PBT range of £115-125m is consistent with pre close (BARC£120m), so no surprises there. Main new news is the new financial framework that implies midsingle-digit consumer revenue growth, with PBT growth > revenue, vs previous framework of 4%market growth, 7% revenue growth, and 10% PBT growth targeted. This is a lower growthalgorithm and hence may be disappointing for investors, albeit we note BBG consensus growthin consumer revenue of 5.8% in FY27 (BARC: 4.3%) and PBT growth of 7.3% (BARC: 5.7%),indicating that the market already considered the previous financial framework as somewhatoptimistic. We believe a key challenge in achieving this will be margins in retail (5.6% PBTmargin in FY25), given high competition, although note PETS are past peak investment in supplychain. £25m new share buyback a +ve against slower growth financial framework. Sharanya Gajapathy+44 0(20) 7773 0188sharanya.gajapathy@barclays.comBarclays, UK Key figures from results:FY25 Retail LFL -2% (vs BARC -1.4%) and Vet Group LFL +16.2% (vsBARC +14%). Q4 Retail LFLs especially weak at -5.5%, but partly due to moving online salesacross toStafforddistribution centre. Vet Group LFLs in Q4 +9.6%. Group revenue +0.1% to£1,482m (vs BARC £1,484m and BBG cons £1,495m). Group consumer revenue +2.7% to £1,962m(Vet Group +13%, Retail -1.8%). PBT +0.7% to £133m (vs BARC £132m and BBG cons £133m).Total DPS of 13.0p and final dividend held at 8.3p. Net cash at year end of £6.2m. Q4 LFLsespecially weak in retail (-5.5%). Current trading - no LFLs given, but said to be on track:The company notes the “first 6 weeksof the year have begun as expected with group profits tracking in line with guidance” (vs low DDgrowth in the Vet Group and Retail -2% in first 6 weeks of FY25).Outlook:FY26 guidanceunch' and the company expects to deliver Group underlying PBT in the range of £115-125m(BARC: PBT £120m, BBG consensus £124m). The company note c£3m investment in their new Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companiescovered in its research reports. As a result, investors should be aware that the firm may have aconflict of interest that couldaffectthe objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision. This research report has been prepared in whole or in part by equity research analysts basedoutside the US who are not registered/qualified as research analysts with FINRA. Please see analyst certifications and important disclosures beginning on page 3.Completed: 28-May-25, 07:18 GMTReleased: 28-May-25, 07:19 GMTRestricted - External insurance proposition (breakeven by FY28, 20% minority awarded to team), and for this to be"capable of contributing c10% of Group Profits" over time. New £25m share buyback for FY26. New financial framework suggests lower MT growth:Financial framework is now growingconsumer revenue at "mid-single-digit rate per year, outperforming the UK pet care market",and growing PBT ahead of sales growth through operational leverage. Company expects fastergrowth in vets (HSD) vs Retail LSD-MSD). Previous financial framework: market growth of 4%,outperform by 3% (ie 7% growth) and PBT growth of 10% targeted. Valuation:based on BBG FY26 PE 13.6x.Next catalyst:Q1 trading update 31st July and CMA'sprovisional findings expected July 2025. Call: 9.30am Barclays | Pets at Home Analyst(s) Certification(s): I, Richard Taylor, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of the subjectsecurities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to the specificrecommendations or views expressed in this research report. Important Disclosures: Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT. Availability of Disclosures: Where any compani