CVS集团：竞争与市场管理局延长兽医服务市场调查

April 24, 2025February 27, 2025January 30, 2025 James Vane-Tempest * | Equity Analyst44 (0) 20 7029 8275 | jvane-tempest@jefferies.comAndrew Wade * | Equity Analyst44 (0) 20 7029 8012 | awade@jefferies.comChristopher Richardson, ACA * | EquityAssociate+44 (0)20 7029 8675 | chris.richardson@jefferies.comGrace Gilberg * | Equity Analyst+44 (0)20 7029 8356 | ggilberg@jefferies.com Company DescriptionCVS GroupCVS group plc is one of the leading veterinary services providers in the UK, with over 500 veterinary surgeries across the UK, Netherlands andRepublic of Ireland. Outside of its Veterinary practices, CVS group also provides diagnostic services to the pet industry, crematorium services forpets and owns an online store (Animed Direct) selling medicines, pet food and other related products.Company Valuation/RisksCVS GroupValuation: We value CVS using our DCF which doesn't include any EVA from M&A in our PT given the UK CMA investigation.Risks: Veterinarian shortages, wage inflation, competition for M&A targets.Analyst Certification:I, James Vane-Tempest, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsor views expressed in this research report.I, Andrew Wade, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Christopher Richardson, ACA, certify that all of the views expressed in this research report accurately reflect my personal views about the subjectsecurity(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specificrecommendations or views expressed in this research report.I, Grace Gilberg, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.Registration of non-US analysts:James Vane-Tempest is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is notregistered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and thereforemay not be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities heldby a research analyst.Registration of non-US analysts:Andrew Wade is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Christopher Richardson, ACA is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC andis not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm,and therefore may not be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and tradingsecurities held by a research analyst.Registration of non-US analysts:Grace Gilberg is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation