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Peel Hunt: CVS Group (Hold) - Good start to the year




Peel Hunt


05 Dec 2013





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CVS Group (Hold) Good start to the year LFL sales in the first four months rose by 4.3%, which compares to 3.7% last year. LFL in the practices continued at c2%, with strong growth in Animed Direct. The company has acquired 10 practices year-to-date, which will deliver sales of £7.4m and EBITDA of £1.6m (21.6% EBITDA margin, vs 13.7% for group). This continues the positive theme of CVS outperforming the background market, increasing its reach within the industry and continuing to find earnings-enhancing acquisitions. We have increased our target price from 240p to 260p. Charles.Hall@peelhunt.com

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