No major surprises in today’s interim results, as key numbers were well flagged. While there are no new updates, the focus remains on the ongoing UK caution. Consumer confidence continues to impact footfall, particularly in routine and preventative treatments. Management has signalled no change to FY expectations, and we make no forecast changes. The CMA’s final decision is expected in mid-March 2026. Fundamentally, we like CVS but given near-term UK macro caution, a P/E rating of 16x (falling to 15x) on a 2-year EPS CAGR of 7% is high for now. We move our rating from Buy to Hold.
