Today’s AGM update shows CVS continuing to make positive progress on various fronts. The period under review however has seen a moderation of LFL’s (ex Animed) to 1.5%. Given stiff comps and wider macro uncertainty, this modest easing is not a disaster and we note that H2 comps are softer. Investors should also not lose sight of the accretive consolidation thesis, which continues apace. We temper our LFL working assumptions by 0.5-1% but set against this is further corporate activity. Net, we tr ....
30 Nov 2017
N+1 Singer - CVS Group - AGM – LFL’s moderate but overall momentum is positive
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
N+1 Singer - CVS Group - AGM – LFL’s moderate but overall momentum is positive
CVS Group plc (CVSG:LON) | 942 -56.6 (-0.6%) | Mkt Cap: 676.0m
- Published:
30 Nov 2017 -
Author:
Sahill Shan -
Pages:
5
Today’s AGM update shows CVS continuing to make positive progress on various fronts. The period under review however has seen a moderation of LFL’s (ex Animed) to 1.5%. Given stiff comps and wider macro uncertainty, this modest easing is not a disaster and we note that H2 comps are softer. Investors should also not lose sight of the accretive consolidation thesis, which continues apace. We temper our LFL working assumptions by 0.5-1% but set against this is further corporate activity. Net, we tr ....