CVS has successfully raised £60m in an over-subscribed placing to take advantage of an attractive site pipeline in the UK and Dutch market. Management has an excellent consolidation track record and we note that it put to good use the Dec’16 fund raise in a timely manner. We estimate re-leveraging the balance sheet back above 2.0x in the next 30 months would augment FY19/FY20 EPS by 9.3%/16.5% respectively. Interims last week were in line. Fundamentally, this remains a highly attractive and cons ....
20 Feb 2018
Review post fundraising and interims
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Review post fundraising and interims
CVS Group plc (CVSG:LON) | 954 104.9 1.2% | Mkt Cap: 684.2m
- Published:
20 Feb 2018 -
Author:
Sahill Shan -
Pages:
3
CVS has successfully raised £60m in an over-subscribed placing to take advantage of an attractive site pipeline in the UK and Dutch market. Management has an excellent consolidation track record and we note that it put to good use the Dec’16 fund raise in a timely manner. We estimate re-leveraging the balance sheet back above 2.0x in the next 30 months would augment FY19/FY20 EPS by 9.3%/16.5% respectively. Interims last week were in line. Fundamentally, this remains a highly attractive and cons ....