Petz (PETZ3): Creating Brazil’s Leading Pet Ecosystem
The 3×5 Card Breakdown: Q1 2021 hedge fund letters, conferences and more Brazil has the third-largest pet retail market globally, growing at a 16%+ CAGR in a mostly fragmented industry.PETZ is the country’s largest pet retailer with 138 stores, 116 veterinary hospitals, and an unrivaled digital/omnichannel platformThe company’s size allows it to negotiate lower prices with suppliers, generating more significant customer savings and increased spending.Over time, PETZ will open new stores and sell more own-brand products to customers at higher incremental margins (like Target)Assuming ~30% 5YR R...