Greencross acquisition spree continues
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There are no signs of a let up in the acquisition spree of Greencross (GXL) with the veterinary group announcing its fourth takeover this year.
GXL said was buying Armidale Veterinary Hospital for $625,000 after the markets closed last night.
The offer price equates to around 3.9 times the expected annualised earnings before interest and tax (EBIT) of the New South Wales clinic, which has been operating for 25 years.
The deal is likely to be well received by the market but is unlikely to fully offset concerns that the stock is looking fully valued after its stock price doubled in the past year.
This puts GXL on a one-year forward price-earnings multiple of close to 20 times, or a 21% premium to its five-year average.
On the upside, the predictable earnings outlook for the industry and GXL’s good track record at buying well priced businesses and bedding them down is likely to see the stock well supported on any big dips.
GXL said last week that it bought a pet crematorium business for $1.45 million.