RE: Morgan Stanley21 Jun 2018 22:06
Schroeder's increasing, Morgan Stanley too , broker targets (if you trust them) positive. P/E <10, cracking yield covered. Veterinary care bedding in. Wage costs will be scrutinised by brokers but you have to remember that there is a level of experience and knowledge essential in this retail sector that will demand higher pay for employees.
Morgan Stanley 12 months ago had PETS as a sell as it believed online competition would squeeze margins and thought that it was 'Once in a blue moon' visit. Have they changed their outlook at the current MC? Or did they get it wrong? Maybe margins will be reduced when leases are renegotiated.