We rate ANIM as High Risk given its low visibility on earnings projections and cash flow generation, and recent highthened shares volatility.
Downside risks to our target price include: 1) integration; 2) WC deterioration; 3) economic slowdown; 4) changes in regulation; and 5) competition.
Upside risks to our target price include: 1) value-enhancing M&A; 2) better-than-expected cash flow generation; and 3) healthy intake cycle (i.e., strong volumes combined with rising tuitions).
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