http://www.copyright link/markets/equity-markets/broker-watch-greencross...

http://www.copyright link/markets/e...as-south32-woolworths-20150611-ghlh7v?stb=twt

Deutsche Bank initiates coverage on Greencross (GXL) with a "hold" and $7.00 price target, based on a balanced risk/reward. "GXL has established a dominant position in the pet services market, operating vet clinics and big box format retail stores. The pet care market has shown above average growth over an extended period, a trend that is expected to continue, driven by an increasing focus on premium products and services. GXL's integrated model is very well placed to leverage this thematic. We are, however, concerned by the company's pace of growth, driven by acquisitions and store roll-out, with the recent earnings downgrade potentially signalling further issues, with risks compounded by high gearing."