Recently took a look at this for some with a position. There are...

Recently took a look at this for some with a position. There are some very good things here - impressively managed and very well promoted. However it seems to me that it is now fully priced based on PE/earnings expectations etc. I am concerned by the long term developments in this industry. Many medical ventures based upon this sytle of business model have failed over the years. It is a case of the need to periodically consolidate after growth by acquiring new vet businesses. It is a big ask to bring cultural change and cost saving benefits into each of the component businesses so as to continue to build RoE expectations.