morgans target of $9+, page-17

I owned GXL for approx 12 months from mid 2012 to mid 2013. At that point I decided that the model of consolidating vet practices didn't support the price any more. Couldn't really see too much blue-sky left in their model.

So I have been keeping an eye on them since they altered that model by merging with Pet Barn. Have been interested to see what they could achieve.

As most know - mergers and takeovers; no matter how good they sound in theory aren't always financial successes. This one appears to be working out and I am now back on the share register. Yes I admit it currently seems expensive but I am taking a long term view.

The analysis by Roger.M in the following presentation does present the view I have. Thanks for the link guys.
Roger Montgomery on Switzer from the 5 min mark

http://www.skynews.com.au/video/program_switzer/2014/05/08/switzer-segment-four-thursday.html