CVET is the combination of Henry Schein's Animal Health business and the Vets First Choice platform.
The stock has seen nonstop selling pressure since the spin and is down >75% from highs.
Both businesses maintain market-leading positions.
CVET is trading for less than what shareholders paid for the Vets First Choice platform alone.
With a dominant distribution business combined with a high-growth B2B platform, equity holders should see double-digit growth rates in earnings and a meaningful rerating in the multiple of the stock.
Henry Schein's Animal Health business was spun-off in February of 2019 and subsequently merged with Vets First Choice via a Reverse Morris Trust, creating Covetrus (CVET). The company went on a roadshow