Winning the new financial era

Chapter 621 Merging

"How much is that worth?"

Zhang Sanshi asked the most important question, which was related to the shareholding ratio of Gaoling Capital in the new company after the merger.

"US$57 billion, Patenet 30 billion, Dogford's 51% stake 10 billion, hospital plus medicine total 10 billion.

In addition, we also hold a 5% stake in the American pet e-commerce platform Chewy, which is currently valued at more than 100 billion US dollars;
We also invested in Vet First Choice, an online pharmacy and home delivery service for veterinarians, which merged with Henry Schein's pet health business to form Covetrus.

The current market value of Covetrus is US$45 billion, and we hold 4.6% of its shares, worth about US$2 million. "

These data are not aimless, and Lu Fenghai feels that they all stand up to scrutiny.

Zhang Yida invested in these two companies with funds that were not abundant in his account at the beginning. Looking at it now, the rate of return has been four to five times.

This is still a little different from the 7-9 times he expected, especially when the company was the first choice for veterinarians, and they chose to merge and go public, which reduced the shareholding of Pater Holdings by a lot.

Only then did Zhang Yida realize that he seemed to have misremembered some things, especially the merger.

At first, he heard that the first choice of veterinarians was only valued at 5 million U.S. dollars, so he decisively took a heavy position in the company, resulting in a reduction in investment in Chewy.

Originally, he could earn more by investing more funds in Chewy. After the company went public, the stock price has been rising steadily, and it has the potential to rise to 200 billion US dollars.

However, the stock price of Covetrus was weak after listing, retreating steadily, and even fell below the issue price.

Covetrus was officially listed two months ago. In addition to grabbing a small amount of cash on the day of listing and securing a few million dollars, Zhang Yida is already arranging for a retreat, and is planning to sell off all the company's shares as soon as the lifting of the embargo period is over.

Although Zhang Yida felt a little annoyed, Lu Fenghai was still very satisfied with this investment result.

There was an article on the Internet that praised Zhu Xiaohu as a unicorn catcher.

Then a series of controversies arose, and finally it was unanimously agreed that the title of "Unicorn Breeder" should be awarded to Zhang Yida, an investor who was delayed by starting a business.

Lu Fenghai felt that this title was not an exaggeration at all. Zhang Yida definitely had the ability to turn things into gold. He simply raised unicorns like poultry and invested in several projects at random, and all of them were unicorns.

He looked at Zhang Sanshi, guessing that he might have some questions.

The latter looked at him with a smile on his face and said, "It's about the same as I expected, but there are still some details that need to be negotiated."

The veterinarian preferred this company, and Heishan Capital and Gaoling Capital also participated in the investment, but the time was one year later than Zhang Yida, and the rate of return was much lower.

Zhang Sanshi highly appreciates the various business data of Pate Holdings, as well as foreign investment and equity participation.

It's just about his own interests. As an investor, he has to weigh every penny.

Zhang Yida joked with a smile, "It's just over 50 billion. The valuation is very reasonable. What else are you negotiating about? It's a big deal."

Zhang Sanshi smiled at Zhang Yida, "No, you can make whatever decisions you want with your own money, and I'm just a wage earner hired by capital."

Zhang Yida smiled and said nothing, which was too modest.

Since its establishment in 05, Gaoling Capital has earned tens of billions of dollars in profits. Zhang Sanshi and his partners have earned at least billions of dollars in dividends.

As the biggest boss, Zhang Sanshi must have gotten the most, and the other partners followed suit.

An investor who is proficient in investment like him will use the dividends he gets to make some investments, and money makes money.

Last year's Hurun Rankings, Zhang Sanshi's net worth was as high as 29 billion US dollars, and this number is likely to be incomplete.

Zhang Yida put away the joke, gave Lu Fenghai a look, and signaled the latter to continue talking.

Lu Fenghai nodded, and then began to analyze each sector one by one, "According to the GMV valuation method of Petnet, this year's 300 billion GMV multiplied by 0.6, the valuation of about 180 billion yuan is no problem;
多格芙德去年净利润是5.2亿元，按照25倍市盈率估值130亿人民币，51%的股权就是66.3亿人民币，约合10亿美金；
There are a total of 284 pet hospitals, all of which are chain pet hospitals with a construction cost of more than 500 million yuan.

Ruipai Pet has more than 300 pet hospitals with a valuation of 8 million US dollars.

Using them as a comparison, it is not a big problem for Petter Pet Hospital to be valued at 7 million US dollars.

The pharmaceutical business has been established for a relatively short period of time and has not yet achieved great results. The professional institutions hired have given it a valuation of US$3 million. "

Zhang Sanshi said with a smile: "All right, all right, I don't have much opinion.

But Yida, you have to give me a high price for Gaoling's assets. "

After finishing speaking, Zhang Sanshi took out a document, handed it to Zhang Yida, and said, "Look, you can make a price for the more than 800 pet hospitals controlled by Gaoling.

The number of pet hospitals is only one-third of ours, so our valuation of 21 billion US dollars is not too much, right? "

Zhang Yida flipped through it casually a few times, and he knew almost all the family backgrounds of Gaoling Capital.

It covers many medical brands such as Barbietang, An'an, Chongyisheng, Najiya, Ainuo, and Chongfuxin.

A three-level diagnosis and treatment system has been established: central hospital-specialized hospital-community hospital.

Rubbing between his brows, this old fox can't take advantage of him at all.

"Your hospitals are relatively small, and most of them are community hospitals."

Zhang Yida started to criticize. Gaoling Capital buys and buys, and the scale of its hospitals varies. To be honest, I'm afraid it won't be worth 21 billion US dollars.

"I think it's okay. You see, we also have that kind of super-large pet hospital, with an area of ​​more than 5000 square meters.

There are also specialized hospitals, which treat cats and dogs, which are rich and diverse. "

Shen Beipeng saw that the two of them were bargaining like buying vegetables in a vegetable market, and he couldn't stand it anymore.

"Okay, let's hire a professional agency to do the valuation, as much as you want, and less bells and whistles."

Shen Beipeng made a final decision, and Zhang Yida and Zhang Sanshi were no longer entangled in this matter.

"I see that you have also acquired German Junbao. Is this company merged?"

The Junbao mentioned by Zhang Yida is a cat litter and pet food company, which was acquired by Gao Ling in 16.

"Are you sure it will be merged?"

Zhang Sanshi smiled and analyzed, "Look, Mars Group owns dozens of pet food brands, and after acquiring VCA in 17, it has more than 2000 pet hospitals.

Where is this?This is just the beginning, our goal is a market value of [-] billion US dollars. "

Zhang Yida expressed his approval and nodded, "Yes, the pet medical carrier is just the beginning. We will continue to make efforts in food and e-commerce to build an aircraft carrier formation."

Lu Fenghai silently watched the bosses pretending to be aggressive, and what popped up was either "hundreds of billions of dollars" or "aircraft carrier".

"Gao Ling also acquired the pet hospital SaaS brand Xiao Nuan Doctor, the pet hospital financing leasing and supply chain finance brand Torah Pet, and the pet supply chain Kudi Pet..."

Lu Fenghai listened for a full minute before listening to Zhang Sanshi finish reading the list, which were all companies in the upstream and downstream industrial chain of the pet industry.

He finally saw what it means to "buy the whole track". It's really arrogant to have money.

Zhang Sanshi suddenly thought of a company, and said: "There is also IDEXX, we bought their stock from the secondary market, and we plan to merge into a new company, which is equivalent to transplanting the relationship over.

Are you familiar with this company?A giant in the veterinary diagnostics industry, the CEO is the father of the founder of Veterinary Preferred.

When we first chose to invest in veterinarians, we also wanted to make friends with him.

His father has already stated his position, and we will choose to purchase veterinary diagnostic equipment from IDEXX in the future, which can give us the greatest discount.

IDEXX also has a veterinary doctor gas station, which is a veterinary doctor training course. We can also cooperate with IDEXX to improve the level of our company's doctors. "

Zhang Yida nodded, "It's all right."

He found that there were two important targets that were not mentioned, so he asked Zhang Sanshi: "How do Rui Peng and Bi Ruiji arrange?"

(End of this chapter)