Top Dog - Macquarie Equity Research have initiated coverage on Greencross (GXL) with an Outperform rating

Top Dog - Macquarie Equity Research have initiated coverage on Greencross (GXL) with an Outperform rating. We initiate on Greencross with an Outperform recommendation and $8.50 price target. The merger of Greencross and Mammoth has created Australia's largest integrated consumer-facing pet retail and vet services pet care company. We have 20%+ EBITDA growth forecast in FY15/6. The stock has run hard, multiples are demanding and there is little margin for earnings disappointment.