Assessment(Paraphrased) PET has performed well; it was up around 27% in 2022, and is now trading at 20.7x EV/EBIT. In Q3, its revenue grew by 21% to $245M and its EPS was 0.43. Both beat estimates of $230M and $0.37 while its same-store sales growth is also strong at 15%. The balance sheet is somewhat levered, with $542M of net debt or 4.1x the trailing 12 month CF of $130M which, in turn, was flat compared to the same period last year. Consensus is that sales will grow by 6% and EPS by 10% in 2023. Overall, the company has been executing well. PET is currently paying down debt, it has significantly reduced its leverage since going public, and its growth is impressive amid a challenging macro environment. We like the company. (5iResearch)