"How much is that valuation?"

Zhang Sanshi asked the most important question, which is related to the proportion of Gaoling Capital's shareholding in the new company after the merger.

"$5.7 billion, $3 billion, $1 billion in Dogford 51, and $1 billion in hospitals and medicines.

In addition, we also hold 5 shares in the American pet e-commerce platform Chewy, which is currently valued at more than $10 billion;

We also invested in VET First Choice, an online pharmacy and home delivery service for veterinarians, which merged with the pet health business unit of Hon Swee Lane to form Vetr.

The current market capitalization of VETR is $4.5 billion, and we hold 46 shares in it, worth about $200 million. ”

These data are not untargeted, and Lu Fenghai feels that they can withstand scrutiny.

Zhang Yida embezzled the funds that were not abundant in the account to invest in these two companies, and at present, the rate of return is four or five times.

This is still a little short of the 79 times he expected, especially the company preferred by veterinarians, who actually chose to merge and go public, so that the shareholding of Pete Holdings was reduced a lot.

Zhang Yida only remembered at this time that he seemed to have remembered some things wrongly, especially forgetting the merger.

He first heard that Veterinarian First Choice was valued at $500 million, and he decided to reinvest in the company, resulting in a decrease in his investment in Chewy.

Originally, he could make more money by investing more money in Chewy, and the company's stock price has risen since its IPO, with the potential to rise to $20 billion.

After the listing, the VETR stock price weakened, losing ground and even falling below the issue price.

Two months ago, VETR was officially listed, in addition to grabbing a little cash quota on the day of listing, arbitraging millions of dollars, Zhang Yida is already arranging a retreat, ready to reduce the company's stock department as soon as the ban period expires.

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

There was once an article on the Internet praising Zhu Xiaohu as a unicorn catcher.

Then a series of controversies sparked, and finally it was unanimously agreed that the title of "unicorn breeder" should be awarded to Zhang Yida, an investor who was delayed by entrepreneurship.

Lu Fenghai feels that this title is not exaggerated at all, Zhang Yida definitely has the ability to turn stones into gold, he simply treats unicorns as poultry, and throws in a few projects, all of them are unicorns.

He looked at Zhang Sanshi, guessing that this person 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 some details still need to be negotiated." ”

Veterinarians preferred this company, and Black Shirt Capital and Gaoling Capital also participated in the investment, but the time was a year later than Zhang Yida, and the rate of return was much lower.

Zhang Sanshi highly appreciated the various business data of Pete Holdings, and even the foreign investment and shareholding.

It's just that his own interests are involved, and as an investor, he must be competitive.

Zhang Yida joked with a smile, "It's just more than 5 billion, the valuation is very reasonable, what else to negotiate, what a big deal." ”

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

Zhang Yida smiled and didn't speak, which is too modest.

Since its establishment in 05, Gaoling Capital has earned profits in tens of billions of US dollars, and Zhang Sanshi and a partner have taken at least billions of dollars in dividends alone.

Zhang Sanshi, as the biggest boss, must have gotten the most, and the other partners followed to drink soup.

If you think that an investor like him who is proficient in investment, he will also use the dividends he gets to make some investments and make money.

In last year's Hurun rankings, Zhang Sanshi was worth as much as 2.9 billion US dollars, and this number is most likely not counted.

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

Lu Fenghai nodded, and then began to analyze it one by one, "According to the GV valuation method, 30 billion GV multiplied by 06 this year, and the valuation of about 18 billion yuan is no problem;

Dogfud's net profit last year was 5.2 billion yuan, valued at 13 billion yuan according to the 25 times price-earnings ratio, and the equity of 51 was 66.3 billion yuan, about 1 billion US dollars;

There are a total of 284 Pate hospitals, which are chain pet hospitals with a cost of more than 5 million yuan.

Ruipai Pet has more than 300 pet hospitals, with a valuation of 800 million US dollars.

If they are compared, the valuation of Pate Pet Hospital at $700 million is not much of a problem.

The pharmaceutical business has been established for a relatively short time and has not yet achieved great results, and the professional institutions hired have given a valuation of 300 million US dollars. ”

Zhang Sanshi smiled: "Okay, okay, I don't have much opinion."

However, Gaoling's assets, Yida, you have to give me a high price. ”

After speaking, Zhang Sanshi took out a document, handed it to Zhang Yida, and said: "Look at the many pet hospitals controlled by Gaoling, you can also give a price."

Pate has only one-third the number of pet hospitals, so our valuation of $2.1 billion is not too much."

Zhang Yida looked at it casually, and he almost knew all the family backgrounds of Gaoling Capital.

It covers many medical brands such as Barbietang, An'an, Pet Yisheng, Najia, Ainuo, and Pet Fuxin.

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

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

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

Zhang Yida began to pick thorns, Gaoling Capital bought and bought, and the scale of its hospitals is large and small, and if it is more serious, I am afraid it is not worth 2.1 billion US dollars.

"I think it's okay, you see we also have that kind of super large pet hospital, more than 5,000 square meters.

Moreover, there are specialized hospitals, which are rich and diverse. ”

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

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

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

"I see that you also acquired German Junbao, is this company merged?"

Zhang Yida said that this Junbao is a company that deals in cat litter and pet food, which was acquired by Gaoling in 16 years.

"It must be merged."

Zhang Sanshi analyzed with a smile, "You see, Mars Group owns dozens of pet food brands, and after acquiring VCA in 17 years, it has more than 2,000 pet hospitals.

This is just the beginning, and our goal is to have a market value of 100 billion dollars. ”

Zhang Yida made a look of deep approval and nodded: "Yes, the pet medical aircraft 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 bigwigs pretending to be forced on the side, and what popped up was either "100 billion US dollars" or "aircraft carrier", which was simply a master's move.

"Gaoling also acquired the pet hospital SaaS brand Dr. Xiaonuan, the pet hospital financial leasing and supply chain finance brand Tola Pet, and the pet supplies chain Kudi Pet"

Lu Fenghai listened for a minute before listening to Zhang Sanshi finish reading the list, which is a company in the upstream and downstream industry chain of the pet industry.

He finally saw what it means to "buy the whole track", and it is really arrogant to be rich.

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

This company is no stranger to you, it is a giant in the veterinary diagnostics industry, and the CEO is the father of the founder of Veterinarian Choice.

We chose to invest in veterinarians first, but we also wanted to have a friendship with him.

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

IDEXX also has a pet doctor gas station, which is a pet doctor training course, and we can also cooperate with IDEXX to improve the level of our company's doctors. ”

Zhang Yida nodded, "It's no problem." ”

He found that there were still two important targets that had not been mentioned, so he asked Zhang Sanshi: "How do Ruipeng and Birigi arrange?"