News: GXL Greencross Sees FY2018 Underlying EBITDA Between $97 Mln And $100 Mln, page-37

Well what I mean by that is they are no longer buying practices. They don't have the debt headroom to do it and if you take note of the Acqusitions in the vet industry over the past two and a half years there has been around 200 vet practices bought by corporates. I think Greencross only bought nine or ten of these.
Basically Greencross is a retailer. they put one person vet clinics in pet barns to sell dog food and flea treatments. Have a look at Banfield and Petsmart USA to see where this is going.

Basically GXL is now a retailer relying on organic growth, if you believe they can deliver. It is being priced as such with a significant risk discount.