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Third Bridge Forum has conducted dozens of Interviews on European veterinary practices, exploring regional dynamics across key European markets, in-clinic buying and pharmaceutical and diagnostics rebate dynamics, and the scale benefits associated with practice buy and build.

Forum has also covered the growing market for veterinary practice management software and telemedicine, and has explored at length the competitive dynamics between public and private veterinary groups in Europe and the US.

Having conducted Interviews with a wide range of specialists, ranging from qualified veterinarians operating at the point of care, to pharmaceutical executives negotiating with vet chains, Forum’s veterinary content has helped our clients better understand:
➤ the industry value chain and regional regulatory and commercial nuances
➤ growth drivers and trends throughout the business cycle – from early stage consolidation to mature phase organic potential
➤ supply chain dynamics and the buying power of veterinary care practices (chains vs independents) 
➤ revenue mix and the impact on cash flow sustainability – first opinion vs referral 

Forum Interviews have been accessed by hundreds of private equity analysts, and have helped our clients critically assess investment opportunities.

Blue Prism is a pioneering leader in robotic process automation (RPA) and has enjoyed a stellar performance since its IPO in 2016. Up to recently, the sell-side has remained largely bullish, with two-thirds of analysts rating the company a Buy (Bloomberg, Dec 2020).

Third Bridge Forum has covered Blue Prism in depth since 2017, conducting over 35 Interviews to help investors gain more insight into recent performance trends, understand in detail the competitive dynamics in the RPA space and ultimately build a stronger conviction in their investment thesis. This has enabled our clients to:
➤ size the RPA opportunity through Interviews with public and private companies including UiPath, Automation Anywhere, Workfusion
➤ assess the sector’s sustainability by validating AI defensibility
➤ gain insight on the threat of new market entrants through early impact assessments
➤ understand disruption risk of Microsoft deploying aggressive (90%) discounting

Our ongoing coverage has attracted significant interest, with over 2,000 downloads from equity clients, providing context on a nascent sector and essential insight into how best to analyse Blue Prism’s performance given the lack of consensus on the strength of its position.

OGF is a French-based funeral services company. The company experienced a series of ratings downgrades as agencies and creditors expressed concerns over their lower market share in burials and cremations, declining mortality and pricing pressures.

Third Bridge Forum has conducted Interviews with former industry executives to gain deeper insight into OGF’s business model, performance, and competitive positioning relative to its peers. This has enabled our clients to understand:
➤ industry pricing dynamics and OGF’s relative underperformance vs Funecap
➤ the importance of crematorium concessions and renewal dynamics to the company’s business model
➤ growth outlook and profitability trends across different service lines
➤ industry cost structures and P&L drivers 

Forum Interviews on OGF have been accessed by more than 100 credit and private equity analysts. Our clients have gained valuable insights into OGF, from high level details about the key economics of the business to in-depth, qualitative assessments of the investment thesis. The content of the Interviews has also informed their question sets in preparing for management meetings.