Share Name Share Symbol Market Type Share ISIN Share Description
Dechra Pharmaceuticals LSE:DPH London Ordinary Share GB0009633180 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +32.00p +1.55% 2,100.00p 2,100.00p 2,102.00p 2,104.00p 2,074.00p 2,086.00p 1,397,557 16:29:51
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Pharmaceuticals & Biotechnology 407.1 28.9 37.2 56.4 2,149.07

Dechra Share Discussion Threads

Showing 476 to 500 of 500 messages
Chat Pages: 20  19  18  17  16  15  14  13  12  11  10  9  Older
DateSubjectAuthorDiscuss
12/10/2018
09:20
Bought back in here.
steeplejack
11/10/2018
23:41
Surely a buy at 2000p?
volsung
12/9/2018
09:03
I’ve closed - it has been an easy gain :-) GLA who still holds
actiboomz
06/9/2018
15:22
Love it Market is random (to me probably). GOG is likely to lose Southeastern contract - which accounts for about 12-17% of their Rev this Nov and yet, they went up 16% earlier today :-). Anyhow, I'm back here at 2250 - as I said again, no tears. Kames Cap went long a shy amount
actiboomz
06/9/2018
10:53
It's a poor dividend when compared to GSK.
gbh2
06/9/2018
10:12
I think the Times article very sound but they've used the "reported" eps calculation to arrive at a 71 PER.The more widely utilised figure is below.The shares are on a historic PE of around 30,still high but not crazy high.I sold out higher up after the figures but if they come back under £20,I'll consider getting back in. Strong financial performance: * Revenue growth of 13.9% to GBP407.1 million. * Underlying operating profit growth of 24.0% to GBP99.2 million. * Underlying EBIT margin expansion of 200 bps to 24.4%. * Underlying diluted EPS increased by 20.9% to 76.45 pence. * Full year dividend of 25.50 pence.
steeplejack
05/9/2018
15:51
Insanely high valuation still. Trading on 71 earnings multiple, what. This should be 950p
montyhedge
04/9/2018
20:40
It shouldn’t happen to a vet supplier The Times4 September 2018Miles Costello Tempus dechra pharmaceuticals STEVEN G SMITH/EYEEM/GETTY IMAGES Shares in Dechra lost more than a fifth of their value yesterday after the maker of veterinary drugs said that it had embarked on preparations for a no-deal Brexit. Dechra said that it would be setting up a laboratory inside the eurozone to ensure its products met European Union guidelines if Britain quit without a mutual agreement on testing and drug approvals. It said that the cost, at about £1.2 million, would be immaterial, but shareholders took fright at the potential fallout for Dechra once Britain is no longer a member of the bloc. The shares closed 668p lower, or 21.4 per cent, at £24.52. Dechra Pharmaceuticals suffered the sharpest ever one-day fall in its share price yesterday as investors took fright at an array of risks ranging from a hard Brexit to the changing face of the veterinary market. It’s hard not to conclude that the drop, of more than 20 per cent, was overdone. There are many moving parts at Dechra, a supplier of products to veterinary practices across Europe and North America, but none appear to merit a fall such as that. Dechra Pharmaceuticals traces its history back to 1819 when it was founded as Arnolds & Son, a business that made prosthetic limbs. Having moved into the veterinary market during the Crimean war, it has expanded through acquisitions and organic growth and now specialises in treatments such as vaccines and antibiotic sprays for pets, horses and “food-producing animals”, such as chickens and pigs, and produces specialist diet foods for animals. It operates in 50 countries, mainly in Europe and North America. Dechra operates in a consolidating market. Veterinary practices are merging, mainly to create benefits of scale, at the fastest rate ever (especially in Britain). At the same time, suppliers, which it uses to get its products to vets, increasingly are concentrating on prioritising their discounted own-brand products. Distributors, particularly in North America, also are merging. Dechra has been happy to get involved in this M&A activity. In the past 12 months it’s bought Rxvet, a pet products business in New Zealand, AST Farma, which also makes treatments for dogs and cats and the like in the Netherlands, and Le Vet, which operates in non-Dutch markets in the European Union. Enlarged veterinary practices — and, indeed, bigger distributors — will have much more muscle in negotiating discounts for buying or selling on Dechra’s products in bulk. In practice, though, Dechra can live with this as it will be far cheaper to service a single big customer where before it may have been dealing with 25 or even 50 separate companies. Then there’s Brexit. Dechra told its investors yesterday that it was implementing a plan based on a nodeal departure from the EU next March, under which the bloc would refuse to recognise products tested and authorised in Britain. Dechra is setting up an EU-based company so that there will be no technical barrier to trade. In addition, it is setting up a laboratory in the bloc, equipped with staff who can test products to ensure that they conform with EU guidelines if it turns out that they are required separately. This is a headache, but will cost Dechra only £200,000 up front, plus a one-off expense of £1 million and additional operating costs of £800,000 a year — peanuts for a business with annual revenues of more than £400 million and a profit margin of 24.4 per cent. In short, none of this justifies the slump in its price; Dechra ended the day yesterday down 668p, or 21.4 per cent, at £24.52. Its annual numbers were strong. Taking into account the contribution from acquisitions, there was doubledigit growth in both profits and revenues over the 12 months to the end of June. The United States, where there were no deals last year, increased its revenues by a healthy 18.2 per cent and the profitability of the consolidated businesses in Europe improved sharply. Nevertheless Dechra shares are insanely highly rated, even after yesterday, trading on an earnings multiple of a whopping 71 times and with a dividend yield just shy of 1 per cent. The group is in good shape and seems well placed to adapt to its changing market; still, it’s as hard to justify buying the shares as it is to defend yesterday’s fall.
wetdream
04/9/2018
10:57
hxxps://uk.webfg.com/news/broker-recommendations-/broker-tips-dechra-jd-wetherspoon-imperial-brands-british-american-tobacco--3466522.html Although investors were unimpressed with Dechra's annual results and sent the shares galloping down, analysts at Jefferies liked the "impressive growth" in North America during the veterinary products manufacturer's last trading year. Jefferies, which reiterated its 'buy' rating and 2,726p target price on the FTSE 250 resident on Monday, pointed to growth of 21.1% globally and a better-than-expected 18.2% sales growth in North America. Analysts looked fondly on margins expanding "despite some headwinds from increased distributor consolidation and increased investments in sales force" and felt the outlook for 2019 "is positive and signals good progress from recent M&A". Dechra's North American sales increase was driven primarily by the US but also with strong growth in Canada, where all growth was organic. American operating profit margins remained flat at 32.5%, while sales of Amoxi-Clav, Vetivex and Zycortal were particularly strong despite its Carprofen range being hit by competition with distributors. In the EU growth of 11.4% came amid benefits from acquisitions as the group exited the contract manufacturing business through the year. Dechra performed ahead of the market in the majority of geographies. Market dynamics could see further consolidation of distributors, Dechra suggested, with a faster change of veterinary distributors and increased marketing of veterinary distributors' own generic products. While increased consolidation could see increased buying power of distributors, Jefferies felt Dechra's "high value, innovative portfolio means it is less exposed to these changes and there is value in increasing volumes through consolidated distributors".
investopia
03/9/2018
20:43
Always said this was a crazy valuation.
montyhedge
03/9/2018
16:16
I also got in at 2536, no tears.
actiboomz
03/9/2018
16:07
This is a well held stock with the likes of a Fidelity,Blackrock,Standard Life,Legal and General,Schroders all having sizeable stakes.What worries me is one or more of these institutions might be tempted to top slice.Even at £25,the stock presuming (eps of around 85p)is still on a multiple of around 30x.Difficult because it's obviously a good calibre company in a growth area but the climate is becoming more competitive and congested and the rating is pretty much up with events.
steeplejack
03/9/2018
15:52
Buying back in - not one of my better decisions!
jgoold
03/9/2018
14:32
RBC summary taken from FT AlphavilleAgainst our expectations Dechra has reported a 2.9% miss at EPS (albeit in line with consensus) with the underlying EBIT margin not as high as we had hoped(3.7% miss at EBIT) and offset by lower interest costs. With revenues pre-reported at the trading statement there were no surprises by division at the top line(+8.3% underlying growth for the Group) but the Group gross margin was c.82bps light and then the NA Pharma business saw higher costs, which led to a9.0% miss against our divisional EBIT expectations (3.7% at the group level). Standing back, we must remember that FY18 has not been a bad year for Dechra,EBIT growth +21.9%, EPS +18.3% growth, but with this driven by acquisitions (organic EBIT was +9.7%) and, one could argue, priced in at current levels. Fromthe statement we understand that management have invested heavily in the US business, which delivered a strong top line (+18.2% growth), but this top linegrowth was slightly weaker than we had as management withdrew products in Mexico and the top-line growth may now slow as key products reach peak shareand risks grow.On the outlook, we would note from the risk section and highlights in the statement we have confirmed with management that there are a number of headwindswhich could lead to consensus downgrades of c.3-5% in FY19E EPS and 6-8% to FY20E EPS (perhaps in spite of a c3-4% currency tailwind at current rates).Whilst some of these are uncontrollable (Brexit and Iran sanctions with management acting accordingly), we see underlying/growing risks as well detailed in thestatement that are likely to add to the former. Whilst the fundamental appeal of Dechra hasn't changed materially, consensus downgrades on a name currentlytrading on c36x FY19E EPS and an EV of 21.6x EBITDA (assuming downgrades come through) and 1.9x levered at end-FY18 will be tough to swallow forsome. We had been concerned that the shares were overheating and that investors were not factoring in potential risks (customer consolidation and distributorcopycat/generic launches, in particular), so we think they could come under pressure. We look to see the scale of share price move to see if this presents anopportunity.
steeplejack
03/9/2018
11:52
Back in at 2650. Seems over done.
jgoold
03/9/2018
10:50
(Sharecast News) - Veterinary pharmaceutical business Dechra Pharmaceuticals issued a solid set of preliminary results on Monday, but this was enough to satisfy investors as the shares were sent tumbling. The FTSE 250 firm reported revenue growth of 13.9% to £407.1m for the year ended 30 June, with underlying operating profit growing 24.0% to £99.2m as underlying EBIT margins expanded 200 basis points to 24.4%.Underlying diluted earnings per share were ahead 20.9% to 76.45p.The Dechra board declared a full-year dividend of 25.5p.On the operational front, Dechra highlighted the acquisition of AST Farma and Le Vet in the Netherlands and the European Union, and RxVet in New Zealand.It said it outperformed in the majority of its countries and therapeutic sectors, while making "several" new global product registrations, with new opportunities secured."Dechra has delivered another successful year from both a financial and strategic perspective," said chief executive officer Ian Page.Dechra shares, having scampered up more than five-fold in the last six years, fell 15% to 2,650p, taking them back to where they were around six months ago.It was a "mixed update" said Russ Mould, investment director at broker AJ Bell, that showed "the dangers of a high valuation colliding with less than positive news" after a the strong dynamics behind the animal drug market helped underpin a multi-year advance in its shares."On the face of it, Dechra's full year results still look good with underlying profit, excluding the impact of accounting adjustments on some acquisitions, up more than 20%," he said."What may be concerning the market are references to contingency plans for a 'hard Brexit' and the fact an increasing number of distributors are focusing on the sale and marketing of their own products. These factors could prevent the company churning out the same stellar numbers as it has done historically."
steeplejack
03/9/2018
08:51
Outlook “Following a strong set of results in 2018, the new financial year has started well and in line with management expectations. Good progress is being made on all parts of our strategy, with several new opportunities being realised and recent acquisitions delivering the expected returns. Whilst there are many challenges in the market, which is developing faster than at any time in its history, we believe that our strategy and flexibility to adapt to change positions us well to continue to outperform.” The market appears to be concentrating on the company’s opening paragraph referring to market changes that draws attention to increasing competition,leading US entrants in Western Europe etc.The stock is on a heady rating in the 30s which makes it vulnerable to profit taking.That said I’m not selling.
steeplejack
03/9/2018
08:28
Bought a few more at 2521p. Looks like an over reaction to me
volsung
03/9/2018
08:21
This is why, from bitter experience, I never hold through earnings.
jgoold
03/9/2018
08:19
oh dear....bit of a shock to the system!
huntie2
11/7/2018
06:14
http://otp.investis.com/clients/uk/dechra/rns/regulatory-story.aspx?cid=1758&newsid=1109412
steeplejack
06/7/2018
08:53
New all time high. Trading update for year end June imminent
steeplejack
08/6/2018
18:26
Valuation is insane.
montyhedge
07/6/2018
08:18
What's not to like monty?
volsung
06/6/2018
13:04
All Time High...?
dab26
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