Share Name Share Symbol Market Type Share ISIN Share Description
Dechra Pharmaceuticals Plc LSE:DPH London Ordinary Share GB0009633180 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  10.00 0.32% 3,166.00 25,346 14:15:21
Bid Price Offer Price High Price Low Price Open Price
3,164.00 3,168.00 3,186.00 3,148.00 3,148.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Pharmaceuticals & Biotechnology 515.10 40.90 32.87 96.3 3,420
Last Trade Time Trade Type Trade Size Trade Price Currency
14:15:21 AT 100 3,166.00 GBX

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Dechra Pharmaceuticals Daily Update: Dechra Pharmaceuticals Plc is listed in the Pharmaceuticals & Biotechnology sector of the London Stock Exchange with ticker DPH. The last closing price for Dechra Pharmaceuticals was 3,156p.
Dechra Pharmaceuticals Plc has a 4 week average price of 3,056p and a 12 week average price of 2,832p.
The 1 year high share price is 3,412p while the 1 year low share price is currently 2,030p.
There are currently 108,010,960 shares in issue and the average daily traded volume is 295,786 shares. The market capitalisation of Dechra Pharmaceuticals Plc is £3,419,626,993.60.
wetdream: 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.
steeplejack: 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.
r ball: I must say the ADVFN bulletin boards are pretty useless. Few comments on good companies but loads in aim miners and oil explorers. Btw: a share price of less than £1 is low for a reason.
steeplejack: Consensus eps for the year to end June 2017 is for eps of around 51p,putting the stock on a prospective PE of 24,yielding 1.7% .With 20% growth anticipated in the 2016/17 year,the PEG ratio is an undemanding 1.2 Difficult to see the stock pushing ahead aggressively from here but with a full year of the US acquisitions to be accounted for, any sterling weakness could benefit the share price.This is a relatively illiquid,thin share market .The shares have a history of retrenching after a share price run but if fresh institutional buyers emerge,which is quite possible in these nervous markets,the stock could yet surprise on the upside.
gopher: This looks a fairly expensive purchase based on Sales/Profits. $42ml for a company turnover of $10m albeit with profits of $4ml; also up to a further $20ml if sales increase. Still what do I know as share price has risen but USA is a traditional acquisitions graveyard for british companies.
mallet3: DPH is one of the hidden gems that few people know about. It is an essential part of any portfolio. Good solid growth, decent divi yield, excellent mgmt, expanding markets, new territories and much more. Treating companion animals is a niche the big boys have not been to bothered with, leaving DPH the chance to make hay. The fact that Dresdner have picked up coverage means more people will be attracted to the company, which will do no harm to the share price. Just because the mkt cap is not huge it does not make a company like this a huge risk to invest in. I am looking forward to holding on for another four years of good solid defensive (but not pedestrian) growth!!!
shuisky: There has been a delay, and revenue streams forecasts from US approvals have had to be pushed further out. The share price was hit as a consequence. So short term your broker was right, but I hoped he advised you back in after the share had fallen! Frankly, I don't go for this kind of chopping & changing because you can very easily miss the move. The stock's undervalued, IMHO, and the recent fall made it even more undervalued. The selling creates an entry point opportunity, and those of us who are long term holders have preferred to top up at low levels. Does a delay in say 6 months for approval really make DPH undervalued at current levels? What's the worst that can happen here? The worst case scenario is that they don't get approval and you are left holding a cash-cow company generating 5-6% free cash flow, with low single digit growth prospects, but who still has the ability to increase margins by increasing pharma sales in Europe/UK. The downside is limited, and the upside is attractive.
the old codger: That's tomorrow - I must say I am impressed with the slow but inexorable progress of the share price in front of the figures - hopefully the figs will satisfy everyone and further progress will be seen. Great also to see so few posters here! IMHO DYOR TOC
lbo: BROKER RECOMMENDATIONS TODAY Evolution says buy Amstrad and add Dechra! Also The telegraph article on the 10th said! "Investors looking for a relatively uneventful but offbeat investment could do worse than plump for Dechra, the Yorkshire-based pharmaceuticals company. Dechra's share price has been on a steady trajectory upwards since January 2003 when it issued a profits warning. Its share price is trading at 198p, up 4½p yesterday, valuing the company at £100m. It has risen consistently thanks to generally positive results, an enduring market share and new products. Yesterday, it announced a further expansion in its range of veterinary products. One is Ovuplant – a controlled-release synthetic hormone used to stimulate ovulation in horses. Another, for dogs, is a drug called Vetoryl and the company has launched a new capsule size for smaller pooches. The company has secured UK authorization of the product and will begin marketing it later this year. Vetoryl's UK sales currently stand at £1m a year, and management claim that the US market is 10 times bigger – the drug has been granted a fast-track review by the US Food and Drug Administration. The company said in January that market conditions were improving. It expects to increase market share and deliver interim sales growth of 10pc. Analysts predict sales this year to climb to £198m, up from £187m last year. Adjusted profits are forecast to rise to £9.2m, up from £8.1m. This puts the shares on a forward rating of 16 times earnings, falling to 14.6 times in 2006. As with all pharma companies nothing is certain, but Dechra looks cheap. And it pays a dividend.
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