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Dechra Pharmaceuticals: Panmure Gordon ups target from 550p to 600p, hold rating kept.
The Company announced its Preliminary Results on 4 September 2012 in accordance with the financial reporting obligations of the Disclosure and Transparency Rules. Copies of the Annual Report & Accounts for the year ended 30 June 2012, Notice of Annual General Meeting and Proxy Form have now been posted to shareholders. Copies of the Annual Report & Accounts and Notice of Annual General Meeting have also been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/nsm. The Annual Report & Accounts, Notice of Annual General Meeting and information relating to the voting rights of shareholders (as required by section 311A of the Companies Act 2006) is available to view on the Company's website www.dechra.com. Further copies of the Annual Report & Accounts are available from the Company's registered office at:
http://www.investegate.co.uk/Article.aspx?id=201209180700064732M
In the Telegraph, the Questor column likes veterinary pharma company Dechra, which yesterday announced the ninth successive year of double-digit profit growth. It’s always provided drugs for “companion” animals like cats and dogs but a recent Dutch acquisition now sees it in the agricultural space as well as developing a drug with a US firm to treat “dry eye” in dogs. Trading at around 12 times this year’s earnings, Questors says hold.
Dechra Pharmaceuticals: Investec lifts target from 557p to 588p, buy rating retained.
interesting article but no mention of Dechra???
BROKERS BULLISH ON DECHRA PHARMACEUTICALS 10 July 2012 Seymour Pierce retains its Add rating for Dechra Pharmaceuticals with a target price of 600p. Investec reiterates its BUY recommendation for Dechra Pharmaceuticals with a target price of 557p. Finncap retains its BUY recommendation for Dechra Pharmaceuticals with a target price of 620p. P.S. Here's some links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?threadid=256596 http://www.euroinvestor.com/community/discussionthread.aspx?threadid=253089 http://www.euroinvestor.com/community/discussionthread.aspx?threadid=256935
Dechra Pharmaceuticals (DPH), continues to grow impressively through the ups and downs of the economic cycle. Profits for the year to June are expected to leap from £18 million to £32.5 million as the benefits of expanding its high-margin veterinary drugs activity continue to show through. A chirpy update at the beginning of July from chief executive Ian Page indicated strong revenue growth particularly in the US division. Looking ahead to the current year brokers are already confident of another impressive rise in profits to £43 million implying the shares sell on less than 12 times earnings. An attractive rating for a genuine growth business. Source: http://www.iii.co.uk/articles/45189/shares-buy-hold-and-sell
Revenues are on the rise at Dechra Pharmaceuticals although the veterinary healthcare company is still experiencing supply issues in the US. Group revenue for the year ended June 30th was around 9.3% ahead of the prior year. On a like-for-like basis, which excludes the acquisition of Eurovet Animal Health in May of this year, revenue was 7.5% ahead. The European division saw revenue grow 16.9% in the full year although on a like-for-like basis this rise falls to 9%. In the US revenues gained an impressive 24.7% over 2010/2011 but Dechra says: "the overall ... performance was again impacted by continued supply issues with our ophthalmic and otic range." The firm suggests that when it publishes its final full year numbers in September the results will be "in line with expectations"
How quickly do you think Dechra will integrate its latest purchase to release the benefits?
For the year ended December 31st, Eurovet's sales were €76.8m (about £64.0m).
Dechra's Group Chief Executive, Ian Page said: "This is a great opportunity to build on the strong foundation we have created for our pharmaceuticals business, Dechra Veterinary Products. The combined management teams are very excited by the prospects the enlarged group will create. "By bringing Eurovet to the group we will strengthen our European presence; will increase our product portfolio; improve our manufacturing capabilities and strengthen our management team. Furthermore, the acquisition accelerates our strategic objective
The acquisition will be funded using the proceeds of a fully underwritten rights issue which will raise around £60m (£58.2m net of underwriting commissions). The firm will also make use of a new debt facility. The rights issue will be made on the basis of the new ordinary shares for every existing 10 ordinary shares at a price of 300p per share, representing a discount of 29.6% to the theoretical ex-rights price of 426.15p.
Dechra Pharmaceuticals has agreed to conditionally acquire the entire issued share capital of Eurovet Animal Health, a vetinary pharmaceuticals business. The business will be purchased for €135m (around £112.5m) on a debt-free, cash-free basis.
an Page, Group Chief Executive commented: "This product acquisition further strengthens our specialist equine portfolio and will be earnings enhancing in the first full year of ownership."
Product Acquisition Dechra Pharmaceuticals PLC ("Dechra" or "the Group") is pleased to announce the acquisition from Bexinc Limited of the worldwide rights (excluding Canada) to HY-50® for a cash consideration of 8.03 million Canadian dollars. HY-50 is used for intra-articular ("IA") or intravenous ("IV") treatment of lameness in horses caused by joint dysfunction. It is unique in Europe as being the only single injection to deliver 50mg of Sodium Hyaluronate and having both IA and IV indications. It is currently approved and marketed by various companies in the UK, Belgium, Netherlands, Sweden, Finland, Denmark, Norway, Italy, Germany and Spain. Furthermore, registrations are being prepared for France and Switzerland. Dechra already markets the product in the UK as the marketing rights were acquired as part of the Genitrix acquisition (announced on 1 December 2010). Marketing rights for all other territories return to Dechra by July 2013. For the year ended 28 February 2011, HY-50 earned revenue of US$2.2 million and operating income of US$1.0 million. The consideration is being funded from the Group's existing cash resources.
http://www.investegate.co.uk/Article.aspx?id=201201310700204336W
RNS Number : 9148S Dechra Pharmaceuticals PLC 29 November 2011 Issued by Citigate Dewe Rogerson Ltd, Birmingham Date: Tuesday, 29 November 2011 Dechra(R) Pharmaceuticals PLC FDA APPROVAL FOR MANUFACTURING AT DALES(R) PHARMACEUTICALS International veterinary pharmaceuticals business, Dechra Pharmaceuticals PLC ("Dechra") is pleased to report that, following submission to the US Food and Drug Administration (FDA) in 2010 and subsequent final inspection in September 2011, its wholly owned subsidiary and licensed manufacturer of pharmaceuticals Dales, has been granted full FDA approval to manufacture a line extension for Vetoryl 120mg capsules which are to be marketed and sold in the US market. Ian Page Chief Executive, Dechra commented: "The ability to produce Dechra's leading product, Vetoryl, for the US market will result in medium term margin improvements for Dechra and a secure supply chain for this strategically important product." "We will also be looking to extend the FDA approval into other products and dosage forms, this will open up further opportunities to both enhance the range of products sold in the US and add to our manufacturing capabilities provided to third-party customers." Mike Annice, Managing Director at Dales, added: "This is the culmination of a project which has involved significant investment in the quality systems and infrastructure at the Skipton facility. I would like to thank all the staff for their contribution to this achievement." The approval complements Dales' existing licenses and the Company is now able to produce pharmaceutical products for all major world markets. Enquiries: Ian Page, Chief Executive
Panmure Gordon continues to view Dechra Pharmaceuticals (DPH) as a "hold", despite believing the stock may trade up to 540p in the coming weeks. The broker comments that a recent court decision in the US will hold back the company in the short-term, removing a significant upgrading opportunity. Despite this, Panmure believes the company's overall prospects look positive, and should be introduced as a holding for investors looking to gain an exposure to healthcare. Dechra shares inched 2.75p higher to 502.5p.
Dechra Pharmaceuticals (DPH) remains a "hold" for Brewin Dolphin, with the target price under review (previously 520p). The veterinary group has performed in-line with the broker's expectations, with underlying pre-tax profits of 30.1 million pounds, against a forecast of 29.4 million pounds. The company's Pharma division is its main growth driver, with US sales up 51.5%, but Brewin is disappointed that the launch of its new product is to be delayed by six months, due to a change in manufacturer.
Dechra Pharmaceuticals shrugs off weak economy Date: Tuesday 06 Sep 2011 LONDON (ShareCast) - The reluctance of pet-owners’ to neglect their animals despite tough economic conditions helped Dechra Pharmaceuticals post a rise in profits in the year to 30 June. Pre-tax profits climbed to £18.5m from £17.7m the previous year on revenues up to £389.2m from £369.4m. The full-year dividend rises to 12.1o from 10.5p. “Although footfall through veterinary practices has declined and the general economic climate remains uncertain we are continuing to demonstrate solid growth in markets in which we trade,” the company said. “Our branded product range, the focus of our key strategic objective, continues to grow strongly.” Dechra’s brands include DermaPet, a pet dermatological business acquired in October and Genitrix, which was acquired in December and makes canine epilepsy treatments.
Prospects Although footfall through veterinary practices has declined and the general economic climate remains uncertain we are continuing to demonstrate solid growth in markets in which we trade. Our branded product range, the focus of our key strategic objective, continues to grow strongly. To sustain this growth we have increased investment in product development, extended the geographies in which we operate, acquired complementary businesses and increased the number of people within sales and marketing. We believe, therefore, that we are well positioned to ensure future solid growth is maintained and Shareholder value enhanced.
Financial Highlights Revenue increased by 5.4% from £369.4 million to £389.2 million; underlying operating profit increased by 12.9% from £28.2 million to £31.8 million. The increase in underlying operating margin from 7.6% to 8.2% is a reflection of the growth of our high margin pharmaceutical business, particularly in the USA. The underlying net finance expense was £1.8 million compared to £2.1 million in 2010. Additional net foreign exchange gains of £0.8 million were partially offset by interest on additional bank borrowings to finance the DermaPet®and Genitrix® acquisitions. Underlying profit before taxation increased by 15.4% from £26.1 million to £30.1 million whilst underlying earnings per share rose by 16.4% from 29.50 pence to 34.33 pence. Reported operating profit was £21.7 million (2010: £19.9 million) whilst profit before taxation was £18.5 million (2010: £17.7 million). Reported earnings per share was 21.33 pence (2010: 19.97 pence). After a cash outflow in the first half of the financial year, there was a strong cash inflow in the second half with net borrowings reducing from £49.6 million at 31 December 2010 to £34.1 million at 30 June 2011. The increase from £6.7 million at 30 June 2010 is due to the acquisitions made during the year.
http://www.investegate.co.uk/Article.aspx?id=201109060700086615N
Received wisdom has it that in hard times people will cut their spending on their children before they make economies on their pets. Possibly so, but there is a suspicion that a decision to economise is behind a slowing in the rate of growth in sales of diet foodstuffs in the French, Dutch and Scandinavian markets for Dechra Pharmaceuticals. Dechra is an attractive way of investing in a robust sector of pharma but, with the shares on about 12 times’ this year’s earnings, the good news would seem to be in the price, the Times says. However, the Independent says buy. The US business is performing strongly, net debt is down and group revenues are up. They are also up in Europe. Moreover, at under 14 times forward earnings for this year and around 11 times on the estimates for next year, the valuation also remains attractive.