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<title>Dechra Pharmaceuticals Discussion</title>
<description>Dechra Pharmaceuticals Discussion Board</description>
<link>http://www.iii.co.uk/investment/detail?code=cotn:DPH.L&amp;display=discussion</link>

<image>
  <title>Interactive Investor</title>
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  <link>http://www.iii.co.uk</link>
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<guid isPermaLink="false">tag:iii.co.uk,2003:tst.9513122</guid>
<title>Acquisition</title>
<description><![CDATA[ Looks a reasonable acquisition at about 10.5x EBITDA compared to DPH's 12.5x.  I would have expected more equity issued (93% geared), as the debt comes with some aggressive covenants, an 8% decline of EBITDA in 2014 from current levels would cause a breach.<br>
<br>
This acquisition certainly gives DPH greater reach and the use of direct sales in Germany rather than distributors and a complementary high margin range of products. I will be taking up my rights. By mutandis13 ]]></description> 
<link>http://www.iii.co.uk/investment/detail?code=cotn:DPH.L&amp;display=discussion&amp;id=9513122&amp;action=detail</link>
<pubDate>Thu, 05 Apr 2012 16:00:00 GMT</pubDate>
<dc:creator>mutandis13</dc:creator>
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<guid isPermaLink="false">tag:iii.co.uk,2003:tst.9341432</guid>
<title>Edison Investment Research</title>
<description><![CDATA[ Dechra Pharmaceuticals - Pharma growth story<br>
Thu, Feb 23, 2012 at 3:02 PM<br>
  Click for report<br>
<A HREF="http://bit.ly/wr2fXn" onclick="return redirectcheck('http://bit.ly/wr2fXn')" target="_new" rel="nofollow">http://bit.ly/wr2fXn</A> By SpikeyDT ]]></description> 
<link>http://www.iii.co.uk/investment/detail?code=cotn:DPH.L&amp;display=discussion&amp;id=9341432&amp;action=detail</link>
<pubDate>Thu, 23 Feb 2012 14:06:00 GMT</pubDate>
<dc:creator>SpikeyDT</dc:creator>
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<guid isPermaLink="false">tag:iii.co.uk,2003:tst.9327591</guid>
<title>Interims</title>
<description><![CDATA[ Much as expected and like last year operating cash flow seems to be heavily weighted towards the second half. Despit the weak environment &quot;...Overall market growth continues to exceed pre-year expectations...&quot; Brokers are either reiterating or upgrading<br>
<br>
Panmure Gordon reiterates hold rating and 525p target; Peel Hunt raises target from 502p to 517p, hold rating kept; finnCap keeps buy rating and 620p target. <br>
<br>
<A HREF="http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=19895325" onclick="return redirectcheck('http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=19895325<br>')" target="_new" rel="nofollow">http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=19895325<br></A>
 By mutandis13 ]]></description> 
<link>http://www.iii.co.uk/investment/detail?code=cotn:DPH.L&amp;display=discussion&amp;id=9327591&amp;action=detail</link>
<pubDate>Tue, 21 Feb 2012 13:46:00 GMT</pubDate>
<dc:creator>mutandis13</dc:creator>
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<guid isPermaLink="false">tag:iii.co.uk,2003:tst.9184469</guid>
<title>Bought in again..</title>
<description><![CDATA[ Bought in a &pound;1000 worth this morning. <br>
<br>
Dechra is a client of mine and they are just going from strength to strength. <br>
<br>
I cant see a downside to the business at the moment. By TillyWolves ]]></description> 
<link>http://www.iii.co.uk/investment/detail?code=cotn:DPH.L&amp;display=discussion&amp;id=9184469&amp;action=detail</link>
<pubDate>Thu, 19 Jan 2012 15:14:00 GMT</pubDate>
<dc:creator>TillyWolves</dc:creator>
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<guid isPermaLink="false">tag:iii.co.uk,2003:tst.9156484</guid>
<title>Questor</title>
<description><![CDATA[ Questor:Dechra Pharmaceuticals<br>
Telegraph | 13-Jan-2012<br>
<A HREF="http://tgr.ph/AbnbTy" onclick="return redirectcheck('http://tgr.ph/AbnbTy')" target="_new" rel="nofollow">http://tgr.ph/AbnbTy</A> By SpikeyDT ]]></description> 
<link>http://www.iii.co.uk/investment/detail?code=cotn:DPH.L&amp;display=discussion&amp;id=9156484&amp;action=detail</link>
<pubDate>Fri, 13 Jan 2012 06:43:00 GMT</pubDate>
<dc:creator>SpikeyDT</dc:creator>
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<guid isPermaLink="false">tag:iii.co.uk,2003:tst.9054970</guid>
<title>stem-cell technology</title>
<description><![CDATA[ ABH-Angel bio tech, well worth researching at 0.27p<br>
<br>
<br>
****ANGEL BIO-TECHNOLOGY-ABH, stem cell research..this little company is a MUST HAVE in every portfolio, sp on the floor and high risk/reward scenario!<br>
<A HREF="http://www.proactiveinvestors.co.uk/companies/news/34438/angel-biotechnology-up-185-per-cent-after-russian-jv-deal-announced-34438.html" onclick="return redirectcheck('http://www.proactiveinvestors.co.uk/companies/news/34438/angel-biotechnology-up-185-per-cent-after-russian-jv-deal-announced-34438.html<br>')" target="_new" rel="nofollow">http://www.proactiveinvestors.co.uk/companies/news/34438/angel-biotechnology-up-185-per-cent-after-russian-jv-deal-announced-34438.html<br></A>
{Stewart White-new appointment!}<br>
<A HREF="http://shares.telegraph.co.uk/news/article.php?id=4270251&amp;epic=ABH" onclick="return redirectcheck('http://shares.telegraph.co.uk/news/article.php?id=4270251&amp;epic=ABH<br>')" target="_new" rel="nofollow">http://shares.telegraph.co.uk/news/article.php?id=4270251&amp;epic=ABH<br></A>
<A HREF="http://edinburghsciencetriangle.mobi/site/news.asp?a=Life%20Sciences&amp;id=N-10511&amp;imz_ed=www.edinburghsciencetriangle.net&amp;imz_s=fk5clkquuondqgo0k33942bbf0" onclick="return redirectcheck('http://edinburghsciencetriangle.mobi/site/news.asp?a=Life%20Sciences&amp;id=N-10511&amp;imz_ed=www.edinburghsciencetriangle.net&amp;imz_s=fk5clkquuondqgo0k33942bbf0<br>')" target="_new" rel="nofollow">http://edinburghsciencetriangle.mobi/site/news.asp?a=Life%20Sciences&amp;id=N-10511&amp;imz_ed=www.edinburghsciencetriangle.net&amp;imz_s=fk5clkquuondqgo0k33942bbf0<br></A>
Presentation-video, a must watch!<br>
<A HREF="http://www.youtube.com/watch?v=7TxCt29pLVk" onclick="return redirectcheck('http://www.youtube.com/watch?v=7TxCt29pLVk<br>')" target="_new" rel="nofollow">http://www.youtube.com/watch?v=7TxCt29pLVk<br></A>
<br>
<A HREF="http://www.proactiveinvestors.co.uk/companies/news/6044/angel-biotechnology-to-manufacture-stem-cells-for-reneuron-phase-i-clinical-trial-6044.html" onclick="return redirectcheck('http://www.proactiveinvestors.co.uk/companies/news/6044/angel-biotechnology-to-manufacture-stem-cells-for-reneuron-phase-i-clinical-trial-6044.html<br>')" target="_new" rel="nofollow">http://www.proactiveinvestors.co.uk/companies/news/6044/angel-biotechnology-to-manufacture-stem-cells-for-reneuron-phase-i-clinical-trial-6044.html<br></A>
<br>
Scientist, closer to blood cancer cures!<br>
<A HREF="http://www.crm.ed.ac.uk/news/press-releases" onclick="return redirectcheck('http://www.crm.ed.ac.uk/news/press-releases<br>')" target="_new" rel="nofollow">http://www.crm.ed.ac.uk/news/press-releases<br></A>
<br>
Daily Mail(must read)<br>
<A HREF="http://www.dailymail.co.uk/health/article-2071076/Stem-cell-therapy-poised-shake-medicine-dozens-clinical-trials-early-success.html" onclick="return redirectcheck('http://www.dailymail.co.uk/health/article-2071076/Stem-cell-therapy-poised-shake-medicine-dozens-clinical-trials-early-success.html<br>')" target="_new" rel="nofollow">http://www.dailymail.co.uk/health/article-2071076/Stem-cell-therapy-poised-shake-medicine-dozens-clinical-trials-early-success.html<br></A>
<br>
News results for ABH and share price!<br>
<A HREF="http://www.stockmarketwire.com/company-news/?epic=ABH" onclick="return redirectcheck('http://www.stockmarketwire.com/company-news/?epic=ABH<br>')" target="_new" rel="nofollow">http://www.stockmarketwire.com/company-news/?epic=ABH<br></A>
<br>
Research-articles,etc<br>
<A HREF="http://www.iii.co.uk/investment/detail/?display=discussion&amp;code=cotn%3AABH.L&amp;thread=9001246&amp;it=le&amp;action=list" onclick="return redirectcheck('http://www.iii.co.uk/investment/detail/?display=discussion&amp;code=cotn%3AABH.L&amp;thread=9001246&amp;it=le&amp;action=list<br>')" target="_new" rel="nofollow">http://www.iii.co.uk/investment/detail/?display=discussion&amp;code=cotn%3AABH.L&amp;thread=9001246&amp;it=le&amp;action=list<br></A>
 By dickie3times ]]></description> 
<link>http://www.iii.co.uk/investment/detail?code=cotn:DPH.L&amp;display=discussion&amp;id=9054970&amp;action=detail</link>
<pubDate>Sat, 10 Dec 2011 20:48:00 GMT</pubDate>
<dc:creator>dickie3times</dc:creator>
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<guid isPermaLink="false">tag:iii.co.uk,2003:tst.8917075</guid>
<title>Questor share tip: Buy</title>
<description><![CDATA[ Questor share tip: Dechra's US move pays off<br>
<A HREF="http://www.telegraph.co.uk/finance/markets/questor/8870745/Questor-share-tip-Dechras-US-move-pays-off.html" onclick="return redirectcheck('http://www.telegraph.co.uk/finance/markets/questor/8870745/Questor-share-tip-Dechras-US-move-pays-off.html<br>')" target="_new" rel="nofollow">http://www.telegraph.co.uk/finance/markets/questor/8870745/Questor-share-tip-Dechras-US-move-pays-off.html<br></A>
<br>
<br>
Questor recommended buying shares in animal health-care group Dechra Pharmaceuticals because of its moves into the US. Friday&#146;s update showed that its strategy is working. Buy.<br>
<br>
By Garry White7:00AM GMT 06 Nov 2011 <br>
Dechra Pharma<br>
251.5p<br>
Questor says BUY<br>
Dechra Pharmaceuticals<br>
<br>
The first three months of the financial year started well. Revenue in the first quarter is 7.7pc ahead of the same period last year. Consensus for the current year is for revenues to rise 4.7pc, so this result looks good.<br>
The services divisions, which had been hit by lower footfall in veterinary practices last year, saw sales rise 5.4pc, albeit at a lower margin. This unit supplies pharmaceuticals to vets.<br>
The key driver is the US &#150;where revenues rose 64.1pc year-on-year &#150; with DermaPet, the Florida-based animal dermatology group bought in 2010. The division produces a range of dermatological preparations, including shampoos, conditioners and ear products for companion animals.<br>
The purchase brought a number of interesting products into the group, such as TrizUltra, an antifungal and antibacterial skin treatment, DermaLyte, a shampoo for bathing allergic pets, and MalAcetic, for cleaning animals&#146; infected ears.<br>
RELATED ARTICLES<br>
Dechra is a buy on US prospects 24 Feb 2011<br>
Dechra's US strategy is paying off 14 Jan 2011<br>
In the UK, there are about 8m dogs, 8.4m cats and 1m horses. In the US there are 75m dogs, 82m cats and 10m horses. This highlights the potential scale of the business across the Atlantic.<br>
In Europe, things improved too, with revenues growing 10.5pc.<br>
The shares are trading on a June 2011 earnings multiple of 12.9 times, falling to 11.6 in 2012, and currently are yielding 2.4pc.<br>
They were first tipped on October 25 2009 at 427.9p, and they are now up 21pc compared with a FTSE 100 that has risen 5pc.<br>
The US market offers a huge opportunity for the company and the shares remain a buy. By SpikeyDT ]]></description> 
<link>http://www.iii.co.uk/investment/detail?code=cotn:DPH.L&amp;display=discussion&amp;id=8917075&amp;action=detail</link>
<pubDate>Sun, 06 Nov 2011 07:11:00 GMT</pubDate>
<dc:creator>SpikeyDT</dc:creator>
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<guid isPermaLink="false">tag:iii.co.uk,2003:tst.8915275</guid>
<title>Re: IMS</title>
<description><![CDATA[ Norman, thought you sold out in February...... what's your interest now?..... Want a better price to buy back in? LOL..... <img src="/sites/all/themes/iii2010/iiicentre/discussions/emoticons/big-grin.gif">.<br>
<br>
 By Ladder Rack ]]></description> 
<link>http://www.iii.co.uk/investment/detail?code=cotn:DPH.L&amp;display=discussion&amp;id=8915275&amp;action=detail</link>
<pubDate>Fri, 04 Nov 2011 16:42:00 GMT</pubDate>
<dc:creator>Ladder Rack</dc:creator>
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<guid isPermaLink="false">tag:iii.co.uk,2003:tst.8912759</guid>
<title>Re: IMS</title>
<description><![CDATA[ these IMS revenue growth figures are frankly misleading. If you make acquisitions, your revenues are going to be higher, even if your existing business contracts a little. Why can't management just quote revenue growth figures net of acquisition effects? The fall in margins in Services (which is getting on for half the business) continues. I liked Dechra more when I understood it less. Yes some of the pharma side makes better returns/growth and is nice to own. By Norman Allday ]]></description> 
<link>http://www.iii.co.uk/investment/detail?code=cotn:DPH.L&amp;display=discussion&amp;id=8912759&amp;action=detail</link>
<pubDate>Fri, 04 Nov 2011 07:55:00 GMT</pubDate>
<dc:creator>Norman Allday</dc:creator>
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<guid isPermaLink="false">tag:iii.co.uk,2003:tst.8912442</guid>
<title>IMS</title>
<description><![CDATA[ I know I'm like a broken record but that's because the 'progress' here is relentless <img src="/sites/all/themes/iii2010/iiicentre/discussions/emoticons/smile.gif"> .<br>
<br>
Once again a growth of 7.7% in revenue is headlined in this low key announcement but given the levels of growth in the minority high margin parts of the business it's going to mean that profit has surely increased by nearer to 10% IMHO <img src="/sites/all/themes/iii2010/iiicentre/discussions/emoticons/big-grin.gif">.<br>
<br>
Great start to the year in a very difficult economic climate !<br>
<br>
LR By Ladder Rack ]]></description> 
<link>http://www.iii.co.uk/investment/detail?code=cotn:DPH.L&amp;display=discussion&amp;id=8912442&amp;action=detail</link>
<pubDate>Fri, 04 Nov 2011 06:31:00 GMT</pubDate>
<dc:creator>Ladder Rack</dc:creator>
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<guid isPermaLink="false">tag:iii.co.uk,2003:tst.8732275</guid>
<title>Finals confirmed......</title>
<description><![CDATA[ ...... my earlier observations, price movement has taken a while to get started but at last it seems more investors are waking up to the fact that this company offers good reward potential given the relatively low risk....... wonder how far this current move can take us, 600p by Christmas anyone? <img src="/sites/all/themes/iii2010/iiicentre/discussions/emoticons/big-grin.gif">.<br>
<br>
LR By Ladder Rack ]]></description> 
<link>http://www.iii.co.uk/investment/detail?code=cotn:DPH.L&amp;display=discussion&amp;id=8732275&amp;action=detail</link>
<pubDate>Sat, 10 Sep 2011 19:08:00 GMT</pubDate>
<dc:creator>Ladder Rack</dc:creator>
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<guid isPermaLink="false">tag:iii.co.uk,2003:tst.8722534</guid>
<title>Questor share tip: Buy</title>
<description><![CDATA[ Questor share tip: Dechra posts strong earnings growth<br>
<A HREF="http://www.telegraph.co.uk/finance/markets/questor/8745213/Questor-share-tip-Dechra-posts-strong-earnings-growth.html" onclick="return redirectcheck('http://www.telegraph.co.uk/finance/markets/questor/8745213/Questor-share-tip-Dechra-posts-strong-earnings-growth.html<br>')" target="_new" rel="nofollow">http://www.telegraph.co.uk/finance/markets/questor/8745213/Questor-share-tip-Dechra-posts-strong-earnings-growth.html<br></A>
<br>
<br>
Shares in veterinary medicine group Dechra Pharmaceuticals fell at the open yesterday &#150; much to Questor's surprise. The group's full-year numbers were actually quite good and the shares were hit hard in the August market rout.<br>
<br>
By Garry White7:00AM BST 07 Sep 2011 <br>
<br>
Dechra Pharmaceuticals<br>
441&frac14;+3&frac14;<br>
Questor says BUY<br>
Dechra Pharmaceuticals<br>
<br>
In the year ending June, revenues rose 5.4pc to &pound;389.2m and pre-tax profits rose 4.4pc to &pound;18.5m. When one-offs and amortisation are stripped out, &quot;underlying&quot; profits rose 15.4pc. Gross margins rose by 90 basis points to 22.7pc.<br>
The final dividend was increased by 16.7pc to 8.4p, making a total dividend for the year of 12.1p, up 15.2pc. It will be paid on November 25 and new shareholders need to buy the share before November 9 to qualify. The total dividend is covered by profit 2.6 times and the prospective yield is 2.9pc, rising to 3.1pc.<br>
This marked the fifth-consecutive year of double-digit, underlying-earnings growth and two acquisitions last year will boost earning this year too. Current forecasts see a 16pc increase in earnings per share this year.<br>
Although footfall through veterinary practices has declined and the general economic climate remains uncertain, the group's outlook statement was relatively upbeat.<br>
<br>
The company said it was continuing to see solid growth in markets in which it trades and its all-important branded product range continues to grow strongly. The group is also in an investment cycle in the US, which should reap solid dividends in the future.<br>
The two acquisitions last year included Dermapet, a Florida-based animal dermatology business, and UK-based animal pharmaceutical group Genitix.<br>
The shares are trading on a June 2012 earnings multiple of 10.9 times, falling to 10.1 in 2013, which does not seem overstretched. There are also some new product launches in the next two years that look very interesting.<br>
First recommended on October 25 2009 at 427.9p and, following recent falls, the shares are now up just 3pc compared with a FTSE 100 up 2pc. Buy. By SpikeyDT ]]></description> 
<link>http://www.iii.co.uk/investment/detail?code=cotn:DPH.L&amp;display=discussion&amp;id=8722534&amp;action=detail</link>
<pubDate>Wed, 07 Sep 2011 21:53:00 GMT</pubDate>
<dc:creator>SpikeyDT</dc:creator>
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<guid isPermaLink="false">tag:iii.co.uk,2003:tst.8520637</guid>
<title>Legal issues!</title>
<description><![CDATA[ I suppose the good thing about investing in veterinary pharma companies is that the pets can't complain about side effects or sue!  Interesting stock. By healzo ]]></description> 
<link>http://www.iii.co.uk/investment/detail?code=cotn:DPH.L&amp;display=discussion&amp;id=8520637&amp;action=detail</link>
<pubDate>Tue, 12 Jul 2011 06:04:00 GMT</pubDate>
<dc:creator>healzo</dc:creator>
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<guid isPermaLink="false">tag:iii.co.uk,2003:tst.8520587</guid>
<title>The Independent-Sharewatch,Buy..</title>
<description><![CDATA[ Investment Column<br>
Edited by Nikhil Kumar<br>
Tuesday, 12 July 2011<br>
<A HREF="http://ind.pn/pWS8Og" onclick="return redirectcheck('http://ind.pn/pWS8Og')" target="_new" rel="nofollow">http://ind.pn/pWS8Og</A> <br>
<br>
Dechra Pharmaceuticals<br>
<br>
Our view: buy<br>
<br>
Share price: 485.75p (-18.25p)<br>
<br>
Dechra has been one of our favoured stocks for some time now, putting out good updates even as other companies battled with sluggish trends in the wider economy.<br>
<br>
Yesterday was no different. The veterinary products group issued a trading update ahead of its full-year figures in September, with the board saying that &quot;although economic conditions have had an impact on our markets, the group has performed in line with our expectations and made solid progress in the financial year.&quot;<br>
<br>
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. We said buy at 445p in September. Although the stock is up nicely since then, we're confident that there is more to come. By SpikeyDT ]]></description> 
<link>http://www.iii.co.uk/investment/detail?code=cotn:DPH.L&amp;display=discussion&amp;id=8520587&amp;action=detail</link>
<pubDate>Tue, 12 Jul 2011 05:02:00 GMT</pubDate>
<dc:creator>SpikeyDT</dc:creator>
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<guid isPermaLink="false">tag:iii.co.uk,2003:tst.8515856</guid>
<title>Trading Update</title>
<description><![CDATA[ Once again a very low key announcement but with the majority of the growth coming from the minority but high margin parts of the business the modest revenue increases will translate to good progress on the profit front...... doubt the market will really 'get it' until results are confirmed though <img src="/sites/all/themes/iii2010/iiicentre/discussions/emoticons/big-grin.gif">.<br>
<br>
LR By Ladder Rack ]]></description> 
<link>http://www.iii.co.uk/investment/detail?code=cotn:DPH.L&amp;display=discussion&amp;id=8515856&amp;action=detail</link>
<pubDate>Mon, 11 Jul 2011 07:22:00 GMT</pubDate>
<dc:creator>Ladder Rack</dc:creator>
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