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Dechra Pharmaceuticals (DPH LN) In line trading update & entry to Brazil | Futura Medical (FUM LN) Equity capital raise for MED2002 development | Urban Logistics REIT (SHED LN) Strong NAV performance, and total returns | Zytronic (ZYT LN) Year end update – revenue in line, lower than expected margins
Companies: DPH FUM SHED ZYT
Singer Capital Markets
Bagir Group (BAGR LN) Posting of circular and notice of EGM - proposed strategic partnership | Dechra Pharmaceuticals (DPH LN) Sterling progress once again, but one or two clouds on the horizon | Future (FUTR LN) A great summer | Microsaic Systems (MSYS LN) Progressing to plan | Murgitroyd Group (MUR LN) In line trading update, increased dividend, exceptional (historical) item
Companies: BAGR DPH FUTR MSYS MUR
Craneware (CRW LN) Trading update & contract win | Dechra Pharmaceuticals (DPH LN) In line FY trading update | Eckoh (ECK LN) Contract win through Capita partnership | Miton Group (MGR LN) Strong H1 net inflows, upgrading FY18e EPS by 11% | MySale Group (MYSL LN) Another record year & more potential from platform | Photo-Me International (PHTM LN) On track versus downgraded forecasts. Japan being turned around | Realm Therapeutics (RLM LN) Supportive preclinical data on PR022 vs. tofacitinib in
Companies: CRW DPH ECK MYSL MEGP PMI
Dechra Pharmaceuticals (DPH LN) Interims contain no surprises, AST/Le Vet acq now complete | Dialight (DIA LN) Are we nearly there yet? | Eckoh (ECK LN) US secure payments win and new US partnership | GlobalData (DATA LN) Results driven by strong trading | Photo-Me International (PHTM LN) Appointment of CFO | Senior (SNR LN) Solid results and outlook | Sigma Capital Group (SGM LN) REIT placing complete, 140p+/share intrinsic value
Companies: DPH DIA ECK DATA MEGP SNR
Dechra Pharmaceuticals (DPH LN) Acquisition of Le Vet to drive next leg of growth | Low & Bonar (LWB LN) Significant change | PCI-PAL (PCIP LN) Secure payments offers exciting growth potential | Sigma Capital Group (SGM LN) The PRS REIT launches placing programme to raise up to c.£250m
Companies: DPH LWB PCIP
The €340m acquisition of AST Farma/Le Vet looks another superlative deal which is set to drive a period of exceptional growth at Dechra. We upgrade our FY19 EPS forecasts by 10% and by a material 18% in FY20 as the full benefits of the deal begin to be realised. The premium rating is well deserved, and we believe this latest deal puts Dechra on a trajectory towards the FTSE 100 index within a few years. We upgrade to Buy, with a new TP of 2550p.
Companies: Dechra Pharmaceuticals PLC
Dechra Pharmaceuticals (DPH LN) Significant European acquisition | Northern lights The year of the Great Exhibition
Companies: DPH AGM BWY GRI GRG HSP KMK REDD RFX UTW VNET ZYT
1Spatial (SPA LN) US state contract win | Bioquell (BQE LN) Ongoing strength prompts further upgrades | Carr’s Group (CARR LN) Continuing recovery in divisions should help the shares recover | Dechra Pharmaceuticals (DPH LN) Strong, in line H1 update | Gresham Technologies (GHT LN) YE trading update confirms strong progression | IndigoVision Group (IND LN) Pedro Simoes confirmed as new Chief Executive
Companies: BQE CARR DPH GHT IND SPA
Another strong update from Dechra, leaving the group on track to hit our full year expectations. Growth in North America in particular continues to impress as the group benefits from the increased critical mass from the Putney acquisition, new product registrations and cross-selling opportunities. The more mature European segment remains solid. No change to estimates at this stage, although US tax reform is likely to benefit the bottom line and should lead to useful EPS upgrades at the interims
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Dechra Pharmaceuticals (DPH LN) AGM statement confirms all in line | IQE (IQE LN) Unexpected historic US tax bill | PCI-PAL (PCIP LN) Continuing compliance with PCI DSS and new contract win | Renold (RNO LN) Forecasts trimmed to reflect H1 update | SDL (SDL LN) CMD highlights: Technology key to long term competitive advantage
Companies: IQE RNO DPH PCIP RWS
Dechra’s AGM update confirms all is in line with growth across all business areas. It is still early in the year, but this is reassuring nonetheless. We have been a bit overly cautious with our estimates and are upgrading our EPS forecasts by ~7-8%, bringing us more in line with consensus. The shares now trading on a Cal'17 P/E of 30x, EV/EBITDA of 20x, falling to 27x/17.5x in Cal’18. The FCF Yield is still 4% however so whilst the shares are certainly not cheap, the valuation is not completely
See what was trending this week...
In our second edition of “Trend spotting” we note how in the last three weeks the defensive rotation trend has gathered pace and further evidence has emerged of the “relative fading” in the UK economy. However we now see early signs of the “risk on” trend starting to reassert itself in equity markets and we look at small cap laggards plus European exposure as ways to play this.
Companies: GNS REDD SPH TRI XAR BOY VCT GHH CHH DPH INS HILS RPS LWB EKF SYNT MYSL BCA JUP KMK
Animal Health is a vast market with multiple long-term growth characteristics and opportunities. In this report we have outlined valuations, M&A activity and the key growth drivers in two animal health subsectors: companion animal health and livestock health. Although the commercial positioning of the eight companies covered in this report (Animalcare, Anpario, Benchmark Holdings, CVS Group, Dechra, ECO Animal Health, Genus and Pets at Home) differ significantly, all have exposure to positive ma
Companies: GNS ANCR CVSG DPH BMK EAH ANP PETS
Research Tree provides access to ongoing research coverage, media content and regulatory news on Dechra Pharmaceuticals PLC.
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EKF has reported a strong H1, with revenues of £37.5m and double-digit growth in underlying non-Covid related business. Management reports it is trading in line with expectations for the full year and we make no change to our profit forecasts at this stage. New growth initiatives are proceeding to plan and should lead to accelerated core growth from FY23 onwards. We continue to see substantial upside on successful execution with the shares trading on an FY23 P/E of 13.1x and an EV/EBITDA of just
Companies: EKF Diagnostics Holdings plc
Kromek reported full-year results to 30 April that were in line with the trading update of 16 May. Record visibility over our FY 2023 revenue forecast of £18m (c.53% of which is already contracted and 37% “Awarded not Contracted”, with the balance from its normal monthly run rate) is a great start for FY 2023 on which the company can build further. We are leaving forecasts unchanged for the moment, despite additional contract wins, and expect to introduce FY 2024 forecasts at the time of its int
Companies: Kromek Group Plc
Kromek announced a £1.7m fundraise by way of the issue of convertible loan notes (8% coupon, 18-month conversion period at 15p per share), which will allow the company to minimise any potential supply-chain disruption to the delivery of contracts during the year. We make only minor changes to forecasts to reflect the additional interest (c.£0.1m) accrued, with adjusted pre-tax loss increasing to £5.0m. We leave our target valuation of £118m (27p) unchanged, with near-term catalysts (e.g. a secon
Companies: Omega Diagnostics Group PLC
Dish of the day
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What’s cooking in the IPO kitchen?
Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group export
Companies: SDI FUL PURP OSI IXI BSE BRSD ATM
Companies: TIDE EXR FTC KMK PEB RBG ETP
Smith & Nephew reported mostly in-line Q2 22 numbers, missing the top-line estimates (-0.6%) but beating on the trading profit (+0.5%), albeit marginally.
The Q2 performance was overshadowed by a 100bp margin downgrade for FY22 (-50bps Y-o-Y vs +50bps previously), which sent the stock ~9% lower in the session following the update. The reiteration of the top-line growth outlook of 4-5% was no help either.
We will cut our estimates, largely to reflect the soft margin guidance.
Companies: Smith & Nephew PLC
In Q2, Astra sustained its solid top-line momentum. Like in the past few quarters, this outperformance was again driven by higher COVID-19 business sales and solid growth in Diabetes drug Farxiga. Moreover, the recovering Oncology and much-needed green shoots in Rare Diseases were the icing on the cake. Although, profitability again came under the scanner but should improve in the coming quarters/years as the company completes its ‘growth phase’. Overall, a decent set of results and our positive
Companies: AstraZeneca PLC
Companies: SourceBio International Plc
Dish of the day
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What’s cooking in the IPO kitchen?**
Inteliqo Limited, intends to join the Aquis Growth Market. Inteliqo Limited provides sales, marketing and distribution services to technology product owners under long-term distribution agreements. The Company has agreed its first such agreement in respect of the Ipedia iQ product range. The iQ product is a smart translation earphone (earbuds) system which offers integrated real time speech
Companies: ARBB ARO ETX NAH RENE SYM THR
Belluscura has announced that it has entered into a Group Purchasing Organisation Product Supply Agreement with VGM Group which further expands its distribution network across the US.
Companies: Belluscura PLC
Companies: Argo Blockchain Plc (ARB:LON)Kromek Group Plc (KMK:LON)
For the year to 30 April 2022 Kromek reported results in line with the Trading Update of 16 May: revenue of £12.1m, +16.5%YoY, and an EBITDA (adj.) loss of £1.2m. We estimate revenue in the Advanced Imaging division grew 28% YoY to £4.6m, whilst the CBRN segment grew 1.5x to £5.4m.
Kromek reports that it expects growth to accelerate in both its core segments – security-related CBRN and advanced imaging – with the prospect of “a substantial year-on-year increase in revenue”. The CBRN segment in
Smith & Nephew’s growth acceleration and margin expansion in Q2 should continue in H215, more reflecting internal changes than improvements in market fundamentals. Its c 13% premium on 2015 P/E to its global ortho peers is supported by its brisker growth and strategic value.
Feature article: Utility regulation – Changes afoot - Patching up a tainted model
While the gas supply crisis – and its price implications – have dominated the UK price regulated sectors in recent months, other issues have arisen that have seriously tainted the price regulation system itself. Indeed, it is fair to ask whether it is ‘’fit for purpose’’.
Back in 1984, price regulation, via an unsophisticated RPI-x formula, was introduced to prevent the privatised British Telecom (BT) from abusin
Companies: VTA TRX FCSS IBT STX RECI PANR PCA OCI APP ARBB BBGI CLIG E7F0 FEV ICGT DNL FAS FJV CSN
Hardman & Co