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 ....
20 Oct 2017
N+1 Singer - Dechra Pharmaceuticals - AGM statement confirms all in line
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N+1 Singer - Dechra Pharmaceuticals - AGM statement confirms all in line
- Published:
20 Oct 2017 -
Author:
Chris Glasper -
Pages:
3
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 ....