Global Healthcare Analyst

Tina Banerjee

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dechra-pharmaceuticals-plc" target="_blank" data-smartkarma-citation="entities:21908:1" rel="noopener">Dechra Pharmaceuticals (DPH LN)</a> received an offer from the Swedish private equity firm EQT regarding a possible all-cash deal, where Dechra shareholders would receive £40.70 per ordinary share in cash.</li>
<li>Right after the announcement, Dechra shares surged 33%. The shares are currently trading at £37.66, implying 10% upside potential.</li>
<li>Without EQT offer, based on current financial performance, Dechra has a bleak outlook. Currently, Dechra has average target price of £39.39, implying a spread of just ~5%.</li>
</ul>



Dechra Pharmaceuticals (DPH LN) received an offer from the Swedish private equity firm EQT regarding a possible all-cash deal, where Dechra shareholders would receive £40.70 per ordinary share in cash.
Right after the announcement, Dechra shares surged 33%. The shares are currently trading at £37.66, implying 10% upside potential.
Without EQT offer, based on current financial performance, Dechra has a bleak outlook. Currently, Dechra has average target price of £39.39, implying a spread of just ~5%.


Dechra Pharmaceuticals (DPH LN): Best Case Scenario Offers 10% Upside Potential

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run up to the June 2023 Rebalance.</li>
<li>Based on latest prices, there could be one change for F100 and four changes in F250 between now and the June 2023 Rebalance including <a href="https://www.smartkarma.com/entities/al-noor-hospitals-group-plc" target="_blank" data-smartkarma-citation="entities:21813:1" rel="noopener">Mediclinic International (MDC LN)</a>'s intra-review change. </li>
<li>Many of the high-ranked F250 potential additions could have very high impact according to our estimates.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run up to the June 2023 Rebalance.
Based on latest prices, there could be one change for F100 and four changes in F250 between now and the June 2023 Rebalance including Mediclinic International (MDC LN)'s intra-review change. 
Many of the high-ranked F250 potential additions could have very high impact according to our estimates.


Quiddity Leaderboard for UK F100/​​250 June 23: 20+ Days to Buy for Top-Ranked F250 Potential ADDs

Equity Bottom-Up

Dechra Pharmaceuticals / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dechra-pharmaceuticals-plc" target="_blank" data-smartkarma-citation="entities:21908:1" rel="noopener">Dechra Pharmaceuticals (DPH LN)</a> shares corrected around 25% from its recent peak of GBX5,150 in late December, due to general market apathy toward high multiple stocks.</li>
<li>Despite the extraordinary levels experienced in the prior year, Dechra maintained its double-digit revenue growth and reported constant currency revenue growth of 15% y/y for H1FY22.</li>
<li>Long-Term fundamental growth story remains intact for Dechra. The company has also forayed into a new and niche therapy area through acquisition of one drug this year.</li>
</ul>



Dechra Pharmaceuticals (DPH LN) shares corrected around 25% from its recent peak of GBX5,150 in late December, due to general market apathy toward high multiple stocks.
Despite the extraordinary levels experienced in the prior year, Dechra maintained its double-digit revenue growth and reported constant currency revenue growth of 15% y/y for H1FY22.
Long-Term fundamental growth story remains intact for Dechra. The company has also forayed into a new and niche therapy area through acquisition of one drug this year.


Dechra Pharmaceuticals (DPH LN): Recent Sell-Off Is a Buying Opportunity; Fundamentals Remain Intact

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dechra-pharmaceuticals-plc" target="_blank" data-smartkarma-citation="entities:21908:1" rel="noopener">Dechra Pharmaceuticals (DPH LN)</a> is a leading global specialty veterinary pharmaceuticals company, with the primary focus on companion animals (dogs and cats).</li>
<li>On October 21, the company released strong Q1 trading update, as Dechra continued to outperform the sector and benefit from secular growth in the companion animal market.</li>
<li>Dechra, with the highest revenue exposure to companion animals, will continue to benefit from the favorable pet market dynamics including continued increased spending on pets and growing pet ownership.</li>
</ul>



Dechra Pharmaceuticals (DPH LN) is a leading global specialty veterinary pharmaceuticals company, with the primary focus on companion animals (dogs and cats).
On October 21, the company released strong Q1 trading update, as Dechra continued to outperform the sector and benefit from secular growth in the companion animal market.
Dechra, with the highest revenue exposure to companion animals, will continue to benefit from the favorable pet market dynamics including continued increased spending on pets and growing pet ownership.


Dechra Pharmaceuticals (DPH LN): A High-Quality Idea in Companion Animal Healthcare Space

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Crude oil prices display bullish short-term reversals, resulting in bullish price and RS reversals for global Energy stocks -- add exposure. From a macro perspective, despite some mild price deterioration recently on major indexes around the globe, our outlook remains unchanged and we remain neutral yet constructive overall. Market dynamics remain largely constructive and we continue to see attractive opportunities in many countries/regions such as Japan, China (Shanghai Composite), Europe, India, and Canada, to name a few.</p>

Crude oil prices display bullish short-term reversals, resulting in bullish price and RS reversals for global Energy stocks -- add exposure. From a macro perspective, despite some mild price deterioration recently on major indexes around the globe, our outlook remains unchanged and we remain neutral yet constructive overall. Market dynamics remain largely constructive and we continue to see attractive opportunities in many countries/regions such as Japan, China (Shanghai Composite), Europe, India, and Canada, to name a few.

Global Energy Sector Improving -- Buying Reliance Industries Ltd, Several Others

United Kingdom

Dechra Pharmaceuticals PLC is an international pharmaceutical business focused on the veterinary market, with its key area of specialisation being the development and marketing of companion animal products.  The Company Operates under four segments: European Pharmaceuticals; US Pharmaceuticals; Product Development and Services.

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Dechra Pharmaceuticals (DPH LN)