2 September 2010

WH Ireland

03/03/2008

WH Ireland reiterates its outperform recommendation on veterinary products and pharmaceuticals venture Dechra following strong interim results, which demonstrated 25 per cent profits growth to £7.4 million, on turnover up 12 per cent to £141.1 million.

Earnings growth of 25 per cent to 9.8p was reported, although the one disappointment was that ‘the ten per cent hike in dividend to 2.75p was not greater’. Following the figures, June 2008 pre-tax estimates were upgraded to £16.5 million, suggesting earnings of 19.7p and placing Dechra, at 402.75p, on a forward multiple of 20.4 – the target price rises to 450p from 442p.

AIM-quoted technology group Imaginatik, the developer of innovation and problem-solving software, was flagged up as a speculative buy, on the news that pharmaceuticals giant and client Pfizer is investing up to £500,000 in the business, as well as buying 10,000 new software licences. The company’s software is now used by more than 50 blue-chip clients in Europe and North America and, with a strengthened balance sheet (and even after the dilutive effect of the shares issued to Pfizer), the broker considers the 6.12p shares ‘still continue to trade on prospective price-to-earnings multiples that are undemanding for a software company with such excellent growth prospects’.

Wrong move?
Moving up the echelons, WH Ireland is less positive about FTSE 250 property portal Rightmove. ‘While the company’s business model is sound, basing our DCF (discounted cash flow) assumptions on deteriorating property market conditions throws up a valuation of 365p,’ writes the broker, a price substantially south of the current 529p and suggesting downside risk.

Companies: Dechra Pharmaceuticals , Imaginatik , Rightmove

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