These great growth stocks have much further to go

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FTSE 250 pharma play Dechra Pharmaceuticals(LSE: DPH) has proved a stellar performer so far in 2017.

Dechra has gained 35% in value, the company hitting peaks above £19.50 per share in the process before settling lower more recently. However, I see this mild reversal as a temporary pause for breath and an opportunity for dip buyers to pile-in, and particularly for those seeking hot growth stocks .

City brokers expect Dechra to have put the pedal to the metal and generate earnings growth of 45% in the year to June 2017, up from the 7% advance generated last year. And an extra, meaty 16% rise is anticipated for fiscal 2018.

A forward P/E multiple of 24.9 times may appear a tad heady at face value, soaring above the widely-considered value benchmark of 15 times. But I reckon a stock of Dechra's quality deserves such a premium.

Medical marvel

Through an aggressive strategy of clever acquisitions and licensing deals, Dechra has established itself as a major global force in the animal care market for both pets and farm animals.

The company made further steps in March when it announced it had inked a licensing deal with Australia-based Animal Ethics to sell the Tri-Solfen product in all geographies barring Australia and New Zealand. The drug is administered to anaesthetise, relieve pain, control bleeding and battle infection during routine treatments in livestock.

And at the same time, Dechra announced that it had acquired 33% of the share capital of Medical Ethics for $18m, the parent company of Animal Ethics.

With the balance sheet robust enough to facilitate more action on the M&A front, and recent purchases also boosting the company's exciting product pipeline, I reckon Dechra has what it takes to deliver stunning returns in the years ahead.

Major glazier

Tyman (LSE: TYMN) is another brilliant growth stock enjoying brilliant momentum -- the door and window builder has risen 33% since the bells rang-in New Year's Day, and it topped out at a record peak above 365p per share on Friday.

Like Dechra, Tyman has been engaged in lively acquisition activity in recent times, with the acquisition of Giesse and Bilco in particular bolstering the company's position in Europe and North America respectively. And solid economic growth in these territories looks likely to fire demand for Tyman's products soundly higher.

The number crunchers certainly expect Tyman's long-running growth story to continue, and expansion of 10% and 8% is anticipated for 2017 and 2018. Consequently the business trades on a forward earnings multiple of 13.2 times, a figure that can be expected to support further share price advances should -- as I expect -- trading continue to impress.

Tyman advised last month that it has got off to "a solid start" so far in 2017, with revenues rising 31% from the beginning of the year to May 12, thanks to the impact of sterling weakness and sales generated from recent acquisitions. And investors can expect the top line to pick up the pace once the seasonal quietness in its Northern Hemisphere markets draws to a close.

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Royston Wild has no position in any shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.