Helios Underwriting (Helios) delivered strong EPS of 21.6p in FY23, from a loss of 3.1p in FY22, ahead of our 14.7p forecast. On 7 June, the company announced…
Creo Medical has expanded its collaborative agreement with leading robotics manufacturer Intuitive Surgical, to include additional sites in the UK and…
Nano Dimension has entered into a definitive agreement to acquire Desktop Metal (DM) in an all-cash deal worth $185m ($5.50 per DM share), with potential…
AAC Clyde Space has announced the acquisition of Spacemetric for a total consideration of SEK25m (including SEK9m subject to a performance earnout). Spacemetric…
Heliad reported a net asset value (NAV) per share of €18.20 at end-March 2024, roughly unchanged compared to end-September 2023 (€18.17), as…
Nanoco Group’s trading update flagged that, while its development work on second-generation materials continues to progress as expected, it does…
Northern Data has acquired 2,000 NVIDIA H200 graphic processing units (GPUs) through a newly formed strategic partnership with Supermicro, an established…
Impact Healthcare REIT has exchanged contracts for the sale of five non-core homes for a combined £8.8m, in line with the most recent valuation. The…
IRLAB Therapeutics has successfully completed the second and final of two pre-determined safety and data integrity reviews for its ongoing Phase IIb clinical…
Topps Tiles’ (TPT’s) brand strength continues to shine through with ongoing market share gains versus a weak repair, maintenance and improvement…
Opportunity knocks at Kingsway Exchange Tunnels to participate in the proposed rejuvenation of a singular and significant national asset and its vast blank…
Deutsche Beteiligungs (DBAG) completed an issue of €100m senior unsecured convertible bonds on 28 June, with proceeds to be used for co-investments…
1Spatial’s announcement of contract wins in the US, spanning a number of products across several states, highlights the company’s progress…
Templeton Emerging Markets Investment Trust’s (TEMIT’s) board is frustrated by the company’s persistently wide discount so it has announced…
Cereno Scientific has released updates on its two most advanced clinical programmes. For CS1, which is being investigated as a potential treatment for…
Sareum Holdings has announced positive top-line data from the Phase Ia clinical trial for SDC-1801, its lead asset, a novel TYK2/JAK1 inhibitor targeting…
Edison Investment Research is terminating coverage on Oxford Cannabinoid Technologies (OCTP), Britvic (BVIC), Ultimovacs (ULTI), DFR Gold (DFR), The Merchants…
Edison Investment Research is terminating coverage on Oxford Cannabinoid Technologies (OCTP), Britvic (BVIC), Ultimovacs (ULTI), DFR Gold (DFR), The Merchants…
Edison Investment Research is terminating coverage on Oxford Cannabinoid Technologies (OCTP), Britvic (BVIC), Ultimovacs (ULTI), DFR Gold (DFR), The Merchants…
Edison Investment Research is terminating coverage on Oxford Cannabinoid Technologies (OCTP), Britvic (BVIC), Ultimovacs (ULTI), DFR Gold (DFR), The Merchants…
Edison Investment Research is terminating coverage on Oxford Cannabinoid Technologies (OCTP), Britvic (BVIC), Ultimovacs (ULTI), DFR Gold (DFR), The Merchants…
Edison Investment Research is terminating coverage on Oxford Cannabinoid Technologies (OCTP), Britvic (BVIC), Ultimovacs (ULTI), DFR Gold (DFR), The Merchants…
Edison Investment Research is terminating coverage on Oxford Cannabinoid Technologies (OCTP), Britvic (BVIC), Ultimovacs (ULTI), DFR Gold (DFR), The Merchants…
Target Healthcare REIT has sold four of its care homes for £44.5m to the incumbent tenant, modestly ahead of the carried value. The homes have performed…
On 27 June, Moody’s upgraded Alpha Bank’s long-term senior-unsecured debt rating by two notches to Baa3 (Ba2 previously), its long- and short-term…
musicMagpie’s (MMAG’s) H124 results reflected several strategic decisions taken by the management team to improve profitability and cash generation.…
SDCL Energy Efficiency Income Trust (SEEIT) recorded a 9% increase in cash from investments in FY24, generating £92.5m (FY23: £85.1m), ensuring…
Argent Industrial (Argent) is primarily a steel-based beneficiation group, bolstered by offshore investments in both existing and new ventures, and by…
MoneyHero has made a promising start to FY24, with robust levels of revenue growth in Q124 across several core markets and all product verticals. Investment…
Actinogen Medical announced that the prespecified biomarker subset analyses on stored plasma samples (n=72) from its previous Phase IIa XanADu study (n=185)…
On 26 June, Checkit announced that it did not intend to make a formal bid for Crimson Tide. Since Checkit’s original and revised all-equity proposals,…
The highlight of Severfield’s FY24 results was the 14% increase in underlying operating profit despite declining revenue. This gives a clue to the…
Under comprehensive new management, Société des Bains de Mer (SBM) is building on its continued success (newly reported record EBITDA of c €150m…
Following a review of Witan Investment Trust’s (WTAN’s) investment management arrangements, the boards of WTAN and Alliance Trust (ATST) have…
Pan American Silver (PAAS) recently held an investor day focusing on strategy, key projects, exploration, ESG and capital allocation. In this note we summarise…
OSE Immunotherapeutics has entered into a commercial and revenue sharing agreement with the Memorial Sloan Kettering Cancer Center (MSK), focused on chimeric…
In our last BB Biotech (BION) review note, published in May 2024, we noted that the biotech sector was eagerly awaiting some key milestones, the most important…
While the Berlin private rental market continues to be strong, Phoenix Spree Deutschland (PSD) has adapted its historical rent reversion strategy to the…
Newron hosted an investor day (25 June) featuring three key opinion leaders (KOLs) who highlighted evenamide’s unique mechanism at the site of pathology,…
Molten Ventures saw a stabilisation and recovery in portfolio valuations in H224, as well as a pick-up in realisation processes, with two agreed exits…
Patria Private Equity Trust (PPET) reported a modest 2.0% NAV per share total return in H124 (ending March 2024) as exit activity in private equity markets…
Datatec reported 6% revenue growth in FY24, with the backlog normalising after a period of tightness in the supply chain. Strong performances from Westcon…
Mytilineos recently announced a company name change to Metlen Energy & Metals. The decision to rebrand is in line with its strategy of establishing a strong…
CoinShares International (CS) är en pionjär och en väletablerad aktör i den framväxande och snabbväxande branschen för…
Verve (formerly MGI – Media and Games Invest) has announced the acquisition of Jun Group for €170m (US$185m), part funded by a €40m directed…
With the successful Samsung litigation now in the rear-view mirror, Nanoco’s focus will be fully on building the business as a developer, manufacturer…
The attractiveness of Telecom Plus’s (TEP’s) bundled utility proposition underpins the progress made in FY24, with record profits and customer…
On 12 June IP Group announced that Garrison Technology, one of its key deeptech holdings, is being acquired by US-based cybersecurity company Everfox (formerly…
Basilea Pharmaceutica has announced an asset purchase agreement with the Glioblastoma Foundation for lisavanbulin (BAL101553), the remaining drug candidate…
Amoéba has achieved promising results for the use of its amoeba-based active ingredient in skincare cosmetics in a series of lab and human volunteer…
Ibersol is responding well to the ‘unexpected challenge’ of the late 2022 disposal of its Burger King operations (22% of FY22 EBITDA) with…
Filtronic’s year-end trading update confirmed that it expects to report FY24 revenue and adjusted EBITDA ahead of our forecasts. Trading in H2 benefited…
The European Medicines Agency (EMA) has approved Cereno Scientific’s Clinical Trial Application (CTA) for CS014, a novel HDAC inhibitor with epigenetic…
Severfield’s FY24 results demonstrate robust profit growth despite declining revenue, and management highlighted the positive outlook in its key…
Mendus recently presented positive data from two ongoing clinical studies, ADVANCE II and ALISON, at the EHA and ESMO conferences, respectively. While…
Games Workshop Group’s FY24 trading update provided a nice surprise on the revenue side, broadly equally split between core and licensing, and an…
Intralot reported good underlying revenue growth in Q124, offset by broad-based unfavourable foreign exchange translation effects and some phasing. Our…
CoinShares International (CS) is a pioneer and a well-established player in the nascent, high-growth digital asset industry. The company recently introduced…
Cordel’s new customer win in the Middle East expands its global customer footprint, providing further validation of the company’s product market…
Dar Global’s latest luxury branded residential project, its first with Aston Martin, fits well with its strategy and follows its other recent announcements…
Impact Healthcare REIT’s Q124 update showed a continuation of the positive trends that contributed to the strong FY23 performance. Rental growth…
Card Factory (CARD) is aiming to become the leading omnichannel retailer of greeting cards, gifts and celebration essentials in the UK as well as select…
Picton Property Income’s 6% increase in the rate of quarterly DPS from Q423 demonstrates an increasing confidence in the outlook for organic income…
Researchers in China studying IRLAB’s lead asset, mesdopetam (IRL790) in a preclinical model for levodopa-induced dyskinesia in Parkinson’s…
Since our initiation note in January, NioCorp has 1) raised c US$7.6m in debt and equity instruments, 2) de-listed from the Toronto Stock Exchange, 3)…
Norcros’s FY24 results highlight its resilience in the face of tough markets, but we continue to believe that the outlook is improving in both of…
Custodian Property Income REIT (CREI) has published results for the year ended 31 March 2024 (FY24). As previously indicated in the Q424 update, set against…
Oryzon Genomics has reported positive interim data from the Phase Ib FRIDA study, evaluating iadademstat in combination with gilteritinib in advanced acute…
S&U’s Q125 trading update disclosed increased pressure as the company steers cautiously through the changing regulatory landscape. The payment rate…
Northern Data has announced a number of initiatives that underline management’s commitment to be at the forefront of AI and high-performance computing…
Martin Currie Global Portfolio Trust (MNP) has been managed by Zehrid Osmani since October 2018. He runs a high-conviction, relatively concentrated portfolio…
In this note we examine five key questions investors have raised regarding SDCL Energy Efficiency Income Trust (SEEIT), prior to the release of its full-year…
In a difficult trading environment, with customers in the largest target market in a digestion phase after widespread supply chain disruption, discoverIE…
Nano Dimension’s Q124 results confirmed that the Reshaping Nano initiative has made good progress, with significant reductions in operating costs…
OSE Immunotherapeutic’s FY24 has started off with a series of major wins, significantly bolstering the company’s clinical pipeline and liquidity.…
AUSTRIACARD reported adjusted revenue growth of 1.4% for Q124, reflecting comparison to a particularly strong Q123. Better sales mix and good control over…
Altron’s FY24 results confirmed good progress with its strategic plan, with headline EPS from continuing operations up 36% y-o-y and well ahead of…
Checkit has announced a formal approach to the board of Crimson Tide, an AIM-listed provider of workflow management software, regarding a possible all-share…
Invesco Asia Trust (IAT) posted a one-year NAV total return (TR) to end-May 2024 of 3.8%, below its benchmark return of 8.7%, as some of IAT’s Chinese…
OPAP delivered good revenue growth in Q124 while profitability declined, mainly due to the upfront investment to support a major new product launch, which…
Oryzon Genomics has announced the publication of the final ALICE trial results in the recognised peer-reviewed journal The Lancet Haematology. The Phase…
The crystallisation of the employee plan highlights the value created through the GKN acquisition, benefiting from the strong performance from the restructuring…
The proposed sale of the UK Municipal business is a major step in exiting significant liabilities and risk, along with focusing Renewi as a European specialist…
IRLAB Therapeutics is swiftly progressing with the Phase I trial for IRL757, with the first participant recently dosed following regulatory approval earlier…
Braemar’s FY24 results were in line with expectations with revenues flat, but operating profits down, having been hit by one-off costs and strong…
Edison Investment Research is terminating coverage on MotorK (MTRK) and Seraphim Space Investment Trust (SSIT). Please note you should no longer rely on…
Edison Investment Research is terminating coverage on MotorK (MTRK) and Seraphim Space Investment Trust (SSIT). Please note you should no longer rely on…
Helios Underwriting (Helios) delivered a strong EPS recovery in FY23 from a loss of 3.1p in FY22 to a profit of 21.6p, 50% ahead of our forecast of 14.7p,…
The European Commission has selected Oryzon to support a new healthcare initiative furthering innovation in the region. As an associated partner of the…
Electro Optic Systems (EOS) is a specialist defence company leveraging its optic technology within specific military applications, primarily remote weapons…
In its pre-close FY24 trading update, Accsys stated that trading in Q424 was better than expected and cost saving measures are on track to deliver more…
Deutsche Beteiligungs (DBAG) reported an NAV total return of 3% in H124 (to March 2024) following the first-time recognition of 2024 portfolio company…
Datatec reported FY24 revenue growth of 6%, with a strong performance from Westcon, a good performance in Logicalis International masked by a higher level…
Norcros is the UK’s leading design-led sustainable kitchen and bathroom products group. Its compelling investment case was highlighted at its May…
The increase of 22% in booked total transaction value (TTV) both in H124 and for this summer, driven by successful expansion into premium and long haul…
This morning, Pan African announced that it may have been in technical breach of the net asset test when it paid out dividends to shareholders in the five…
Cereno Scientific’s Q124 results provided a financial update and recapped the company’s clinical plans and progress. The Phase II trial for…
The Bankers Investment Trust (BNKR) focuses on cash-generating companies and FY23 (ended 31 October 2023) was its 57th consecutive year of dividend growth.…
AFT Pharmaceuticals’ FY24 results demonstrated record earnings and sales, with 24.8% year-on-year sales growth. Revenues of NZ$195.4m were driven…
PVA TePla (PVA) hosted its first capital markets day last week. As expected, it was a deep dive into the company’s activities and explained the underpinning…