OPAP

Winning strategy

Outlook | Travel & Leisure | 20/12/2024

OPAP enjoys a leading and growing position in the Greek and Cypriot gaming markets. The majority of its revenue, from land-based activities, is supported…

Patria Private Equity Trust

High liquidity and solid long-term track record

Update | Investment trusts | 20/12/2024

Patria Private Equity Trust’s (PPET’s) distributions from its primary fund investments have increased recently, supported by a revival in private…

MoneyHero

Emphasis on driving margin

Update | Consumer Support Services | 20/12/2024

MoneyHero’s Q324 results show revenues up 6% y-o-y (9M24 +18%) and a smaller adjusted EBITDA loss, as expected. The important element of the narrative,…

Intralot

Continuing improvement in Q324

Update | Travel & Leisure | 19/12/2024

Intralot’s (INLOT’s) Q324 results demonstrated good underlying revenue growth, which was offset by one-offs and negative foreign exchange differences,…

Picton Property Income

Delivering on key initiatives

Update | Property | 19/12/2024

Since reporting H125 results, Picton has agreed the sale of an office asset designated for alternative use, completed the small but accretive acquisition…

1Spatial

Wins in the utilities sector for AI-supported apps

Flash note | Technology | 19/12/2024

1Spatial has secured several new contracts in the utility sector for its AI-supported applications, highlighting the opportunity for it to enable the digitisation…

Mendus

Vididencel shines in ALISON trial (ovarian cancer)

Flash note | Pharmaceuticals & healthcare | 18/12/2024

Mendus has reported positive top-line data for its Phase I ALISON trial, which is evaluating lead off-the-shelf cancer vaccine, vididencel, in high-grade…

Deutsche Beteiligungs

Strengthened balance sheet for new opportunities

Review | Investment trusts | 18/12/2024

Deutsche Beteiligungs (DBAG) reported an 8.5% NAV total return (TR) in FY24 (to end-September 2024), supported by positive movements in valuation multiples,…

Pan African Resources

Honing FY25e forecasts

Update | Mining | 18/12/2024

Almost exactly half way through its financial year, Pan African has reiterated its production guidance for FY25 of 215,000oz – not least as a result…

Phoenix Spree Deutschland

Enhanced realisation strategy to unlock value

Flash note | Property | 17/12/2024

Phoenix Spree Deutschland (PSD) has completed the strategic sale of a 16-building portfolio of rental properties. Under its amended financing terms, PSD…

Recce Pharmaceuticals

BPOM clearance to start Phase III R327G study

Flash note | Pharmaceuticals & healthcare | 17/12/2024

Recce received approval from the Indonesian Drug and Food Regulatory Authority, Badan POM (BPOM), to start its registrational Phase III study in Indonesia…

Newron Pharmaceuticals

Evenamide licence agreement in Japan

Flash note | Pharmaceuticals & healthcare | 17/12/2024

Newron has entered into a licence agreement with EA Pharma, a subsidiary of Eisai, to develop, manufacture and commercialise evenamide, Newron’s…

Basilea Pharmaceutica

Partner in place for US commercialisation of Zevtera

Flash note | Pharmaceuticals & healthcare | 17/12/2024

Following FDA approval in April 2024, Basilea has announced a much-anticipated partnership agreement with Innoviva Specialty Therapeutics for the commercialisation…

Filtronic

Upgrading on stronger H225 expectations

Update | Technology | 17/12/2024

Filtronic’s H125 trading update confirmed that the company expects to report FY25 results ahead of current market expectations. Robust customer demand…

Borussia Dortmund

Taking on the world

Outlook | Travel & Leisure | 16/12/2024

Borussia Dortmund is one of the leading football clubs in Europe, with a strong track record in its domestic league, which has enabled it to feature regularly…

Molten Ventures

Strong firepower to invest into the next cycle

Update | Financials | 16/12/2024

Molten’s portfolio valuations remain stable in H125, illustrated by the limited fair value movements of its core holdings that recently completed…

Canyon Resources

Breaking down the investment case

Update | Mining | 16/12/2024

Canyon Resources, an ASX-listed exploration and development company, is advancing the high-grade, large-scale Minim Martap bauxite project in Cameroon.…

S&U

Regulatory uncertainty holding back recovery

Update | Financials | 16/12/2024

S&U’s trading update, covering the H225 period up to 10 December 2024, contrasts strong growth in the property lending division with regulatory headwinds…

Carr's Group

At an inflexion point

Update | Consumer staples | 16/12/2024

Carr’s Group plan to dispose of the Engineering businesses remains on track and will leave the company as a focused agricultural supplies business.…

Mendus

Gearing up for the pivotal stages of development

Outlook | Pharmaceuticals & healthcare | 16/12/2024

Mendus continues to make headway with its lead programme assessing cancer vaccine vididencel as a potential maintenance therapy for acute myeloid leukaemia…

Verve Group

ID-less targeting solutions

Outlook | Technology | 13/12/2024

Verve Group is emerging as a strong adtech player, with particular strength in mobile and growing positions in connected TV (CTV) and digital out-of-home…

Record

Robust interim results with strategic progress

Update | Financials | 12/12/2024

Record’s interim results (H125) were robust and assets under management equivalent (AUME) reached a new high level. There are clear signs of progress…

Templeton Emerging Markets Investment Trust

Solid upward performance trend is encouraging

Update | Investment trusts | 12/12/2024

Templeton Emerging Markets Investment Trust’s (TEMIT’s) co-managers, Chetan Sehgal (lead manager) and Andrew Ness, are encouraged by a solid…

Solid State

Interim results

QuickView | General Industrials | 11/12/2024

Solid State’s H125 results are in line with consensus expectations and management’s guidance for the full year is unchanged. While trading…

Wheaton Precious Metals

Closing in on 1Moz GEO pa

Update | Mining | 11/12/2024

After the bell on 5 December, Wheaton Precious Metals (WPM) announced that it had entered into a definitive Precious Metals Purchase Agreement (PMPA, or…

discoverIE Group

Moving in the right direction

Outlook | Electronics & Electrical Equipment | 11/12/2024

In H125, discoverIE used its flexible operating model and ongoing efficiency initiatives to drive underlying operating profit growth despite a 5% revenue…

Games Workshop Group

Creative guidelines agreed

Flash note | Consumer Support Services | 10/12/2024

Games Workshop Group (GAW) has reached a final agreement with Amazon to adapt the Warhammer 40K universe into films and television series, with associated…

Pan American Silver

Consistency boosting returns

Outlook | Mining | 09/12/2024

After a couple of transitional years, Pan American Silver (PAAS) is in a much better position to deliver more consistent operational and cost performance…

Theon International

Positive update on FY24

Flash note | General Industrials | 09/12/2024

Theon is a market leader in night vision and thermal imaging systems. The group has released a positive update on FY24 and further order intake for Q4,…

Worldwide Healthcare Trust

Strong performance since inception

Update | Investment trusts | 09/12/2024

Worldwide Healthcare Trust (WWH) will be celebrating its 30th birthday in 2025 and, despite more recent underperformance, the trust has served its shareholders…

Nykode Therapeutics

Repositioned to streamline clinical progress

QuickView | Pharmaceuticals & healthcare | 09/12/2024

Nykode Therapeutics is a clinical-stage biopharmaceutical company with a focus on novel immunotherapies. As part of its Q324 results, it announced a strategic…

Quadrise

Pathway to marine revenues and scale-up

Update | General Industrials | 09/12/2024

Quadrise has made a significant step towards commercialisation, through which its innovative emulsion fuel technology will contribute to the decarbonisation…

Card Factory

Delivering on partnership growth strategy

Flash note | General Retailers | 05/12/2024

Card Factory’s (CARD’s) acquisition of a designer and wholesaler of gifts and celebrations essentials in the US, the largest global market,…

SDCL Energy Efficiency Income Trust

Robust performance in H125

Flash note | Investment trusts | 05/12/2024

SDCL Energy Efficiency Income Trust (SEEIT) reported robust H125 results. Its net asset value (NAV) increased marginally to 90.6p (90.5p at 31 March 2024),…

Severfield

Short-term issues cloud long-term outlook

Update | General Industrials | 05/12/2024

Severfield remains the leading UK structural steel fabricator, with a strong presence in Northern Europe and an Indian joint venture. However, news that…

Accsys Technologies

Accoya USA off to a good start

Update | General Industrials | 05/12/2024

Accsys positively surprised the market by raising its guidance for FY25 after a strong H125 despite challenging market conditions. Volume growth was better…

4imprint Group

Market-leading marketing

Outlook | Media | 04/12/2024

4imprint is the leading distributor of promotional product in North America, a very large (c $26bn) and highly fragmented market. The group’s core…

Northern Data Group

Further US HPC expansion

Flash note | Technology | 04/12/2024

Northern Data Group has announced plans to develop a state-of-the-art AI and HPC data centre in Maysville, Georgia in the United States. This initiative…

KEFI Gold and Copper

Clearing the decks

Update | Mining | 04/12/2024

KEFI has announced that it is raising c £10.6m by issuing c 1.9bn shares at a price of 0.55p. The full raise is in five parts: a firm placing, a retail…

Georgia Capital

Successful disposal from the portfolio

Update | Investment trusts | 04/12/2024

Georgia Capital’s (GCAP’s) net asset value (NAV) per share increased by 6.2% q-o-q in Q324 in Georgian lari terms (3.3% in sterling). The private…

Triple Point Social Housing REIT

Fully covered DPS

Update | Property | 04/12/2024

Q324 DPS was fully covered by adjusted earnings and despite a delay in resolving rent collection with My Space, one of the two recent problem tenants,…

Gresham House Energy Storage Fund

Improving prospects suggest discount is overdone

Update | Investment trusts | 04/12/2024

At the recent capital markets day, Gresham House Energy Storage Fund (GRID) detailed positive developments in H224, including growing capacity and rising…

Singapore Post

Australian logistics to be divested for c A$1bn

Flash note | General Industrials | 03/12/2024

Following Singapore Post’s resilient H1 results in November, the company has now announced that it has agreed to sell its Australian logistics business…

Cobra Resources

Progress indicates first quartile potential

Update | Mining | 03/12/2024

Cobra Resources is an exploration company focused on developing a rare earths deposit in South Australia, with a potentially low-cost method of production…

Recce Pharmaceuticals

Topical R327G approaching pivotal stages

Update | Pharmaceuticals & healthcare | 02/12/2024

Recce Pharmaceuticals has made several strides in advancing its topical gel formulation (R327G) of lead anti-infective therapeutic drug candidate RECCE®…

Tetragon Financial Group

Termination of coverage

Update | Investment trusts | 29/11/2024

Edison Investment Research is terminating coverage on Tetragon Financial Group (TFG). Please note you should no longer rely on any previous research or…

AFT Pharmaceuticals

Softer H1 on one-offs; recovery expected in H2

Update | Pharmaceuticals & healthcare | 29/11/2024

AFT Pharmaceuticals reported H125 revenues of NZ$86.7m, a 3.7% y-o-y increase, albeit lower than expected due to one-off factors such as inventory rationalisation…

Argent Industrial

Following an established recipe

QuickView | Industrial Support Services | 29/11/2024

Primarily a steel-based beneficiation company, Argent Industrial is supported by export promotion and offshore investments in both new and existing businesses.…

Bankers Investment Trust (The)

Concentrating on best ideas only

Update | Investment trusts | 29/11/2024

Following a strategic review earlier this year, the manager of the Bankers Investment Trust (BNKR), Alex Crooke, has concentrated the portfolio, reducing…

Foxtons Group

Deals' benefits matched by tax rise

Update | Property | 28/11/2024

Foxtons Group’s recent acquisition of estate agents in two London commuter towns highlights the outer-London potential for low-risk, value-added…

Partners Group Private Equity

Seeing good demand for several of its assets

Flash note | Investment trusts | 28/11/2024

Partners Group Private Equity’s (PGPE’s) recent portfolio realisation efforts (supported by the gradual pick-up in M&A activity and an opening…

Cereno Scientific

A productive period with plenty more to come

Update | Pharmaceuticals & healthcare | 28/11/2024

Cereno Scientific has released its Q324 results, marking a productive and strategically significant period. Following the positive top-line data from the…

Focusrite

Cautious optimism after significant challenges

QuickView | Consumer Support Services | 28/11/2024

Focusrite’s (TUNE’s) FY24 results highlight the negative effects of the most challenging year the CEO has faced. While the company’s…

Accsys Technologies

Upgrading guidance for the full year

Flash note | General Industrials | 26/11/2024

Accsys Technologies had a strong H125 with a return to revenue growth and gross margin exceeding its target of 30%. Adjusted EBITDA improved on the back…

Topps Tiles

Market outperformance again in FY24

Flash note | Consumer Support Services | 26/11/2024

Topps Tiles (TPT) has reported a good profit outturn for FY24, ahead of our prior expectations, which is encouraging in the context of the challenging…

Nabaltec

Resilience and margin expansion

Update | General Industrials | 25/11/2024

Nabaltec recorded revenue growth across the group of 1.5% y-o-y to €158.2m at 9M24, with sales volumes increasing 7.9% y-o-y despite selling prices…

The Platform Group

Significant acceleration in growth in Q324

Update | General Retailers | 25/11/2024

The Platform Group (TPG) reported a strong acceleration in revenue growth and profitability in Q324 as its growing industry presence and subsequent underlying…

Theon International

Clear vision for growth

Initiation | General Industrials | 25/11/2024

Theon International commands a unique position in military night vision systems as a market-leading business focused on man-portable systems (goggles).…

Care REIT

Strong Q324 and accretive growth

Update | Property | 25/11/2024

Care REIT (Care), formerly Impact Healthcare REIT, and its tenants continued to perform strongly in Q324. The quarterly EPRA net tangible assets (NTA)…

Games Workshop Group

A notable acceleration in Q225

Update | Consumer Support Services | 22/11/2024

Games Workshop Group’s (GAW’s) H125 trading update suggests the company enjoyed a strong Q225 in both its core business (due to the launch…

Altron

Further margin expansion in H125

Update | Technology | 22/11/2024

Altron reported a 105% y-o-y increase in operating profit before capital items in H125, with margin expansion of 5.1pp to 9.8%. The Platforms businesses…

Sayona Mining

Catching up with majors

Update | Mining | 22/11/2024

Sayona Mining is a lithium producer and explorer with projects in Canada, Western Australia and soon in the US and Ghana. A proposed merger of equals with…

ProCredit Holding

Management expects ROE of c 10% in FY24

Update | Financials | 22/11/2024

ProCredit Holding (PCB) posted a net profit of €27.2m in Q324 (down c 9% y o y), which represents an annualised return on equity (ROE) of 10.7% in…

Avon Technologies

Record order book driving confident outlook

QuickView | Aerospace & Defence | 22/11/2024

Avon Technologies’ FY24 results show the continued momentum seen throughout the year, with revenue growth of 12.2% y-o-y ($275m), adjusted operating…

VietNam Holding

First redemption tender a success

Update | Investment trusts | 21/11/2024

VietNam Holding (VNH) delivered a 27.3% net asset value (NAV) per share total return over the last 12 months (ending 31 October) in sterling terms. The…

OSE Immunotherapeutics

Full Lusvertikimab results reflect potential in UC

Update | Pharmaceuticals & healthcare | 21/11/2024

OSE Immunotherapeutics’ final analysis of the CoTikiS trial in ulcerative colitis (UC) confirmed that Lusvertikimab met the primary endpoint with…

Murray Income Trust

Income focus keeps paying dividends

Update | Investment trusts | 20/11/2024

Murray Income Trust (MUT) invests in high-quality, mainly UK-listed stocks. MUT’s manager, Charles Luke, believes quality stocks are best placed…

AUSTRIACARD

Solid Q324 supports FY24 outlook

Update | Technology | 19/11/2024

AUSTRIACARD’s Q324 results confirmed the company made good progress towards its FY24 adjusted revenue and EBITDA targets. The sale of metal cards…

HELLENiQ ENERGY

Margins troughed in Q3, expect Q4 improvement

Flash note | Energy & resources | 19/11/2024

HELLENiQ ENERGY’s Q324 results were held back by a weak refining environment, as previously guided by the company, but showed an impressive operational…

Nanoco Group

Board states case for voting against resolutions

Flash note | Technology | 19/11/2024

Nanoco has issued a circular recommending that shareholders vote against both resolutions being proposed by Milkwood in its requisition for a general meeting…

Solid State

Defence contract delay affects expectations

QuickView | General Industrials | 19/11/2024

The delay of a major contract inevitably has an impact on short-term profitability. Solid State has a strong balance sheet and a growth strategy to develop…

Melrose Industries

H224 progress in line with guidance

Flash note | General Industrials | 18/11/2024

Melrose Industries’ H224 trading has been in line with management’s expectations despite the volatility in the civil aerospace market, highlighting…

JDC Group

On track to reach high-end FY24 sales guidance

Flash note | Financials | 18/11/2024

After two quarters of >20% y-o-y revenue growth, JDC Group (JDC) has benefited from strong tailwinds in Q324 as well. Revenue growth of 36% in the quarter…

Smiths News

Growth potential and a double-digit yield

Update | Industrial Support Services | 18/11/2024

Smiths News now has contracts in place for 91% of its core revenue to 2029, implying resilience. In addition, its non-core growth activities are beginning…

SIGA Technologies

Strong order book moving into Q424

Update | Pharmaceuticals & healthcare | 18/11/2024

SIGA Technologies reported revenues of $10m in Q324, attributed primarily to deliveries under the $112.5m BARDA option, exercised in July 2024. Backed…

Dentsu Group

Still fighting market headwinds

Update | Media | 18/11/2024

Dentsu posted Q324 organic net revenue growth of 0.3%, making a decline of 1.1% over the nine-month period. This is slightly below expectations at the…

The Metals Company

Updated strategy offers commercial upside

Flash note | Mining | 15/11/2024

Progress to an exploitation licence and commercialisation of The Metals Company’s (TMC’s) deep-sea assets is unchanged. The development of…

Alphamin Resources

From alpha to omega

Update | Mining | 15/11/2024

Alphamin announced record quarterly tin production of 4,917t (+22.1% quarter-on-quarter) in Q324 and EBITDA of US$91.6m (+68.8%) after the Mpama South…

Apax Global Alpha

Transaction activity picked up in Q324

QuickView | Investment trusts | 15/11/2024

Apax Global Alpha (AGA) reported a Q324 NAV total return (TR) of 1.7% in euro terms on a constant currency basis (-0.2% including fx changes), with a 3.2pp…

PVA TePla

Lower estimates after Q3 results

Update | Engineering | 15/11/2024

PVA TePla (PVA) reported a 2.3% y-o-y decrease in sales in Q324 and management has set guidance at the lower end of the range for both sales (€270–90m)…

Metro Bank

Profitability achieved and targets reiterated

Flash note | Financials | 14/11/2024

Metro Bank (Metro) has published a trading update that shows that it returned to profitability in October. This is consistent with previous guidance of…

Pan African Resources

Tennant Creek acquisition

Update | Mining | 14/11/2024

On 5 November, Pan African Resources (PAF) announced that it is to acquire privately owned Tennant Consolidated Mining Group (TCMG) in Australia’s…

Datatec

Operational focus drives H125 profit growth

Update | Technology | 14/11/2024

In H125, while revenue declined due to mix and net revenue accounting, Datatec grew gross profit by 3.5% y-o-y and adjusted EBITDA by 18.5%, resulting…

Braemar

On track to achieve FY25 targets

Update | Industrial Support Services | 14/11/2024

Braemar’s H125 results were in line with expectations, with modest revenue growth and some operational gearing evident in operating profit. The underlying…

Tinexta

Weak Q324 but valuation appears too pessimistic

Update | Technology | 13/11/2024

Tinexta’s weak Q324 results from its Cyber Security (CS) and Business Innovation (BI) divisions have prompted management to downgrade financial guidance…

Cordel Group

Contract win momentum continues

QuickView | Technology | 13/11/2024

Cordel has announced two new customer wins, with Aurizon Holdings, Australia’s largest freight operator, and Southeastern, one of the UK’s…

Custodian Property Income REIT

Significant uplift in fully covered DPS

Update | Property | 13/11/2024

Custodian Property Income REIT’s (CREI’s) Q225 trading update points to strong H1 performance when results are released in December. With income…

Regional REIT

Preparing the ground

Flash note | Property | 13/11/2024

Regional REIT (RGL) has issued a Q324 trading update and has declared a quarterly DPS of 2.2p, in line with previous guidance. The retention rate on lease…

Boku

Contract with Amazon Japan

Flash note | Technology | 13/11/2024

Building on from its agreement to support local payment methods for Amazon Prime Video in South-East Asia, Boku has signed a separate contract with Amazon…

CLIQ Digital

Focus remains on profitability and cash

Update | Technology | 13/11/2024

CLIQ’s Q3 results show the continuing revenue impact of the shift in credit card providers’ policies on transaction cancellations. Revenues…

Dowlais Group

Resilient performance in a soft automotive market

Flash note | Industrial Support Services | 13/11/2024

Management action to reduce costs and drive commercial actions has enabled Dowlais Group to protect margins despite lower revenues from the weaker automotive…

Renewi

Now a pure-play European recycler

Update | Industrial Support Services | 13/11/2024

The burden of the UK Municipal businesses has now been cut loose. This leaves a focused waste management and recycling group, for which the European legislative…

KEFI Gold and Copper

Swapping assets for cash

Update | Mining | 13/11/2024

This morning, KEFI Gold and Copper (KEFI) announced it is in talks with its Saudi joint venture partner, ARTAR, to exit its Saudi Arabian joint venture,…

Sareum Holdings

SDC-1801 prepping to enter Phase II

Update | Pharmaceuticals & healthcare | 12/11/2024

Sareum Holdings’ FY24 results summarised an active period for lead asset SDC-1801, a dual TYK2/JAK1 inhibitor, which successfully completed Phase…

VinaCapital Vietnam Opportunity Fund

Positive earnings outlook in Vietnam

Review | Investment trusts | 12/11/2024

VinaCapital Vietnam Opportunity Fund’s (VOF’s) sterling net asset value (NAV) per share increased by 9.1% over the year ending October 2024…

Henderson Far East Income

Portfolio refocus is paying dividends

Update | Investment trusts | 12/11/2024

Henderson Far East Income (HFEL) is an income-focused Asian investment trust, which aims to provide shareholders with growing total annual dividends and…

4imprint Group

Good performance against a difficult backdrop

Flash note | Media | 12/11/2024

4imprint’s trading update indicates no change to full year guidance and estimates, despite a challenging trading backdrop of wavering corporate confidence…

Team Internet Group

Stability amid setbacks

Update | Technology | 11/11/2024

In the face of an advertising market that has not picked up in Q324, Team Internet’s core business has performed creditably. However, Shinez has…

AAC Clyde Space

Back on track

Update | Aerospace & Defence | 11/11/2024

AAC Clyde Space (AAC) remains an interesting avenue into the fast-growing low Earth orbital space sector. A strong Q324 performance has seen the supplier-related…

Wheaton Precious Metals

Record quarterly cash flow

Update | Mining | 11/11/2024

Wheaton Precious Metals’ (WPM’s) Q324 results, announced 7 November, showed a less than 1% variance for the quarter relative to our forecasts…