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Fundamentals remain positive
Melrose Industries | 02/01/2025
The aerospace sector outlook remains positive, with lengthy order books at the primes (Airbus and Boeing) and total passenger flying hours in 2024 on schedule…
Record order book and upgrade to FY25
Theon International | 02/01/2025
Theon International is a market leader in the defence optronics (night vision and thermal imaging) sector. Strong order intake, particularly in Q424, has…
Termination of coverage
Termination of coverage - NioCorp Developments | 02/01/2025
Edison Investment Research is terminating coverage on VolitionRx (VNRX), Murray Income Trust (MUT) and NioCorp Developments (NB). Please note you should…
Termination of coverage
Termination of coverage - VolitionRx | 02/01/2025
Edison Investment Research is terminating coverage on VolitionRx (VNRX), Murray Income Trust (MUT) and NioCorp Developments (NB). Please note you should…
Termination of coverage
Termination of coverage - Murray Income Trust | 02/01/2025
Edison Investment Research is terminating coverage on VolitionRx (VNRX), Murray Income Trust (MUT) and NioCorp Developments (NB). Please note you should…
Winning strategy
OPAP | 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…
Equity proposition
BB Biotech – equity proposition | 20/12/2024
BB Biotech is managed by Bellevue Asset Management, a Swiss-based asset manager specialising in healthcare investments. BB Biotech offers investors…
Navigating challenges in energy storage
Vantage: Gresham House Energy Storage Fund – Navigating challenges in energy storage | 20/12/2024
Gresham House Energy Storage Fund (GRID) invests in utility-scale battery energy storage systems (BESS) in the UK. GRID is the UK’s largest owner…
High liquidity and solid long-term track record
Patria Private Equity Trust | 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…
Executive interview
IP Group – executive interview (20 December 2024) | 20/12/2024
In this interview, Greg Smith, CEO of IP Group, discusses the company’s recent achievements, including NAV stabilisation and successful exits…
Emphasis on driving margin
MoneyHero | 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,…
Georgia Capital in 60 seconds
Georgia Capital in 60 seconds | 20/12/2024
Get the lowdown from Edison’s Milosz Papst on this investment company which focuses on scalable private equity opportunities in Georgia.
Continuing improvement in Q324
Intralot | 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,…
Executive interview
Mendus – executive interview (19 December 2024) | 19/12/2024
Mendus is an immuno-oncology company specialising in the field of allogeneic dendritic cell biology. It has two clinical-stage assets, vididencel and…
Delivering on key initiatives
Picton Property Income | 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…
VietNam Holding in 60 seconds
VietNam Holding in 60 seconds | 19/12/2024
Get the lowdown from Edison’s Milosz Papst on this investment company whose objective is to achieve long-term capital appreciation by investing…
Wins in the utilities sector for AI-supported apps
1Spatial | 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…
Vididencel shines in ALISON trial (ovarian cancer)
Mendus | 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…
Strengthened balance sheet for new opportunities
Deutsche Beteiligungs | 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,…
Honing FY25e forecasts
Pan African Resources | 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…
Enhanced realisation strategy to unlock value
Phoenix Spree Deutschland | 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…
Executive interview
Baillie Gifford US Growth Trust – executive interview (17 December 2024) | 17/12/2024
Baillie Gifford US Growth Trust (USA) is a London-listed investment trust which aims to produce long-term capital growth by investing predominantly…
BPOM clearance to start Phase III R327G study
Recce Pharmaceuticals | 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…
Evenamide licence agreement in Japan
Newron Pharmaceuticals | 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…
Partner in place for US commercialisation of Zevtera
Basilea Pharmaceutica | 17/12/2024
Following FDA approval in April 2024, Basilea has announced a much-anticipated partnership agreement with Innoviva Specialty Therapeutics for the commercialisation…
Equity proposition
Patria Private Equity Trust – executive interview (17 December 2024) | 17/12/2024
Patria Private Equity Trust's (PPET’s) investment objective is to achieve long-term total returns through holding a diversified portfolio of private…
Upgrading on stronger H225 expectations
Filtronic | 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…
Vantage: SDCL Energy Efficiency Income Trust: Investing in the world’s most valuable energy resource
Vantage: SEEIT – Investing in the world’s most valuable energy resource | 16/12/2024
With 70% of global energy being wasted and energy efficiency emerging as a critical pathway to net zero, our latest Vantage interview explores an often-overlooked…
Executive interview
Wheaton Precious Metals – executive interview (16 December 2024) | 16/12/2024
With the gold price up more than 40% since early October 2023 and sitting close to all time highs, Wheaton Precious Metals’ President and CEO, Randy…
Taking on the world
Borussia Dortmund | 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…
Strong firepower to invest into the next cycle
Molten Ventures | 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…
Breaking down the investment case
Canyon Resources | 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.…
Regulatory uncertainty holding back recovery
S&U | 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…
Executive interview: ESG
Borussia Dortmund – executive interview: ESG | 16/12/2024
In our final interview, Thomas provides an overview of Borussia Dortmund’s ESG initiatives.
Executive interview: Squad development
Borussia Dortmund – executive interview: Squad development | 16/12/2024
In the fifth interview, we discuss Borussia Dortmund’s playing squad. The club has a strong reputation in identifying emerging talent and financial…
At an inflexion point
Carr’s Group | 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.…
Executive interview: Match operations
Borussia Dortmund – executive interview: Match operations | 16/12/2024
In the fourth interview, we focus on the company’s match operations revenue, namely the income from fans attending matches. Although it is Borussia…
Gearing up for the pivotal stages of development
Mendus | 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…
Executive interview: Advertising
Borussia Dortmund – executive interview: Advertising | 16/12/2024
In the third interview, Borussia Dortmund’s advertising revenue is the focus. Advertising, or sponsorship income, is the second most important revenue…
Executive interview: TV marketing deal
Borussia Dortmund – executive interview: TV marketing deal | 16/12/2024
In the second interview, we discuss Borussia Dortmund’s TV marketing revenue. TV marketing is the company’s most important revenue stream,…
Executive interview: Corporate and general
Borussia Dortmund – executive interview: Corporate and general | 16/12/2024
In the first interview, we focus on the position of the company and the team in the football landscape. We discuss the attractive growth dynamics of football,…
Equity proposition
Henderson Opportunities Trust – equity proposition | 13/12/2024
Henderson Opportunities Trust aims to achieve capital growth in excess of the broad UK stock market from a portfolio of UK investments. Stock selection…
ID-less targeting solutions
Verve Group | 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…
Equity proposition
ADNOC Drilling – equity proposition | 12/12/2024
ADNOC Drilling (ADX: ADNOCDRILL) is the largest integrated drilling company in the Middle East by rig fleet size and the sole provider of drilling to…
Equity proposition
abrdn Asian Income Fund – equity proposition | 12/12/2024
The investment objective of abrdn Asian Income Fund is to provide investors with a total return primarily through investing in Asia-Pacific securities,…
Robust interim results with strategic progress
Record | 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…
Solid upward performance trend is encouraging
Templeton Emerging Markets IT | 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…
Interim results
Solid State | 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…
Closing in on 1Moz GEO pa
Wheaton Precious Metals | 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…
Moving in the right direction
discoverIE Group | 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…
Creative guidelines agreed
Games Workshop Group | 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…
Executive interview
Oryzon Genomics – executive interview (10 December 2024) | 10/12/2024
Oryzon Genomics is a Spanish biotechnology company focused on epigenetics. Its two lead assets, vafidemstat (central nervous system, CNS) and iadademstat…
Executive interview
Basilea Pharmaceutica – executive interview (10 December 2024) | 10/12/2024
Basilea Pharmaceutica, a Switzerland-based commercial-stage biotech company, specialises in developing innovative treatments for infectious diseases. In…
Executive interview
Halyk Bank – executive interview (9 December 2024) | 09/12/2024
Halyk Bank is Kazakhstan’s leading financial services group, operating across a variety of segments, including retail, SME and corporate banking,…
Consistency boosting returns
Pan American Silver | 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…
Positive update on FY24
Theon International | 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,…
Strong performance since inception
Worldwide Healthcare Trust | 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…
Repositioned to streamline clinical progress
Nykode Therapeutics | 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…
Pathway to marine revenues and scale-up
Quadrise | 09/12/2024
Quadrise has made a significant step towards commercialisation, through which its innovative emulsion fuel technology will contribute to the decarbonisation…
VinaCapital Vietnam Opportunity Fund in 60 seconds
VinaCapital Vietnam Opportunity Fund in 60 seconds | 06/12/2024
Get the lowdown from Edison’s Milosz Papst on this investment company which seeks to achieve medium- to long-term capital appreciation through…
Executive interview
International Public Partnerships – executive interview (6 December 2024) | 06/12/2024
International Public Partnerships (INPP) is an infrastructure investment company that listed in 2006. It invests in a diversified portfolio of global public…
Delivering on partnership growth strategy
Card Factory | 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,…
How Laurence Hulse generated a 28% return in small caps
Vantage: Finding gems among the rubble – how Laurence Hulse generated a 28% return in small ca | 05/12/2024
As Onward Opportunities (LSE: ONWD, mcap: £113m) announced that it was within touching distance of its goal of doubling the fund from the start of…
Robust performance in H125
SDCL Energy Efficiency Income Trust | 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),…
Short-term issues cloud long-term outlook
Severfield | 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…
Accoya USA off to a good start
Accsys Technologies | 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…
Market-leading marketing
4imprint Group | 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…
Further US HPC expansion
Northern Data Group | 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…
Clearing the decks
KEFI Gold and Copper | 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…
Successful disposal from the portfolio
Georgia Capital | 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…
Executive interview
Nanoco Group – executive interview (4 December 2024) | 04/12/2024
Jalal Bagherli, chairman-elect of Nanoco Group, shares his experience in high-tech industries in discussing his forthcoming leadership role. With a…
Fully covered DPS
Triple Point Social Housing REIT | 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,…
Improving prospects suggest discount is overdone
Gresham House Energy Storage Fund | 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…
Australian logistics to be divested for c A$1bn
Singapore Post | 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…
Progress indicates first quartile potential
Cobra Resources | 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…
Executive interview
Quadrise – executive interview (2 December 2024) | 02/12/2024
In this interview, we are joined by the CEO of Quadrise, Jason Miles, who discusses the recent signing of the Project Agreement with MSC and Cargill.…
Topical R327G approaching pivotal stages
Recce Pharmaceuticals | 02/12/2024
Recce Pharmaceuticals has made several strides in advancing its topical gel formulation (R327G) of lead anti-infective therapeutic drug candidate RECCE®…
Murray Income Trust in 60 seconds
Murray Income Trust in 60 seconds | 02/12/2024
Edison recently published a note on Murray Income Trust This trust invests in high-quality, mainly UK-listed stocks which the manager believes are best…
Termination of coverage
Termination of coverage - Tetragon Financial Group | 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…
Softer H1 on one-offs; recovery expected in H2
AFT Pharmaceuticals | 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…
Following an established recipe
Argent Industrial | 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.…
Concentrating on best ideas only
Bankers Investment Trust (The) | 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…
Deals' benefits matched by tax rise
Foxtons Group | 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…
Executive interview
Cereno Scientific – executive interview (28 November 2024) | 28/11/2024
Cereno Scientific (OMX: CRNO-B) is a clinical-stage biotech focused on developing innovative, effective and safe treatments for cardiovascular diseases…
Seeing good demand for several of its assets
Partners Group Private Equity | 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…
A productive period with plenty more to come
Cereno Scientific | 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…
Cautious optimism after significant challenges
Focusrite | 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…
Upgrading guidance for the full year
Accsys Technologies | 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…
Market outperformance again in FY24
Topps Tiles | 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…
Executive interview
Sareum Holdings – executive interview (25 November 2024) | 25/11/2024
Sareum Holdings (AIM: SAR) is a UK-listed drug-discovery company focused on the development of small molecule kinase inhibitors. Its in-house programmes…
Resilience and margin expansion
Nabaltec | 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…
Significant acceleration in growth in Q324
The Platform Group | 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…
Clear vision for growth
Theon International | 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).…
Strong Q324 and accretive growth
Care REIT | 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)…