Click on headlines below to download research
Transaction activity picked up in Q324
Apax Global Alpha | 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…
Lower estimates after Q3 results
PVA TePla | 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)…
Executive interview
Sylvania Platinum – executive interview | 14/11/2024
In this interview, we speak to Jaco Prinsloo, CEO of Sylvania Platinum, the AIM-listed, South African-based platinum group metals (PGM) tailings dump…
Profitability achieved and targets reiterated
Metro Bank | 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…
Tennant Creek acquisition
Pan African Resources | 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…
Operational focus drives H125 profit growth
Datatec | 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…
On track to achieve FY25 targets
Braemar | 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…
Weak Q324 but valuation appears too pessimistic
Tinexta | 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…
Contract win momentum continues
Cordel Group | 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…
Significant uplift in fully covered DPS
Custodian Property Income REIT | 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…
Preparing the ground
Regional REIT | 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…
Contract with Amazon Japan
Boku | 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…
Focus remains on profitability and cash
CLIQ Digital | 13/11/2024
CLIQ’s Q3 results show the continuing revenue impact of the shift in credit card providers’ policies on transaction cancellations. Revenues…
Canadian General Investments in 60 seconds
Canadian General Investments in 60 seconds | 13/11/2024
Edison’s investment companies team recently published a CGI review. The company has an enviable record of outperformance versus the Canadian market;…
Resilient performance in a soft automotive market
Dowlais Group | 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…
Now a pure-play European recycler
Renewi | 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…
Swapping assets for cash
KEFI Gold and Copper | 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,…
SDC-1801 prepping to enter Phase II
Sareum Holdings | 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…
Positive earnings outlook in Vietnam
VinaCapital Vietnam Opportunity Fund | 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…
New SEK250m financing secures runway into 2026
Cereno Scientific | 12/11/2024
Cereno Scientific has announced a new financing arrangement of at least SEK250m, with net proceeds expected to extend the runway into 2026, past several…
Portfolio refocus is paying dividends
Henderson Far East Income | 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…
Good performance against a difficult backdrop
4imprint Group | 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…
Stability amid setbacks
Team Internet Group | 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…
Back on track
AAC Clyde Space | 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…
Record quarterly cash flow
Wheaton Precious Metals | 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…
Steady earnings growth, stable market multiples
HgT | 07/11/2024
HgT reported sustained healthy earnings momentum across its major holdings (driven primarily by upselling and cross-selling opportunities), contributing…
Results boosted by M&A and reduced losses
Singapore Post | 07/11/2024
Singapore Post’s H1 trading was ‘resilient’, despite challenging market conditions across several of its businesses. Revenue increased…
Continued momentum in earnings growth
Information Services Corporation | 07/11/2024
Information Services Corporation (ISC) delivered another quarter of robust growth in Q324, with revenue advancing 12% y-o-y to C$60.9m and adjusted EBITDA…
H1 trading in line; guidance unchanged
Solid State | 07/11/2024
Management’s strategy is to increase Solid State’s internal capabilities, enabling greater product differentiation and value added, particularly…
Budget Breakdown with Gervais Williams: What does it really mean?
Budget Breakdown with Gervais Williams: What does it really mean? | 06/11/2024
Gervais Williams from Premier Miton analysed the latest budget announcements, explored their implications for individuals, businesses and the economy.
Solid H1 driven by diversification, outlook robust
Braemar | 06/11/2024
Braemar’s H125 results reflect a continuation of the successful diversification strategy that has been deployed for the last three years. Revenue…
UIL in 60 seconds
UIL in 60 seconds | 05/11/2024
Edison’s investment companies team recently published a UIL review. In early October, the company announced plans to go private after the redemption…
Growth from defence
Electro Optic Systems | 05/11/2024
Electro Optic Systems (EOS) is an optic technology company specialising in defence applications, primarily remote weapons systems (RWS) and maritime communications.…
FY24 trading good, special dividend proposed
Smiths News | 05/11/2024
Smiths News’ FY24 trading was robust and results came in ahead of consensus. This, along with the debt refinancing announced in May, has resulted…
Progress across the pipeline in Q324
IRLAB Therapeutics | 04/11/2024
IRLAB’s Q324 results highlighted progress across its clinical pipeline. Pirepemat cleared its final safety review and completed patient enrolment…
Robust trading, but UK budget adds to costs
Braemar | 04/11/2024
Government changes to National Insurance (NI) arrangements have added to Braemar’s costs, implying lower profitability. However, underlying operations…
Healthy production recovery
Sylvania Platinum | 04/11/2024
Sylvania delivered a 12% increase in Q125 production compared to Q424 and, with an average platinum group metals (PGM) basket price only slightly down,…
Equity proposition
Baillie Gifford US Growth Trust – equity proposition | 04/11/2024
Baillie Gifford US Growth Trust (USA) invests in exceptional US businesses with the potential to grow substantially faster than the market and deliver…
H125 profitability weighed down by one-offs
AFT Pharmaceuticals | 04/11/2024
AFT Pharmaceuticals has released a trading update ahead of its H125 results, expecting to report a c NZ$2m operating loss for the period ending September…
JPMorgan European Discovery Trust in 60 seconds
JPMorgan European Discovery Trust in 60 seconds | 04/11/2024
Edison recently published a note on JPMorgan European Discovery Trust. This trust invests in European small-cap companies, excluding the UK. European small…
Baillie Gifford US Growth Trust in 60 seconds
Baillie Gifford US Growth Trust in 60 seconds | 04/11/2024
Edison recently published a note on Baillie Gifford US Growth Trust. This trust invests in exceptional US businesses with the potential to grow substantially…
Equity proposition
Baillie Gifford China Growth Trust – equity proposition | 01/11/2024
Baillie Gifford China Growth Trust (BGCG) aims to produce long-term capital growth by investing in Chinese companies. The managers seek out businesses…
Strong exits and stable NAV/share ex FX in H125
Molten Ventures | 01/11/2024
Molten Ventures released its trading update for H125 (ending September 2024), expecting a c 3% NAV per share decline versus end-March 2024 to 644p, mostly…
On track to meet FY25 expectations
Filtronic | 01/11/2024
Prior to its AGM on 31 October Filtronic confirmed that it was confident of delivering FY25 results in line with market expectations. It expects a higher…
Unlocking London’s hidden tunnels: Investing in a major underground tourist attraction
Unlocking London’s hidden tunnels: Investing in a major underground tourist attraction | 01/11/2024
This webinar, hosted by Russell Pointon, featured Charles Nelson, an independent non-executive director at The London Tunnels. He provided a detailed overview…
The Biotech Growth Trust
ShareSoc webinar – The Biotech Growth Trust (31 October 2024) | 31/10/2024
During the webinar, Geoffrey Hsu and Josh Golomb, portfolio managers of The Biotech Growth Trust, discussed the trust’s profile and its latest developments.
Termination of coverage
Termination of coverage - Henderson Eurotrust | 31/10/2024
Edison Investment Research is terminating coverage on Henderson Eurotrust (HNE). Please note you should no longer rely on any previous research or estimates…
Primed for growth
Metro Bank | 31/10/2024
Having successfully refinanced in late 2023, Metro Bank is making good progress with repositioning its business model towards higher-return commercial…
Murray International Trust
ShareSoc webinar – Murray International Trust (31 October 2024) | 31/10/2024
During the webinar, Samanthar Fitzpatrick, co-manager of Murray International Trust, discussed the trust’s profile and its latest developments.
Q3 results recap key upcoming inflection points
Oryzon Genomics | 30/10/2024
Oryzon has reported its Q324 results, the highlight of which was the borderline personality disorder (BPD) programme, with the final Phase IIb PORTICO…
Key takeaways from the Cemos site visit
Baker Steel Resources Trust | 30/10/2024
We recently visited the Tarfaya cement grinding line of Cemos Group, one of the two largest holdings of Baker Steel Resources Trust (BSRT), which made…
Strong momentum sustained through Q3
Verve Group | 30/10/2024
Verve Group’s Q324 update shows a further sequential quarterly step up in top-line growth to 31% as its privacy-first advertising solutions build…
Salobo tasting sweet
Wheaton Precious Metals | 30/10/2024
Ahead of Wheaton’s scheduled Q3 results after the bell on Thursday 7 November, we have adjusted our earnings forecasts for the quarter to take account…
Potential for Canadian outperformance
Canadian General Investments | 30/10/2024
Canadian General Investments (CGI) is managed by Greg Eckel at Morgan Meighen & Associates (MMA). He believes that investors could be rewarded by an allocation…
Rental income continuing to drive returns
Target Healthcare REIT | 30/10/2024
Target Healthcare REIT’s Q125 update shows indexed rent reviews driving increased earnings and property values. Tenant profitability remains strong,…
Making the ordinary, extraordinary: Next generation T cell receptors for precision immunotherapies
Making the ordinary, extraordinary: Next generation T cell receptors for precision immunotherapies | 29/10/2024
Medigene is a publicly listed, Germany-based, immuno-oncology platform company focused on the development of T cell receptor (TCR)-guided therapies with…
Combination to create the ‘go-to’ Asian trust
Invesco Asia Trust | 28/10/2024
Invesco Asia Trust (IAT) today announced the combination with Asia Dragon Trust (DGN), involving the transfer of certain assets of the latter to IAT in…
The Diverse Income Trust in 60 seconds
The Diverse Income Trust in 60 seconds | 28/10/2024
Edison’s investment companies team recently published a review of The Diverse Income Trust. Managers Gervais Williams and Martin Turner run a…
Executive interview
Cordel Group – executive interview (28 October 2024) | 28/10/2024
Cordel Group’s CEO John Davis highlights the factors behind the company’s recent commercial success, including new client wins in North and…
Escrow drives strong volume growth in Q324
Freelancer | 28/10/2024
Freelancer’s Q324 business update confirmed an increase in gross marketplace volume (GMV) of 26% y-o-y, boosted by a US$50m Escrow.com transaction…
E-commerce enabler
The Platform Group | 28/10/2024
The Platform Group (TPG) owns and operates e-commerce websites and platforms in a growing number of verticals and offers proprietary solutions that enable…
Empowering a positive change
Thrive Renewables | 28/10/2024
Thrive Renewables (THRV), which trades on the JP Jenkins share-matching platform, has funded, built and operated sustainable clean energy generation projects…
Further strategic progress towards targets
Foxtons Group | 25/10/2024
The latest quarterly trading update reconfirms the developing success of the Foxtons strategic vision and implies that medium-term targets, particularly…
FY24 shows the strength of Softcat’s model
Softcat | 25/10/2024
Softcat’s FY24 results supports management’s assertion that the group has found a unique formula. Management re-emphasised the role of its…
Another quarter of records
Zalaris | 25/10/2024
Zalaris delivered its 11th consecutive quarter of revenue growth in Q324, alongside record quarterly revenue and profitability. Contract momentum continues…
CMD highlights a ‘rare’ portfolio refocus
Cereno Scientific | 25/10/2024
Cereno Scientific recently held a capital markets day (CMD), providing greater insight on its development pipeline and strategic objectives. The key takeaway…
Completes a successful £180m secondary sale
Patria Private Equity Trust | 24/10/2024
Patria Private Equity Trust (PPET) has announced that it has completed a secondary sale of a portfolio of 14 older vintage and non-core investments for…
Volition webinar: Nu.Q NETs data insights
Volition webinar: Nu.Q NETs data insights | 24/10/2024
Volition (NYSE: VNRX) and Edison recently hosted a webinar in which Volition provided insights into the data it presented at ESICM 2024, highlighting…
Better profitability across the board
Datatec | 24/10/2024
Datatec’s H125 results confirmed improved profitability in each division, resulting in a 56% y-o-y increase in underlying EPS to 11.4c. Group revenue…
Northern Data Group: Europe’s largest independent NVIDIA hardware cluster
Northern Data Group: Europe’s largest independent NVIDIA hardware cluster | 23/10/2024
This video features an interview with Rosanne Kincaid-Smith, COO of Northern Data Group, conducted by Dan Ridsdale, head of technology at Edison. Rosanne…
Capacity augmentations the priority for 2025
Gresham House Energy Storage Fund | 23/10/2024
Gresham House Energy Storage Fund (GRID) invests in utility-scale battery energy storage systems (BESS) in Great Britain. The company recently hosted a…
Flagship European provider of AI infrastructure
Northern Data Group | 22/10/2024
Northern Data is a diversified provider of artificial intelligence (AI) and high-performance computing (HPC) solutions. The group has successfully expanded…
Working towards a 2028 privatisation
UIL | 22/10/2024
On 8 October 2024, UIL Limited (UIL) announced plans to take the company private after the redemption of the 2028 zero dividend preference (ZDP) shares.…
Executive interview
SenSen Networks – executive interview (21 October 2024) | 21/10/2024
SenSen Networks’ CEO, Subhash Challa, and CFO, Christian Stevens, discuss how the business has transformed over the past 12 months and the factors…
Sale of Wilson Sons investment
Ocean Wilsons Holdings | 21/10/2024
Ocean Wilsons announced today that it has agreed to sell its 56.47% stake in Wilson Sons to SAS Shipping Agencies Services, a wholly owned subsidiary of…
Well prepared for potential headwinds
Manx Financial Group | 21/10/2024
Manx Financial Group (Manx) posted its highest ever first half year profit in the six months to 30 June, with PBT of £3.5m increasing 16% y-o-y. Lending…
Driveline - the strong core
Dowlais Group | 21/10/2024
Softness in the automotive markets (see Stellantis’s recent update) is weighing on sentiment in the auto sector forecasts and has led us to trim…
A key milestone with significance for the sector
BB Biotech | 21/10/2024
BB Biotech (BION) invests in innovative, rapidly expanding biotech companies. BION’s portfolio company Wave Life Sciences (Wave) recently announced…
£1m 1Streetworks deal highlights the opportunity
1Spatial | 21/10/2024
1Spatial has announced the completion of a landmark deal for its key 1Streetworks application. Originally highlighted at the interims, the company has…
Highlighting organic and investment-led growth
Primary Health Properties | 17/10/2024
Primary Health Properties (PHP) has issued a Q324 trading update alongside its capital markets presentation. The presentation focused on the significant…
On track to meet FY24 guidance
Esker | 17/10/2024
Esker made further good progress in Q324, with constant currency (cc) revenue growth of 17% y-o-y in Q324 and 14% for 9M24. Guidance was maintained for…
Equity proposition
Patria Private Equity Trust – equity proposition | 16/10/2024
Patria Private Equity Trust (PPET) invests in a diversified portfolio of private equity (PE) funds and direct investments into private companies (through…
Seamlessly shifting to Roswell
Alkane Resources | 16/10/2024
On 14 October, Alkane released its Q125 quarterly activities report, showing almost all of its operating parameters in line with both guidance and our…
Orders stabilising, EPS & margin targets on track
discoverIE Group | 16/10/2024
discoverIE’s H125 trading update confirmed that underlying earnings expectations for FY25 are unchanged. Destocking by industrial customers reduced…
A$11.1m capital raise completed
Actinogen Medical | 15/10/2024
Actinogen Medical announced the successful completion of its A$3.0m share purchase plan (SPP), which closed 1.3x oversubscribed. With its previously disclosed…
Earnings underpinned by gross profit margin
Calgro M3 | 15/10/2024
Calgro M3’s core business is integrated residential housing development and memorial parks. In the six months to August 2024, the company posted…
The time to look ahead
S&U | 15/10/2024
In line with earlier guidance, S&U reported H125 PBT of £12.8m, a significant decline versus H124 but an improvement versus H224. Customer repayment…
Could be the time for UK equities to shine
The Diverse Income Trust | 14/10/2024
The Diverse Income Trust (DIVI) is a member of the 18-strong AIC UK Equity Income sector. It has a differentiated multi-cap income strategy and therefore…
Strong earnings growth in H125
Altron | 14/10/2024
Altron has provided an H125 trading update pointing to a more than doubling of headline EPS from continuing operations and an even larger increase in reported…
European small caps: On the verge of a rebound?
JPMorgan European Discovery Trust | 14/10/2024
JPMorgan European Discovery Trust (JEDT) invests in European small-cap companies (excluding UK). European small caps have outperformed most other markets…
Valuation report
Argent Biopharma | 14/10/2024
We value Argent at an un-risked net present value (NPV) of US$1.1bn. Adjusting for the company’s specified probabilities of success (PoS) for its…
Deep dive into artificial intelligence interview: Northern Data Group
Deep dive into artificial intelligence interview: Northern Data Group | 14/10/2024
In our third Deep dive into artificial intelligence interview, we are joined by Rosanne Kincaid-Smith, the chief operating officer of Northern Data Group.…
Executive interview
BB Biotech – executive interview (14 October 2024) | 14/10/2024
In this interview, we speak to Dr Christian Koch, deputy head of investment management at BB Biotech (BION), the Switzerland-based investment company listed…
Contract momentum underpins growth prospects
1Spatial | 14/10/2024
1Spatial’s H1 results showed a continued improvement in the quality of revenues, while recent deal flow provides good support for our expectation…
Milestone march continues for Cresemba
Basilea Pharmaceutica | 11/10/2024
Basilea Pharmaceutica has reported another US$1.25m milestone payment from its partner Pfizer in Asia-Pacific and China, triggered by Cresemba sales in…
New funding extends runway to Phase II
Sareum Holdings | 11/10/2024
Sareum Holdings has announced the completion of a £2.4m private placement and receipt of another A$1.9m (c £1m) in R&D tax credits from Australian…
Confirmation of interest in Wilson Sons holding
Ocean Wilsons Holdings | 11/10/2024
Ocean Wilsons Holdings’ (OCN’s) H124 results showed good growth, reflecting a strong performance from Wilson Sons and a positive performance…