La Doria

Recovery coming through

Update | Food & Drink | 20/11/2017

Following a significant improvement in the pulses and vegetables line and the sauces business, La Doria has reported an impressive 7.6% growth in revenue…

Ultra Electronics

Retaining core growth strategy

Update | Aerospace & Defence | 20/11/2017

While a trading update might have been anticipated the departure of the CEO is a major surprise. The return of the Chairman to the CEO role as an interim…

Coats Group

Above market growth

Update | General Industrials | 20/11/2017

After a robust overall trading update, we have modestly rebalanced our revenue and EBIT estimates in favour of Industrials, Apparel & Footwear with…

Therapix Biosciences

Two new cannabinoid programs

Update | Pharmaceutical & healthcare | 17/11/2017

Therapix is expanding its cannabinoid-based clinical pipeline beyond neurological disorders to potentially treat obstructive sleep apnea (OSA), a chronic…

Blancco Technology Group

Rebasing the business

Update | Technology | 17/11/2017

After a difficult six months for Blancco, we believe that management has stabilised the business and put it on a course for sustainable growth. A focus…

TXT e-solutions

Well funded for growth

Outlook | Technology | 17/11/2017

TXT has reported its first set of results showing TXT Next as a standalone business. We have revised our forecasts to reflect the new structure of the…


Irons in the fire

Update | Technology | 17/11/2017

TerraNet (TERRNT) is an early-stage software group with a range of products under development deriving principally from its industrial IoT, chip integration…

Finsbury Growth & Income Trust

Glory, glory, Man United

Review | Investment Companies | 16/11/2017

Finsbury Growth & Income Trust (FGT) aims to generate long-term capital and income growth from a concentrated portfolio of primarily UK equities. Manager…

Atossa Genetics

Seeking to prevent or treat breast cancer

Outlook | Pharmaceutical & healthcare | 16/11/2017

Atossa Genetics reported Phase I data on its topical endoxifen formulation and it is now developing this as a potential treatment for high mammographic…

Walker Greenbank

Weaker order intake in Q4

Update | General Industrials | 16/11/2017

Order variability was referenced in H1 results, but latterly intake patterns have weakened. This has affected UK premium brands, following through into…

EQS Group

Investing to build

Update | Media | 16/11/2017

EQS flagged in September that it was accelerating investment to grasp the market opportunity prompted by further regulation. Q3 figures show the impact…

Sunesis Pharmaceuticals

A new BTK for a new day

Outlook | Pharmaceutical & healthcare | 16/11/2017

Sunesis remains on track to complete the dose-escalation portion of its Phase Ib/II clinical trial for lead compound SNS-062, an oral Bruton’s tyrosine…

OTC Markets Group

Growing revenues and investing for the future

Update | Financials | 16/11/2017

OTC Markets Group’s (OTCM) third quarter results showed further progress with pre-tax profits up by 4% versus Q316 despite a 10% increase in operating…

Tetragon Financial Group

Positive Q317 performance; Q417 tender offer

Update | Investment Companies | 16/11/2017

Tetragon Financial Group (TFG) achieved a 1.6% NAV total return in the third quarter of 2017, taking NAV total return to 4.5% for the first nine months…

Centrale del Latte d'Italia

Recovery continues

Update | Food & Drink | 15/11/2017

Centrale del Latte d'Italia’s (CLI) price increases – which were successfully implemented during H1 – continue to drive the recovery.…

The Marketing Group

Q3 update gives reassurance and upgrade

Update | Media | 15/11/2017

The Marketing Group’s Q3 results show that it is now properly focused on growing the business, with group agencies worldwide taking on larger pieces…


Powering up

Initiation | Industrial Support Services | 15/11/2017

Over the last three years, Leclanché has been transformed into a vertically integrated group. It has begun work on a multi-million contract for…


H117 results released, business on track

Update | Pharmaceutical & healthcare | 15/11/2017

Hybrigenics has reported H117 financial results which have been restated to reflect the sale of the proteomics division. Hybrigenics continues to generate…

Avon Rubber

A new chapter with a bright future

Update | Aerospace & Defence | 15/11/2017

Avon Rubber has delivered a confident FY17 performance and has set out a clear threefold strategy to drive medium-term growth. The core business is buoyed…


Strong H1 performance

Update | Industrial Support Services | 15/11/2017

A good start to FY18 was trailed in earlier updates and Commercial Waste was a strong driver of progress in H118. This is now reflected in our increased…

Game Digital

Sales recovery sees strategy on track

Update | Consumer Support Services | 15/11/2017

Results confirm that the sales recovery signalled in August has been fully realised in terms of profit delivery. The business transformation strategy is…

Laboratorios Farmacéuticos ROVI

Biosimilar enoxaparin launches

Update | Pharmaceutical & healthcare | 14/11/2017

ROVI reported operating revenue of €203m for 9M17 (+ 6%), driven by exceptionally strong growth in the toll manufacturing business (+20%). The speciality…


Funds raised to support VCSEL ramp-up

Update | Technology | 14/11/2017

IQE has announced its intention to raise up to £95.1m (gross) through a placing of up to 67.9m new shares at 140p/share. The funds will enable IQE…

Jackpotjoy plc

An attractive deleveraging bet

Outlook | Travel & Leisure | 14/11/2017

Jackpotjoy plc (JPJ) is the clear leader in the c £800m UK bingo-led market, with exceptionally high EBITDA margins and strong cash flow. The group’s…

Elk Petroleum

Aneth adds another antler

Update | Oil & Gas | 13/11/2017

Elk Petroleum’s (ELK) acquisition of a 63.7% operated interest in the Aneth Rocky Mountain CO2 EOR project from Resolute Energy transforms the company…


The stars are aligning for fast growth in the US

Outlook | Pharmaceutical & healthcare | 13/11/2017

Photocure is a commercial-stage Norwegian specialty pharmaceutical company that currently markets Hexvix/Cysview for diagnosing and managing bladder cancer.…

Carr's Group

Profits dip as expected with FY18 recovery underway

Update | Consumer staples | 13/11/2017

As flagged at the interim stage, group profits dipped during FY17 as a result of weak demand for feed blocks in the US and a major contract delay affecting…

Aberdeen New Thai Investment Trust

Long-term Thai equities specialist

Review | Investment Companies | 13/11/2017

Aberdeen New Thai Investment Trust (ANW) is the only London-listed investment trust focused on Thailand. Launched in 1989, the managers have a long history…

Witan Investment Trust

Increasing exposure to continental Europe

Review | Investment Companies | 13/11/2017

Witan Investment Trust (WTAN) invests globally and is one of the largest investment trusts, with net assets of c £2.0bn. It adopts a primarily…


Piercing the gloom

Update | Automotive Retailers | 13/11/2017

Lookers issued a Q3 trading statement that reaffirmed management expectations for 2017. It also indicated the initiation of a share buyback programme,…

Banca Sistema

Loan growth and ROE are positive features

Update | Financials | 13/11/2017

Banca Sistema’s (BST) Q3 results showed continued growth in its main trade receivables financing and salary and pension-backed loan activities. Reported…

Foresight Autonomous Holdings

Associate Rail Vision looking at Nasdaq listing

Flash note | Technology | 13/11/2017

Foresight’s (FRSX) 24.8%-owned associate, Rail Vision (RV), has announced that it is considering a Nasdaq listing. RV is one of relatively few developers…

China Aviation Oil (Singapore)

Strong volumes in tougher trading environment

Update | Industrial Support Services | 12/11/2017

Q3 results reflected the combined impact on gross margin of the core trading operation due to a return to a backwardation situation in product markets,…

Almonty Industries

Termination of coverage

Update | Mining | 12/11/2017

Edison Investment Research is terminating coverage on Almonty Industries (All). Please note you should no longer rely on any previous research or estimates…

Global Bioenergies

Termination of coverage

Update | Alternative Energy | 12/11/2017

Edison Investment Research is terminating coverage on Global Bioenergies (ALGBE). Please note you should no longer rely on any previous research or estimates…

Is Yatirim Menkul Degerler

Termination of coverage

Update | Financials | 12/11/2017

Edison Investment Research is terminating coverage on Is Yatirim Menkul Degerler (ISMEN). Please note you should no longer rely on any previous research…

Intelligent Energy Holdings

Termination of coverage

Update | General Industrials | 12/11/2017

Edison Investment Research is terminating coverage on Intelligent Energy Holdings (IEH). Please note you should no longer rely on any previous research…

Vertu Motors

Termination of coverage

Update | Automotive Retailers | 12/11/2017

Edison Investment Research is terminating coverage on Vertu Motors (VTU). Please note you should no longer rely on any previous research or estimates for…

IG Design Group

Termination of coverage

Update | Consumer Support Services | 12/11/2017

Edison Investment Research is terminating coverage on IG Design Group (IGR). Please note you should no longer rely on any previous research or estimates…

Achillion Pharmaceuticals

Termination of coverage

Update | Pharmaceutical & healthcare | 12/11/2017

Edison Investment Research is terminating coverage on Achillion Pharmaceuticals (ACHN). Please note you should no longer rely on any previous research…

Wheaton Precious Metals

Never knowingly undersold

Update | Mining | 10/11/2017

Wheaton Precious Metals’ (WPM) Q317 results were characterised by improvements in production relative to the previous quarter, but a 24.2% under-sale…


Licensing and funding milestones in Q3

Update | Pharmaceutical & healthcare | 10/11/2017

Mologen has announced two new sources of funding that will likely extend its cash reach into mid-2018. The signing of a share subscription facility with…


US and Japan filings and EU Phase III on track

Update | Pharmaceutical & healthcare | 10/11/2017

Paion remains on track to file for approval of Remimazolam in 2018 for procedural sedation (via partner Cosmo Pharmaceuticals in the US) and general anaesthesia…

Target Healthcare REIT

Income growth and growing NAV

Update | Property | 09/11/2017

Target has published its quarterly NAV and dividend update. NAV total return was 3.0% in the quarter including dividends paid of 1.570p. With investor…


TCR clinical trial initiation imminent

Update | Pharmaceutical & healthcare | 09/11/2017

Medigene’s Q3 results are in line with our forecasts. The company has submitted its Phase I/II clinical trial application for its lead TCR cellular…


Priming immune response in anticancer combos

Initiation | Pharmaceutical & healthcare | 08/11/2017

Targovax is an immuno-oncology (IO) company specialising in two distinct, but complementary approaches. ONCOS-102 is a genetically engineered adenovirus…

Templeton Emerging Markets Investment Trust

New manager oversees improved performance

Review | Investment Companies | 08/11/2017

Templeton Emerging Markets Investment Trust (TEMIT) aims to generate long-term capital growth from a portfolio of emerging market equities that is diversified…

ASLAN Pharmaceuticals

Novel treatments for worldwide unmet needs

Initiation | Pharmaceutical & healthcare | 07/11/2017

We are initiating coverage on ASLAN Pharmaceuticals, a clinical-stage drug developer focusing on in-licensing drugs with a high prevalence in Asia that…

Raven Russia

Growing into an improving market

Update | Property | 07/11/2017

Raven has announced a second significant acquisition for the current year, a large, modern Grade A warehouse complex north of Moscow. The acquisition (maximum…


Cloud OEM agreement with Virtustream/Dell

Update | Technology | 07/11/2017

WANdisco’s second OEM partnership, with Virtustream, Dell/EMC’s cloud platform and software business, significantly strengthens the company’s…


Waiting for readouts

Update | Pharmaceutical & healthcare | 07/11/2017

Mesoblast is entering a period of top-line readouts. This note focuses on two possible value events in 2018 in graft vs host disease and in Class IV heart…

PPHE Hotel Group

Making the most of it

Flash note | Travel & Leisure | 06/11/2017

PPHE has again hit the spot with a “strong” Q3 (like-for-like RevPAR +9%, albeit currency-boosted), driven by Croatia and London. This is all…

Volt Resources

Fully funded to complete pre-development goals

Update | Mining | 03/11/2017

Volt has secured A$3.2m via two share issues to existing and new shareholders. The two raises (A$2.3m on 1 November and A$0.9m on 3 November 2017) will…

The Merchants Trust

Benefits from announced debt refinancing

Review | Investment Companies | 03/11/2017

The Merchants Trust (MRCH) adopts a long-term approach to investing in UK equities, aiming to generate an above-average level of income along with long-term…

Max 21

Restructured for growth

Initiation | Technology | 03/11/2017

Max 21 has almost completed a double repositioning. It has slimmed down to two core businesses and, in turn, they have been refocused on scalable business…


Aplidin and Zepsyre milestones coming up

Update | Pharmaceutical & healthcare | 03/11/2017

PharmaMar investors await two key events that are expected in the next few months. The European Committee for Medicinal Products for Human Use (CHMP) should…

SNP Schneider-Neureither & Partner

Positioning the business for growth

Update | Technology | 03/11/2017

2017 has been a year of major change for SNP, including two major acquisitions, debt and equity capital raisings, corporate restructurings, new product…

The NAGA Group

Revenue growth and continued executions

Update | Technology | 02/11/2017

NAGA saw 90% growth in pro forma revenue to €3.7m from trading activities and a 74% increase in total sales to €4.3m in H117, compared with H216.…

Jupiter US Smaller Companies

New initiatives from US small-cap value specialist

Review | Investment Companies | 02/11/2017

Jupiter US Smaller Companies (JUS) has announced a number of new initiatives and enhancements to its investment process, aimed at boosting shareholder…

Hurricane Energy

Hurricane hoping for a storm-less 2018

Update | Oil & Gas | 02/11/2017

Investor focus is understandably on the execution of Hurricane’s Lancaster EPS development. First oil from Lancaster will complete the transition…

KEFI Minerals

Tulu Kapi financial projections update

Update | Mining | 02/11/2017

The release of KEFI’s updated financial projections for Tulu Kapi earlier this week follows the operational update in October in which it first posited…

SymBio Pharmaceuticals

New formulations extend Treakisym patent life

ADR Update | Pharmaceutical & healthcare | 02/11/2017

SymBio has substantially increased the value of its Treakisym franchise through in-licensing novel bendamustine formulations from Eagle Pharmaceuticals…

Snakk Media

Self-service growth kicking in

Update | Media | 01/11/2017

Snakk Media has issued its Q2 trading update and performance against KOMs. These show signs that it may be turning a corner following restructuring carried…

Egdon Resources

INEOS acquires interest in Egdon core shale area

Update | Oil & Gas | 01/11/2017

INEOS has completed the acquisition of Total E&P’s interests in a number of Gainsborough Trough area UK licences operated by IGas in which Egdon…

Alabama Graphite

Gaining the industry attention it deserves

Update | Mining | 01/11/2017

Without doubt, Alabama’s Coosa ‘Made and sourced in the USA’ battery ready graphite is getting the attention it deserves. CSPG’s…


Multiple assets in the clinic as data readouts near

Update | Pharmaceutical & healthcare | 01/11/2017

Transgene’s strategy is focused on combining its products with approved therapies with the aim of improving response rates in patients. The company…


Heavy investment is beginning to pay off

Outlook | Technology | 01/11/2017

CREALOGIX’s strong momentum in FY17 reflects buoyant digital transformation trends across the European banking sector, notably in Germany, and the…

Green Dragon Gas

Debt maturity extensions

Flash note | Oil & Gas | 31/10/2017

Green Dragon Gas (GDG) has announced that it has progressed discussions with the majority of its debt holders to extend existing debt maturities to 20…


H117 results and update

Update | General Industrials | 31/10/2017

The reduction in Carbios’s operating losses in the first half of 2017 is positive. It was driven by revenue from Carbiolice for part of the period…

Foresight Autonomous Holdings

Well placed for China’s coming ADAS revolution

Outlook | Technology | 31/10/2017

Foresight Autonomous (FRSX) is a developer of solutions for advanced driver assistance (ADAS) and fully autonomous (FA) driving applications, based on…


Revision of clinical strategy after responses seen

ADR Update | Pharmaceutical & healthcare | 30/10/2017

Celyad has reported a complete morphological leukemia-free status (MFLS) response in acute myeloid leukemia (AML) in the NKR CAR T-cell THINK study. Spontaneous…

Target Healthcare REIT

Careful investment paying dividends

Update | Property | 30/10/2017

Target recently released full year results for the year to 30 June 2017 and has published its annual report. The key figures showing strong growth in assets…


Becoming a dermato-oncology expert

Outlook | Pharmaceutical & healthcare | 30/10/2017

4SC’s new core strategy revealed earlier this year has focused on dermato-oncological indications, while its assets for other indications are partnered.…


Revision of clinical strategy after responses seen

Update | Pharmaceutical & healthcare | 30/10/2017

Celyad has reported a complete morphological leukaemia-free status (MFLS) response in acute myeloid leukaemia (AML) in the NKR CAR T-cell THINK study.…


Near-term expectations reduced

Update | Industrial Support Services | 30/10/2017

Augean’s (AUG) dispute with HMRC over landfill taxes and tough trading conditions in its key markets creates significant uncertainty. The company…


Material progress for HomeSend

Update | Technology | 30/10/2017

eServGlobal has been on a long journey to restructure its core business; we believe it is now nearing the end of this process. The cost base has been resized…


Fibreless optical links in the skies

Initiation | Technology | 30/10/2017

Mynaric has developed equipment for transmitting data via laser between moving airborne or space platforms at rates similar to conventional optical fibre,…

Ellomay Capital

Reinvestment in asset growth

Outlook | Alternative Energy | 30/10/2017

Ellomay Capital is a renewable power asset owner, operator and developer. Currently, most of its operating cash flows come from 30.5MW of solar power plants…

F&C Managed Portfolio Trust

Unique fund structure offering income and growth

Review | Investment Companies | 27/10/2017

F&C Managed Portfolio Trust (FMPT) is an investment trust with a differentiated structure. It consists of two listed investment portfolios: an income portfolio…

F&C Managed Portfolio Trust

Unique fund structure offering income and growth

Review | Investment Companies | 27/10/2017

F&C Managed Portfolio Trust (FMPT) is an investment trust with a differentiated structure. It consists of two listed investment portfolios: an income portfolio…

Expert System

Slower pipeline conversion

Update | Technology | 27/10/2017

Expert saw a slower than expected trading environment in H117 combined with a shift in the mix of revenues towards subscription licensing. Post period…


Making good progress

Update | Financials | 27/10/2017

Share’s third quarter update confirmed the positive trends reported in August, with further market share gains and continuing work on its digital…

Osirium Technologies

Diverse customer base highlights the opportunity

Update | Technology | 27/10/2017

Osirium is making good progress in renewing contracts and signing new customers. We are initiating forecasts based on the assumption that the company will…

Circle Property

Asset management delivers strong capital growth

Update | Investment Companies | 27/10/2017

Circle Property’s recent trading update ahead of December’s interim results prompts us to revise our forecasts. 11% growth in the portfolio…

Canadian General Investments

Outperformance down to stock selection

Review | Investment Companies | 26/10/2017

Canadian General Investments (CGI) enjoys favourable tax status as a Canadian investment corporation. Its portfolio of primarily Canadian equities is broadly…

Volt Resources

Pursuing Phase 1 capital

Update | Mining | 25/10/2017

Volt Resources announced on 25 October that it has appointed Exotix Capital as lead to secure up to US$30m of a Tanzanian bond issue. Exotix Capital is…


Market trends help but costs and forex hinder

Update | Financials | 25/10/2017

Record’s second quarter update showed an increase in dollar denominated AUME to a new high of over $60bn. Flows were modestly negative but this was…

Seneca Global Income & Growth Trust

Higher, more realistic benchmark introduced

Review | Investment Companies | 25/10/2017

Seneca Global Income & Growth Trust (SIGT) has changed its benchmark to a more relevant CPI +6% rather than Libor +3%, aiming to achieve an average…

Lowland Investment Company

Long-term recovery focus drives outperformance

Review | Investment Companies | 25/10/2017

Lowland Investment Company (LWI) invests across the UK stock market with the aim of providing attractive capital and income returns for its investors.…

GB Group

Robust H1, short-term boost from licensing

Update | Technology | 24/10/2017

GB Group’s trading has remained robust in H1. Backing out a £3.5m perpetual licence, underlying organic growth was 12%, consistent with our…

Pixium Vision

Pixium cleared to start EU Prima feasibility study

Update | Pharmaceutical & healthcare | 24/10/2017

Pixium has received clearance from the French regulatory agency (Agence Nationale de Sécurité du Médicament et des Produits de Santé,…

SymBio Pharmaceuticals

New formulations extend Treakisym patent life

Update | Pharmaceutical & healthcare | 23/10/2017

SymBio has substantially increased the value of its Treakisym franchise through in-licencing novel bendamustine formulations from Eagle Pharmaceuticals…

Gear4music Holdings

Ready to rock

Update | Consumer Support Services | 23/10/2017

While revenue and customer KPIs continue to grow robustly, Gear4music (G4M) is preparing the next stage of expansion. The first half saw the start of the…


Cash conservation and operational progress

Update | Alternative Energy | 23/10/2017

A refocused business, a strengthened management team and progress with its underlying research programmes suggest Deinove is on course to generate commercial…

Nürnberger Beteiligungs

Low rating, but industry uncertainties persist

Update | Financials | 23/10/2017

Nürnberger’s results this year are riding out the challenging environment; net income rose 63% to €42m and guidance for the full year was…


Clean-up continues

Update | Financials | 20/10/2017

The latest filings show an improved H117 and a strengthened balance sheet. Liquid funds of €175k in late September stand against target monthly fixed…

SDX Energy

Solid well results kick off the campaign

Update | Oil & Gas | 19/10/2017

SDX Energy has announced two successful well results in recent weeks, with additional oil discovered in Egypt and more net pay found in its first Moroccan…

Hutchison China MediTech

WCLC highlights savolitinib combination potential

ADR Update | Pharmaceutical & healthcare | 19/10/2017

Data presented at the World Conference on Lung Cancer (WCLC) on combination approaches to treat resistant EGFR-driven non-small cell lung cancer (NSCLC)…

Deutsche Beteiligungs

FY17 confirmed as an exceptional year

Update | Investment Companies | 19/10/2017

Deutsche Beteiligungs (DBAG) reported a 22.1% NAV return for the first nine months of FY17, and management guidance is for a further uplift in the final…

Thin Film Electronics

Suspension of forecasts

Flash note | Technology | 19/10/2017

We are withdrawing our estimates on Thinfilm. Our previous estimates are now out-of-date and should not be relied upon.