: Mining

07/11/2023
Gold sector report: September 1979 revisted
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We believe that three features of the general, western economic crisis of the 1970s are relevant to current conditions both in the gold market and in the wider US economy. First, it heralded a period of significant volatility in real interest rates that lasted until December 1981. During this time, the gold price materially re-based itself from US$315/oz in August 1979 (when real interest rates were -0.438%) via US$382/oz in October 1979 (when real interest rates were 3.428%) to US$653/oz in January 1980 (when real interest rates were 0.091%). Second, the gold price did not peak until real interest rates attained a level of 4% on a sustainable basis in November 1980. This level of real interest rates not having remotely been reached and the Fed now seemingly pausing its tightening cycle, we believe that the gold bull market remains intact and that, while it is possible to predict a lower gold price in the next few years (down to US$1,126/oz if latent inflationary forces fail to come through and 2029 becomes the analogue of 1985), in the shorter term a number of our analyses demonstrate that a price in excess of US$3,000/oz is a realistic possibility and that one of US$4,500/oz is an outside possibility. Our updated gold price forecasts are shown in Exhibit 13 on page 8 of this report.
Companies mentioned
KEFI Gold and Copper

: Pharmaceuticals & healthcare

01/04/2022
Renaissance BioScience thematic report – Feeding the world
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Rising demand for alternatives to broad-spectrum conventional pesticides is driving investment in the development of environmentally friendly biological crop protection products that support sustainable agriculture. This report reviews the background to this growth and discusses some of the novel techniques being deployed, including RNA interference (RNAi) and individual companies engaged in development and commercialisation.
Companies mentioned
Renaissance BioScience

: General Industrials

29/03/2022
BayWa – Focus on 2021 results
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BayWa is an international trading company operating in the fields of energy, agriculture and building materials. In this thematic report, which is the sixth in a sequence of short notes and interviews about BayWa, we explore how the company’s heavily diversified business activities in relatively defensive markets and its international reach limited the impact of the coronavirus pandemic on performance during FY21 and enabled BayWa to report record levels of EBIT.
Companies mentioned
BayWa

: General Industrials

16/03/2022
BayWa – Focus on building materials
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BayWa is an international trading company operating in the fields of energy, agriculture and building materials. In this thematic report, which is the fifth in a sequence of short notes and interviews about BayWa, we explore how the company’s building materials segment is responding to the need for the construction sector to adopt more environmentally responsible practices.
Companies mentioned
BayWa

: General Industrials

09/03/2022
BayWa – Focus on agriculture
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BayWa is an international trading company operating in the fields of energy, agriculture and building materials. In this thematic report, which is the fourth in a sequence of short notes and interviews about BayWa, we examine how the company’s agriculture segment is evolving in response to the need to feed a growing global population while adopting more sustainable farming practices. The review includes both initiatives that help farmers produce crops more sustainably and initiatives that help farmers mitigate the adverse impacts of climate change.
Companies mentioned
BayWa

: General Industrials

16/02/2022
BayWa thematic report – Embracing renewable energy
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BayWa is an international trading company operating in the fields of energy, agriculture and building materials. In this thematic report, which is the third in a sequence of short notes and interviews about BayWa, we examine how BayWa’s energy segment is evolving in response to society’s shift away from fossil fuels. The review includes both BayWa’s strategic investment in renewable energy related activities and numerous environmentally friendly new products launched by the group’s conventional energy business.
Companies mentioned
BayWa

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02/02/2022
Baywa - Sustainable solutions for life
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BayWa is an international trading company operating in the fields of energy, agriculture and building materials. In this thematic report, which is the first of a sequence of short notes on BayWa, we examine how the group is able to make a major contribution to limiting the effects of climate change by adapting both its strategy and internal operating processes. These adaptations help BayWa, its customers and its suppliers reduce their negative effect on climate change and their exposure to the potential impact of climate change. The group’s emphasis on a more sustainable business model is also helping it secure green investment, which is accelerating the growth of BayWa’s renewable energy business, creating a virtuous circle.
Companies mentioned
BayWa

: 17/12/2021
From drought to glut? - Where to position yourself in the chip value chain
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We believe 2022 will be a much more difficult year for investing in semiconductors than 2021’s high tide that lifted almost all boats. Given the issues with supply that should be resolved in the next few months, more pandemic lockdowns and an economic slowdown in China, stock picking is key in the semiconductor sector. We believe automotive electric vehicles (EVs) and autonomous driving (ADAS) related specialists are best positioned, as well as semiconductor material specialists.
Companies mentioned

: 04/08/2021
ENTERPRISE ADOPTION OF AI
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Companies mentioned

: 16/07/2021
Open House Transport Futures 2021
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Companies mentioned

: Alternative Energy

05/05/2021
Global helium market update - Market shifting to oversupply by mid-2020s
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Despite the pandemic weighing heavily on demand, the helium market remains under-supplied in 2021, as it has been since 2018. From 2022, significant additional supply should enter the market from Qatar and Russia which could see the start of a significant loosening of the market. By 2026, these two countries alone could add 3.8bcf/year to global supply, causing >20% oversupply out to 2030, based on 2% pa demand projections. We would expect significant pricing pressure by the mid-2020s unless demand surprises on the upside. For security of supply, it is concerning that by the late 2020s, 75% of global helium supply will come from Qatar, Russia and Algeria (up from 50% in 2020). Some customers may be willing to pay a premium to secure supply of helium from outside of these three countries.
Companies mentioned

: Financials

21/12/2020
ProCredit Holdings: Flying High - ESG Edge Report
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ProCredit (PCB) is a Germany-based group operating regional banks across Southeastern and Eastern Europe, as well as in Ecuador. The banks focus on SMEs and private middle-income and high earners. At end-September 2020, the group’s total assets stood at €7.1bn. ProCredit has extensive experience in supporting small and medium-sized enterprises (SMEs) in emerging economies, with a focus on Southeastern (SEE) and Eastern Europe (EE) and banking operations in Ecuador. PCB aims to positively contribute to the economic, social and environmental situation in these regions regions and create shareholder value in the process. This has been supported with a dynamic growth of its green loan portfolio (CAGR of 34% in 2016-2019), prudent credit, social and environmental risk management as well as long-term oriented approach to its clients and staff. PCB’s environmental, social and governance (ESG) efforts are reflected in its outperformance vs peers in the ESG scoring system that we have applied. Edison’s ESG Edge analysis aims to move away from historical data and focus on forward looking drivers and indicators. Our methodology starts by grounding our work through the analysis of the data points of other data providers and ratings agencies’. Our ESG Edge scores are derived in collaboration with our partner Rebalance and follow the guidelines of the Sustainable Accounting Standards Board (SASB) and use the Cambridge Impact Framework. We follow this up with management and employee interviews to validate our findings and get to the narrative behind the data. Our findings are condensed in this report to focus on key ESG drivers, transition opportunities and risks for the company. Please see our website for a more detailed overview of our methodology.
Companies mentioned
ProCredit Holding

: 06/12/2020
The hydrogen economy - Decarbonising the final 20%
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Companies mentioned

: Pharmaceuticals & healthcare

14/10/2020
Emerging therapies in AMD - A second look at next-generation treatments
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Age-related macular degeneration (AMD) remains the leading cause of blindness in older adults in western countries. While neovascular AMD (NVAMD, or wet-AMD) can be controlled in most cases with recurring anti-vascular endothelial growth factor A (VEGF-A) intravitreal injections (IVT), there is a substantial unmet need for those with the dry form of the disease (whose prevalence is about six- to nine-fold higher), particularly those who develop geographic atrophy (GA). There also remains a need to improve NVAMD treatments, as recurring IVT injections are burdensome, and about a third of patients will become refractory to anti-VEGF-A over time. This report provides an updated overview of many of the leading candidates and technologies that will shape the AMD market in the coming decade. We expect that while not all of these products will be successful, those that are could potentially generate significant returns for investors.
Companies mentioned

: 08/09/2020
Emerging therapies in AMD - A second look at next-generation treatments
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Age-related macular degeneration (AMD) remains the leading cause of blindness in older adults in western countries. While neovascular AMD (NVAMD, or wet-AMD) can be controlled in most cases with recurring anti-vascular endothelial growth factor A (VEGF-A) intravitreal injections (IVT), there is a substantial unmet need for those with the dry form of the disease (whose prevalence is about six- to nine-fold higher), particularly those who develop geographic atrophy (GA). There also remains a need to improve NVAMD treatments, as recurring IVT injections are burdensome, and about a third of patients will become refractory to anti-VEGF-A over time. This report provides an updated overview of many of the leading candidates and technologies that will shape the AMD market in the coming decade. We expect that while not all of these products will be successful, those that are could potentially generate significant returns for investors.
Companies mentioned

: General Industrials

24/06/2020
The small satellite market - Small is beautiful
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Small satellites, ie those weighing less than 500kg, are increasingly being deployed to provide internet connectivity to remote and rural areas, to provide environmental monitoring services and to track assets. Widespread deployment requires changing the paradigm from expensive, bespoke satellites to platforms and payloads that can be manufactured and launched in their thousands. This report explores the drivers behind this revolution and profiles several of the key-players.
Companies mentioned

: Mining

12/06/2020
THE GOLD RUSH Why there’s no end in sight
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Markets are uneasy, uncertainty is here to stay, interest rates are effectively zero and the Fed’s keeping the economy afloat by whatever means necessary. Under these circumstances the gold price could very reasonably be expected to rise to c US$1,900/oz and potentially as high as US$3,000/oz. Even if the gold price remains at current levels, Edison’s valuation of most gold equities is now significantly above current market levels. In this latest macro report focused on gold, Edison's Charlie Gibson reflects on the impact of covid-19 and the resulting economic stimulus measures that will drive the outlook for both gold and gold equities over the coming years.
Companies mentioned

: Technology

08/04/2020
European video games
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The games industry is a rare example of a sector set for a good crisis. With billions of extra leisure hours available daily and quick adjustment to distributed working, many games developers and publishers are seeing strong revenue and margin growth. In this report, we compare business models across geographies and look at how different segments of the market may be affected by the COVID-19 pandemic. The general pre-crisis backdrop was a sector forecast to grow at c 8.4% (2019–22), reaching a total market size of $190bn by 2022. Mobile gaming offers a low double-digit revenue CAGR, while PC and console gaming offer single-digit growth as we move towards console transition this year. In the first few months of the year, business disruption was mainly confined to China and the Far East, with concerns over supply chains and stock levels to the fore in the West. Since then, the reality of a global COVID-19 pandemic has emerged, with more than a third of the global population in lockdown today. The transition from offices to remote working has caused significant business disruption, but for most games companies the disruption has been effectively managed with business continuity plans now largely implemented. Looking ahead, we expect consumers will be isolated from normal activities and other forms of entertainment for at least three to six months; while it lasts, this period will provide a substantial benefit for games companies. Although the virtual reality industry might suffer supply issues and console launches will be softer (initially), the net effect of the pandemic is set to be sector positive. The small-cap European games sector offers exposure to a number of well-run, innovative businesses, with recurring revenue models that will benefit from increased consumer demand fulfilled digitally. The following companies are featured in the research: 11 bit studios, Astralis, Bigben Interactive, CD Projekt, Codemasters, Digital Bros, Embracer, Focus Home, Frontier Developments, G5 Entertainment, Gfinity, MTG, Nacon, Paradox Interactive, PlayWay, Remedy Entertainment, Rovio Entertainment, Starbreeze, Stillfront Group, Sumo Group, Team17 and Ubisoft Entertainment.
Companies mentioned
Keywords Studios

: Aerospace & Defence

15/11/2019
Deutsches Eigenkapitalforum - EKF conference book 2019
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A very warm welcome to the Edison conference book for the Deutsches Eigenkapitalforum 2019. Following a record year for IPOs in 2018, this year has been rather disappointing so far. Year-todate values are down by 40% in Europe compared to 2018. The picture is similar in Germany. Moreover, IPO performance is not very encouraging, with each of the four IPOs in Germany trading below issue price. However, TeamViewer’s listing on the Frankfurt Stock Exchange provides one of the few bright spots in the IPO environment in the third quarter, putting Deutsche Börse first in Europe with regard to issue volume. From a German perspective, it is very pleasing that the domestic exchange can support large tech IPOs. With a number of IPOs being cancelled or postponed, the market is already looking ahead to next year. At this point, 2020 could be a very successful year for new listings, with several landmark transactions in the pipeline like Continental Powertrain, Siemens Energy and Wintershall DEA. Needless to say, all this depends on the global economic environment. Equity markets are clearly buoyed by politics at present. Looking at the factors driving markets and sentiment, it is striking that many are the same as last year. Brexit has not been resolved and trade disputes continue. Investors have been factoring a risk premium into asset prices for those political developments for more than a year.
Companies mentioned
MLP , DFV Deutsche Familienversicherung , 3U Holding , Tinexta , Mobotix , NFON , Polski Bank Komórek Macierzystych , Voltabox , FCR Immobilien , Mynaric , Team Internet Group , FinLab , CLIQ Digital , Lloyd Fonds , mVISE , ISRA VISION , FACC , bet-at-home , Mutares , Ferratum , Berentzen Gruppe , EQS Group , Reply SpA , Mensch & Maschine Software , All for One Group , paragon , Nanogate , Formycon , OTC Markets Group , Newron Pharmaceuticals , MOLOGEN , Deutsche Börse , MagForce , Deutsche Beteiligungs , Transgene , Paion

: Mining

15/08/2019
Gold: Doves in the ascendant
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‘Even today, the importance of gold in the international monetary system is reflected in the fact that it is today the only commodity held as reserve by the monetary authorities, and it constitutes the largest component after dollars in the total reserves of the international monetary system.’ Robert A Mundell, Nobel Laureate for Economics, 1999.
Companies mentioned

: Technology

11/07/2019
Diversification and scale for online success
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The global online gaming market generated c £40bn of gross gaming revenues (GGR) in 2018 and newly regulating markets (the US) are expected to contribute to 7% CAGR to 2023 (according to H2 Gambling Capital (H2GC)). However, while regulated markets have provided significant opportunities for operators to date, government intervention remains a constant threat and legislation is tightening. Some mature markets (notably the UK) have been raising taxes and implementing regulatory burdens, which increases the cost of business. In our view, success will depend on a combination of scale, diversification, proprietary technology and a strong balance sheet. Many of the 12 operators in this report should benefit from these dynamics and sector valuations remain attractive, at 12.6x P/E, 8.2x EV/EBITDA and 6.0% dividend yield for FY19.
Companies mentioned

: Pharmaceuticals & healthcare

02/05/2019
Cannabis - Where are we and where are we going?
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The cannabis sector is relatively broad, spanning FDA-approved drugs to consumer products. Both markets are still at a fraction of their potential peak sizes due to laws forbidding the use of cannabis and also regulatory hesitance to approve drugs with related active ingredients. Worldwide sales for all regulator-approved cannabinoid therapeutics were only $53m in 2018 while the total legal cannabis market in the United States was only around $8bn in 2017 compared to $234bn in sales for the alcoholic beverage industry. However, things are changing, mainly due to two reasons: legalization is popular with voters and politicians recognize that the tax revenue that could be extracted through sales taxes/VAT could fill budgetary holes.
Companies mentioned

: Oil & gas

29/01/2019
Exploration watch: 2019 exploration wells
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Worldwide exploration continued to be dominated by ExxonMobil’s ongoing success offshore Guyana, with five discovery wells and the opening up of two new plays. In 2019, this activity will continue, but will be joined by two separate efforts led by Tullow Oil and Repsol that will look to extend this success to the inboard Orinduik and Kanuku blocks. In Latin America attention will also be focused on Mexico, as drilling extends into deeper waters alongside further exploration of the shallower Sureste Basin. In the North Sea, potential high-impact wells in the Barents Sea and West of Shetland were deferred into 2019 and activity looks set to increase in these areas this year. Onshore, we look at high-impact wells in the Nanushuk trend of Alaska’s North Slope and the frontier region of Western Mongolia.
Companies mentioned
Otto Energy , 88 Energy , Hurricane Energy , Cairn Energy

: *Multiple Sectors

09/11/2018
Deutsches Eigenkapitalforum - EKF conference book 2018
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A very warm welcome to the Edison conference book for the Deutsches Eigenkapitalforum 2018. Performance in the equity markets this October has been one of the weakest in recent history. While risk factors such as ongoing trade disputes, slow-moving BREXIT negotiations and concerns about the Italian budget, to name just a few, are numerous, they are also well known and not new. As this downturn did not have a clear trigger, there is arguably also no clear path to recovery. Our strategist, Alastair George, views these equity declines as a continuation of an ongoing derating of equities. Accordingly, he retains a cautious position on developed market equities.
Companies mentioned

: Oil & gas

21/08/2018
Exploration watch: Argentina
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Argentina has experienced major changes in its oil and gas industry over the last five years. The country holds world-class shale potential in the Vaca Muerta and is the second-largest shale region undergoing development in the world after the US. Discovered in 2010, the Vaca Muerta has attracted major companies to invest in the region including Chevron, Dow, ExxonMobil, Shell and Total. Production has historically been dominated by the state majority-owned company Yacimientos Petrolíferos Fiscales (YPF), but this is shifting as it partners with the majors to develop the Vaca Muerta and as the country moves to more market-friendly policies under President Mauricio Macri, elected in 2015. Unconventional development is not the preserve of the majors, however, and independent Phoenix Global Resources’ 2018 programme is designed to accelerate unconventional growth in the Vaca Muerta. Meanwhile, the shift of focus of the majors to unconventionals has created an opportunity for independents operating in the conventional space, where production has been declining. Both President Energy and Echo Energy are focused on growing conventional production in Argentina and have active programmes in 2018.
Companies mentioned
President Energy

: 27/07/2018
July 2018 Edition of Australasia Monthly Book
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Welcome to the July edition of Edison’s Australasia Monthly Book. The Asia Pacific region has continued to attract investment attention, with international funds looking for quality companies in safe jurisdictions with strong cash flow and yield. Access to information on the Asia Pacific region continues to be affected by the recently implemented European GDPR and MiFID II reforms, which have significantly changed the way that the buy-side can receive its research information. Our approach continues to improve the visibility of our client companies to potential investors, enhances liquidity and provides the opportunity to attract the widest range of potential investors and stakeholders.
Companies mentioned

: Investment trusts

07/06/2018
Listed private capital - Defining the LPC arena
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According to Preqin/McKinsey, private capital (PC) AUM has grown from $0.7tn in 2000 to $5.2tn in 2017. Private equity (PE) remains the largest subsector, but a number of other asset classes have developed rapidly over recent years, including infrastructure and private debt. The listed private capital (LPC) sector provides public market investors with access to these diverse investment opportunities. In light of LPEQ’s strategic shift to represent the LPC arena, we examine the size and scope of LPC and the opportunities it presents to investors. We estimate that the European LPC arena is capitalised at £130bn and offers an attractive risk-reward profile compared to traditional listed investments.
Companies mentioned
LPeC

: Oil & gas

20/04/2018
Exploration watch: 2018 exploration wells
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Worldwide exploration levels remain low compared to the 2014 peak and in 2018 are not expected to increase significantly from 2017. Latin America dominated 2017 in terms of both discovery numbers and size, mainly due to ExxonMobil’s continuing success offshore Guyana, but also with the 400-800mmbbl Zama discovery offshore Mexico. Activity in the region is set to continue in 2018, with further drilling in Guyana and renewed efforts to prove an extension of the basin into Suriname. The largest discovery in 2017 was the 15tcf Yakaar offshore Senegal, but in 2018 the exploration focus offshore West Africa switches to Morocco and Namibia. In this Exploration watch, we highlight these wells and more that are due to be drilled in 2018 involving independent companies, and with resource estimates greater than 100mmboe.
Companies mentioned

: Oil & gas

08/03/2018
Exploration watch: Trinidad: New energy to low cost, low risk region
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Trinidad is a well-established oil and gas producing region, with continuous production since the first field came onstream in 1902. The hydrocarbon sector has been predominantly producing gas since the 1990s and offshore gas development is dominated by the majors: BP, Shell, BHP and EOG resources. This has created an opportunity for independent companies to operate in the onshore oil fields located in the south of the island. Columbus Energy Resources (CERP), Range Resources, Touchstone Exploration and Trinity Exploration and Production all operate producing onshore oil fields, while Trinity also operates offshore in the Columbus Basin. Recent management changes or new funding at these companies has resulted in a boost to activity across assets that offer low cost, low risk development, although there are challenges in producing from older well stock in geologically complex structures.
Companies mentioned

: Investment trusts

20/02/2018
LPE sector performance: Outperforming through market uncertainty
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Investors in European-listed private equity (LPE) have been presented with two sources of uncertainty recently: disclosures in the new key information documents (KIDs) required under MiFID II and increased market volatility. In the 12 months to 9 February 2018, however, the LPX Europe Total Price Return Index (LPX) of major UK and European LPE companies returned 16% compared to 8% for the MSCI Europe index. Over the same period, the LPX total NAV return was even higher at 18%. Over 10 years the LPX returned 119% compared to 93% for MSCI Europe. Thus, LPE has continued to deliver impressive net-of-fee returns for investors.
Companies mentioned
LPeC

: Oil & gas

19/12/2017
Helium – Macro View
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Helium is a vital element in the manufacture of MRIs, semiconductors as well as being critical for space exploration, rocketry and high-level science. We examine the supply/demand picture for helium, examining key supply sources in the US and globally. We also summarise the reserve situation for helium and look for pricing guidance.
Companies mentioned

: Mining

16/11/2017
Mining overview: Unlocking the price to NPV discount
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Equity investors are well aware of the returns achievable in mining when markets get behind an early-stage story. This can drive share prices quickly in often wildly different directions, depending on a range of criteria, ie the size and stage of resource, commodity type, listing country, etc. For the last few years Edison has published its annual mining sector report, which assesses how markets consider and potentially value these different criteria. The analysis is not simple and we attempt to normalise for anomalies (of which there are many in mining) to develop a suite of tools that investors can use to assess the plethora of different investment options out there. Our analysis throws up interesting observations that can help companies and investors alike understand where there are opportunities for value creation, and where there are risks of value traps.
Companies mentioned

: *Multiple Sectors

09/11/2017
Deutsches Eigenkapitalforum - EKF conference book 2017
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Welcome to the Edison Conference Book for the Deutsches Eigenkapitalforum 2017. Since 1996 the Eigenkapitalforum has been an anchor for companies, investors and advisers in an ever-changing capital market landscape. The core of the Eigenkapitalforum is to bring medium-sized listed companies together with investors. It also provides an effective platform for bond issuers and, increasingly, for unlisted later-stage start-up companies to access and communicate with the capital markets.
Companies mentioned

: Investment trusts

08/11/2017
LPE sector performance - 10 years of outperformance
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The LPX Europe Total Return Index (LPX) of major UK- and Europe-listed private equity (LPE) companies rose 26% over the last year to end October 2017, outperforming the MSCI Europe and FTSE All-Share indices over one, three and five years. More importantly, the LPX has also now outperformed over the last 10 years. As we pointed out in our June note, the rolling 10-year relative performance should continue to improve as basis effects dominate. Assuming flat performance, the LPX would show over 66% outperformance of MSCI Europe by end October 2018 and 61% relative outperformance by October 2019.
Companies mentioned
LPeC

: Travel & Leisure

16/10/2017
UK gaming sector: Winning against the odds
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2017 has been a challenging year for the UK gaming sector. Negative media has been compounded by an increasingly aggressive regulator. The imminent outcome of the Triennial Review will certainly have an adverse impact on betting shops, as well as placing additional burdens on advertising and social responsibility for all operators. Furthermore, the Budget presents the risk of higher taxes across the board. However, valuations are undemanding vs the market and, as the regulatory overhang clears, winners should emerge. Paddy Power Betfair (PPB) has limited downside to the fixed odds betting terminal (FOBT) debate and Rank may even benefit. Soft gaming companies, Jackpotjoy plc and Stride Gaming, are growing strongly and internationally diversified players (eg GVC, Playtech) are relatively well positioned. M&A is also highly likely.
Companies mentioned

: Technology

29/09/2017
Automotive ecosystem: Sitting ducks
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Transport is likely to be the next industry to be digitised and almost all vehicle makers are unprepared. Electric vehicles (EVs) and autonomy could reduce overall US transport spending by 65%, which needs to be supplemented with digital services by players wishing to survive. Edison thinks that sensor data is the one area where vehicle makers have an edge and hence is critical to their future. They must control this asset or face becoming sitting ducks for those that would reduce them to handsets on wheels.
Companies mentioned

: Consumer Support Services

25/09/2017
European luxury goods - Signs of life
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The industry is seeing a patchy recovery in demand, but is unlikely to return to the stellar growth rates of 2010-14. Luxury goods companies will continue to be buffeted by macro-economic and geopolitical events and are more exposed than ever to consumer confidence trends and tourist flows. Chinese consumption (increasingly at home) remains a key driver. Recent positive top-line numbers have driven valuations back up to demanding levels so stock selection is paramount.
Companies mentioned
European luxury goods

: Oil & gas

16/06/2017
Exploration watch - Offshore Mexico
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Mexico’s offshore acreage is vastly underexplored compared to the US Gulf of Mexico, but now the region is being opened up to international investment as the country implements its 2013 energy reform. Three offshore rounds have been held since 2015, attracting a range of companies including majors ExxonMobil, Total, Chevron, Statoil and BP, and two further rounds are expected in 2017. International companies have drilled a number of successful appraisal wells in shallow waters here over the last nine months, while the first non-Pemex exploration well in over 80 years, Zama-1, was spudded in May 2017. However, the deepwater round generated most interest and activity here is expected to commence from late 2018.
Companies mentioned

: Investment trusts

13/06/2017
LPE sector performance - Positive trends
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The LPX Europe Total Return Index (LPX) of major UK and European listed private equity (LPE) companies rose nearly 38% over the 12 months to end May 2017, outperforming the Stoxx Europe 600 and FTSE All-Share indices over one, three and five years. The LPX has lagged somewhat over 10 years despite NAV outperformance due to discount widening. However, the rolling 10-year relative performance is set to improve strongly as high pre-crisis valuations drop out of the comparatives. Assuming a flat performance going forward, the LPX would show over 7% outperformance of the major indices by end May 2018 and over 60% relative outperformance by May 2019. This could improve the perception of LPE as an asset class with long-term investors.
Companies mentioned
LPeC

: Technology

29/03/2017
Reality Bytes
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Voice is where much excitement and hype is to be found. Every ecosystem is developing a voice controlled digital assistant with which it hopes to enrich Digital Life and control the homes of its users. However, we find that voice suffers from significant limitations meaning that the user experience and functionality that it can offer is inferior to what can be achieved using a visual device. This combined with the fact that the intelligence of voice based systems remains rudimentary at best means that voice is unlikely to replace screens any time soon.
Companies mentioned
Mobile ecosystems

: Oil & gas

15/03/2017
Exploration watch - Wells to watch in 2017
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Since the oil price crash of 2014, exploration has been particularly badly hit as companies looked to trim expenditure. Wood Mackenzie estimates that 2017 exploration will account for 8% of upstream expenditure, down from historic norms of 14%. In this more difficult environment, any surviving exploration has tended to be led by majors, for example ExxonMobil’s giant Liza discovery offshore Guyana in 2015. In this Exploration Watch, we highlight wells due to spud in 2017 that involve independent companies, with resource estimates greater than 100mmboe. Our exception is the much anticipated multi-billion barrel potential Korpfjell prospect in the Barents Sea offshore Norway, which is operated by Statoil and partnered by major companies.
Companies mentioned

: Financials

02/03/2017
Listed Private Equity - Risk in LPE: Perception versus reality
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In our second report on listed private equity (LPE), we examine public market investors’ perception of risk in the LPE sector and investigate whether perceived risk matches reality. We support the analysis with manager and investor interviews.
Companies mentioned
LPeC

: Technology

24/02/2017
Mobile ecosystems
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The difference between men and boys will be the brains of their toys. Artificial intelligence (AI) promises to substantially improve the Digital Life services offered by the ecosystems that has underpinned a period of feverish investment. Despite this activity, developments are at a very early stage with none of the big challenges of AI being close to being solved. It is the search engines that are ahead in AI followed by Apple, Microsoft and Amazon. AI remains the Achilles’ heel of Facebook.
Companies mentioned

: Mining

08/11/2016
Graphite for batteries - Value in natural graphite
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As growth in electric vehicle and power storage accelerates, so in turn, it will require large amounts of the carbon allotrope graphite to meet an estimated 22% CAGR in battery graphite demand linked to construction and full utilisation of battery manufacturing facilities worldwide. In this note we address the complexity of graphite resources, their development, market dynamics, product pricing, and provide an introductory view of Volt Resources ahead of the release of its Namangale Project Pre-Feasibility Study due in Q416. Volt is an ASX-listed junior with a resource well positioned to deliver a high-quality natural graphite feedstock to battery manufacturers. In this report, we pay attention to the use of natural graphite in batteries – the strongest driver to growth in demand.
Companies mentioned
Volt Resources

: *Multiple Sectors

07/11/2016
Deutsches Eigenkapitalforum - EKF conference book 2016
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Welcome to the Edison Conference Book for the Deutsches Eigenkapitalforum 2016. This year we celebrate its 20th anniversary. Since 1996 the Eigenkapitalforum has been an anchor for companies, investors and advisers in an ever-changing capital market landscape. The core of the Eigenkapitalforum is to bring medium-sized listed companies together with investors. It also provides an effective platform for bond issuers and, increasingly, for unlisted later-stage start-up companies to access and communicate with the capital markets.
Companies mentioned

: Mining

14/10/2016
Gold and other metals: Normalisation augurs well for exploration
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Over the past two years, there has been a 67.4% recovery in the in-situ value of a global average resource ounce, from US$10.06/oz in August 2014 to US$16.84/oz currently, and a relative normalisation of the market regarding the average valuations of the three JORC resource categories. Assets remain cheap. Nevertheless, the financial return from drilling a 1Moz gold resource is now positive, on average, for the first time since August 2013 (although not necessarily for assets listed in Canada). By contrast, financial returns from both uranium and PGM exploration have deteriorated. In the meantime, exploration to delineate measured resources is likely to be a value-destructive exercise for a number of (typically) ‘bulk’ commodities, although these tend to be minerals that also benefit from the market’s discounting of future exploration success.
Companies mentioned

: Aerospace & Defence

10/10/2016
The future of equity research
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The society welcomes the current review of the research business model as an opportunity to consider if the system works in clients’ best interests and to consider what improvements are needed.
Companies mentioned

: Investment trusts

26/09/2016
Listed Private Equity - The opportunities and challenges for investors
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In the first part of a series of reports on listed private equity (LPE), we examine the key opportunities and issues for investors.
Companies mentioned

: Oil & gas

22/09/2016
Exploration watch - Barents Sea - frontier drilling in 2017
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The Barents Sea to the north of Norway is estimated to contain almost half of the recoverable undiscovered resources remaining in the Norwegian Continental Shelf (NCS). At present only two fields, Statoil’s Snøhvit and Eni’s Goliat, are in production but a number of discoveries since 2011 have the potential to be standalone developments and are currently being appraised. The recent 23rd licensing round awarded acreage exclusively in the Barents and for the first time included the frontier South East Barents. Statoil has already indicated that it plans to drill the high-risk/high-reward Korpfjell prospect located in PL859 in this frontier area as part of a five- to seven-well Barents exploration programme in 2017.
Companies mentioned

: Financials

12/09/2016
Tel Aviv Stock Exchange - Start-up market?
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Israel’s technology and healthcare industries together make up one of the strongest hubs of value creation globally. Until now this value creation has largely bypassed the Tel Aviv Stock Exchange (TASE), with trade sales or overseas exchanges preferred to a domestic listing. Far-reaching reforms are now being put in place to change this. Success will make it much easier for domestic and international equity investors to support and benefit from this hub of value creation.
Companies mentioned

: Oil & gas

02/09/2016
Value the company, not the asset
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In preparation for a new oil cycle, we believe investors should re-examine the critical components of the valuation of oil companies to ensure lessons are learnt from the last cycle. We think investors should look at fundamental company valuations (rather than asset values in isolation) to price investment opportunities. By this, we mean take into account all the risks and costs that companies run into when progressing assets that may negatively affect the asset value. We primarily look at examining the costs to equity investors of holding E&P stocks in the last cycle and the associated equity and asset dilutions required to fund operations; we conclude that this effect may be larger than many currently assume.
Companies mentioned

: Mining

11/08/2016
Niobium - The envy of the gods
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The growing recognition of niobium as a vital new-age metal with limited supply was reflected in Anglo American’s recent sale of Catalão. The auction process was keenly competitive and resulted in Anglo selling Catalão for US$1.5bn, c 50% more than previous market forecasts. Two years earlier, in 2014, Magris Resources (owned 50% each by Cheung Kong and the Canadian Imperial Bank of Commerce) and Temasek acquired Niobec from IAMGOLD for c US$500m and, in 2011, Posco and Nippon jointly invested c US$2.0bn for a 15% interest in CBMM, followed by a Chinese consortium comprising CITIC, Baosteel and Shougang on similar terms, shortly afterwards.
Companies mentioned

: Travel & Leisure

21/07/2016
Consumer: Pubcos: MRO update
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Legislation effective today makes it possible for pub tenants to set aside the traditional drinks tie with pub companies, and instead buy their drinks from cheaper sources. The issue has been in prospect since late 2014 and has been folded into companies’ strategies where relevant, with estate management actions well advanced and active engagement with tenants. These will change the sector in ways that the sponsors of the legislation did not intend. We anticipate less immediate disruption than headlines would suggest, although the inevitable uncertainty comes at exactly the wrong time given the post-Brexit hit to consumer confidence.
Companies mentioned

: Oil & gas

19/07/2016
Exploration watch - Porcupine Basin: Phase 2 - Independents Day
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Interest in the underexplored Porcupine Basin offshore Ireland remains strong, with a record number of applications received in the recent 2015 Atlantic Margin Irish licensing round. The Phase 1 awards were announced in February 2015 and saw a number of major companies picking up significant positions in the basin, including ExxonMobil and Statoil, both companies with large interests in the analogous Flemish Pass Basin. This update looks at the most recent awards made in June 2016 under Phase 2 of the 2015 round, where 11 licence options were awarded entirely to independent companies including Cairn Energy, Europa Oil & Gas, Petrel Resources and Providence Resources. Meanwhile, a number of substantial 3D seismic surveys are due to be completed over the summer, driven by the majors, which could lead to exploration drilling in 2018/19.
Companies mentioned

: Oil & gas

27/04/2016
Exploration watch - Porcupine Basin - focus of major interest
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The underexplored Porcupine Basin offshore Ireland attracted 80% of the applications in the recent 2015 Atlantic Margin Irish licensing round, and for the first time saw a significant number of awards going to major companies including ExxonMobil, Statoil, Nexen and BP. The area has become a focus of attention most recently as a result of Statoil’s 300-600mmbbl Bay du Nord discovery in the analogous Flemish Pass Basin offshore Canada, but is also the result of earlier work by a number of independent companies that kicked off a round of data acquisition and saw a marked increase in 3D seismic surveys in 2013. As a result, companies such as Antrim Energy, Europa Oil & Gas, Petrel Resources and Providence Resources hold assets surrounded by major-held licences and are well-positioned to benefit in the ongoing farm-out processes.
Companies mentioned

: Oil & gas

11/01/2016
Exploration watch - West of Shetland: Space for independents?
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West of Shetland remains the least-developed area of the UKCS despite the first significant discovery occurring there almost 40 years ago. A combination of technical challenges means the region has remained relatively immature, with an estimated 95% of resources yet to be developed. Until recently only three fields, the BP-operated Foinaven/Loyal and Schiehallion, were in production. Joined in early 2016 by Total’s Laggan-Tormore gas field and Premier’s Solan project, only the latter is a notable successful development by an independent to date. However, recent independent activity includes Hurricane Energy’s appraisal of the 207mmboe Lancaster discovery and Chrysaor’s Mustard discovery within tie-back distance of Solan.
Companies mentioned

: Mining

27/11/2015
Gold sector M&A report - Will 2015 pick up in M&A activity be sustained?
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Despite the falling gold price and challenging industry outlook, the gold sector saw a surprising revival in M&A activity in 2015. We believe it was predominantly driven by the sharp depreciation of commodity currencies and the gold price relative outperformance. Our analysis suggests that resource-based valuation multiples have recently approached the peak levels seen in 2011. If commodity currencies remain weak and gold continues to outperform industrial commodities, we believe that the gold sector M&A activity may remain at an elevated level.
Companies mentioned

: *Multiple Sectors

09/11/2015
Deutsches Eigenkapitalforum - EKF conference book 2015
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Welcome to the Edison Conference Book for the Deutsches Eigenkapitalforum 2015. As in past years Edison is delighted to support this event as partner of Deutsche Börse. We are looking forward to three days of engaging discussions between companies, investors and analysts, not only from Germany but all over world. With the creation of its Venture Network, Deutsche Börse has taken an innovative step to enhance the possibilities of Pre-IPO companies to meet potential investors and secure growth funding. As such this initiative is a logical extension of the guiding theme of the Eigenkapitalforum to promote greater engagement between capital seeking companies and investors.
Companies mentioned

: 08/10/2015
Mobile Gambling: Injecting new life
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The emergence of the online channel more than 15 years ago saw gambling extend out of casinos, betting shops and bingo clubs and into the home, with seismic effects on the industry. Mobile gambling is beginning to have a similar impact as it opens up the opportunity for players to gamble anywhere, anytime. Growth rates are outstripping those of the broader sector with 30% of mobile revenues estimated to be incremental. Awareness of a new set of commercial, technological and regulatory challenges is vital if investors are to back winners.
Companies mentioned

: 06/09/2015
Edison Talks Tech Conferences - Australia and New Zealand
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Edison will be hosting an exclusive conference connecting listed and private technology companies to investors in New Zealand (on 7 September 2015 ) where we have 12 companies presenting. To accompany the events, Edison has produced a conference book that profiles the presenting companies.
Companies mentioned

: Mining

27/08/2015
Bauxite sector report: Opportunities for Australian suppliers
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There has been a structural change in the aluminium industry, which has led to a greater separation of bauxite mining, alumina refining and aluminium smelting. This has been driven by both merger and acquisition activity and the massive expansion of aluminium production in China, with the associated construction of alumina refineries dependent on highquality bauxite imports. The ban on bauxite exports by Indonesia has led to uncertainty and created opportunities for new suppliers. Junior bauxite companies with credible projects have emerged in Australia.
Companies mentioned

: Oil & gas

27/08/2015
Exploration watch - Gulf of Mexico: stepping up to the challenges
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The Gulf of Mexico has always been an attractive area for the oil industry, offering the ability to hold material positions and substantial running room in a region with large resources. The industry has successfully pushed the boundaries of deepwater technology to keep growing production in a technically demanding region. Having recovered from the post-Macondo slump, companies must now adapt to the lower oil price environment while continuing to develop new technology to tackle the high pressure, high temperature (HP/HT) challenges of the promising Lower Tertiary play. A focus on cost reduction has seen the continuing approval of projects, most recently Shell’s Appomattox development. Meanwhile, although the deepwater rig count has so far remained resilient, activity is moving away from exploration and concentrating on appraisal and development.
Companies mentioned

: Oil & gas

03/07/2015
Exploration watch - Senegal basin: Senegal and beyond
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Back-to-back oil discoveries offshore Senegal in 2014 have opened up a new basin in the Atlantic Margin. Cairn/FAR’s SNE-1 well was one of the largest discoveries in the world last year and a stream of newsflow is expected from Q415 when a follow up, three-well exploration and appraisal campaign is due to commence. The MSGBC basin is not limited to Senegal, however, and Kosmos Energy’s 8tcf gas discovery in Mauritania has further highlighted the potential of a region that also includes Gambia and Guinea-Bissau. Other companies with acreage in the basin are now taking another look to identify analogous prospects and hope to drill in the near term. Smaller companies with exposure to the region include FAR, African Petroleum and Cap Energy.
Companies mentioned

: Consumer Support Services

01/06/2015
Flavours and fragrances - Identifying opportunities in a highly rated market
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This report reviews the highly rated flavours and fragrances sector. The sector’s massive re-rating over the past three years reflect its attractive qualities – 3.5% annual structural growth, significant barriers to entry and high cash conversion rates. However, at current valuations, stock selection is of increased importance. In addition, although stretched valuations mean fewer opportunities for transformational M&A deals, we expect continued consolidation.
Companies mentioned

: Mining

25/03/2015
Tungsten sector update
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In this report we provide our feedback on the recent site visit to Wolf’s Hemerdon tungsten project. We also discuss the latest sector news, with Wolf upgrading mineral reserves, Ormonde signing a funding agreement with Oaktree Capital, while Almonty has made another approach to Ormonde as well as reporting mixed Q115 financial results. At the same time, Northcliff continues to make progress on the permitting front.
Companies mentioned

: Mining

06/02/2015
Mining sector report: Gold: The value of gold and other metals
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In past publications, Edison has derived differentiated values for Measured, Indicated and Inferred gold resource ounces listed in London, Canada and Australia. This report updates these numbers and extends the methodology to other metals and minerals. In addition (and in collaboration with BDO), it calculates unit costs of discovery for uranium resources on both a differentiated and an undifferentiated basis.
Companies mentioned

: Consumer Support Services

19/01/2015
The Social Stock Exchange – Connecting impact companies with investors
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Impact Investment is a small but fast-growing investment approach within the larger socially responsible investment field. This report surveys the characteristics of this approach as well as the role played by the Social Stock Exchange (SSX) in connecting investors and companies, via increased transparency and awareness of its member companies and soon also by providing capital raising opportunities. Finally, we present the 12 member companies of the SSX
Companies mentioned
MITIE

: Mining

09/12/2014
Tungsten - Small sector for big returns
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Global tungsten demand has enjoyed strong historic growth due to the metal’s increasing usage in tooling and a variety of other engineering solutions. Despite slower growth ahead, we expect global tungsten consumption to expand at a CAGR of 3.5% in 2014-18e. Coupled with lagging supply, this leads us to see potential for an APT price recovery. Our view is supported by incentive price analysis suggesting that an APT price above US$350/mtu is required to bring new mine capacity into production. At the equities level, we see a number of producing and advanced tungsten projects that offer good industry exposure.
Companies mentioned

: General Retailers

12/05/2014
Retail sector report - Challenging the internet premium
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This report looks to challenge the superior rating that successful e-tailers currently stand on relative to multi-channel retailers. Within our selected universe, average benchmark valuations for e-tailers are 5.1-5.6x higher than multi-channel retailers for calendar year (CY) 2014 and 3.6-4.1x higher for CY15. Yet average forecast total shareholder return is just 3.1x higher for CY14 and 3.3x higher for CY15. With no dividends and earnings estimates already in mid-double digits, we query the scope for upside forecast surprise or a relative re-rating for the listed e-tailers.
Companies mentioned
ASOS PLC , French Connection , Next

: 14/01/2014
Edison white paper - The future of equity research
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Edison Investment Research and Frost Consulting publishes a white paper, The future of equity research, following the publication of the 'Conflicts of Interest' document by the Financial Conduct Authority (FCA) in 2012, and the subsequent consultation paper, Consultation on the use of dealing commission rules, in November 2013. It finds that regulatory change has had a significant impact in shaping the equity research ecosystem. The current proposed changes to the regulations in the FCA papers have the potential to be one of the most significant catalysts for change the industry has seen in a century. If the FCA's proposals remain intact, the authors see six key short-term impacts on the equity research industry.
Companies mentioned

: Mining

20/11/2013
Gold – US$2070 by 2020
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This report is constructed in four distinct sections. In the first, Edison considers the macroeconomic environment within which gold exists and, in particular, the interrelation (both historic and future) of quantitative easing, inflation and interest rates, which it then uses to predict the price of gold until at least 2020. In the second part, Edison updates the in-situ value of exploration resource ounces listed in London, Canada and Australia, differentiated by category (ie whether 'measured', 'indicated' or 'inferred') and compares these with previously calculated global average costs of discovery. In Part III, Edison updates its analysis of mining companies under coverage to derive three series of risk-adjusted discount rates for companies and projects at different stages of development. Finally, in Part IV, Edison combines all of these parameters to create a notional gold mining company, NonSuch Gold Ltd, which it then values at each stage of its development from initial capital raising to treating stockpiles at the end of the life of operations and unwinding working capital and then compares this with the same analysis last year.
Companies mentioned
Carpathian Gold , Hummingbird Resources , Papillon Resources , Atlantic Gold NL , Condor Gold , Ariana Resources , Mariana Resources

: Oil & gas

10/10/2013
Fallen angels, rising stars: Old LatAm basins creating fresh opportunities
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A new production trend has been emerging in Latin America. Smaller independent E&P companies have significantly contributed to increased production levels in Colombia, with similar results possible in Argentina, Peru, Paraguay and Trinidad. In this report we introduce three valuation screens based on cash flow, market value and risk, from which we segment our universe of 18 independent oil companies. Our top picks for the region are GeoPark, Americas Petrogas, Madalena, Canacol, Petroamerica and Suroco. Also seen as high potential but slightly higher risk are Crown Point, President, Touchstone and Range.
Companies mentioned
Range Resources , President Energy , Touchstone Exploration

: Oil & gas

15/08/2013
Onshore down under
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The Australian onshore sector is in the early stages of transformational change. In the country that is itself a continent, the menu of potential oil and gas plays on offer is vast. Careful selection is critical. In this report, we undertake a detailed analysis of the onshore space down under and draw views on where we think value lies from a universe of 16 independents representing the full length of the exploration and production spectrum.
Companies mentioned
Exoma Energy , Central Petroleum

: Electronics & Electrical Equipment

19/06/2013
LED sector report: LED there be light
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The transition to LED technology is shaking-up the lighting industry. Existing players are struggling to compensate for traditional lighting’s decline with LED lighting growth. Each stage of the value chain is feeling the impact in different ways. This report is a guide to the opportunities and threats that exist for each lighting sub-segment and each part of the value chain.
Companies mentioned
IQE

: 18/01/2013
NYSE Alternext Quarterly Review, Fourth Quarter 2012
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Welcome to the latest edition of the NYSE Alternext Quarterly Review. Edison's analysts have been in contact with the 145 NYSE-Alternext listed companies profiled in this review, aiming to provide investors with a snapshot of each company’s activities, strategy and trends within the industries they operate in. Edison’s analysts have relied on consensus earnings estimates but have reflected feedback received by companies on historic and forecast numbers. Deinove, Hybrigenics and Diaxonhit are clients of Edison Investment Research, and the forecasts are those of the analyst. Edison is Europe's largest independent investment research company. It has won industry recognition, with awards in both the UK and internationally. The team of more than 95 includes over 60 analysts supported by a department of supervisory analysts, editors and assistants. More details can be found on our website: http://www.edisoninvestmentresearch.co.uk.
Companies mentioned

: Mining

19/11/2012
Gold - New benchmarks for old
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In this report, Edison has developed the theory that it first propounded in April 2009 to predict the long-term price of gold with respect to the total US monetary base. With QE3 underway, we now estimate that the long-term price of gold should be US$1,676/oz, with the potential to reach US$2,649/oz in the short term. Finally, we observe that the gold price would have to rise to US$9,904/oz if America’s official stock of gold were required to give full backing to its US$2.6trn total monetary base (something it did as recently as 1980) and that it would have to rise to US$16,942/oz if it were required to cover the US’s net external deficit (excluding gold) of US$4.4trn – something that could become more relevant with the change of leadership in China this month.
Companies mentioned

: Financials

15/11/2012
Asset managers sector report: Simplifying asset managers
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Identifying winners in the asset management sector is fraught with difficulties given the multitude of factors that impact performance. It is not surprising then that the spread of sector valuations is reasonably tight, giving the impression that investors are unwilling, or indeed unable to look too far into the future. In this report we attempt to identify the key factors to look for as an indication of sustainable growth potential. We believe the managers most likely to succeed will be those that can generate consistent fund performance and develop new products to match investors’ demands, and have the distribution capabilities to effectively sell these products and the operational efficiency to convert this revenue growth into profit growth.
Companies mentioned

: 05/10/2012
NYSE Alternext Quarterly Review, Third Quarter 2012
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Welcome to the latest edition of the NYSE Alternext Quarterly Review. Edison's analysts have been in contact with the 145 NYSE-Alternext listed companies profiled in this review, aiming to provide investors with a snapshot of each company’s activities, strategy and trends within the industries they operate in. Edison’s analysts have relied on consensus earnings estimates but have reflected feedback received by companies on historic and forecast numbers. Deinove, Hybrigenics and Exonhit are clients of Edison Investment Research, and their forecasts are those of the analyst.
Companies mentioned

: Property

13/09/2012
Russian real estate: Market recovery, but value stagnation
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Russian real estate values have rebounded strongly from the lows in 2009, supported by positive fundamentals; however, quoted real estate valuations are still a fraction of their peaks, which we believe looks too punitive, given financial and operational improvements.
Companies mentioned

: Property

30/07/2012
UK retail property investment: Finding better returns in challenging markets
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We see real value in the current ratings of specialist investors in UK retail property, particularly those focused on better-placed ‘secondary’ assets. We expect these companies’ portfolios to perform better than their current valuations would imply as, despite concerns over the outlook for ‘non-prime’ retail, recent results show steady occupancy and rents, from assets often less exposed to high profile retailer failures due to affordable rents and solid trading locations. A number of companies have taken advantage of access to low-cost debt to acquire assets at relatively high initial yields and built portfolios on immediately EPS accretive terms. Intensive asset management is already underway to improve tenant quality and revenue sustainability.
Companies mentioned
NewRiver REIT

: 13/07/2012
NYSE Alternext Quarterly Review, Second Quarter 2012
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Welcome to the latest edition of the NYSE Alternext Quarterly Review. Edison's analysts have been in contact with the 145 NYSE-Alternext listed companies profiled in this review, aiming to provide investors with a snapshot of each company’s activities, strategy and trends within the industries they operate in. Edison’s analysts have relied on consensus earnings estimates but have reflected feedback received by companies on historic and forecast numbers. Deinove, Hybrigenics and Exonhit are clients of Edison Investment Research, and their forecasts are those of the analyst.
Companies mentioned

: Financials

03/05/2012
German and Swiss wealth management
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German wealth managers should enjoy slightly better domestic structural growth than their Swiss counterparts, but some of the Swiss managers more than compensate for this with their emerging markets exposure, which offers fantastic long-term potential. Both should benefit from better markets and investor sentiment and most of the stocks in this report do not have PIIGS exposures or regulatory issues.
Companies mentioned

: 05/04/2012
NYSE Alternext Quarterly Review, First Quarter 2012
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Welcome to the latest edition of the NYSE Alternext Quarterly Review. Edison's analysts have been in contact with the 145 NYSE-Alternext listed companies profiled in this review, aiming to provide investors with a snapshot of each company’s activities, strategy and trends within the industries they operate in. Our analysts have relied on consensus earnings estimates but have reflected feedback received by companies on historic and forecast numbers.
Companies mentioned

: 17/02/2012
PLUS Review - February 2012
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Welcome to the latest edition of the PLUS review. Working in partnership with the PLUS Stock Exchange (PLUS-SX), this review enhances the visibility of PLUS growth companies and is published every six months. Our analysts have assessed the 50 companies profiled in this review, aiming to provide investors with a snapshot of each company’s activities, strategy and trends within the industries they operate in. Our analysts have relied on consensus earnings estimates, where available, but have reflected feedback received by companies on historic and forecast numbers. All Star Minerals, Oracle Coalfields and Quercus are under full Edison coverage and the forecasts are those of the analyst. More information about PLUS-SX and the companies on the exchange can be found on its website, http://www.plussx.com.
Companies mentioned

: Oil & gas

16/02/2012
Falklands oils: Kicking up a storm in the South Atlantic
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Northern Basin drilling in 2010 and 2011 bore fruit for Rockhopper, with its Sea Lion discovery looking set to be developed. In 2012, the focus shifts firmly to the Southern Basin explorers where success for FOGL or B&S will be a game changer for the region. Rockhopper and FOGL offer the most compelling upside for investors. The biggest winner, however, could be the Falklands itself, with a near $180bn potential prize in royalties and tax on the horizon if 2012 drilling proves successful.
Companies mentioned
Falkland Oil & Gas , Rockhopper Exploration

: 13/01/2012
NYSE Alternext Quarterly Review, Fourth Quarter 2011
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Welcome to the latest edition of the NYSE Alternext Quarterly Review. Edison's analysts have been in contact with the 145 NYSE-Alternext listed companies profiled in this review, aiming to provide investors with a snapshot of each company’s activities, strategy and trends within the industries they operate in. We have relied on consensus earnings estimates but have reflected feedback received by companies on historic and forecast numbers. Deinove and Hybrigenics are clients of Edison Investment Research, and their forecasts are those of the analyst. Edison is a leading investment research company. It has won industry recognition, with awards in both the UK and internationally. The team of more than 80 includes over 50 analysts supported by a department of supervisory analysts, editors and assistants.
Companies mentioned

: Media

30/11/2011
B2B Media: Tougher times, tougher businesses
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In response to structural challenges, B2B media companies, big and small, have followed similar strategies: build up events, grow subscriptions, reduce advertising and drive further into digital. Now, with stronger business models, the industry is well placed to manage slower economic growth. Organic investment continues while strong cash flow will fund targeted acquisitions as well as rising dividends.
Companies mentioned
Centaur Media

: 29/09/2011
NYSE Alternext Quarterly Review, Third Quarter 2011
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Welcome to the latest edition of the NYSE Alternext Quarterly Review. Edison's analysts have been in contact with the 147 NYSE-Alternext listed companies profiled in this review, aiming to provide investors with a snapshot of each company’s activities, strategy and trends within the industries they operate in. Edison’s analysts have relied on consensus earnings estimates but have reflected feedback received by companies on historic and forecast numbers. Deinove and Hybrigenics are clients of Edison Investment Research, and their forecasts are those of the analyst. Edison is Europe's largest independent investment research company. It has won industry recognition, with awards in both the UK and internationally. The team of more than 70 includes over 40 analysts supported by a department of supervisory analysts, editors and assistants. More details can be found on our website: http://www.edisoninvestmentresearch.co.uk.
Companies mentioned

: 18/08/2011
PLUS Review - August 2011
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Welcome to the latest edition of the PLUS review. Working in partnership with PLUS Stock Exchange, this review enhances the visibility of PLUS growth companies and is published every six months. Our analysts have been in contact with the 50 companies profiled in this review, aiming to provide investors with a snapshot of each company’s activities, strategy and trends within the industries they operate in. Our analysts have relied on consensus earnings estimates, where available, but have reflected feedback received by companies on historic and forecast numbers. All Star Minerals is under full Edison coverage and the forecasts are the analyst's. More information about PLUS-SX and the companies on the exchange can be found on its website, http://www.plus-sx.com.
Companies mentioned
All Star Minerals

: 29/06/2011
NYSE Alternext Quarterly Review, Second Quarter 2011
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Welcome to the latest edition of the NYSE Alternext Quarterly Review. Edison's analysts have been in contact with the 115 NYSE-Alternext listed companies profiled in this review, aiming to provide investors with a snapshot of each company’s activities, strategy and trends within the industries they operate in. Edison’s analysts have relied on consensus earnings estimates but have reflected feedback received by companies on historic and forecast numbers. Deinove and Hybrigenics are clients of Edison Investment Research, and the forecasts are those of the analyst.
Companies mentioned

: Aerospace & Defence

16/06/2011
Paris Air Show preview: Ready for take-off or grounded by uncertainty?
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Although the Paris Air Show is predominantly a civil aerospace event, we feel the impact of global political and security issues could also play its part this year. We highlight issues that could affect news flow and assess the potential impact on orders and sentiment. We also look at developments in defence since our Sensors for investors report to provide a relative view of the strength of the UK A&D sub-sectors.
Companies mentioned

: Financials

14/06/2011
Listed private equity: Still undervalued?
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Despite a strong recovery from the low of 2009, the listed private equity sector remains at a historically wide discount to net asset value. The long-term performance record of the industry suggests that this gap should narrow further barring renewed economic dislocation. In this report we explore the inherent advantages of private equity and show that the industry has emerged from past downturns with renewed focus and vigour. This report has been commissioned by LPEQ, a not-for-profit industry association of a broad range of listed private equity investment companies and similar vehicles, listed on the London Stock Exchange and other major European Exchanges. The report provides a review of the private equity market together with profiles on 20 LPEQ members.
Companies mentioned

: Financials

11/05/2011
Distressed debt investing: Have we hit rock bottom
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This report covers the seven investment companies quoted in the UK and Ireland and reviews current trends in the distressed debt market. Currently, high unemployment rates, excess production capacities and deteriorating public finances are contributing to the glut of distressed debt in the markets. We find ourselves between the twin peaks of a ‘default super-cycle’. Default rates have been high since 2009 and are expected to remain high as a significant amount of maturing debt is predicted to hit the market in 2012/13. Banks are increasing capital requirements, forcing sellers to market earlier than expected. In the absence of another major credit event, we expect a recovery in 2014/15 with discounts to narrow at that stage. It is our view that we have not yet hit rock bottom.
Companies mentioned
AcenciA Debt Strategies

: 08/04/2011
NYSE Alternext Quarterly Review, First Quarter 2011
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Welcome to the latest edition of the NYSE Alternext Quarterly Review. Edison's analysts have been in contact with the 115 NYSE-Alternext listed companies profiled in this review, aiming to provide investors with a snapshot of each company’s activities, strategy and trends within the industries they operate in. Edison’s analysts have relied on consensus earnings estimates but have reflected feedback received by companies on historic and forecast numbers. Edison is Europe's largest independent investment research company. It has won industry recognition, with awards in both the UK and internationally. The team of more than 65 includes over 35 analysts supported by a department of supervisory analysts, editors and assistants. More details can be found on our website: http://www.edisoninvestmentresearch.co.uk. We welcome any comments/suggestions our readers may have. Should you have any questions or queries, please contact us on +44 (0) 20 3077 5700 or via (JavaScript must be enabled to view this email address).
Companies mentioned

: Oil & gas

28/03/2011
Northern Lights : Investment opportunities in the UK North Sea
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Despite the negative sentiment around the UK government increasing the marginal tax rate from 50% to 62% in last week’s budget, the North Sea independents continue to offer the potential for spectacular returns. The average share price increase from the companies profiled in this report was 192% over the past 12 months. In the coming year, we believe Premier Oil, Nautical Petroleum and Encore Oil offer the best value, with high-impact exploration upside from Faroe Petroleum and DEO Petroleum.
Companies mentioned
Xcite Energy , Valiant Petroleum , Ithaca Energy , Faroe Petroleum , Premier Oil , Northern Petroleum

: 25/02/2011
PLUS Review - February 2011
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Welcome to the latest edition of the PLUS review. Working in partnership with the PLUS Stock Exchange, this review enhances the visibility of PLUS growth companies and is published every six months. Our analysts have been in contact with the 50 companies profiled in this review, aiming to provide investors with a snapshot of each company’s activities, strategy and trends within the industries they operate in. Our analysts have relied on consensus earnings estimates, where available, but have reflected feedback received by companies on historic and forecast numbers. All Star Minerals and Oracle Coalfields are under full Edison coverage and the forecasts are those of the analyst. More information about PLUS-SX and the companies on the exchange can be found on its website, http://www.plussx.com. We welcome any comments/suggestions our readers may have. If you have any questions or queries, please contact us on +44 (0) 20 3077 5700 or via (JavaScript must be enabled to view this email address).
Companies mentioned

: Financials

18/02/2011
Serving up the goods
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This report reviews why the wealth management and retirement solutions markets offer many years of structural growth well ahead of GDP, stock market indices and, we believe, investor perceptions. The top-line growth from normalised levels of savings, individuals replacing employers as the main source of funding retirement, and an ageing population will occur at the same time as the supply of advice is falling. In the near term, these sectors, which are equity market sensitive, should benefit when interest rates rise.
Companies mentioned
IFG Group , Brewin Dolphin , Share

: 14/01/2011
NYSE Alternext Quarterly Review, Fourth Quarter 2010
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Welcome to the latest edition of the NYSE Alternext Quarterly Review. Edison's analysts have been in contact with the 115 NYSE-Alternext listed companies profiled in this review, aiming to provide investors with a snapshot of each company’s activities, strategy and trends within the industries they operate in. Edison’s analysts have relied on consensus earnings estimates but have reflected feedback received by companies on historic and forecast numbers. Each NYSE Alternext Quarterly starts with a market overview. Edison is Europe's largest independent investment research company. It has won industry recognition, with awards in both the UK and internationally. The team of more than 65 includes over 35 analysts supported by a department of supervisory analysts, editors and assistants. More details can be found on our website: http://www.edisoninvestmentresearch.co.uk.
Companies mentioned

: Technology

23/11/2010
Managing the transition
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The emergence of cloud computing will reshape the software industry; at a disruptive pace in some areas and evolutionary one in others. This presents significant opportunities for companies and investors alike but threats and pitfalls also lie on the transition path ahead. We offer advice to investors and corporates on how to manage this transition.
Companies mentioned
StatPro Group , Allocate Software , FFastFill , WorkPlace Systems International , K3 Business Technology , Maxima Holdings

: 05/10/2010
NYSE Alternext Quarterly Review, Third Quarter 2010
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Welcome to the latest edition of the NYSE Alternext Quarterly Review. Edison's analysts have been in contact with the 115 NYSE-Alternext listed companies profiled in this review, aiming to provide investors with a snapshot of each company’s activities, strategy and trends within the industries they operate in. Edison’s analysts have relied on consensus earnings estimates but have reflected feedback received by companies on historic and forecast numbers.
Companies mentioned