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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 costs of €35k due to be reached in November 2017. The key driver for the share price will be the outcome of refinancing talks, described as being at an advanced stage. Given the scale of the difficulties mic encountered, we see potential for large-scale dilution of existing holders’ interests.
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 gas well than expected. The next six months are busy ones for SDX, with eight more wells to be drilled in Morocco to supply a high value gas market. Two wells will be drilled in Egypt to delineate its existing South Disouq discovery and two exploration wells will target prospects that could materially increase the gas resources. In addition, programmes…
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) highlight a widening of the patient population that could be eligible to receive savolitinib in combination with either Tagrisso or Iressa. Partner AZN now has the data set to make a decision on global Phase III trials and evaluate breakthrough therapy designation (BTD) potential in both 2L and 3L EGFR-resistant NSCLC; in our view, data to date supports…
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 quarter, making it an exceptional year in terms of performance as well as portfolio activity. DBAG’s share price returns have significantly outperformed NAV returns over the last year, and the shares are currently trading at a substantial premium to NAV. In our view, this implies that the market is discounting strong future returns, arguably…
Edison first opened its German office in Berlin in 2011. Now based in Frankfurt, we continue to provide research services to companies listed on mainland European stock exchanges. Companies of all sizes benefit from our research service, which provides the highest standards of equity research and unrivalled distribution of our reports on a global and unrestricted basis.