Sector reports

Below is a list of sector reports.

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Technology

15/10/2014
Mobile ecosystems
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The heady days are over. Growth is slowing and competition is growing. There has always been opportunity for change in the mobile industry but both Apple and Google seem to have found the holes in the armour and are moving to address their weaknesses. This puts a time limit on any challenger as the risk is that these two become so big and so ubiquitous that users cannot be bothered to look elsewhere.

Companies mentioned

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Oil & Gas

03/10/2014
Oil & Gas - Macro Outlook: Swimming in oil
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The oil market has finally succumbed to fundamental forces and a strong dollar over the past three months or so. Recently, Brent and WTI have been down almost 20% from the June highs. Significantly, geopolitical issues have been downplayed and instead the market has focused on surging production growth in North America and lacklustre demand. The market has indeed been swimming in oil. OPEC will probably attempt to cut production in the coming months but is likely to have difficulty in accommodating non-OPEC production growth plus rising production in Libya and potentially in Iraq and Iran. We believe OPEC has lost control of the market much as in the second half of the 1980s with the game changer this time around being the US shale revolution and the Alberta oil sands. Near to medium term the outlook remains bearish for oil prices.

Companies mentioned

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Oil & Gas

07/07/2014
Nigeria briefing – Increasing independent presence
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Nigeria is Africa’s major oil producing country, with 2013 volumes of 2.3mmb/d. By far the largest producer in Africa and with the second largest reserves, Nigeria has the potential to grow much further if exploration and development can be encouraged. Civil unrest and thefts have hit investment in the country over the last decade and despite incidents declining, the country still has problems on these fronts, key reasons given for the divestment programmes announced by many of the majors. In this report, we hope to introduce the Nigeria petroleum sector to investors; we discuss the geology and politics and provide brief summaries of the Nigerian sector, from Afren down to micro-caps. Nigeria represents an ever growing investment opportunity in our view. With this in mind, and in conjunction with Instinctif Partners, we look forward to welcoming Century Group, Sea Trucks Group, Seven Energy, Seplat and Control Risks Group to a Nigeria-focused investor day on Tuesday 8 July at our London office.

Companies mentioned

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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 , See more..., AO World, Inditex, Marks and Spencer, Mothercare, Ted Baker

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Aerospace & Defence

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

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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 , See more..., A1 Consolidated, Gold Klondex Mines, AEM SPA (IRS), Kolar Gold, Ampella Mining, Kryso Resources, Anova Metals, Lexam vg Gold, Ariana Resources, Lupaka Gold, Asanko Gold, Mariana Resources, Atlantic Gold, Matsa Resources, Azimuth Resources, Metals Exploration, Azumah Resources, Millennium Minerals, Beadell Resources, Moneta Porcupine mns., Bonterra Resources, Northern Freegold res., Bullabulling Gold, Novagold Resources, Carpathian Gold, Nyota Minerals (lon), Castle Minerals, Oromin Explorations, Chaarat Gold, Orsu Metals (lon), Chesser Resources, Ovoca Gold (lon), Condor Gold, Papillon Resources, Conroy gold & Natural Resources, Patagonia Gold, Coral Gold Resources, PC Gold, Dacian Gold, Perseus Mining, Detour Gold Sage Gold, Doray Minerals, Scotland Resources (lon), Entree Gold, Seabridge Gold, Excalibur Mining, Serabi Gold, Exeter Resource, Shanta Gold, Galantas Gold (lon), SML, Golden Queen mng., Strated International, Goldrush Res., Sulliden Gold, Greatland Gold, Trans Siberian Gold, Gryphon Minerals, Viking Ashanti, Guyana Goldf ields, Hill End Gold, Hummingbird Resources, Indophil Resources, Kalnorth Gold Mines, Kef i Minerals, Kermode Resources

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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

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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 , See more..., Armour Energy, AWE, Buru Energy, Cooper Energy, Drillsearch, Empire Oil & Gas, Icon Energy, Linc Energy, Metgasco, New Standard Energy, Norwest, Petrofrontier, Senex Energy, Strike Energy

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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 , See more..., AIXTRON, Cree, Dialight, Dr. Hönle, FW Thorpe, Holders Technology, LPA Group, Nanoco Group, OSRAM, PhotonStar LED, ProPhotonix, Rubicon Technology, The Vitec Group, Zumtobel

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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
Show companies...Bricorama, BSB, Budget Telecom, CARMAT, Cellectis, Cerep, Clasquin, CoBrHa, Cofidur, Cogra, Coil, Concoursmania, CRM Company Group, Custom Solutions, D.L.S.I., Damartex, Deinove, Demos, Dietswell, DL Software, Emakina Group, Entreparticuliers.com, Environnement SA, Esker, Eurasia Groupe, Eurogerm, Europlasma, Evolis , Exonhit, Fashion B Air , Fountaine Pajot, Gaussin, Genfit, GenOway , Gevelot, Global Bioenergies, Global Equities, Gold by Gold, Groupe Guillin, Groupe Jemini, Groupe Promeo, H2O Innovation , Harvest , Heurtey Petrochem, Hitechpros, Homair , Hybrigenics, i2S, IDSUD, IntegraGen, Intrasense, Inventoriste, Ipsogen, ISA, IsCool Entertainment, Keyyo, LeadMedia, LeGuide.com, Les Hotels Baverez, Lets Gowex, MaKheiA Group, Mastrad , Maximiles, Median Technologies, MEDICREA International , MGI Digital Graphic Technology , Microwave Vision, Millet Innovation, Mobile Network, Monceau Fleurs, Moulinvest, NEOTION, Neovacs, NetBooster , NEXEYA, Notrefamille.com, NSE Industries, O2i, Ober, OCTO Technology, Orolia , Pairi Daiza, Phenix Systems, Piscines Desjoyaux, Piscines Groupe, Poujoulat, POWEO, Prodware, ProwebCE, Relaxnews, Richel Serres de France , Royalreesink (Koninklijke Reesink), Sapmer, Serma Technologies, Sical, Sidetrade, Siparex Croissance, Siraga, Social Mix Media Group, Softimat, Solutions 30, Solving Efeso, Sporever , Stradim - Espace Finances , StreamWIDE , The Member Company (TMC Group), Toolux Sanding , Traqueur , Trilogiq, TTI, Turenne Investissement, Tuto4pc.com, TXCOM, UCAR, VDI Group, Velcan Energy, Vergnet , Vexim, Video Futur, Visiomed Group, Vision IT Group, Voyageurs du Monde, Weborama, Wedia

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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
Show companies...Petropavlovsk, African Barrick Gold, Agnico-Eagle Mines Limited, Alacer Gold, Alamos Gold Inc, Allied Gold Limited., Archipelago Resources Plc, Ariana Resources Plc, Aurico Gold Inc., Aurizon Mines Limited, Avocet Mining, Azumah Resources, B2Gold Corp, Banro Corp, Barrick Gold Corp, Beadell Resources Limited, Brigus Gold, Bullabulling Gold Ltd, Caledonia Min, Carpathian Gold Inc, Carrick Gold Limited, Castle Minerals, Centamin Egypt, Centerra Gold Inc, Central Asia Resources, Chaarat Gold, Citigold Corp. Limited, Claude Resources Inc, Cluff Gold, Condor Res., Conroy Diam&Gld, Coral Gold Resources, Crocodile Gold Corp, Detour Gold Corp, Dundee Precious Metals Inc, Dynasty Metals And Mining Inc, Eldorado Gold Corp, Endeavour Mining, Entree Gold Inc, Evolution Mining, Excalibur Mining Corporation, Exeter Resource Corp, Explorer, Explorer, Galantas Gold Corporation, Gold One International Limited, Goldcorp Inc, Golden Queen Mining Company, Golden Star Resources Inc, Goldplat, Goldrush Resources, Great Basin Gold Limited, Greatland Gold, Guyana Goldfields Inc, Hambledon Mining Plc, High River Gold Mines Ltd, Highland Gold, Hill End Gold Limited, Hummingbird Resources Plc, Iamgold Corporation, Inter-Citic Minerals Inc, International Minerals Corp, Jaguar Mining Inc, Jinshan Gold Mines Inc., Keegan Resources Inc, Kentor Gold, Kermode Resources, Kingsgate Consolidated Limited, Kingsrose Mining Limited, Kinross Gold Corp, Kirkland Lake, Kirkland Lake Gold Inc, Klondex Mines, Kryso Resources, La Mancha Resources, Lake Shore Gold Corp., Lexam Vg Gold, Mariana Resources, Medusa Mining, Metals Exploration, Minera Irl, Moneta Porcupine Mines, Navigator Resources Limited, Newcrest Mining Limited, Newmont Mining Corp Of Canada, Norseman Gold Plc, Northern Free Gold, Novagold Resources Inc, Nyota Minerals Ltd, Oceanagold Corp, Orosur, Orsu, Orvana Minerals Corp, Pan African Resources, Patagonia Gold, Pc Gold, Peninsular Gold Ltd, Perseus Mining Limited, QMX Corp, Queenston Mining Inc, Randgold Resources, Red 5 Limited, Resolute Mining Limited, Richmont Mines Inc, Saint Andrew Goldfields Limited, Seabridge Gold Inc, Semafo Inc., Serabi Mining, Shanta Gold, Silver Lake Resources Limited, St Barbara Limited, Stratex International Plc, Sulliden Gold Company Limited, Synergy Metals, Tanami Gold Nl., Trans Siberian Gold, Triple Plate Junction, Troy Resources Nl, Unity Mining, Vatukoula Gold Mines, Virginia Mines Inc, Vista Gold Corp, Wesdome Gold Mines Limited, Westgold Resources Limited, Yamana Gold Inc, Yukon-Nevada Gold Corp

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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
Show companies...Aberdeen Asset Management, Ashmore Group, Henderson Group, Jupiter Fund Management, Man Group, Schroders

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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
Show companies...1855, 1000mercis, A2micile Europe, Acces Industrie, Acropolis Telecom, Ada, ADTHINK Media, Adverline, Aerowatt, AgroGeneration, Ales Groupe, Antevenio, Aquila, Arkoon Network Security, Assima, Assya Cie Fin, Astellia, Auplata, Auto Escape, BD Multimedia, Bernard Loiseau, Biosynex, Bricorama, BSB, Budget Telecom, CARMAT, Cellectis, Cerep, Clasquin, CoBrHa, Cofidur, Cogra, Concoursmania, CRM Company Group, Custom Solutions, D.L.S.I., Damartex, Deinove, Demos, Dietswell, DL Software, Emakina Group, Entreparticuliers.com, Environnement SA, Esker, Eurasia Groupe, Eurogerm, Europlasma, Evolis , Exonhit, Fashion B Air , Fountaine Pajot, Gaussin, Genfit, GenOway , Gevelot, Global Bioenergies, Gold by Gold, Groupe Guillin, Groupe Jemini, Groupe Promeo, H2O Innovation , Harvest , Heurtey Petrochem, Hitechpros, Homair , Hybrigenics, i2S, IDSUD, IntegraGen, Intrasense, Inventoriste, Ipsogen, ISA, IsCool Entertainment, Keyyo, LeadMedia, LeGuide.com, Les Hotels Baverez, Lets Gowex, MaKheiA Group, Mastrad , Maximiles, Median Technologies, MEDICREA International , MGI Digital Graphic Technology , Microwave Vision, Millet Innovation, Mobile Network, Monceau Fleurs, Moulinvest, NEOTION, Neovacs, NetBooster , NEXEYA, Notrefamille.com, NSE Industries, O2i, Ober, OCTO Technology, Orolia , Pairi Daiza, Phenix Systems, Piscines Desjoyaux, Piscines Groupe, Poujoulat, POWEO, Prodware, ProwebCE, Relaxnews, Richel Serres de France , Royalreesink (Koninklijke Reesink), Sapmer, Serma Technologies, Sical, Sidetrade, Siparex Croissance, Siraga, Social Mix Media Group, Softimat, Solutions 30, Solving Efeso, Sporever , Stradim - Espace Finances , StreamWIDE , The Member Company (TMC Group), Toolux Sanding , Traqueur , Trilogiq, TTI, Turenne Investissement, Tuto4pc.com, TXCOM, UCAR, United Anodisers, VDI Group, Velcan Energy, Vergnet , Vexim, Video Futur, Visiomed Group, Vision IT Group, Voyageurs du Monde, Weborama, Wedia

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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
Show companies...AFI Development, MirLand Development, PIK Group, Raven Russia, RGI International

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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 Retail , See more..., Capital & Regional, Helical Bar, The Local Shopping REIT, LXB Retail Properties, Metric Property Investments, Town Centre Securities

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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
Show companies...1000mercis , 1855, A2micile , Acces Industrie , Acropolis Telecom , Ada , ADTHINK Media , Adverline , Aerowatt , AgroGeneration , Ales Groupe , Antevenio , Arkoon Network Security , Assima , Assya , Astellia , Auplata , Auto Escape , BD Multimedia , Bernard Loiseau , Bionersis , Biosynex , Bricorama , BSB , Budget Telecom , CARMAT , Cellectis , Cerep , Clasquin , CNPV Solar Power , CoBrHa , Cofidur , Cogra , Social Mix Media Group, Concoursmania , Custom Solutions , D.L.S.I. , Damartex , Deinove , Demos , Dietswell , DL Software , Emakina Group , Entreparticuliers.com , Environnement SA , Esker , Eurasia Groupe , Eurogerm , Europlasma , Evolis , Exonhit , Fashion B Air , Fountaine Pajot , Gaussin , GECI Aviation , Genfit , GenOway , Gevelot , Global Bioenergies , Gold by Gold , Groupe Guillin , Groupe Jemini , Groupe Promeo , H2O Innovation , Harvest , Heurtey Petrochem , Hitechpros , Homair , Les Hotels Baverez, Hybrigenics , IDSUD , IntegraGen , Intrasense , Inventoriste , Ipsogen , IsCool Entertainment , Keyyo , LeadMedia , LeGuide.com , Lets Gowex , MaKheiA Group , Mastrad , Maximiles , Median Technologies , MEDICREA International , MGI Digital Graphic Technology , Microwave Vision , Millet Innovation , Mobile Network , Monceau Fleurs , Moulinvest , NEOTION , Neovacs , NetBooster , NEXEYA , NSE Industries , O2i , Ober , OCTO Technology , Orolia , Pairi Daiza , Phenix Systems , Piscines Desjoyaux , Piscines Groupe , Polygone , Poujoulat , POWEO , Prodware , ProwebCE , Relaxnews , Richel Serres de France , Royalreesink (Koninklijke Reesink) , Sapmer , Serma Technologies , Sical , Sidetrade , Siparex Croissance , Siraga , Softimat , Solutions 30 , Solving Efeso , Sporever , Stradim - Espace Finances , StreamWIDE , STS Group , The Member Company (TMC Group) , Toolux Sanding , Traqueur , Trilogiq , TTI , Turenne Investissement , TUTO4pc.com , TXCOM , Ucar , United Anodisers , VDI Group , Velcan Energy , Vergnet , Vexim , Video Futur , Visiomed Group , Vision IT Group , Voyageurs du Monde , Weborama , Wedia

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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
Show companies...Hypoport, MLP, OVB Holding, W&W, EFG International, Julius Baer, Sarasin, Vontobel, VZ Holding

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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
Show companies...1000mercis , 1855, A2micile , Acces Industrie , Acropolis Telecom , Ada , ADTHINK Media , Adverline , Aerowatt , AgroGeneration , Ales Groupe , Antevenio , Assima , Astellia , Auplata , Auto Escape , Bernard Loiseau , Bionersis , Biosynex , Bricorama , BSB , Budget Telecom , CARMAT , Catala , Cellectis , Cerep , Clasquin , CNPV Solar Power , CoBrHa , Come and Stay , Concoursmania , CRM Company Group , Custom Solutions , D.L.S.I. , Deinove , Demos , DL Software , ECT Industries , Emakina Group , Entreparticuliers.com , Environnement , Esker , Eurasia Groupe , Eurogerm , Europlasma , Evolis , ExonHit , Fashion B Air , Fountaine Pajot , Gaussin , GECI Aviation , Genfit , GenOway , Gevelot , Global Bioenergies , Groupe Jemini , Groupe Promeo , Harvest , Heurtey Petrochem , Hitechpros , Holosfind , Homair , Hotel Regina Paris , Hybrigenics , i2S , IDSUD , IntegraGen , Inventoriste , Ipsogen , IsCool Entertainment , Keyyo , LeadMedia , LeGuide.com , Lets Gowex , Maesa, MaKheiA Group , Mastrad , Maximiles , Median Technologies , MEDICREA International , MG International , MGI Digital Graphic Technology , Microwave Vision , Millet Innovation , Monceau Fleurs , Moulinvest , NEOTION , Neovacs , NetBooster , NEXEYA , Notrefamille.com , O2i , Ober , OCTO Technology , Orolia , Pairi Daiza , Phenix Systems , Piscines Desjoyaux , Piscines Groupe , Polygone , Poujoulat , POWEO , Press Index , Prodware , Proservia , ProwebCE , Richel Serres de France , Royalreesink (Koninklijke Reesink) , SafeTIC , Sapmer , Sical , Sidetrade , Siraga , Solutions 30 , Sporever , Stradim - Espace Finances , StreamWIDE , STS Group , Tekka , The Member Company (TMC Group) , Toolux Sanding , Trilogiq , Turenne Investissement , TUTO4pc.com , Ucar , United Anodisers , VDI Group , Velcan Energy , Ventos , Vergnet , Visiomed Group , Vision IT Group , Voyageurs du Monde , Weborama , Wedia , RELAXNEWS, COFIDUR, COGRA, DAMARTEX, GROUPE GUILLIN, VIDEOFUTUR, EBIZCUSS.COM, INTRASENSE, LOGIC INSTRUMENT, SERMA TECHNOLOGIES, SIPAREX CROISSANCE, SOFTIMAT, SOLVING EFESO INTL

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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
Show companies...Ace Liberty & Stone plc, Adnams plc, AH Medical Properties plc, Anturion Ltd, ANS Group Plc, Arrowpoint Technologies plc, Arsenal Holdings plc, Aspartus Resources plc, Ascot Mining plc, Bioventix plc, Captive Audience Display Solutions plc, Chapel Down Group plc, Chemistry Communications Group plc, Cretan Group plc, Datum International Ltd, DHAIS plc, dotDigital Group plc, Eden Research plc, Essenden plc, Evergreen Oil plc, Ezybonds (UK) plc, FreshTL plc, Good Energy Group plc, Green Chemicals plc, GSC Property Holdings plc, HR GO plc, Hydro Hotel, IMC Exploration Group plc, Eastbourne, plc, Keycom plc, Metroelectric plc, MiLOC Group Ltd, Newbury Racecourse plc, Oracle Coalfields plc, Pegasus Helicopter Group plc, Phoenician Corporation IV Ltd, Phoenician Corporation IV Ltd, Pulse Group plc, Quercus Publishing plc, RAK Real Estate Ltd, Rangers Football Club plc, Sansui Holding Ltd, Sansui Holding Ltd, Shepherd Neame Ltd, Shoprite Group plc, Silver Mines Ltd, Sovereign Mines of Africa Plc, Sprue Aegis plc, Sunrise Biotech Holding Ltd, Teknomining plc, Thwaites (Daniel) plc, U.S. Oil and Gas plc, Wessex Exploration plc, Western Selection plc, Woodspeen Training plc, Zeta Compliance Group plc

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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 , See more..., Argos Resources, Borders & Southern, Desire Petroleum, Rockhopper Exploration

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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
Show companies...1000mercis , 1855, A2micile , Acces Industrie , Acropolis Telecom , Ada , ADTHINK Media , Adverline , Aerowatt , AgroGeneration , Ales Groupe , Antevenio , Assima , Assya , Astellia , Auplata , Auto Escape , BD MultiMedia , Bernard Loiseau , Bionersis , Biosynex , Bricorama , BSB , Budget Telecom , CARMAT , Catala , CBo Territoria , Cellectis , Cerep , Clasquin , CNPV Solar Power , CoBrHa , Come and Stay , Concoursmania , CRM Company Group , Custom Solutions , D.L.S.I. , Deinove , Demos , Dietswell , DL Software , ECT Industries , eFront , Emakina Group , Entreparticuliers.com , Environnement , Esker , Eurasia Groupe , Eurogerm , Europlasma , Evolis , ExonHit , Fashion B Air , Fountaine Pajot , Gaussin , GECI Aviation , Genfit , GenOway , Gevelot , Global Bioenergies , Groupe Jemini , Groupe Promeo , H2O Innovation , Harvest , Heurtey Petrochem , Hitechpros , Holosfind , Homair , Hotel Regina Paris , Hybrigenics , i2S , IC Telecom , IDSUD , IntegraGen , Inventoriste , Ipsogen , IsCool Entertainment , Keyyo , LeadMedia , LeGuide.com , Lets Gowex , Maesa, MaKheiA Group , Mastrad , Maximiles , Median Technologies , MEDICREA International , MG International , MGI Digital Graphic Technology , Microwave Vision , Millet Innovation , Monceau Fleurs , Moulinvest , NEOTION , Neovacs , NetBooster , NEXEYA , Notrefamille.com , O2i , Ober , OCTO Technology , Orolia , Pairi Daiza , Phenix Systems , Piscines Desjoyaux , Piscines Groupe , Polygone , Poujoulat , POWEO , Press Index , Prodware , Proservia , ProwebCE , Richel Serres de France , Royalreesink (Koninklijke Reesink) , SafeTIC , Sapmer , Sical , Sidetrade , Siraga , Solabios, Solutions 30 , Sporever , Stradim - Espace Finances , StreamWIDE , STS Group , Tekka , The Marketingroup , The Member Company (TMC Group) , Toolux Sanding , Trilogiq , TTI , Turenne Investissement , TUTO4pc.com , TXCOM , Ucar , United Anodisers , VDI Group , Velcan Energy , Ventos , Vergnet , Visiomed Group , Vision IT Group , Voyageurs du Monde , Weborama , Wedia , XIRING

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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 , See more..., Aspermont, DMGT, Dods Group, Electric Word, Euromoney, Haynes Publishing Group, Informa, ITE Group, Progressive Digital Media, Tarsus Group, UBM, Wilmington Group

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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
Show companies...1000mercis , 1855, A2micile , Acces Industrie , Acropolis Telecom , Ada , ADTHINK Media , Adverline , Aerowatt , AgroGeneration , Ales Groupe , Antevenio , Assima , Assya , Astellia , Auplata , Auto Escape , BD MultiMedia , Bernard Loiseau , Bionersis , Biosynex , Bricorama , BSB , Budget Telecom , CARMAT , Catala , CBo Territoria , Cellectis , Cerep , Cesar , Clasquin , CNPV Solar Power , CoBrHa , Come and Stay , Concoursmania , CRM Company Group , Custom Solutions , D.L.S.I. , Deinove , Demos , Dietswell , DL Software , ECT Industries , eFront , Emakina Group , Entreparticuliers.com , Environnement , Esker , Eurasia Groupe , Eurogerm , Europlasma , Evolis , ExonHit , Fashion B Air , Fountaine Pajot , Gaussin , GECI Aviation , Genfit , GenOway , Gevelot , Global Bioenergies , Groupe Jemini , Groupe Promeo , H2O Innovation , Harvest , Heurtey Petrochem , Hitechpros , Holosfind , Homair , Hotel Regina Paris , Hybrigenics , i2S , IC Telecom , IDSUD , IntegraGen , Inventoriste , Ipsogen , IsCool Entertainment , Keyyo , LeadMedia , LeGuide.com , Lets Gowex , Maesa , MaKheiA Group , Mastrad , Maximiles , Median Technologies , MEDICREA International , MG International , MGI Digital Graphic Technology , Microwave Vision , Millet Innovation , Monceau Fleurs , Moulinvest , NEOTION , Neovacs , NetBooster , NEXEYA , Notrefamille.com , O2i , Ober , OCTO Technology , Orolia , Pairi Daiza , Phenix Systems , Piscines Desjoyaux , Piscines Groupe , Polygone , Poujoulat , POWEO , Press Index , Prodware , Proservia , ProwebCE , Richel Serres de France , Royalreesink (Koninklijke Reesink) , SafeTIC , Sapmer , Sical , Sidetrade , Siraga , Solutions 30 , Sporever , Stradim - Espace Finances , StreamWIDE , STS Group , Tekka , The Marketingroup , The Member Company (TMC Group) , Toolux Sanding , Trilogiq , TTI , Turenne Investissement , Tuto4pc.com group , TXCOM , Ucar , United Anodisers , VDI Group , Velcan Energy , Ventos , Vergnet , Visiomed Group , Vision IT Group , Voyageurs du Monde , Weborama , Wedia , XIRING

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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 , See more..., Ace Liberty & Stone plc, Adnams plc, AFH Financial Group plc, Alpha Prospects plc, Arrowpoint Technologies plc, Arsenal Holdings plc, Ascot Mining plc, Asia Wealth Group Holdings Ltd, Bioventix plc, Captive Audience Display Solutions plc, Central Asian Minerals and Resources plc, China CDM Exchange Centre Ltd, China Meihua Biological Technology plc, Cretan Group plc, Ideagen (previously Datum International plc), DHAIS plc, Eden Research plc, English Wines Group plc, Essenden plc, Ezybonds (UK) plc, FreshTL plc, Frontier Resources International plc, Good Energy Group plc, Great Western Mining Corporation plc, Green Chemicals plc, GSC Property Holdings plc, HR GO plc, Hydro Hotel, Eastbourne, plc, Imperial Music and Media plc, Keycom plc, Mechan Controls plc, MiLOC Group Ltd, Newbury Racecourse plc, Prime Investments International Group Ltd, Quercus Publishing plc, Rangers Football Club plc, Rare Minerals plc, Rivington Street Holdings plc, Sansui Holding Ltd, Shepherd Neame Ltd, Isle of Man Enterprises plc ( previously Shoprite Group plc), Silver Mines Ltd, Sprue Aegis plc, Sunrise Biotech Holding Ltd, Thwaites (Daniel) plc, U.S. Oil and Gas plc, Western Selection plc, Woodspeen Training plc, Zeta Compliance Group plc

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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
Show companies...Carmat, Ales Groupe, 1000mercis, Ventos, Cbo Territoria, Co.Br.Ha (D), Heurtey Petrochem, Groupe Promeo, Cellectis, Geci Aviation, Evolis, Voyageurs Du Monde, Assya Cie Fin, Medicrea Internat., Hotel Regina Paris, Trilogiq, Demos, Poujoulat, Leguide.Com, Homair, Exonhit Therapeut., Poweo, Eurogerm, Piscines Desjoyaux, Neovacs, Clasquin, Inventoriste, Mediantechnologies, Solutions 30, Royalreesink, Auplata, Orolia, Xiring, Richel Serres Fra., Weborama, Safetic, Netbooster, Dl Software, Mgi Digital Graphi, Brossard, Sical, Genfit, Nexeya, Prodware, Serma Technologies, Vision It (D), Tmc, Microwave Vision, Tekka Group, Deinove, Ipsogen, Sidetrade, Maesa, Environnement Sa, Harvest, Astellia, Maximiles, Emakina Group (D), Esker, Prowebce, Adverline, Vergnet, Europlasma, Concoursmania, Efront, Custom Solutions, Streamwide, Pairi Daiza, Idsud, Fashion B Air, Sporever, Aerowatt, Bsb (D), Piscines Groupe Ga, Acces Industrie, Bionersis, Proservia, Octo Technology, Mastrad, Ada, Keyyo, Antevenio, D.L.S.I., Turenne Inv, Hybrigenics, Fountaine Pajot, Genoway, Monceau Fleurs, Budget Telecom, Ober, Entreparticuliers, Millet Innovation, Hitechpros, Vdi Group, Stradim Espac.Fin, Biosynex, Ic Telecom, Cerep, Siraga, Auto Escape, Ect Industries, Notrefamille.Com, Makheia Group, Crm Company Group, I2s, Mg International, United Anodisers, The Marketingroup, Press Index, Come And Stay, O2i, Catala, Adomos, Tr Services, Holosfind

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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

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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
Show companies...Aberdeen Private Equity Fund Ltd, Altamir Amboise, Conversus Capital LP, Deutsche Beteiligungs AG, Dinamia Capital Privado SCR, SA Dunedin Enterprise Investment Trt. plc, Electra Private Equity plc, F&C Private Equity Trust plc, Gimv NV, Graphite Enterprise Trust plc, HarbourVest Global PE Ltd, HBM BioVentures Ltd, HgCapital Trust plc, J.P. Morgan Private Equity Ltd, JZ Capital Partners Ltd, LMS Capital plc, NB Private Equity Partners Ltd, Pantheon Intl. Participations plc, Standard Life European PE Trust plc, SVG Capital plc

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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 , See more..., Better Capital, FRM Credit Alpha, NB Distressed Debt Strategies, Saltus European Debt Strategies, Signet Global Fixed Income Strategies, Third Point Offshore Investors Limited

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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
Show companies...1000mercis, Acces Industrie , Acheter-Louer.Fr, ADA, Adomos, ADTHINK Media, Adverline, Aerowatt, Antevenio, Aquila, Arkoon Network Security, Assima, Assya Capital, Astellia, Auplata, Auto Escape, Brossard, BSB, Budget Telecom, CBo Territoria, Cellectis, Clasquin, CNPV, CoBrHa, Come and Stay, CRM Company Group, D.L.S.I., Demos, Dietswell, DL Software, Dolphin Integration, ECT Industries, eFront, Emailvision, Emakina Group, Entreparticuliers.com, Environnement, Eurogerm, Europlasma, Evolis, ExonHit Therapeutics, Fashion B Air, Fountaine Pajot, GECI Aviation, Genfit, GenOway, Groupe Promeo, Groupimo, H2O Innovation, Harvest, Heurtey Petrochem, Hitechpros, Homair, Huacheng Real Estate, Hybrigenics, Inventoriste, Ipsogen, LeGuide.com, Logic Instrument, Loyaltouch, Maesa, Mastrad, Maximiles, MEDICREA International, MG International, MGI Digital Graphic Technology, Microwave Vision, Millet Innovation, Mindscape, Monceau Fleurs, NEOTION, NetBooster, NEXEYA, Notrefamille.com, O2i, Ober, OCTO Technology, Orolia, Piscines Groupe GA, POWEO, Press Index, Prodware, Proservia, Proventec, Referencement.com, Richel Serres de France, Royalreesink (Koninklijke Reesink), Safetic, Safwood, Sapmer, Serma Technologies, Sidetrade, Sporever, Stradim - Espace Finances, StreamWIDE, The Marketingroup, The Member Company (TMC Group), Toolux Sanding, Traqueur, Trilogiq, Turenne Investissement, VDI Group, Ventos, Vergnet, Vision IT Group, Voyageurs du Monde, Weborama, XIRING, PROWEBCE

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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 , See more..., DEO Petroleum, Encore Oil, Endeavour International, EnQuest, Serica Energy, Fairfield Energy, Bridge Energy

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25/02/2011
PLUS Review - February 2011
Download via: Website

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
Show companies...Ace Liberty & Stone plc, Adnams plc, AH Medical Properties plc, ANS Group Plc, Arrowpoint Technologies plc, Arsenal Holdings plc, Ascot Mining plc, Bioventix plc, Captive Audience Display Solutions plc, Chemistry Communications Group plc, China CDM Exchange Centre Ltd, Cretan Group plc, Datum International Ltd, DHAIS plc, dotDigital Group plc, Eden Research plc, English Wines Group plc, Essenden plc, Ezybonds (UK) plc, FreshTL plc, General Medical Clinics plc, Good Energy Group plc, Green Chemicals plc, GSC Property Holdings plc, HR GO plc, Hydro Hotel, Eastbourne, plc, Keycom plc, Metroelectric plc, MiLOC Group Ltd, Newbury Racecourse plc, Oracle Coalfields plc, Pegasus Helicopter Group plc, Phoenician Corporation IV Ltd, Pulse Group plc, Quercus Publishing plc, Rangers Football Club plc, Sansui Holding Ltd, Shepherd Neame Ltd, Shoprite Group plc, Silver Mines Ltd, Sovereign Mines of Africa Plc, Sprue Aegis plc, Sunrise Biotech Holding Ltd, Teknomining plc, Thwaites (Daniel) plc, U.S. Oil and Gas plc, Wessex Exploration plc, Western Selection plc, Woodspeen Training plc, Zeta Compliance Group plc

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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 plc , See more..., Brooks Macdonald, Charles Stanley, Rathbone Brothers, St James Place, Syndicate Asset Management, Hargreaves Lansdown, Mattioli Woods

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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
Show companies...1000mercis, Acces Industrie , Acheter-Louer.Fr, ADA, Adomos, ADTHINK Media, Adverline, Aerowatt, Antevenio, Aquila, Arkoon Network Security, Assima, Assya Capital, Astellia, Auplata, Auto Escape, Brossard, BSB, Budget Telecom, CBo Territoria, Cellectis, Clasquin, CNPV, CoBrHa, Come and Stay, CRM Company Group, D.L.S.I., Demos, Dietswell, DL Software, Dolphin Integration, ECT Industries, eFront, Emailvision, Emakina Group, Entreparticuliers.com, Environnement, Eurogerm, Europlasma, Evolis, ExonHit Therapeutics, Fashion B Air, Fountaine Pajot, GECI Aviation, Genfit, GenOway, Groupe Promeo, Groupimo, H2O Innovation, Harvest, Heurtey Petrochem, Hitechpros, Homair, Huacheng Real Estate, Hybrigenics, Inventoriste, Ipsogen, LeGuide.com, Logic Instrument, Loyaltouch, Maesa, Mastrad, Maximiles, MEDICREA International, MG International, MGI Digital Graphic Technology, Microwave Vision, Millet Innovation, Mindscape, Monceau Fleurs, NEOTION, NetBooster, NEXEYA, Notrefamille.com, O2i, Ober, OCTO Technology, Orolia, Piscines Groupe GA, POWEO, Press Index, Prodware, Proservia, Proventec, Referencement.com, Richel Serres de France, Royalreesink (Koninklijke Reesink), Safetic, Safwood, Sapmer, Serma Technologies, Sidetrade, Sporever, Stradim - Espace Finances, StreamWIDE, The Marketingroup, The Member Company (TMC Group), Toolux Sanding, Traqueur, Trilogiq, Turenne Investissement, VDI Group, Ventos, Vergnet, Vision IT Group, Voyageurs du Monde, Weborama, XIRING, PROWEBCE

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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 Group , Maxima Holdings , See more..., SAP, Oracle, Microsoft, Google, Amazon, Rackspace, Telecity, Phoenix IT, Iomart, Blackboard, Concur Technologies, Constant Contact, Digital River, Kenexa, NetSuite, Rightnow Technologies, Salesforce.com, SuccessFactors, Taleo, Ultimate Software, Workstream, IBM, HP, Cisco, Adobe, eBay, EMIS, Kewill, SDL

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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
Show companies...1000mercis, 1855, Adomos, ADTHINK Media, Adverline, Aerowatt, Antevenio, Aquila, Arkoon Network Security, Assima, Assya Capital, Astellia, Auplata, Auto Escape, Brossard, BSB, Budget Telecom, CBo Territoria, Cellectis, Clasquin, CNPV, CoBrHa, Come and Stay, CRM Company Group, D.L.S.I., Demos, Dietswell, DL Software, Dolphin Integration, ECT Industries, eFront, Emailvision, Emakina Group, Entreparticuliers.com, Environnement, Eurogerm, Europlasma, Evolis, ExonHit Therapeutics, Fashion B Air, Fountaine Pajot, GECI Aviation, Genfit, GenOway, Groupe Promeo, Groupimo, H2O Innovation, Harvest, Heurtey Petrochem, Hitechpros, Homair, Huacheng Real Estate, Hybrigenics, Inventoriste, Ipsogen, LeGuide.com, Logic Instrument, Loyaltouch, Maesa, Mastrad, Maximiles, MEDICREA International, MG International, MGI Digital Graphic Technology, Microwave Vision, Millet Innovation, Mindscape, Monceau Fleurs, NEOTION, NetBooster, NEXEYA, Normaction, Notrefamille.com, O2i, Ober, OCTO Technology, Orolia, Piscines Groupe GA, POWEO, Press Index, Prodware, Proservia, Proventec, Referencement.com, Richel Serres de France, Royalreesink (Koninklijke Reesink), Safetic, Safwood, Sapmer, Serma Technologies, Sidetrade, Sporever, Stradim - Espace Finances, StreamWIDE, The Marketingroup, The Member Company (TMC Group), Toolux Sanding, Traqueur, Trilogiq, Turenne Investissement, VDI Group, Ventos, Vergnet, Vision IT Group, Voyageurs du Monde, Weborama, XIRING

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Aerospace & Defence

27/09/2010
Sensors for investors
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The Strategic Defence & Security Review (SDSR) is being undertaken in double-quick time to coincide with the October comprehensive spending review, and we anticipate this will provide investors with both opportunities and threats in the UK aerospace & defence (A&D) sector. With volatility expected to remain high, we favour those companies with broad exposure to geographical markets or across civil and defence customers. In particular, we highlight BAE Systems, Rolls-Royce, Babcock, Chemring and Avon Rubber.

Companies mentioned
Umeco , QinetiQ Group , Blue Star Capital , Cobham , Ultra Electronics , BAE Systems , Rolls-Royce , Hampson Industries , Chemring Group , Avon Rubber , Meggitt , Senior

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31/08/2010
PLUS Review
Download via: Website

Welcome to the latest edition of the PLUS review. Working in partnership with the PLUS stock exchange, this review enhances the visibility of PLUS-quoted 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.

Companies mentioned
All Star Minerals , Oracle Coalfields , See more..., 3D Diagnostic Imaging, Ace Liberty & Stone, Adnams, AH Medical Properties, ANS Group, Arrowpoint, Arsenal Holdings, Ascot Mining, Avation, Bioventix, Bluehone Holdings, Chemistry Communications, China CDM Exchange Centre, Creative Financial Technologies, Datum International, DHAIS, dotDigitalGroup, Eden Research, English Wines Group, Ezybonds, General Medical Clinics, Geo Genesis Group, Good Energy Group, Great Western Mining Corporation, Green Chemicals, GSC Property Holdings, HR GO, Hydro Hotel, Innovative Software Direct, Keycom, King Tech International, Metroelectric, Newbury Racecourse, Pegasus Helicopter Group, Phoenician Corporation IV, Quercus Publishing, RAK Real Estate, Rangers Football Club, Shepherd Neame, Shoprite, Silver Mines, Sovereign Mines of Africa, Sprue Aegis, Sunrise Biotech Holdings, Team (Impression) Holdings, Teknomining, Thwaites (Daniel), Transdermal Cosmetics, Wessex Exploration, Western Selection, Woodspeen Training, Zeta Compliance Group

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Financials

26/07/2010
Cliff edge or knife edge?
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This report covers the 10 specialist underwriters (‘the Lloyd’s insurers’) quoted in the UK. The very nature of their business, particularly in areas like catastrophe reinsurance, is inevitably volatile and it is also cyclical, although maybe less so than in the past. The cycle is in a softening phase which combined with persistently low investment returns has the potential to drastically reduce sector profitability. However, paradoxically, in this sector a lot of pain is good, reducing capital and instilling greater discipline in pricing. In this environment we expect near-term profitability to be much weaker than in recent years, but to remain solidly positive in the absence of a major industry loss event. This is why we think the sector is on a knife edge and not at the edge of the cliff.

Companies mentioned
Show companies...Amlin, Beazley, Brit Insurance Holdings, Catlin Group, Chaucer Holdings, Hardy Underwriting Bermuda, Hiscox, Lancashire Holdings, Novae Group, Omega Insurance Holdings,

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02/07/2010
NYSE Alternext Quarterly Review, Second 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 107 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
Show companies...1000mercis, 1855, Adomos, ADTHINK Media, Adverline, Aerowatt, Antevenio, Aquila, Arkoon Network Security, Assima, Assya Capital, Astellia, Auplata, Auto Escape, Brossard, BSB, Budget Telecom, CBo Territoria, Cellectis, Clasquin, CNPV, CoBrHa, Come and Stay, CRM Company Group, D.L.S.I., Demos, Dietswell, DL Software, Dolphin Integration, ECT Industries, eFront, Emailvision, Emakina Group, Entreparticuliers.com, Environnement, Eurogerm, Europlasma, Evolis, ExonHit Therapeutics, Fashion B Air, Fountaine Pajot, GECI Aviation, Genfit, GenOway, Groupe Promeo, Groupimo, H2O Innovation, Harvest, Heurtey Petrochem, Hitechpros, Homair, Huacheng Real Estate, Hybrigenics, Inventoriste, Ipsogen, LeGuide.com, Logic Instrument, Loyaltouch, Maesa, Mastrad, Maximiles, MEDICREA International, MG International, MGI Digital Graphic Technology, Microwave Vision, Millet Innovation, Mindscape, Monceau Fleurs, NEOTION, NetBooster, NEXEYA, Normaction, Notrefamille.com, O2i, Ober, OCTO Technology, Orolia, Piscines Groupe GA, POWEO, Press Index, Prodware, Proservia, Proventec, Referencement.com, Richel Serres de France, Royalreesink (Koninklijke Reesink), Safetic, Safwood, Sapmer, Serma Technologies, Sidetrade, Sporever, Stradim - Espace Finances, StreamWIDE, The Marketingroup, The Member Company (TMC Group), Toolux Sanding, Traqueur, Trilogiq, Turenne Investissement, VDI Group, Ventos, Vergnet, Vision IT Group, Voyageurs du Monde, Weborama, XIRING

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18/03/2010
NYSE Alternext Quarterly Review, First Quarter 2010
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Welcome to the latest edition of the NYSE Alternext Quarterly Review. Working in partnership with NYSE Euronext, the NYSE Alternext Quarterly Review aims to enhance the global visibility of NYSE Alternext-listed companies.

Companies mentioned
Show companies...1000mercis, 1855, Adomos, ADTHINK Media, Adverline, Aerowatt, Antevenio, Aquila, Arkoon Network Security, Assima, Assya Capital, Astellia, Auplata, Auto Escape, Brossard, BSB, Budget Telecom, CBo Territoria, Cellectis, Clasquin, CNPV, CoBrHa, Come and Stay, Cortix, CRM Company Group, D.L.S.I., Demos, Dietswell, DL Software, Dolphin Integration, Easydentic, ECT Industries, eFront, Emailvision, Emakina Group, Entreparticuliers.com, Environnement, Eurogerm, Europlasma, Evolis, ExonHit Therapeutics, Fashion B Air, Fountaine Pajot, Genfit, GenOway, GoAdv, Groupe Promeo, Groupimo, H2O Innovation, Harvest, Heurtey Petrochem, Hitechpros, Homair, Huacheng Real Estate, Hybrigenics, Inventoriste, Ipsogen, LeGuide.com, Logic Instrument, Loyaltouch, Maesa, Mastrad, Maximiles, MEDICREA International, MG International, MGI Digital Graphic Technology, Microwave Vision, Millet Innovation, Mindscape, Monceau Fleurs, NEOTION, NetBooster, NEXEYA, Normaction, Notrefamille.com, O2i, Ober, OCTO Technology, Orolia, Piscines Groupe GA, Porthus, POWEO, Press Index, Prodware, Proservia, Proventec, Referencement.com, Reims Aviation Industries, Richel Serres de France, Royalreesink (Koninklijke Reesink), Safwood, Sapmer, Serma Technologies, Sidetrade, Sporever, Stradim - Espace Finances, StreamWIDE, The Marketingroup, The Member Company (TMC Group), Toolux Sanding, Traqueur, Trilogiq, Turenne Investissement, VDI Group, Ventos, Vergnet, Vision IT Group, Voyageurs du Monde, Weborama, XIRING,

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23/02/2010
PLUS Review
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Welcome to the first edition of the PLUS review. Working in partnership with the PLUS stock exchange, this review aims to enhance the visibility of PLUS-quoted companies and will be published every six months.

Companies mentioned
U3O8 Holdings , All Star Minerals , Oracle Coalfields , See more..., 3D Diagnostic Imaging, Ace Liberty and Stone , Adnams , AH Medical Properties , All Star Minerals , ANS Group , Arrowpoint , Arsenal Holdings , Ascot Mining , Avation , Chemistry Communications , China CDM Exchange Centre , Creative Financial Technologies , DHAIS , dotDigitalGroup , DXS International , Eden Research , English Wines Group , Ezybonds , Frontier IP Group , General Medical Clinics , Geo Genesis Group , Good Energy Group , Great Western Mining Corporation , Green Chemicals , GSC Property Holdings , HR GO , Hydro Hotel , Keycom , King Tech International , Magnolia Petroleum , Newbury Racecourse , Oracle Coalfields , Paycorp , Pegasus Helicopter Group , Phoenician Corporation IV , Prize Mobile , Quercus Publishing , RAK Real Estate , Rangers Football Club , Scancell Holdings , Shepherd Neame , Sprue Aegis , Sunrise Biotech Holdings , SureTrack Monitoring , Team (Impression) Holdings , Technis International , Thwaites (Daniel) , Transdermal Cosmetics , U3O8 Holdings , Western Selection , Woodspeen Training

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Mining

27/01/2010
Gold - Valuation benchmarks are obsolete
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We have re-run our analysis to determine differentiated values for 'measured', 'indicated' and 'inferred' resource ounces to include the Canadian, Australian and South African markets as well as the London one. In doing so, we have been able to determine that the average value of a 'measured' resource ounce globally is US$340/oz, while that of an 'indicated' ounce is US$159/oz and that of an 'inferred' ounce is US$34/oz (excluding Witwatersrand ounces). An average ounce is worth US$158.56/oz, which contrasts sharply with both its cost of discovery (US$8.81/oz, as determined by leading international accountancy firm BDO - see inside) and an historic benchmark valuation of US$35/oz.

Companies mentioned
Petropavlovsk , European Goldfields , Hambledon Mining , Randgold Resources , GMA Resources , See more..., Archipelago Resources, Allied Gold, Ariana Resources, Avocet Mining, Centamin Egypt, Central African Gold, Central Rand Gold, Chaarat Gold, China Goldmines, Cluff Gold, Condor Resources, Conroy Gold, Galantas Gold, Greatland Gold, Greystar Resources, Highland Gold, Kirkland Lake, Kryso Resources, Leyshon Resources, Oxus, Medoro Resources, Medusa Mining, Metals Exploration, Moto Goldmines, Norseman Gold, Orsu, Pan African Resources, Patagonia Gold, Peninsular Gold, Serabi Mining, Shanta Gold,

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Basic Industries

18/01/2010
Industrials sector report - Nonwovens
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The past two years have undoubtedly been difficult for nonwoven producers. However, with the best time to invest in cyclical stocks the bottom of a demand cycle and when confidence is rising, we suggest that now may be a good time to examine the sector. We believe that while demand growth is not expected to be strong in 2010/11, a combination of slowly improving European demand and firm Asian demand points to increased investor interest in this market.

Companies mentioned
Low & Bonar , See more..., Ahlstrom, AVGOL, Companhia Providência, Fibertex (Schouw & Co), Freudenberg, PEGAS Nonwovens, Polymer Group Inc, Suominen

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10/12/2009
NYSE Alternext Quarterly Review, Fourth Quarter 2009
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Welcome to the third edition of the NYSE Alternext Quarterly Review. Working in partnership with NYSE Euronext, the NYSE Alternext Quarterly Review aims to enhance the global visibility of NYSE Alternext listed companies.

Companies mentioned
Show companies...1000mercis, 1855, Adomos, ADTHINK Media, Adverline, Aerowatt, Antevenio, Aquila, Arkoon Network Security, Assima, Assya Capital, Astellia, Auplata, Auto Escape, Brossard, BSB, Budget Telecom, CBo Territoria, Cellectis, Clasquin, CNPV, CoBrHa, Come and Stay, Cortix, CRM Company Group, D.L.S.I., Demos, Dietswell, DL Software, Dolphin Integration, Easydentic, ECT Industries, eFront, Emailvision, Emakina Group, Entreparticuliers.com, Environnement, Eurogerm, Europlasma, Evolis, ExonHit Therapeutics, Fashion B Air, Fountaine Pajot, Genfit, GenOway, GoAdv, Groupe Promeo, Groupimo, H2O Innovation, Harvest, Heurtey Petrochem, Hitechpros, Homair, Huacheng Real Estate, Hybrigenics, Initiatives et Developpements, Inventoriste, Ipsogen, Laroche, LeGuide.com, Logic Instrument, Maesa, Mastrad, Maximiles, MEDICREA International, MG International, MGI Digital Graphic Technology, Microwave Vision, Millet Innovation, Mindscape, Monceau Fleurs, NEOTION, NetBooster, NEXEYA, Normaction, Notrefamille.com, O2i, Ober, OCTO Technology, Orolia, Piscines Groupe GA, Porthus, POWEO, Press Index, Prodware, Proservia, Proventec, Referencement.com, Reims Aviation Industries, Rentabiliweb Group, Richel Serres de France, Royalreesink (Koninklijke Reesink), Safwood, Sapmer, Serma Technologies, Sidetrade, Sporever, Stradim - Espace Finances, StreamWIDE, The Marketingroup, The Member Company (TMC Group), Toolux Sanding, Traqueur, Trilogiq, Turenne Investissement, VDI Group, Ventos, Vergnet, Vision IT Group, Voyageurs du Monde, Weborama, XIRING

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Pharmaceutical & Healthcare

06/11/2009
Biotechnology sector report: Obesity - Where are the deals?
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Pivotal data have been now reported for all three of biotech's most advanced oral anti-obesity projects, something we had expected to serve as the trigger for licensing activity with big pharma. A licensing deal is a key event for each of the companies involved, but despite data now being out no such alliance has yet materialised. In this report we investigate the prospects for licensing and outline some alternative strategies being pursued while deal negotiation continues.

Companies mentioned
Vivus , See more..., Arena Pharmaceuticals

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Mining

12/10/2009
Mining sector report: Gold - still aping the 1970s
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In our April 2009 report, Gold - a return to the 1970s, we posited a theory that if gold repeats the same performance in the current cycle as it did during the 1970s re-inflation, it would hit US$1,567/oz ‘in the near term’. In this follow-up report we argue that, with the world still facing deflationary forces in the near term, gold’s peak is likely to be delayed to 2013, but that its peak will be correspondingly higher at US$1,879/oz.

Companies mentioned
Petropavlovsk , European Goldfields , Hambledon Mining , Randgold Resources , GMA Resources , See more..., Archipelago Resources, Allied Gold, Ariana Resources, Avocet Mining, Centamin Egypt, Central African Gold, Central Rand Gold, Chaarat Gold, China Goldmines, Cluff Gold, Condor Resources, Conroy Gold, Galantas Gold, GMA Resources, Greatland Gold, Greystar Resources, Highland Gold, Kirkland Lake, Kryso Resources, Leyshon Resources, Oxus, Medoro Resources, Medusa Mining, Metals Exploration, Moto Goldmines, Norseman Gold, Orsu, Pan African Resources, Patagonia Gold, Peninsular Gold, Serabi Mining, Shanta Gold,

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Property

22/06/2009
Property sector report: Double-digit dividend yields
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The real estate sector has seen a significant rally since the dark days of Q408. The stock market is starting to discount the downturn as a standard property cycle, but the significant structural issue of deleveraging remains to be addressed.

Companies mentioned
Show companies...Alpha Pyrenees Trust, AXA Property Trust, Invista Foundation Property Trust, ISIS Property Trust, ING UK Real Estate Income Trust, IRP Property Investments, The Local Shopping REIT, The Standard Life Investments Property Income Trust

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Electronics & Electrical Equipment

01/06/2009
Technology sector report: Sailing turbulent seas
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Semiconductors are used in a wide variety of electronic applications from washing machines to sophisticated communication satellites. While wave upon wave of negative news has affected the entire sector, we draw investors’ attention to a number of technology adoption cycles that should see double-digit growth rates in 2009 and that can drive long-term returns. We highlight ARM Holdings, CSR and IQE as companies that are strongly poised to capitalise on these cycles and increase shareholder value.

Companies mentioned
Imagination Technologies , CSR , ARM Holdings , Cyan Holdings , Wolfson Microelectronics , IQE

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Mining

20/04/2009
Mining sector report: Gold - a return to the 1970s
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While these are extraordinary times for the world economy, they are not without precedent, with structural trade deficits, burgeoning budget deficits and bank failures all equally prominent in the 1970s. During the 1970s, gold rose from US$35/oz to its only recently surpassed record of US$850/oz in 1980 – a 24-fold uplift in value. While we do not expect quite such dramatic appreciation in the current era, a repeat of the same cycle would see gold rise to a price of US$1,567/oz in the near term.

Companies mentioned
Petropavlovsk , Randgold Resources

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Alternative Energy

02/03/2009
Alternative Energy - How to play a complex sector
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Within the UK’s incentive regime, it is only wind power that has both the financial returns and scalability to create value for investors in operational assets. For other types of energy, investing in cost-reducing new technologies is the higher-risk, higher-reward strategy. We examine the technologies, costs and potential returns of investing in the sector and recommend sweet-spots in the value chains.

Companies mentioned
Hansen Transmissions , Zenergy Power , See more..., Clipper Windpower, Kedco, Ocean Power Technologies, ReneSola

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Technology

30/01/2009
Technology sector - Here come the bids?
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In this report we look across the valuation wasteland of the UK mid- and small-cap technology sector to try and identify those companies where multiples have disconnected from fundamentals.

Companies mentioned
Amino Technologies , See more..., Morse, Psion, Wolfson Microelectronics, Business Systems Group Holdings, Intec Telecom Systems, FDM Group, Gladstone, Innovation Group, Electronic Data Processing, Redknee Solutions, Visonic, Bond International Software, Vislink, DataTec, Alphameric, Eservglobal, Pace

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Automotive Retailers

21/11/2008
Automotive distributors - Defensive qualities
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The motor distribution segment of the Retail Sector has seen an average 74% share price fall from its 2008 highs. This reflects natural fears related to consumer spending, epitomised by the fall off in new car registrations over the past three months.

Companies mentioned
Inchcape , Vertu Motors , Lookers , H R Owen , See more..., Pendragon

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Mining

17/11/2008
Platinum prospects - Juniors making the grade
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A change in South African mining legislation has seen the emergence of a junior platinum sector, which can explore and produce platinum at lower costs than the majors. Although the decline in the platinum price has affected the entire sector, the juniors’ low-cost projects remain attractive. We draw investors’ attention to cash generative companies, Eastern Platinum and Sylvania Resources, and those about to start producing, Platinum Australia, Platmin and Ridge Mining.

Companies mentioned
Nkwe Platinum , See more..., Eastern Platinum, Platinum Australia, Platmin, Sylvania Resources

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Mining

07/10/2008
Mining in Russia and the CIS
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To many westerners, Russia remains, in Winston Churchill’s words, “a riddle wrapped in a mystery inside an enigma”. Yet at the dawn of the 21st century, when Russia’s economy is growing at more than 7% per annum, this seems anomalous – doubly so within the context of the mining industry, given that Russia accounts for no less than 11.5% of the world’s land mass and 14% of its mineral extraction.

Companies mentioned
Petropavlovsk , Hambledon Mining , Highland Gold , See more..., Amur Minerals, Chaarat Gold Holdings, Eurasia Mining, Kryson Resources, Ovoca Gold, Oxus Gold, Sunkar Resources, Trans-Siberan Gold

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Technology

27/05/2008
Software as a Service sector report - Smoothware
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The provision of Software as a Service has been around for over a decade. However, it is only in the past few years that high-speed networks and the investment in scalable architectures have enabled the emergence of a number of well positioned UK business models. In our view valuations largely reflect the negative short-term impact of SaaS delivery on revenue recognition and therefore earnings. However, importantly, these businesses have the opportunity to take market share, have high visibility of future cash flows and should significantly outperform the IT sector over the next three years.

Companies mentioned
StatPro Group , FFastFill , GB Group , See more..., Gresham Computing, Kewill Systems, Netstore, ServicePower

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Pharmaceutical & Healthcare

15/05/2008
Obesity sector report - Fat chance
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Over the past few years obesity has been labelled a global ‘epidemic’ responsible for rising healthcare costs, but current treatments have been beset with side effects or have shown insufficient efficacy. With several new treatments now in late-stage development, the obesity sector is likely to see significant interest from big pharma over the coming 18 months and could offer significant rewards for discriminating investors.

Companies mentioned
Vivus , See more..., Amylin Pharmaceuticals, Arena Pharmaceuticals

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Oil & Gas

23/10/2007
Junior oil and gas - Golden barrels
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We believe that the current oil price environment has restricted the ability of investors to garner material upside from companies with assets weighted towards production or late-stage development as these assets are near fully priced. Instead we draw investor attention to 10 companies that have a compelling mixture of exploration geared upside with operational qualities that optimise the risk/reward balance. Using Expected Monetary Value (EMV) analysis to build a portfolio of these companies further reduces investor risk, allowing exposure to the potential of high returns from exploration.

Companies mentioned
Mediterranean Oil & Gas , Faroe Petroleum , Northern Petroleum , Nighthawk Energy , Nautical Petroleum , Rockhopper Exploration , Aminex

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Mining

02/07/2007
UK Junior Mining Sector Focus - Pay dirt
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Companies going into production deserve a rerating in the market given the positive near-term outlook for commodities and the de-risking of the investment proposition. We draw investor attention to 10 companies on the cusp of production; highlighting especially Mercator Gold, Medusa Mining and Serabi Mining as three gold miners with production online now and deserving of a rerating in the short term.

Companies mentioned
Angel Mining , GMA Resources , Medusa Mining , ECR Minerals

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Consumer Support Services

30/04/2007
Vision and venture - UK professional services sector
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A review of the UK professional services sector highlights many of the attributes investors find attractive: above average EPS growth, consistency in earnings growth, strong cash generation, high ROCE characteristics, robust balance sheets and reasonable dividend yields.

Companies mentioned
Show companies...Arden, Aukett, Begbies Traynor, Braemar Seascope, Christie, Clarkson, Colliers CRE, DTZ, Hyder, Mattioli Woods, Mouchel Parkman, Murgitroyd, PHSC, RPS, RWS, Savills, Scott Wilson, SMC, Tenon, Waterman, White Young Green, WSP

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01/11/2006
Sector report - UK smaller telecoms
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Within the broad UK telecoms sector, the smaller independent communications services resellers are well placed to grow revenues and profits by driving consolidation within the huge and fragmented SME market. Entities such as Alternative Networks and AT Communications are structured to serve this market and are ready for the rollout of new converged technologies. Demand for traditional voice and data services from UK SMEs remains huge and this sector offers an interesting consolidation play.

Companies mentioned
Show companies...Alternative Networks, AT Communications, AdEPT Telecom, Calyx, Redstone

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Automotive Retailers

10/03/2006
Vehicle distribution sector - The action has started
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The vehicle distribution segment of the retail sector has performed strongly over the past six months, with the share prices of the three leading independent dealership groups averaging a 51.1% advance since the beginning of October compared with just 7.6% for the FT All Share index and 17.1% for general retailers. The much vaunted momentum of industry consolidation has started to accelerate, while the City is also reassessing the quality of earnings in a segment where profits continue to rise despite falling new car registrations.

Companies mentioned
Inchcape , Vertu Motors , Lookers , H R Owen , See more..., Pendragon

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Travel & Leisure

23/02/2005
Gambling sector review - A new way to win
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Online gambling is already a significant new industry with 2004 revenues (amounts lost by gamblers) worldwide exceeding $8bn or 37% higher than in 2003. However, they still represent little more than 2% of the total world market. There is enormous scope for continued growth as existing gamblers are tempted to play online and as new users are attracted to the medium.

Companies mentioned
Gaming VC , Sportingbet , See more..., Betfair, Ladbrokes, PartyGaming, William Hill

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Automotive Retailers

22/09/2003
UK new car retailing
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Review of UK new car market.

Companies mentioned
Inchcape , Lookers , H R Owen , See more..., Pendragon