Sunesis Pharmaceuticals

First signs of efficacy coming up

Outlook | Pharmaceuticals & healthcare | 22/03/2019

Sunesis is currently in the dose-escalation portion of the Phase Ib/II study of its BTK inhibitor vecabrutinib, and the first signs of clinical efficacy…

Freegold Ventures

Shorty Creek potential validated by South32

Update | Mining | 22/03/2019

Freegold Ventures has granted South32 (an A$19.0bn market cap major demerged from BHP in 2015) an option to earn up to a 70% interest in Shorty Creek by…

Deutsche Beteiligungs

New investments ahead

Review | Investment trusts | 21/03/2019

Deutsche Beteiligungs (DBAG) is making steady progress on its investment agenda, with three new acquisitions and several follow-on funding rounds totalling…

Evolva

Potential delay to nootkatone

Update | Food & Drink | 21/03/2019

Evolva has received a letter from the US Environmental Protection Agency (EPA), which has identified a study for which it could not complete its review,…

Hellenic Petroleum

IMO 2020 on the horizon

Outlook | Oil & gas | 21/03/2019

Changes to bunker fuel regulation to be implemented on 1 January 2020 by the International Maritime Organization (IMO) will have major implications for…

Auris Medical Holding

Full-year results and near-term trial initiations

Update | Pharmaceuticals & healthcare | 21/03/2019

Auris recently announced its full-year 2018 financial results and provided an update on its active intranasal betahistine programs. R&D expenditure…

Game Digital

Good performance in a challenging market

Update | Consumer Support Services | 21/03/2019

Game Digital’s (GMD’s) core retail business performed well in a challenging market, with material planned cost savings absorbing an anticipated…

Tyman

Focus on strategic progress and position

Update | Construction & Building Materials | 21/03/2019

Headline earnings growth was modest in 2018 but, in our view, steps taken during the year reinforced and extended the group’s strong strategic positioning…

Centrale del Latte d'Italia

Steady performance in a tough environment

Update | Food & Drink | 21/03/2019

Centrale del Latte d’Italia (CLI) had a good year in FY18, with total revenue up 1.2% and EBITDA margins up 40bp. The economic and consumer environment…

Thin Film Electronics

Focus on NFC projects with silicon tags

Flash note | Technology | 20/03/2019

Thinfilm has announced a corporate restructuring intended to reduce the amount of cash consumed until the business become cash generative. We place our…

Bonesupport

Good start in the US, CERAMENT G/V growth

Update | Pharmaceuticals & healthcare | 20/03/2019

With its full year 2018 results, Bonesupport reported total 2018 sales of SEK96.6m, vs SEK129.3m in 2017. US sales decreased by 56% y-o-y due to the transition…

Raven Property Group

Strong operational performance

Update | Property | 20/03/2019

Against a backdrop of a strengthening Russian economy and strong warehouse demand with rising rents, Raven Property Group (Raven) delivered strong operational…

Vermilion Energy

Dividend and growth comfortably covered

Update | Oil & gas | 19/03/2019

Vermilion Energy offers a geographically diverse production base, the ability to fund an 8.1% dividend yield and a forecast FY19 c C$530m capital programme,…

Hurricane Energy

Aoka Mizu hook-up at Lancaster

Flash note | Oil & gas | 19/03/2019

The Aoku Mizu FPSO is now on station and hooked up at Lancaster; we believe this keeps the EPS on schedule for first oil in H119. Hurricane will now focus…

Laboratorios Farmacéuticos ROVI

DORIA Phase III trial hits primary endpoint

Flash note | Pharmaceuticals & healthcare | 19/03/2019

Laboratorios Farmacéuticos ROVI (ROVI) has announced top-line data from the pivotal Phase III PRISMA-3 trial evaluating DORIA (ISM risperidone)…

Invesco Asia Trust

Disciplined Asia specialist, solid long-term returns

Review | Investment trusts | 19/03/2019

Invesco Asia Trust (IAT) aims to provide significant capital returns over the long-term through investing in listed companies in Asia. It follows a rigorous…

Focusrite

A solid first-half performance

Update | Consumer Support Services | 19/03/2019

Focusrite has reported solid H119 revenue growth, reflecting particularly strong performance in Europe and for its Focusrite ranges globally. We leave…

DeA Capital

Platform developments and AUM growth

Update | Financials | 19/03/2019

DeA Capital performed well in FY18 despite turbulent financial markets, developing its alternative asset management platform and growing AUM. Minority…

MyBucks

Rapid expansion calls for new capital

Update | Financials | 19/03/2019

MyBucks’s (MBC’s) H119 results reveal a continuation of solid loan book expansion driven by both organic growth (especially in the banking…

Adocia

Chinese progress and US lawyers

Update | Pharmaceuticals & healthcare | 19/03/2019

FY18 accounts show cash of €39.8m after the April 2018 payment of €37.2m ($50m) for the deal with Tonghua Dongbao (THDB) in China. The €11.9m…

Nuevolution

Small molecules, big ambitions

Outlook | Pharmaceuticals & healthcare | 19/03/2019

Positive progress in Nuevolution’s RORγt partnership with Almirall has triggered a €1m milestone payment (SEK10.5m) and we continue to…

JPJ Group plc

International continues to drive growth

Update | Travel & Leisure | 19/03/2019

Driven by an impressive 42% organic growth in the Vera&John division, JPJ reported FY18 revenue growth of 10% to £319.6m with an EBITDA margin of…

Actinogen Medical

Differentiated treatment for Alzheimer’s disease

Initiation | Pharmaceuticals & healthcare | 18/03/2019

Actinogen Medical is an ASX-listed Australian biotech developing its lead asset Xanamem to treat cognitive impairment that occurs in chronic neurodegenerative…

Attica Bank

Balance sheet repair nears completion

Update | Financials | 18/03/2019

Through the Artemis and Metexelixis securitisations, Attica’s exposure to impaired loans has reduced significantly and now compares favourably with…

TXT e-solutions

Accelerating growth with M&A

Update | Technology | 15/03/2019

Group organic revenue growth in FY18 was driven by double-digit growth of the aerospace business. TXT started to invest some of its substantial cash pile…

Jupiter Green Investment Trust

Growing opportunity set drives higher income

Review | Investment trusts | 14/03/2019

Jupiter Green Investment Trust (JGC) is continuing to benefit from the greater public interest in green issues, which is driving demand growth for companies…

OTC Markets Group

Revenue, profit and regulatory recognition increase

Update | Financials | 14/03/2019

Since 2008 OTC Markets Group (OTCM) has recorded compound revenue growth of 11%, more than doubled its operating margin and gained increasing traction…

Is Private Equity

Continuing to weather the storm

Outlook | Investment trusts | 14/03/2019

During a turbulent year for the Turkish financial markets and economy, the 1.2% increase in NAV per share reported by Is Private Equity (ISGSY), supported…

Acarix

Favourable market dynamics

Outlook | Pharmaceuticals & healthcare | 14/03/2019

The CADScor medical device helps doctors rule out coronary artery disease and so avoids complex and costly further testing in 50% of cases. Acarix is in…

Cantargia

Signs of growing interest in IL-1 pathway targets

Update | Pharmaceuticals & healthcare | 14/03/2019

In January 2019, the first patient was treated in the Phase IIa part of the Phase I/IIa CANFOUR study. Patient screening is ongoing in five out of 20 clinical…

Targovax

Cohort 2 starts in ONCOS-102 melanoma trial

Update | Pharmaceuticals & healthcare | 14/03/2019

Targovax’s Q418 presentation discussed highlights from the past year, focusing on the data readouts from the TG01 study in pancreatic cancer (PC)…

Target Healthcare REIT

Interims confirm portfolio growth and performance

Update | Property | 14/03/2019

Target Healthcare REIT has published interim results for the six months ended 31 December 2018 (H119), providing the detail behind the Q4 NAV update published…

Jersey Electricity

Continuing dividend growth forecast

Outlook | General Industrials | 14/03/2019

Jersey Electricity’s (JEL) strong financial position and forecast cash flow should underpin 5% per year growth in the dividend per share. Although…

Thin Film Electronics

Annus horribilis

Update | Technology | 14/03/2019

FY18 was a difficult year for Thinfilm. Revenues from tags dipped because of customer destocking. Timescales for commissioning the new roll-to-roll (R2R)…

Greggs

Brand transformation rolls out cash

Outlook | Food & Drink | 14/03/2019

Greggs’ substantial progress with the brand transformation, backed by savvy use of social media, helped to deliver robust FY18 results, in spite…

Egdon Resources

Extensive shale sequence with gas indications

Flash note | Oil & gas | 14/03/2019

IGas has released an initial update on drilling activity at Springs Road, with over 250m of hydrocarbon bearing shale encountered. Pressurised core samples…

Standard Life Private Equity Trust

Broader capability expands the opportunity set

Review | Investment trusts | 14/03/2019

Standard Life Private Equity Trust (SLPET) has broadened its opportunity set through the recent revision to its investment objective and policy, allowing…

1Spatial

Transition on track, EBITDA ‘at least in line’

Update | Technology | 14/03/2019

1Spatial continues to make good progress on its transition plan. The final months of FY19 saw further large contract wins and growth accelerate. This was…

Lighthouse Group

Affinity and recurring revenue continue growth

Outlook | Financials | 14/03/2019

FY18 revenues were held back by the impact on client demand of the Q4 equity market correction and a levelling off in pension transfer activity. Nevertheless,…

John Laing Group

JLG beats expectations

Update | Financials | 14/03/2019

John Laing Group (JLG) posted strong growth in FY18 with the principal benchmark, NAV per share, up 15% (18.2% including dividends paid). JLG can now point…

Supermarket Income REIT

Targeting further growth

Flash note | Financials | 14/03/2019

Supermarket Income REIT targets an attractive level of income, with the potential for capital growth, and 7–10% pa total shareholder return over…

Mensch & Maschine Software

Proprietary software drives profit growth

Update | Technology | 14/03/2019

Mensch und Maschine (M+M) reported strong revenue and profit growth in FY18. Its proprietary software business generated another year of growth and expanded…

ASIT biotech

Supportive data on ASIT’s short-course therapy

Flash note | Pharmaceuticals & healthcare | 14/03/2019

ASIT has announced the publication of mode of action data from its first Phase III study for its gp-ASIT+ product for grass pollen allergies. This is supportive…

Acarix

Favourable market dynamics

Update | Pharmaceuticals & healthcare | 14/03/2019

The CADScor medical device helps doctors rule out coronary artery disease and so avoids complex and costly further testing in 50% of cases. Acarix is in…

Deinove

Diversified biotech championing antibiotics

Outlook | Pharmaceuticals & healthcare | 14/03/2019

Deinove is a biotech company that develops innovative compounds from rare bacteria strains, including the little-explored Deinococcus genus. Using proprietary…

Jersey Electricity

Continuing dividend growth forecast

Outlook | General Industrials | 14/03/2019

Jersey Electricity’s (JEL) strong financial position and forecast cash flow should underpin 5% per year growth in the dividend per share. Although…

Marshall Motor Holdings

A record year despite challenges

Update | Automotive Retailers | 14/03/2019

FY18 was another record year for the continuing businesses, with underlying PBT delivered as we expected, a modest rise on FY17 aided by a strong Q4 performance…

Newron Pharmaceuticals

Moving towards R&D inflection points

Outlook | Pharmaceuticals & healthcare | 14/03/2019

Newron’s FY18 highlights the steady progression of its CNS R&D pipeline. STARS the pivotal Phase II/III (Sarizotan for Rett’s Syndrome) has…

Greggs

Brand transformation rolls out cash

Outlook | Food & Drink | 14/03/2019

Greggs’ substantial progress with the brand transformation, backed by savvy use of social media, helped to deliver robust FY18 results, in spite…

OTC Markets Group

Revenue, profit and regulatory recognition increase

Update | Financials | 13/03/2019

Since 2008 OTC Markets Group (OTCM) has recorded compound revenue growth of 11%, more than doubled its operating margin and gained increasing traction…

Mensch & Maschine Software

Proprietary software drives profit growth

Update | Technology | 13/03/2019

Mensch und Maschine (M+M) reported strong revenue and profit growth in FY18. Its proprietary software business generated another year of growth and expanded…

Euromoney Institutional Investor

Market information

Outlook | Media | 13/03/2019

Euromoney has established a strong base from which to grow, particularly in the Pricing, data and market intelligence segment where its tools and products…

Globalworth Real Estate

Strong progress in 2018

Update | Property | 13/03/2019

A strong FY18 performance for FY18 included a full-year earnings contribution from Globalworth Poland and good underlying progress from the existing portfolio.…

Standard Life Private Equity Trust

Broader capability expands the opportunity set

Review | Investment trusts | 13/03/2019

Standard Life Private Equity Trust (SLPET) has broadened its opportunity set through the recent revision to its investment objective and policy, allowing…

Supermarket Income REIT

Targeting further growth

Flash note | Financials | 13/03/2019

Supermarket Income REIT targets an attractive level of income, with the potential for capital growth, and 7–10% pa total shareholder return over…

Pan African Resources

Elikhulu underpins recovery

Outlook | Mining | 12/03/2019

Pan African’s (PAF) earnings and output in H1 were consistent with our prior FY19 expectations, with a 54.2% increase in gold produced from continuing…

Evolva

New focus starts to bear fruit

Update | Food & Drink | 12/03/2019

Evolva’s FY18 results demonstrate that the actions undertaken over the past 18 months are starting to come through into the numbers. Innovation has…

Lighthouse Group

Affinity and recurring revenue continue growth

Outlook | Financials | 12/03/2019

FY18 revenues were held back by the impact on client demand of the Q4 equity market correction and a levelling off in pension transfer activity. Nevertheless,…

Targovax

Cohort 2 starts in ONCOS-102 melanoma trial

Update | Pharmaceuticals & healthcare | 12/03/2019

Targovax’s Q418 presentation discussed highlights from the past year, focusing on the data readouts from the TG01 study in pancreatic cancer (PC)…

AAC Microtec

Space to manoeuvre

Initiation | Aerospace & Defence | 12/03/2019

Following the acquisition of Clyde Space in January 2018, ÅAC Microtec is at the forefront of the rapidly growing and revolutionary market for small…

Is Private Equity

Continuing to weather the storm

Outlook | Investment trusts | 11/03/2019

During a turbulent year for the Turkish financial markets and economy, the 1.2% increase in NAV per share reported by Is Private Equity (ISGSY), supported…

Egdon Resources

Extensive shale sequence with gas indications

Flash note | Oil & gas | 11/03/2019

IGas has released an initial update on drilling activity at Springs Road, with over 250m of hydrocarbon bearing shale encountered. Pressurised core samples…

Borussia Dortmund

Das Wunder von Dortmund is still alive

Update | Travel & Leisure | 08/03/2019

The recent dip in form (one win in eight games) risks distracting from Borussia Dortmund’s highly successful season with a new head coach and a developing…

Cantargia

Signs of growing interest in IL-1 pathway targets

Update | Pharmaceuticals & healthcare | 08/03/2019

In January 2019, the first patient was treated in the Phase IIa part of the Phase I/IIa CANFOUR study. Patient screening is ongoing in five out of 20 clinical…

Leclanché

Revenues more than doubled during FY18

Flash note | Industrial Support Services | 08/03/2019

Leclanché has announced that it expects FY18 revenues in excess of CHF47m, ahead of our CHF42.5m estimate. This is more than double the CHF18m reported…

Thin Film Electronics

Annus horribilis

Update | Technology | 07/03/2019

FY18 was a difficult year for Thinfilm. Revenues from tags dipped because of customer destocking. Timescales for commissioning the new roll-to-roll (R2R)…

Templeton Emerging Markets Investment Trust

Managers positive on the 2019 outlook

Review | Investment trusts | 07/03/2019

Templeton Emerging Markets Investment Trust (TEMIT) has recently appointed Andrew Ness as portfolio manager alongside Chetan Sehgal. Ness is based in Edinburgh,…

Consistent cash generation

Initiation | Travel & Leisure | 07/03/2019

bet-at-home (BAH) is a long-established European sports betting brand, successfully cross-selling into gaming. Regulatory risks are high, as witnessed…

Target Healthcare REIT

Interims confirm portfolio growth and performance

Update | Property | 07/03/2019

Target Healthcare REIT has published interim results for the six months ended 31 December 2018 (H119), providing the detail behind the Q4 NAV update published…

John Laing Group

JLG beats expectations

Update | Financials | 07/03/2019

John Laing Group (JLG) posted strong growth in FY18 with the principal benchmark, NAV per share, up 15% (18.2% including dividends paid). JLG can now point…

1Spatial

Transition on track, EBITDA ‘at least in line’

Update | Technology | 07/03/2019

1Spatial continues to make good progress on its transition plan. The final months of FY19 saw further large contract wins and growth accelerate. This was…

Herantis Pharma

Progressing towards proof-of-concept data

Update | Pharmaceuticals & healthcare | 06/03/2019

Top-line data from Phase I/II asset CDNF in Parkinson’s disease (PD) is expected in H219; positive efficacy/safety data from this ongoing proof-of-concept…

ASIT biotech

Supportive data on ASIT’s short-course therapy

Flash note | Pharmaceuticals & healthcare | 06/03/2019

ASIT has announced the publication of mode of action data from its first Phase III study for its gp-ASIT+ product for grass pollen allergies. This is supportive…

Laboratorios Farmacéuticos ROVI

Strength in heparins; next up DORIA

Update | Pharmaceuticals & healthcare | 06/03/2019

Laboratorios Farmacéuticos ROVI has reported strong revenue growth in FY18, with total revenues up 10% (€304.8m) beating guidance for the year.…

Basilea Pharmaceutica

Cresemba driving top-line growth

Update | Pharmaceuticals & healthcare | 06/03/2019

Basilea continued to build on its foundations for growth in 2018, reporting FY18 revenues of CHF132.6m (+31%) and an operating loss of CHF24.1m (+41%),…

Regional REIT

Confirming outlook

Update | Property | 06/03/2019

Regional REIT (RGL) will report its FY18 results on 28 March 2018. Several recent updates provide us with comfort that the company is on track to meet…

e-Therapeutics

The benefits of partnerships and cost control

Update | Pharmaceuticals & healthcare | 05/03/2019

e-Therapeutics’ (ETX) FY19 results demonstrated continued financial prudence and its focus on partnering, out-licensing and non-dilutive financing.…

Brighter

Recent capital injection to fuel first sales

Update | Pharmaceuticals & healthcare | 05/03/2019

Towards the tail-end of 2018, Brighter received ~SEK48m of capital injections from a number of sources, mostly from its management incentives programme,…

4imprint Group

US growth promoters

Update | Media | 05/03/2019

4imprint’s results show continued strong progress, with FY18 revenues up 18% on the prior year, coming in just ahead of our forecasts. The growth…

BlackRock Latin American Inv. Trust

New experienced lead managers

Review | Investment trusts | 05/03/2019

BlackRock Latin American Investment Trust (BRLA) has two experienced new co-managers, Ed Kuczma and Sam Vecht, who are part of BlackRock’s well-resourced…

Amur Minerals

Gaining traction

Update | Mining | 05/03/2019

On 26 February, Amur announced the long-awaited results of its updated pre-feasibility study (PFS) into its Kun-Manie project in Russia’s Far East.…

Marlborough Wine Estates

Half-year preliminary results

Update | Food & Drink | 05/03/2019

Marlborough Wine Estates Group (MWE) has a strategy of growing its sales of bottled wines, both in New Zealand and internationally. The global market is…

XP Power

Driving share gains with expanded product range

Outlook | Technology | 05/03/2019

In FY18 XP reported strong organic growth and operating margins, generating EPS growth of 18%. After a series of acquisitions, it has a full portfolio…

MGC Pharmaceuticals

MGC Derma sale completed

Update | Pharmaceuticals & healthcare | 04/03/2019

Key milestones for MGC Pharmaceuticals in 2019 include the launch of CannEpil sales in Australia, finalising contracts for the construction of a cannabis…

Shield Therapeutics

Feraccru performs again in a Phase III study

Update | Pharmaceuticals & healthcare | 04/03/2019

Shield Therapeutics has announced positive top-line data from a Phase IIIb study (AEGIS-H2H) for Feraccru, a CHMP-approved oral formulation of iron positioned…

Marshall Motor Holdings

Major strengthening of Skoda representation

Update | Automotive Retailers | 04/03/2019

Marshall Motor Holdings (MMH) has acquired six additional Skoda sites since the start of 2019, underlining its ability to take advantage of opportunities…

Fidelity Asian Values

Finding attractively priced opportunities

Review | Investment trusts | 04/03/2019

Fidelity Asian Values (FAS) significantly outperformed its benchmark in the 2018 market sell-off, helped by its focus on capital preservation as well as…

Princess Private Equity Holding

Strong flow of attractive deals in FY18

Review | Investment trusts | 04/03/2019

Princess Private Equity Holding (PEY) recorded a particularly high level of investment activity in FY18 (to 31 December), following on from a record year…

Fluence Corporation

“Landmark” €165m contract win

Update | General Industrials | 04/03/2019

The award of a €165m (US$188m) contract to provide water treatment to Abidjan, the largest city in Ivory Coast, is transformative in our view. This…

Xbrane Biopharma

Biosimilar focus with Phase III trial about to start

Update | Pharmaceuticals & healthcare | 04/03/2019

Xbrane now focuses on developing high-margin biosimilar products with Xlucane, its Lucentis biosimilar, as the lead product. After the July 2018 SEK78m…

The Law Debenture Corporation

Solid foundations for continued future growth

Review | Investment trusts | 01/03/2019

The Law Debenture Corporation (LWDB)’s NAV total return outperformed its benchmark FTSE All-Share Index in FY18, protecting investors from c 40%…

Marble Point Loan Financing

Disciplined leveraged loan investment specialist

Initiation | Investment trusts | 01/03/2019

Marble Point Loan Financing (MPLF) is a specialist closed-end fund that invests in leveraged loans directly and indirectly via collateralised loan obligations…

ERM Power

30% dividend hike a strong positive signal

Update | General Industrials | 01/03/2019

At its H119 results, ERM Power sent a strong positive signal about the outlook for its Electricity Retail business, upgrading its medium-term gross margins…

Alkane Resources

Profit after tax decreases by 10% y-o-y

Update | Mining | 01/03/2019

Gold mining operations at Tomingley performed strongly, with Alkane Resources reporting profit after tax of A$12.2m in H119 (the half year to December…

Vermilion Energy

Q418 FFO 6.7% ahead of consensus

Update | Oil & gas | 28/02/2019

Vermilion has reported Q418 FFO of C$222.3m, 6.7% ahead of consensus C$208.3m and in line with our estimate of C$222.2m. At 101.6kboed, production was…

Taronis Technologies

Los Angeles acquisition completes platform

Update | General Industrials | 28/02/2019

Taronis Technologies (formerly MagneGas) has completed the acquisition of one of the largest independently owned industrial gas distributors in Los Angeles,…

OPAP

Exclusivity pays dividends

Initiation | Technology | 28/02/2019

OPAP is Europe’s only listed gaming operator with 100% pre-paid exclusive retail licences, providing significant barriers to entry. Despite softness…

Windar Photonics

Supply chain issues dampen FY18 growth

Update | Alternative Energy | 28/02/2019

Windar’s revenues from product sales grew by 80% year-on-year during FY18, enabling it to reduce EBITDA losses from €1.2m to €0.4m. Growth…

Sarine Technologies

External factors remain challenging

Update | General Industrials | 28/02/2019

Sarine continued to experience more muted midstream demand in Q418, both in terms of capital equipment sales and recurring revenues. At the same time,…

Osirium Technologies

Increasing adoption of PxM

Flash note | Technology | 27/02/2019

A flurry of contract announcements highlight that Osirium is seeing increasing adoption of its software across a wide variety of use cases and verticals.…