Potential for further positive surprises

Update | Financials | 19/06/2019

Record faced known headwinds in FY19 from AUME outflows and a change in mix towards mandates with lower management fees but the potential to earn performance…

The European Investment Trust

Review of management arrangements

Review | Investment trusts | 19/06/2019

The European Investment Trust (EUT) is managed by Craig Armour at Edinburgh Partners. This company follows a strict value-based investment process, based…


Growing digital channels

Update | Technology | 19/06/2019

Pantaflix’s content production business continues to do well, although FY18 earnings were impacted by timing issues, with revenues slipping into…

Pan African Resources

Solid push towards year end

Update | Mining | 19/06/2019

In its nine-month operational update, Pan African Resources (PAF) disclosed production that is consistent with its FY19 guidance of 170,000oz. This caused…

Fidelity European Values

Outperforming its benchmark and peer group

Review | Investment trusts | 19/06/2019

Fidelity European Values (FEV) has had a conspicuously strong period of outperformance since March 2017, building on its positive long-term track record.…


New assets, new partnerships

Outlook | Pharmaceuticals & healthcare | 19/06/2019

Medigene continues to position itself as a leader in cellular therapies by the expansion of both its internal pipeline (MDG1021) and external partnerships…


Outstanding value

Outlook | General Retailers | 19/06/2019

Studio, the main customer-facing business for Findel (FDL), is delivering impressive results and improvements across all key performance metrics through…

JPJ Group plc

Pro forma figures; 10.5% EPS accretion in FY20

Update | Travel & Leisure | 19/06/2019

We are updating our forecasts to reflect JPJ’s £490m proposed acquisition of Gamesys. For FY20, our pro forma adjusted EBITDA is 77% higher…

Clal Biotechnology Industries

A licensing deal for MediWound

Update | Pharmaceuticals & healthcare | 19/06/2019

Clal Biotechnology Industries (CBI) recently published its first quarter update. Notably, MediWound has licensed North American commercialisation rights…


Exit from Canada announced

Update | Industrial Support Services | 19/06/2019

Selling the Canadian Municipal operations is consistent with Renewi’s strategy of simplifying its business portfolio and deleveraging the balance…

Jupiter US Smaller Companies

Market volatility providing more opportunities

Review | Investment trusts | 18/06/2019

Jupiter US Smaller Companies (JUS) is continuing to deliver improved investment performance following a tightening up of its investment process in October…

BB Biotech

Concentrated portfolio offering true differentiation

Review | Investment trusts | 18/06/2019

BB Biotech (BION) has continued the process of refocusing its portfolio on innovative smaller and mid-cap stocks, selling out of bigger names such as Novo…

TR European Growth Trust

Finding small-cap value opportunities

Review | Investment trusts | 18/06/2019

TR European Growth Trust (TRG) has seen its share price de-rate substantially over the past 18 months, from a c 3% premium to NAV to a c 15%…

Oryzon Genomics

Positive signals from first ALICE trial dataset

Update | Pharmaceuticals & healthcare | 18/06/2019

On 14 June 2019, Oryzon presented dose-finding data from the Phase II ALICE trial at the 24th Congress of the European Hematology Association (EHA-2019)…

German Startups Group

Consistently expanding the platform

Update | Financials | 17/06/2019

German Startups Group (GSG) continues its transformation from venture capital (VC) investment company into an asset manager and marketplace. The secondary…

Borussia Dortmund

It’s not over till it's over!

Outlook | Travel & Leisure | 17/06/2019

Pushing champions Bayern Munich to the wire can only have enhanced Borussia Dortmund’s (BVB) fabled ‘Echte Liebe’ brand. Three prominent…

Thrace Plastics

Improving returns to drive re-rating

Initiation | General Industrials | 14/06/2019

Thrace Plastics is an established international producer of technical fabrics and packaging that is moving into a 7.9% EPS CAGR phase to FY21 following…


CGI to acquire SCISYS for 254.15p in cash

Flash note | Technology | 14/06/2019

The Canadian IT services company CGI is acquiring SCISYS for 254.15p in cash. The offer price represents a 24.6% premium to Thursday’s closing price…

De La Rue

Withdrawal from subscale activity

Update | Industrial Support Services | 14/06/2019

De La Rue has announced it is selling its International ID Solutions business for £42m. Following the loss of the UK Passport Contract last year,…


US sales rebound and new clinical study

Update | Pharmaceuticals & healthcare | 14/06/2019

Recent updates indicate Bonesupport has been making progress in all key strategic directions. Sales have started to rebound in the US since the company…

Low & Bonar

Slow trading start to FY19, disposals underway

Update | Basic Industries | 14/06/2019

May trading newsflow causes us to lower earnings estimates significantly. Improvements to operational performance and further de-leveraging are firmly…

Quantum Genomics

Progress in heart failure and controlled release

Update | Pharmaceuticals & healthcare | 13/06/2019

Quantum Genomics recently announced that it has enrolled the first patient in the 294-patient Phase IIb QUORUM study of firibastat in heart failure. Separately,…


Ready to accelerate loan book expansion

Outlook | Financials | 13/06/2019

UmweltBank (UBK) has successfully raised additional tier 2 capital from the Green Bond Junior issue and additional subordinated debt placed to an institutional…

Finsbury Growth & Income Trust

A further step-up in performance

Review | Investment trusts | 13/06/2019

Finsbury Growth & Income Trust (FGT) has been managed by Nick Train since 2001. His strategy of running a highly concentrated portfolio (currently…


Full Phase I data presented at ASCO

Update | Pharmaceuticals & healthcare | 13/06/2019

Cantargia presented full data (n=22) from the Phase I part of the CANFOUR study at ASCO on 2 June 2019. These data (safety, biomarker and early efficacy…


Waiting on the CE mark

Update | Pharmaceuticals & healthcare | 13/06/2019

Back in December, Brighter announced that all the technical documentation had been submitted to the designated notified body for final approval of a CE…

JPJ Group plc

Proposed acquisition of Gamesys

Update | Travel & Leisure | 13/06/2019

JPJ has announced a £490m proposed acquisition of Gamesys (its current platform provider), which equates to c 7.3x adjusted EV/EBITDA. The resulting…

Aberdeen New Thai Investment Trust

Long-established Thailand equities specialist

Review | Investment trusts | 13/06/2019

Aberdeen New Thai Investment Trust (ANW) aims to deliver a high level of long-term capital growth, with the manager following a rigorous bottom-up, stock…


Conversion commenced

Update | Media | 13/06/2019

Final FY19 results to end January show OnTheMarket (OTM) laying the groundwork and building a meaningful business challenger to the two main incumbent…

Daldrup & Söhne

Improving outlook expected for 2019

Update | General Industrials | 13/06/2019

Following a disappointing 2018, Daldrup & Söhne has embarked on a strategic realignment. Although the realignment will take some time to bear…

Avacta Group

Affimer - potential best-in-class antibody mimetic

Initiation | Pharmaceuticals & healthcare | 13/06/2019

Avacta is developing its Affimer technology for use in therapeutic and diagnostic/reagent applications. The potential of the Affimer technology lies in…

Oncology Venture

Multiple studies moving forward

Outlook | Pharmaceuticals & healthcare | 12/06/2019

Oncology Venture (OV) continues to make progress developing its oncology assets and the drug response predictor (DRP) companion diagnostic. The company…


Management fees offset the volatile market

Update | Financials | 12/06/2019

The positive market sentiment towards sustainable investments has allowed ÖKOWORLD (ÖWAG) to attract new capital and increase its assets under…

Allied Minds

CEO steps down

Update | Technology | 12/06/2019

Allied Minds has announced that Jill Smith is stepping down as president and CEO, with Mike Turner (general counsel) and Joe Pignato (CFO) stepping up…

Worldwide Healthcare Trust

Managers bullish on healthcare sector outlook

Review | Investment trusts | 12/06/2019

Worldwide Healthcare Trust (WWH) is managed by Sven Borho and Trevor Polischuk at OrbiMed, a major global specialist healthcare investor. They remain constructive…

NeuroVive Pharmaceutical

Several R&D events within cash reach

Update | Pharmaceuticals & healthcare | 12/06/2019

The combined net proceeds of SEK108m from a rights issue and direct placement completed in Q119 ensure NeuroVive Pharmaceutical’s operations will…

StatPro Group

Bolt-on of an ESG research and index business

Update | Technology | 12/06/2019

StatPro has acquired ECPI, a small private Italian environmental, social and governance (ESG) research and index business, from its management for a total…


Wipac move into mid-volumes under review

Flash note | Technology | 12/06/2019

Carclo has announced that while the Technical Plastics and Aerospace divisions have started FY20 well, the costs associated with ramping up an unprecedented…


Data: the connecting currency

Outlook | Media | 11/06/2019

YouGov continues to develop its data, platform and tools to address significant opportunities to embed in clients’ workflows, particularly within…

Liquefied Natural Gas

Higher capacity at 8.8Mtpa, lower SPA pricing

Update | Oil & gas | 11/06/2019

The focus for Liquefied Natural Gas (LNGL) remains the signature of long-term offtake contracts for Magnolia LNG, the company’s flagship LNG export…

MOD Resources

Executive interview – MOD Resources

Update | Mining | 11/06/2019

Julian Hanna (MD) and Jacques Janse Van Rensburg (executive manager, business development) of MOD Resources discuss the results of its feasibility study…


Launch of data migration product

Flash note | Technology | 11/06/2019

WANdisco’s LiveMigrator ensures consistency through the data migration process, helping enterprises accelerate their transition from on-premise storage…

Pacific Edge

2019 finishes strongly

Update | Pharmaceuticals & healthcare | 11/06/2019

Pacific Edge recently reported FY19 results, including 12.3% growth in Cxbladder sales compared to FY18. These sales exclude tests for patients covered…

DeA Capital

Alternative manager with balance sheet support

Outlook | Financials | 10/06/2019

As DeA Capital targets growth in its alternative asset management operations, where it is already a leader in Italy, the past year has seen it eliminate…

Executive interview – Quadrise Fuels International

Update | Industrial Support Services | 10/06/2019

Executive chairman Mike Kirk begins the interview by outlining what applications Quadrise’s synthetic heavy fuel oil can be used for and the economic…

Centrale del Latte d'Italia Is Private Equity Elk Petroleum IS Solutions Max 21

Termination of coverage

Termination | Food & Drink | 10/06/2019

Edison Investment Research is terminating coverage on Xbrane Biopharma, Is Private Equity, Max 21, Elk Petroleum and Centrale del Latte d'Italia. Please…

ADMIE Holding

Valuation remains attractive after strong Q1

Update | General Industrials | 10/06/2019

ADMIE Holding started FY19 with a strong Q1 (IPTO’s EBITDA +19% y-o-y). We increased FY20e DPS by 12% and made small changes to earnings forecasts…


Strong EBITDA driven by VLTs and cost controls

Update | Technology | 07/06/2019

Q119 gross gaming revenues (GGR) increased 5% to €396.0m, OPAP’s strongest Q1 performance since 2010. This was driven by a 58.9% increase in…

KEFI Minerals

Final government approvals granted

Outlook | Mining | 07/06/2019

After two years lost to a state of emergency in Ethiopia, a new political order has emerged that has allowed KEFI to progress Tulu Kapi to the point of…

Henderson Far East Income

Finding high yields and dividend growth in Asia

Review | Investment trusts | 07/06/2019

Henderson Far East Income (HFEL) continues to reward its investors with a c 6% dividend yield, fully covered by revenues and growing year-on-year…

Alkane Resources

Another forecast upgrade and an investment

Update | Mining | 07/06/2019

Gold production from the mid-grade stockpile at Tomingley continues to perform above our expectations, resulting in a second upgrade of our production…


Confident, in line, on record opening order book

Update | Technology | 07/06/2019

In an in-line update, SCISYS says it has made a positive start to FY19, with all divisions continuing to expand. Consequently, we are maintaining our forecasts.…

Games Workshop Group

FY19 in line with our recently upgraded forecasts

Flash note | Consumer Support Services | 07/06/2019

Games Workshop has issued a closing update confirming FY19 revenue of c £254m and pre-tax profits of not less than £80m, in line with our recently…

De La Rue

Venezuela costs dearly

Update | Industrial Support Services | 06/06/2019

Despite delivering close to our expectations for FY19, De La Rue has hit another problem which undermines prospects for FY20. The abrupt end of the overspill…

ADMIE Holding

FY19 off to a strong start

Flash note | General Industrials | 06/06/2019

ADMIE Holding started FY19 with a good Q1 (IPTO’s EBITDA +19% y-o-y), driven by strong revenue growth (+14%) and broadly stable costs. Despite the…

Game Digital

Suspension of estimates

Update | Consumer Support Services | 06/06/2019

For the purposes of the Takeover Code, Edison Investment Research is deemed to be connected with GAME Digital plc. Under Rule 20.1 Edison must not include…

GB Group

Growth and profits on track

Update | Technology | 06/06/2019

GB Group (GBG) reported FY19 results in line with recently upgraded estimates. It continues to deliver on its strategy to grow organic revenues at double-digit…

International Stem Cell

Q119 results

Update | Pharmaceuticals & healthcare | 05/06/2019

International Stem Cell (ISCO) reported Q119 revenues of $2.2m, down 15.8% compared with Q118 as both the biomedical and cosmetic businesses exhibited…


Order book boosted by numerous large orders

Update | Technology | 05/06/2019

DATAGROUP recorded a strong H1, with revenue growth of 7.2% (pre IFRS 15 and 16 for comparison purposes), the bulk of which was organic, while the EBITDA…

Deutsche Grundstücksauktionen

High tempo

Update | Financials | 05/06/2019

Strong momentum in H218 has ensured yet another successful year for Deutsche Grundstücksauktionen (DGA). Boosted by a bumper €15m Q1 auction…

Beta Systems

Guidance upgraded on German DCI activities

Update | Technology | 05/06/2019

Beta Systems has been performing well, largely due to a strong performance from its core DCI mainframe software business. Consequently, in April, management…


Strategy delivering impressive results

Flash note | General Retailers | 05/06/2019

Findel’s (FDL’s) digital-first and value-led strategy has helped it to deliver a robust FY19 trading performance and 17.7% increase in underlying…

Auris Medical Holding

Data coming in second half

Update | Pharmaceuticals & healthcare | 04/06/2019

Auris recently announced that the TRAVERS Phase II trial of AM-125 (intranasal betahistine) for treating acute vertigo is being initiated at study sites…

Oxford Biomedica

In a cell and gene therapy sweet spot

Outlook | Pharmaceuticals & healthcare | 04/06/2019

Oxford Biomedica (OXB) is a pioneer and global leader in the development and manufacture of commercial-scale lentiviral vectors (LVV), a critical component…

FCR Immobilien

Sustained high transaction activity

Update | Financials | 04/06/2019

FCR continues to grow its property portfolio which, at 29 May 2019, represents lettable floor space of c 261,500 sqm compared to 175,000 at end-2017. To…

Marble Point Loan Financing

Executive Interview – Marble Point Loan Financing

Update | Investment trusts | 04/06/2019

In this webcast, Marble Point founder and CEO…

Telford Homes

Executing the Build to Rent strategy

Update | General Industrials | 04/06/2019

FY19 results were in line with February guidance and the year ended with lower net debt than we had anticipated. The migration to a dominant Build to Rent…

Stride Gaming

Recommended cash offer from Rank

Flash note | Travel & Leisure | 03/06/2019

Rank Group has made a recommended £115.3m cash offer for Stride Gaming, which equates to an EV of £93.4m. Using the run-rate H119 EBITDA, the…

HgCapital Trust

A specialist tech investor in the buyout market

Initiation | Investment trusts | 03/06/2019

HgCapital Trust (HGT) is the largest single investor in funds managed by Hg, one of Europe’s leading private equity (PE) investment managers in the…

BioPharma Credit

Debt and equity investment in BDSI

Review | Investment trusts | 03/06/2019

BioPharma Credit (BPCR) recently announced that it has entered into an agreement to provide a US$80m senior secured loan to BioDelivery Sciences International…

Regional REIT

Positive trading and dividend increase

Update | Property | 03/06/2019

In a trading update Regional REIT (RGL) says that the regional office and light industrial markets in which it operates remain robust, with strong occupier…


Commercial progress offsets other areas in FY19

Update | Industrial Support Services | 03/06/2019

FY19 was a mixed year for Renewi with variable portfolio performances and two particular external challenges faced (at ATM and Derby). Despite this, the…


Q1 growth trend exceeds our expectations again

Update | General Industrials | 31/05/2019

Following TransContainer’s strong Q1 results, with adjusted revenues growing by more than 30% y-o-y, we have further increased our forecasts for…

DeA Capital

Continuing to focus on asset management growth

Update | Financials | 31/05/2019

DeA Capital produced a solid performance in Q119, with the alternative asset management division benefiting from performance-related fees, continuing its…

Newron Pharmaceuticals

Evenamide down but not out

Update | Pharmaceuticals & healthcare | 31/05/2019

Newron's plans for its novel mechanism of action drug, Evenamide, due to enter late-stage development for schizophrenia, have been delayed. Specifically,…

Australis Capital

Taking advantage of the cannabis boom

Initiation | Pharmaceuticals & healthcare | 31/05/2019

Australis Capital is a cannabis-focused company spun out from Aurora Cannabis (ACB) to take advantage of the rapidly growing US cannabis market. It has…

Thin Film Electronics

Beginning to implement its revised strategy

Flash note | Technology | 31/05/2019

Thinfilm’s Q119 results give the first indication of how its revised strategy, focused on driving market adoption of its NFC solutions, will potentially…


Executive Interview – Lepidico

Update | Mining | 30/05/2019

In this interview, Lepidico’s managing director, Joe Walsh, discusses the company’s three latest initiatives, including its acquisition of…


Sales pipeline is building

Update | Technology | 30/05/2019

In a brief in-line trading update, Brady has said it has made substantial progress in the first four months of FY19 and the sales pipeline is building.…


Guidance unchanged

Update | Construction & Building Materials | 30/05/2019

In the first four months of FY19, Tyman’s headline revenue increased by 15% y-o-y and was flat in underlying terms (excluding FX and acquisition…

Picton Property Income

Executive interview – Picton Property Income

Update | Financials | 30/05/2019

Picton Property Income is an internally managed UK REIT that invests in a diversified portfolio of commercial property across the UK. It aims to be one…


Resilient first quarter

Update | Financials | 30/05/2019

The first quarter provided a challenging background for trading activity on Share’s platform but, helped by earlier acquisitions, it achieved a small…


Growth on track

Update | Technology | 30/05/2019

Boku’s capital markets day (CMD) highlighted the strength of the company’s platform, the growth drivers for the direct carrier billing business…


Amgen offers SEK32.50/share in cash

Update | Pharmaceuticals & healthcare | 29/05/2019

Amgen has announced a recommended cash offer for Nuevolution’s shares of SEK32.50/share, valuing the company at approximately SEK1,610m (US$167m).…

Basilea Pharmaceutica

Executive interview – Basilea Pharmaceutica

Update | Pharmaceuticals & healthcare | 29/05/2019

Basilea Pharmaceutica is a Switzerland-based biopharmaceutical company established in 2000 as a spin-out from Roche with the divestment of its anti-infective…


Transitioning to commercialisation

Update | Technology | 29/05/2019

Mynaric is transitioning from a technology company delivering one-off prototypes to delivering reliable product suitable for multiple customers. It remains…

La Doria

Working towards a transformation

Outlook | Food & Drink | 29/05/2019

The challenging economic backdrop continues, as expected, but La Doria has delivered a good start to 2019. There was some benefit due to UK customers stockpiling…


Enabling electronic devices of the future

Initiation | Technology | 28/05/2019

Riber is the global leader in molecular beam epitaxy (MBE) equipment. This is used by researchers to develop next-generation compound semiconductor materials…

AFT Pharmaceuticals

Operating profitability achieved

Update | Pharmaceuticals & healthcare | 28/05/2019

AFT Pharmaceuticals recently reported its FY19 results; the highlights were improving margins, as well as operating profitability for the year. Revenue…

RedHill Biopharma

TALICIA launch for H. pylori in sight

Update | Pharmaceuticals & healthcare | 28/05/2019

In May 2019, RedHill submitted an NDA for TALICIA for the treatment of H. pylori infection. If all goes according to plan, the drug could be launched by…


Stopping metastasis in its tracks

Initiation | Pharmaceuticals & healthcare | 28/05/2019

RhoVac is developing RV001, a cancer immunotherapy designed to prevent or limit metastasis by activating T-cells against cells with metastatic potential.…


A strong quarter

Update | Pharmaceuticals & healthcare | 28/05/2019

Photocure has announced results for Q119, with 26% revenue growth compared to Q118. Revenues grew strongly in the US, where Hexvix/Cysview sales increased…


Impact of Huawei ban is limited and short term

Flash note | Technology | 24/05/2019

IQE has assessed the potential impact on its business of the decision by the US Department of Commerce’s Bureau of Industry and Security to prohibit…

BlackRock Greater Europe Investment Trust

Exposure to niche, attractively valued companies

Review | Investment trusts | 24/05/2019

BlackRock Greater Europe Investment Trust (BRGE) has been co-managed by Stefan Gries since June 2017. Since then, there has been a marked improvement in…


Encouraging update

Flash note | Financials | 24/05/2019

S&U’s AGM trading update provides reassurance on the motor finance business, Advantage, where receivables growth is modest but in line with our…

HarbourVest Global Private Equity

Stability in a late-cycle environment

Update | Investment trusts | 23/05/2019

HarbourVest Global Private Equity (HVPE) has recorded an uplift in NAV since end-July 2018 of 4.9% and 5.6% in US dollar and sterling terms respectively,…

BCI Minerals

Mardie PFS optimisation study

Update | Mining | 23/05/2019

On 17 May BCI announced the results of its PFS optimisation study at its Mardie salt and potash project in north-western Australia. Relative to its earlier…

Deutsche Beteiligungs

Macro environment provides some headwinds

Review | Investment trusts | 23/05/2019

Deutsche Beteiligungs (DBAG) agreed the seventh MBO of DBAG Fund VII (, which as a result will reach 60% allocation of its investment commitments,…

StatPro Group

Trading remains in line with expectations

Update | Technology | 23/05/2019

Trading remains in line and we have maintained our forecasts, which imply 2.7% FY19 organic revenue growth. Management’s two key priorities for FY19…

ERM Power

Investor day confirms structural growth trends

Update | General Industrials | 23/05/2019

The recent investor day confirmed the opportunities we see for ERM Power from an evolving energy market, which we expect will create medium-term growth…