Diversifying outside Argentina

Update | Technology | 19/09/2019

Growth from Mexico and Spain, combined with ongoing operational efficiencies, continues to offset pressure from the Argentine division (23% of Q219 revenues).…

Keywords Studios

Pillars of growth standing firm

Outlook | Technology | 19/09/2019

Keywords saw strong revenue growth in H119 (17.5% like-for-like, l-f-l) and although investment and some one-off factors compressed margins, the company…


Deposit Solutions becoming a fintech unicorn

Flash note | Financials | 19/09/2019

Deposit Solutions, FinLab’s largest fintech holding (which until recently made up nearly 30% of its NAV), has completed a new funding round with…


First Phase Ib DRIIV results released

Flash note | Pharmaceuticals & healthcare | 19/09/2019

On 18 September 2019, Onxeo released initial results from the first cohort of patients (n=3) in its ongoing Phase Ib DRIIV study with AsiDNA. The three…


Setting its sights higher

Outlook | Technology | 19/09/2019

Esker reported another period of strong revenue and profit growth while continuing to invest in product development, consulting and sales & marketing…

Nurnberger Beteiligungs

Steady progress in unfavourable environment

Update | Financials | 19/09/2019

Nurnberger Beteiligungs (NBG) was able to moderately grow its gross premiums booked on the back of a solid 10% y-o-y increase in new premiums to €266m…


Short-term value, long-term growth

Update | General Industrials | 19/09/2019

Mytilineos reported solid revenue and EBITDA growth in H1, boosted by the power & gas business. Mytilineos is trading on low short-term multiples (c…

HarbourVest Global Private Equity

Opportunity amid UK market weakness

Review | Investment trusts | 19/09/2019

HarbourVest Global Private Equity (HVPE) has recorded a 12-month rise in NAV (based on a preliminary figure at end-July 2019) of 8.7%, which is a solid…

ASIT biotech

Building to a crescendo

Update | Pharmaceuticals & healthcare | 19/09/2019

Having reported H119 financials, ASIT’s main focus remains on the results of the second Phase III study of gp-ASIT+ for the prevention of grass pollen…


Funded to execute Phase IIb study as planned

Update | Pharmaceuticals & healthcare | 18/09/2019

The past few months have been transformative for RhoVac. The company completed a large rights issue, published final follow-up results from its Phase I/II…


Missing a gear

Update | General Industrials | 18/09/2019

After further positive guidance in April, Delignit’s H119 earnings shortfall (EBITDA down 16%) and full-year profit warning are all the more disappointing.…


Order cover strengthens further

Flash note | Aerospace & Defence | 18/09/2019

Cohort’s AGM statement indicates the current year has progressed well, with order cover of sales for the year rising to 76% following recent September…

Petro Matad

Mixed results in Block XX

Flash note | Oil & gas | 18/09/2019

Petro Matad announced yesterday that the Red Deer-1 well in Block XX in Mongolia did not encounter hydrocarbons. The well was the second in a three well…


Executive interview

Update | Financials | 17/09/2019

In this interview, André Speth (CFO) describes…

Scherzer & Co

Not feeling the broader market recovery (yet)

Update | Financials | 17/09/2019

Scherzer & Co’s (PZS’s) NAV closed H119 flat vs end FY18 and declined 3.5% to the end of August. H119 portfolio performance was dominated…

Avon Rubber

Encouraging H219 momentum

Update | Aerospace & Defence | 16/09/2019

In a pre-close statement ahead of Avon Rubber’s FY19 year end, management has indicated the strong momentum in Avon Protection continued through…


Fighting its corner

Update | General Industrials | 16/09/2019

DATRON has accompanied news of 23% lower EBIT in H119 with a full-year profit warning. While the former was not unexpected, given a bumper comparative,…

Deutsche Grundstücksauktionen

Continued solid turnover

Update | Financials | 16/09/2019

Deutsche Grundstücksauktionen (DGA) posted robust H119 results (albeit somewhat below the strong H118 levels), despite lower transaction volumes in…

Canacol Energy

Record production achieved

Update | Oil & gas | 16/09/2019

On 24 August 2019, Canacol achieved a record production of 217mmscfd of natural gas. This is a significant milestone for the company in Colombia, as it…

Heliad Equity Partners

Portfolio clean up under way

Update | Investment trusts | 16/09/2019

Heliad Equity Partners is repositioning its portfolio following the management changes earlier this year. This involves the gradual disposal of holdings…


Next generation of DNA damage repair inhibitors

Outlook | Pharmaceuticals & healthcare | 16/09/2019

Onxeo is focused on the development of the next generation of DNA damage repair inhibitors from its novel oligonucleotide platON platform. The lead asset,…

Telix Pharmaceuticals

Regulatory progress in Japan and the US

Update | Pharmaceuticals & healthcare | 16/09/2019

Telix Pharmaceuticals is making progress on all fronts and recently announced that it has reached an agreement with the Japanese Pharmaceutical and Medical…


New products and cost containment drive profits

Update | Technology | 13/09/2019

OPAP’s Q219 results showed improving sequential trends across all divisions. Gross gaming revenues (GGR) increased 6.5% to €383.6m, driven…

Supermarket Income REIT

Visible income and growth potential

Update | Financials | 13/09/2019

Following FY19 results that showed strong growth driven by the continued steady build-up of the portfolio, contracted RPI-linked rental growth, and improving…


Developing both as asset manager and owner

Update | Financials | 13/09/2019

publity is evolving from a pure asset manager and is building its own portfolio of German office properties (valued at €243.3m at end-June 2019) through…

Egdon Resources

Positive results from Springs Road core analysis

Flash note | Oil & gas | 13/09/2019

Egdon Resources and IGas Energy provided further details on the results from the Springs Road-1 core analysis. The analysis suggests that key characteristics…

Oncology Venture

New CEO as company moves toward late stage

Update | Pharmaceuticals & healthcare | 13/09/2019

Oncology Venture announced on 4 September 2019 that it has appointed a new CEO, Steve Carchedi, former senior executive of J&J and Mallinckrodt. This…


Trading ahead of expectations

Update | Consumer Support Services | 13/09/2019

Despite macroeconomic headwinds, in its closing update Focusrite has confirmed consensus beating FY19 revenue (c £84m vs our forecast £79.8m)…

Vectron Systems

Evolving the business model

Update | Technology | 13/09/2019

Vectron saw a continuation of the weak demand environment for its point-of-sale (POS) solutions in H119, although revenues have improved every quarter…


Battery materials driving growth

Update | General Industrials | 13/09/2019

IBU-tec is benefiting from rising demand for battery materials to meet the volumes required as transportation moves to electric vehicles (EVs) and battery…

NeuroVive Pharmaceutical

Steady progress with core assets

Update | Pharmaceuticals & healthcare | 12/09/2019

NeuroVive’s core R&D assets in genetic mitochondrial diseases have made steady progress over the past several months. Notable newsflow includes…

MPC Capital

New AUM allows for higher management fees

Update | Financials | 12/09/2019

MPC Capital has been consistently transitioning its assets under management (currently at €4.2bn) away from retail legacy assets to new, higher-margin…

PowerHouse Energy Group

Fuelling the hydrogen economy

Outlook | General Industrials | 12/09/2019

Over the last 18 months PowerHouse and its partners Peel Environmental and Waste2Tricity (W2T) have put most of the building blocks in place for commissioning…

Bragg Gaming Group

Doubling down on Oryx

Initiation | Technology | 12/09/2019

Bragg Gaming’s core asset is Oryx Gaming, a fast growing online B2B gaming solution provider. We forecast C$38.4m revenues in FY19, with continued…

Hurricane Energy

Lincoln Crestal positive flow test

Flash note | Oil & gas | 12/09/2019

This morning Hurricane Energy announced the flow test results from its Lincoln Crestal well, the second well of a three-well drilling campaign in the Greater…


Is an H2 catalyst coming?

Update | Technology | 12/09/2019

mVISE interims highlight a business continuing to make progress on its three-year 2018+ strategy. Headline revenues rose nearly 7% y-o-y and 12% organically.…


Non-core disposal further reduces gearing

Update | Industrial Support Services | 12/09/2019

The previously flagged intention to sell Reym has crystallised through the announced disposal to REMONDIS Group for an EV of €64m (or 5.4x EBITDA).…

GCP Student Living

Continuing to benefit from strong fundamentals

Update | Financials | 12/09/2019

GCP Student Living (DIGS) is continuing to benefit from strong supply-demand fundamentals in the markets in which it operates, primarily in and around…

La Doria

Investment continues

Update | Food & Drink | 11/09/2019

La Doria continues to post good sales growth, despite the ongoing tough economic backdrop. Organic sales growth of 2.3% in H119 builds on a good H118.…


Another beat, with structural and cyclical drivers

Update | General Industrials | 11/09/2019

Both cyclical and structural factors drove strong revenue growth in H119 (adjusted revenues up 32% y-o-y, above our expectations) which, combined with…

Ocean Wilsons Holdings

Sailing against the wind

Outlook | Investment trusts | 11/09/2019

We forecast Wilson Sons’ (WSON’s) EBITDA to fall 6% y-o-y this year, still affected by the sluggish Brazilian economy and a tough competitive…


Reiterating outlook for FY19

Update | Technology | 11/09/2019

Boku reported 39% year-on-year revenue growth in H1: 19% growth from the Payments business was boosted by the newly acquired Identity business. This translated…


A closer look at German regulation

Update | Technology | 10/09/2019

Online gaming legislation varies widely across Europe and bet-at-home (BAH) focuses predominantly on grey (or ambiguous) markets. At H119, the company’s…

Deutsche Beteiligungs

Continued sector diversification

Review | Investment trusts | 10/09/2019

Deutsche Beteiligungs (DBAG) is proceeding to deploy the capital commitments of DBAG Fund VII (€1,010m including top-up fund), with 71% of the main…

Eddie Stobart Logistics

Suspension of estimates

Update | Industrial Support Services | 10/09/2019

For the purposes of the Takeover Code, Edison Investment Research is deemed to be connected with Eddie Stobart Logistics plc. Under Rule 20.1 Edison must…


Stable outlook

Update | General Industrials | 10/09/2019

An AGM update confirmed much of the year-end messaging and management expectations for FY20 are unchanged. Order book positions in the UK and India remain…

Euromoney Institutional Investor

Strategic review of Asset Management

Flash note | Media | 10/09/2019

Euromoney has announced a strategic review of its Asset Management business. This division accounted for 39% of FY18 revenues and 44% of FY18 operating…


Adding value to the fintech portfolio

Update | Financials | 09/09/2019

Following the high transaction activity in H218, FinLab has focused on value creation within its existing fintech companies. This includes initiating the…

Marshall Motor Holdings

Resilient despite continued market uncertainty

Outlook | Automotive Retailers | 09/09/2019

Marshall Motor Holdings (MMH) remains one of the most progressive automotive retail groups in the UK. It has the management experience and financial strength…


IMPALA readout ends monotherapy strategy

Update | Pharmaceuticals & healthcare | 06/09/2019

MOLOGEN has announced that its pivotal Phase III IMPALA trial testing lefitolimod as a maintenance therapy in patients with metastatic colorectal cancer…

Acacia Pharma

NDA resubmission before month-end

Flash note | Pharmaceuticals & healthcare | 05/09/2019

Acacia’s interim results highlight the group’s focus on commercialising key asset BARHEMSYS in the US market during 2020. With a new CMO qualified,…

Kazia Therapeutics

GDC-0084 gets a fifth collaboration

Update | Pharmaceuticals & healthcare | 05/09/2019

Kazia Therapeutics’ FY19 financial results show cash of A$5.4m and an operational cash use of A$6.7m. The 20-patient efficacy cohort in the lead…


CE marks for Actiste device received

Update | Pharmaceuticals & healthcare | 05/09/2019

Brighter recently announced that it has received CE marking for the Actiste device. In fact, it has received two CE marks as Actiste is regulated under…

Deutsche Rohstoff

Cub Creek wells on budget and on target

Update | Oil & gas | 05/09/2019

Deutsche Rohstoff’s (DR0) main focus is the development of oil and gas production in the US. At end FY18, DR0 held interests in 44 operated horizontal…

EMIS Group

Making good progress on technology roadmap

Update | Technology | 05/09/2019

EMIS reported growth in revenues (+7%), adjusted operating profit (+8%) and adjusted EPS (+11%) in H119. Management restructured the business during H1…

Fluence Corporation

Further progress in China

Flash note | General Industrials | 05/09/2019

Fluence has signed a Memorandum of Understanding (MoU) to deliver over 250 Aspiral wastewater treatment units to a Chinese partner (Kaitian) and is establishing…

Allied Minds

Federated Wireless $51m Series C financing

Flash note | Technology | 05/09/2019

The Federated Wireless funding round comes hot on the heels of the Hawkeye360 fund-raise in August 2019. We estimate that the Federated Wireless round…

Oxford Biomedica

Burgeoning bioprocessing revenues

Flash note | Pharmaceuticals & healthcare | 05/09/2019

Oxford BioMedica’s (OXB’s) interim results were broadly in line with our expectations for 2019. The decrease in H119 revenues to £32.1m…


H119 affected by geopolitical climate

Update | General Industrials | 04/09/2019

The current geopolitical environment resulted in a reduction in Nynomic’s revenue and EBIT during H119. This was anticipated by management, which…

JDC Group

Large contracts start to materialise

Update | Financials | 04/09/2019

JDC Group’s (JDC) efforts to develop its digital platform to provide administrative and sales support and to stimulate its clients’ bancassurance…


Multiple data readouts over next 12 months

Update | Pharmaceuticals & healthcare | 04/09/2019

Two ONCOS-102 readouts are expected in the next 12 months: mesothelioma Phase I/II data around new year 2020, and data from the Phase I melanoma study…

John Laing Group

More growth expected in H219

Outlook | Industrial Support Services | 04/09/2019

We expect a stronger H219 from John Laing Group (JLG) after a mixed performance in H1, when NAV growth was restrained by asset write downs. Although we…

Clal Biotechnology Industries

MediWound updates development plans

Update | Pharmaceuticals & healthcare | 04/09/2019

Clal Biotechnology Industries (CBI) recently published its Q219 update. Notably, MediWound (35% owned by CBI) announced that following a meeting to discuss…

China Aviation Oil (Singapore)

Constraints on growth persist

Update | Industrial Support Services | 03/09/2019

Having delivered a record performance in FY18, China Aviation Oil (Singapore) Corporation (CAO) faces a year of more subdued progress. Confronted by more…


Adjusting to supply chain shifts

Update | Technology | 03/09/2019

As flagged in the June trading update, IQE’s H119 performance was affected by wireless customers cutting back inventory levels in response to lengthening…


Participations and fees assisting H119 results

Update | Financials | 02/09/2019

UmweltBank (UBK) strengthened its balance sheet in both 2018 and 2019, which enabled it to accelerate its loan book expansion. We are wary of the broader…

Herantis Pharma

Trials on track as CDNF readout nears

Update | Pharmaceuticals & healthcare | 02/09/2019

Patient recruitment in the Phase II Lymfactin trial (AdeLE) continues to progress well, aided by the addition (in March) of new treatment centres in Sweden.…


Strong year in progress

Update | Industrial Support Services | 02/09/2019

With a strong revenue and profit contribution from the Suriname contract, H119 group performance was excellent. The timing of the project should mean there…

Blue Cap

Growing organically and through M&A

Update | General Industrials | 02/09/2019

Blue Cap’s (B7E) first-half revenues grew strongly, driven by Knauer (acquired in June 2018). Organic sales growth was c 4% and adjusted EBITDA…

FCR Immobilien

Progressing with portfolio expansion agenda

Update | Financials | 30/08/2019

FCR consistently implements its growth strategy of increasing its market penetration in the German retail property market coupled with selective, rental-oriented…

CASI Pharmaceuticals

Evomela launch underway

Update | Pharmaceuticals & healthcare | 29/08/2019

CASI has announced that it launched Evomela China, making it officially a commercial stage company. The product for multiple myeloma was approved in China…

Helma Eigenheimbau

Solid growth in new orders

Update | General Industrials | 29/08/2019

In H119, Helma Eigenheimbau returned to gradual revenue growth, in line with the longer-term trend established since its formation. Consequently, management…

Primary Health Properties

Successful merger and strong outlook

Update | Property | 29/08/2019

PHP’s recent interim results showed strong underlying progress enhanced by a first-time contribution from MedicX (for three and a half months) and…

F&C Investment Trust

Attractive long-term total returns

Review | Investment trusts | 29/08/2019

F&C Investment Trust (FCIT) aims to offer a ‘one-stop shop’ for investors looking for diversified equity exposure to both listed and unlisted…


Focus on US fix ahead of setting a new agenda

Update | Construction & Building Materials | 29/08/2019

In the near term, Tyman’s new management team is tasked with rectifying production-related issues in North America that have caused us to reduce…

SymBio Pharmaceuticals

Guidance sinks on quality control issue

Update | Pharmaceuticals & healthcare | 29/08/2019

In an unfortunate turn, SymBio has run into some quality control issues with its shipments of Treakisym from Astellas. During Q219, the company found an…

Raven Property Group

Strongly growing NAV

Update | Property | 28/08/2019

Raven Property Group made further operational and strategic progress in H119 against the background of a strengthening operating environment and firming…


US prostate cancer study progresses

Flash note | Pharmaceuticals & healthcare | 28/08/2019

MagForce has announced it has completed treatment of the first 10-patient cohort in the pivotal prostate cancer study required by the US FDA for approval.…

Jaguar Health

A different angle on an old problem

Initiation | Pharmaceuticals & healthcare | 27/08/2019

We are initiating research on Jaguar Health, which is centered on the development and marketing of its drug crofelemer for diarrheal disorders. It is approved…


Another good performance

Update | Food & Drink | 27/08/2019

Evolva’s H119 results continue to validate its strategy to reduce operating costs and increase its focus on customers. Innovation continues to lead…

ICG-Longbow SSUP

Portfolio transition in progress

Review | Financials | 27/08/2019

ICG-Longbow Senior Secured UK Property Debt Investments (LBOW) offers exposure to the UK real estate debt market through investments in senior secured…


Patch reordering and an emerging US strategy

Update | Pharmaceuticals & healthcare | 27/08/2019

CADScor H1 unit sales were to Germany (six), Sweden (three) and Denmark (one). Interestingly, Q219 patch sales were very strong at 1,690 up from 640 in…


German VC play on the fintech revolution

Initiation | Financials | 27/08/2019

FinLab is a self-managed German venture capital (VC) investor and start-up incubator specialising in fintech companies. It holds a portfolio of 10 active…

EQS Group

Emerging from investment phase

Update | Media | 27/08/2019

Management has reiterated FY19 guidance, despite revenue growth at the interim stage being a little below its own expectations. H219 should provide better…


Seven months, seven acquisitions

Update | General Industrials | 27/08/2019

Mutares (MUX) specializes in restructuring distressed companies and has been very active in M&A this year, with seven deals announced to date. It has…


CANFOUR study on track, US trial preparations

Update | Pharmaceuticals & healthcare | 27/08/2019

On 23 August, Cantargia announced fresh preclinical in vivo data on CAN04 in bladder cancer, which suggests an opportunity to explore this indication.…


Margin expansion sustained

Update | General Industrials | 27/08/2019

Nabaltec’s H119 results demonstrate that the margin expansion achieved in FY18 has been sustained, supporting management’s full year guidance.…


Perfect storm as sales stall forecasts revised

Update | Technology | 23/08/2019

With the company expecting FY19 revenues of c £19m, c 22% down on our previous forecasts (£24.3m), new sales have slowed markedly since Brady’s…

ERM Power

Shell announces takeover offer

Flash note | General Industrials | 23/08/2019

ERM Power has announced a takeover offer by Shell Energy Australia for 100% of its share capital at a cash price of A$2.465 per share, broadly in line…

Basilea Pharmaceutica

Data-driven catalysts ahead

Update | Pharmaceuticals & healthcare | 22/08/2019

Basilea has reported good momentum in 2019, with positive clinical data from key studies on Zevtera/Mabelio and derazantinib. Cresemba sales have continued…

EQS Group

Emerging from investment phase

Update | Media | 22/08/2019

Management has reiterated FY19 guidance, despite revenue growth at the interim stage being a little below its own expectations. H219 should provide better…

Lowland Investment Company

Value-orientated portfolio with 4.5% dividend yield

Review | Investment trusts | 21/08/2019

Lowland Investment Company (LWI) has suffered a period of poor performance recently, with both its share price and NAV close to 12-month lows, as its value…


Nu.Q lung cancer test development accelerates

Update | Pharmaceuticals & healthcare | 21/08/2019

The main highlights of VolitionRx’s Q219 results were the establishment of a veterinary subsidiary in Texas, US and the initiation of two lung cancer…

KEFI Minerals

Convertible loan note restructuring

Update | Mining | 21/08/2019

On 5 August, KEFI announced the restructuring of its £4m working capital convertible loan facility (of which £3.1m remained undrawn) into a…


Bringing AI to the treatment of OUD

Flash note | Pharmaceuticals & healthcare | 21/08/2019

Orexo has announced a partnership for the digital therapy of opioid use disorder (OUD) with GAIA, a global leader in digital therapeutics. The partnership…

Auris Medical Holding

AM-201 proof of concept data is weeks away

Update | Pharmaceuticals & healthcare | 20/08/2019

Auris Medical Holding announced in July that the 50-subject AM-201 Phase Ib trial for olanzapine-induced weight gain and somnolence completed enrolment,…

Target Healthcare REIT

Continuing positive returns in Q4

Update | Property | 20/08/2019

Target’s portfolio of high-quality purpose-built care homes continues to grow and perform well with RPI-driven rental growth, increased property…

Osirium Technologies

First Opus contract win

Flash note | Technology | 20/08/2019

Osirium Technologies has signed up its first customer for the recently launched Opus privileged process automation solution and two new customers for its…

RCM Beteiligungs

Building strongly

Update | Financials | 19/08/2019

RCM Beteiligungs continues to please with H119 PBT of €4.1m comfortably exceeding management’s guidance of an improvement in full-year PBT (€2.9m+).…


Continued growth in AUM

Update | Financials | 19/08/2019

ÖKOWORLD (ÖWAG) has demonstrated over the past months that despite volatile market conditions, it can leverage the positive sentiment towards…