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Sector reports

Below is a list of sector reports.

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Pharmaceuticals & healthcare

29/01/2019
The diagnostics sector
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The practice of medicine can be roughly divided into two specialties: the diagnosis of disease and the treatment of disease. Historically, healthcare investing has been focused on treatment, with pharmaceutical and biotech companies commanding the majority of attention. However, diagnosis remains a significant opportunity for the informed investor. Diagnostic products are pervasive in the healthcare system and as varied as the diseases the humans encounter. This report provides an overview of both the diversity and the commonalities in this market.

Companies mentioned
BioPorto Diagnostics , Telix Pharmaceuticals , VolitionRx , See more..., BioPorto Diagnostics, Check-Cap, Epigenomics, Invitae, Orasure, Quotient, Telix, TruScreen, VolitionRx

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Oil & gas

29/01/2019
Exploration watch: 2019 exploration wells
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Worldwide exploration continued to be dominated by ExxonMobil’s ongoing success offshore Guyana, with five discovery wells and the opening up of two new plays. In 2019, this activity will continue, but will be joined by two separate efforts led by Tullow Oil and Repsol that will look to extend this success to the inboard Orinduik and Kanuku blocks. In Latin America attention will also be focused on Mexico, as drilling extends into deeper waters alongside further exploration of the shallower Sureste Basin. In the North Sea, potential high-impact wells in the Barents Sea and West of Shetland were deferred into 2019 and activity looks set to increase in these areas this year. Onshore, we look at high-impact wells in the Nanushuk trend of Alaska’s North Slope and the frontier region of Western Mongolia.

Companies mentioned
Otto Energy , 88 Energy , Hurricane Energy , Cairn Energy , See more..., 88Energy, Aker BP, Azinor Catalyst, BP, Cairn Energy, Chevron, Eco Atlantic, ENI, Equinor, ExxonMobil, Hurricane Energy, INEOS, Lundin Petroleum, Murphy Oil, Nexen, Otto Energy, Pemex, Pantheon Resources, Petro Matad, Red Emperor Resources, Repsol, Siccar Point Energy, Spirit Energy, Shell, Total, Tullow Oil

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Mining

22/01/2019
Gold stars and black holes
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In Edison’s latest annual global mining sector report, Gold Stars and Black Holes – Analysing the Discount: from Resource to Sanction, we analyse how differentiated in-situ values for mineral resources across all the major equity markets have evolved, and how equity valuations then increase (or not) as projects are developed through to sanction. The report concludes that equity markets are generally supportive of junior exploration companies (with some key exceptions where demand is uncertain) and markets in general appear to be somewhat less risk averse than they have been in previous years. In contrast, the valuation challenges of early stage development companies first identified in our 2017 global sector report remain and if anything equity markets have become more difficult for junior development companies to navigate. Finally, for the first time Edison has used its extensive database to derive potential screening tools for investors to quickly derive expected equity valuations for a wide range of potential mining opportunities based on net present value grade, IRR, size, jurisdiction, discount rate and product.

Companies mentioned

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*Multiple Sectors

09/11/2018
Deutsches Eigenkapitalforum - EKF conference book 2018
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A very warm welcome to the Edison conference book for the Deutsches Eigenkapitalforum 2018. Performance in the equity markets this October has been one of the weakest in recent history. While risk factors such as ongoing trade disputes, slow-moving BREXIT negotiations and concerns about the Italian budget, to name just a few, are numerous, they are also well known and not new. As this downturn did not have a clear trigger, there is arguably also no clear path to recovery. Our strategist, Alastair George, views these equity declines as a continuation of an ongoing derating of equities. Accordingly, he retains a cautious position on developed market equities.

Companies mentioned

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*Multiple Sectors

15/10/2018
The role of unconnected research in the UK IPO reforms
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From 1 July 2018, the UK’s financial regulator, the Financial Conduct Authority (FCA) introduced new provisions on the availability of information in the UK equity main market IPO process. The changes are intended to improve the range, quality and timeliness of information made available to the market and, in particular, to restore the centrality of the registration document or prospectus in the overall process. The reforms affect the order in which information is released to the market, with the registration document or prospectus now published ahead of the Intention to Float (ITF). Furthermore, issuers who brief the syndicate analysts are required to invite or hold a second briefing for unconnected analysts or, as a minimum, share all information given to connected analysts with unconnected analysts. This means the entire IPO process is played out in the public domain, opening it up to a wider group of potential investors (and wider market commentators). A separate Conduct of Business Sourcebook (COBS) provision also puts new restrictions on investment banks, which will no longer be able to wall cross in-house analysts during the beauty parade for advisory mandates. The reforms require equality of information between connected and unconnected analysts, and change the timing of when research can be issued to the market. We can provide unconnected research services across the entire IPO process, from initial preparations through to a first day of dealings report. Our research reaches the whole market, including retail investors, as it is MiFID II compliant, being free of charge to all readers.

Companies mentioned
Show companies...Aston Martin Lagonda, Funding Circle, Association of Financial Markets in Europe, European Association for Independent Research Providers,

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Oil & gas

21/08/2018
Exploration watch: Argentina
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Argentina has experienced major changes in its oil and gas industry over the last five years. The country holds world-class shale potential in the Vaca Muerta and is the second-largest shale region undergoing development in the world after the US. Discovered in 2010, the Vaca Muerta has attracted major companies to invest in the region including Chevron, Dow, ExxonMobil, Shell and Total. Production has historically been dominated by the state majority-owned company Yacimientos Petrolíferos Fiscales (YPF), but this is shifting as it partners with the majors to develop the Vaca Muerta and as the country moves to more market-friendly policies under President Mauricio Macri, elected in 2015. Unconventional development is not the preserve of the majors, however, and independent Phoenix Global Resources’ 2018 programme is designed to accelerate unconventional growth in the Vaca Muerta. Meanwhile, the shift of focus of the majors to unconventionals has created an opportunity for independents operating in the conventional space, where production has been declining. Both President Energy and Echo Energy are focused on growing conventional production in Argentina and have active programmes in 2018.

Companies mentioned
President Energy , See more..., Echo Energy, Phoenix Global Resources

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27/07/2018
July 2018 Edition of Australasia Monthly Book
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Welcome to the July edition of Edison’s Australasia Monthly Book. The Asia Pacific region has continued to attract investment attention, with international funds looking for quality companies in safe jurisdictions with strong cash flow and yield. Access to information on the Asia Pacific region continues to be affected by the recently implemented European GDPR and MiFID II reforms, which have significantly changed the way that the buy-side can receive its research information. Our approach continues to improve the visibility of our client companies to potential investors, enhances liquidity and provides the opportunity to attract the widest range of potential investors and stakeholders.

Companies mentioned

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Investment trusts

07/06/2018
Listed private capital - Defining the LPC arena
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According to Preqin/McKinsey, private capital (PC) AUM has grown from $0.7tn in 2000 to $5.2tn in 2017. Private equity (PE) remains the largest subsector, but a number of other asset classes have developed rapidly over recent years, including infrastructure and private debt. The listed private capital (LPC) sector provides public market investors with access to these diverse investment opportunities. In light of LPEQ’s strategic shift to represent the LPC arena, we examine the size and scope of LPC and the opportunities it presents to investors. We estimate that the European LPC arena is capitalised at £130bn and offers an attractive risk-reward profile compared to traditional listed investments.

Companies mentioned
LPeC