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Sector commentary

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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.

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

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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.

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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.

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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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*Multiple Sectors

21/09/2018
AIM Italia Conference 2018, London
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Regulated by Borsa Italiana, AIM Italia is dedicated to dynamic and competitive small and medium-sized enterprises (SMEs) that are looking for capital to finance their growth plans. AIM Italia offers companies visibility and a better standing, encourages best practice, supports internationalisation and attracts new talent. This book highlights 26 of the companies presenting at the Borsa Italiana AIM Italia Conference in London on 22 October 2018. For further information about the conference and registration please email Borsa Italiana or Edison.

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Companies mentioned
Show companies...Alkemy, BioDue, Bomi Italia, CFT, Clabo, Costamp Group, DBA Group, Digital360, Digitouch, Energica, Expert System, Health Italia, ICF Group, Intred, Italian Wine Brands, Longino & Cardenal, MailUp Group, Monnalisa, Neodecortech, Notorious Pictures, Orsero, Safe Bag, Somec Group, TPS Group, Vimi Fasteners, Wiit,

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Oil & gas

08/08/2017
Oil & gas macro outlook
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The oil sector is firmly in a new cycle, with a dramatically lower cost profile across the industry. Inventories in the US remain at elevated levels (only just below last year’s record levels). Although demand growth is steady, the production growth from the US shales alone is seen to be enough to provide for this growth from (Q217-Q218), with OPEC playing a role as the swing producer to cover seasonal variation. The market agrees, and the forward curve has progressively lowered and flattened over the last 18 months. We lower our long-term oil price assumption to $70/bbl in 2022 (equivalent to c $60/bbl real in 2016).

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Companies mentioned

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Pharmaceuticals & healthcare

21/06/2017
ASCO 2017
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Edison attended the 2017 American Society of Clinical Oncology (ASCO) Annual Meeting in Chicago, US, on 2-6 June. This year the main focus was chimeric antigen receptor (CAR) T Cell therapies, in particular CARTs targeting BCMA from Bluebird Bio and Nanjing Legend; and immuno-oncology (IO) combinations such as IDO1/PD-1 inhibitors and new targets like LAG3 and GITR. Targeted therapies also took centre stage, particularly Loxo’s larotrectinib and AstraZeneca’s Lynparza, along with Roche’s APHINITY data. Finally, we also present data from companies under our coverage: Hutchison China MediTech, MorphoSys, PharmaMar, Prima Biomed and Viralytics.

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Companies mentioned

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Technology

29/03/2017
Reality Bytes
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Voice is where much excitement and hype is to be found. Every ecosystem is developing a voice controlled digital assistant with which it hopes to enrich Digital Life and control the homes of its users. However, we find that voice suffers from significant limitations meaning that the user experience and functionality that it can offer is inferior to what can be achieved using a visual device. This combined with the fact that the intelligence of voice based systems remains rudimentary at best means that voice is unlikely to replace screens any time soon.

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Companies mentioned
Mobile ecosystems

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Technology

24/02/2017
Mobile ecosystems
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The difference between men and boys will be the brains of their toys. Artificial intelligence (AI) promises to substantially improve the Digital Life services offered by the ecosystems that has underpinned a period of feverish investment. Despite this activity, developments are at a very early stage with none of the big challenges of AI being close to being solved. It is the search engines that are ahead in AI followed by Apple, Microsoft and Amazon. AI remains the Achilles’ heel of Facebook.

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Companies mentioned