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Sector reports

Below is a list of sector reports.

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Financials

21/12/2020
ProCredit Holdings: Flying High - ESG Edge Report
Download via: Website

ProCredit (PCB) is a Germany-based group operating  regional banks across Southeastern and Eastern Europe, as well as in Ecuador. The banks focus on SMEs and private middle-income and high earners. At end-September 2020, the group’s total assets stood at €7.1bn. ProCredit has extensive experience in supporting small and medium-sized enterprises (SMEs) in emerging economies, with a focus on Southeastern (SEE) and Eastern Europe (EE) and banking operations in Ecuador. PCB aims to positively contribute to the economic, social and environmental situation in these regions regions and create shareholder value in the process. This has been supported with a dynamic growth of its green loan portfolio (CAGR of 34% in 2016-2019), prudent credit, social and environmental risk management as well as long-term oriented approach to its clients and staff. PCB’s environmental, social and governance (ESG) efforts are reflected in its outperformance vs peers in the ESG scoring system that we have applied. Edison’s ESG Edge analysis aims to move away from historical data and focus on forward looking drivers and indicators. Our methodology starts by grounding our work through the analysis of the data points of other data providers and ratings agencies’. Our ESG Edge scores are derived in collaboration with our partner Rebalance and follow the guidelines of the Sustainable Accounting Standards Board (SASB) and use the Cambridge Impact Framework. We follow this up with management and employee interviews to validate our findings and get to the narrative behind the data. Our findings are condensed in this report to focus on key ESG drivers, transition opportunities and risks for the company. Please see our website for a more detailed overview of our methodology.

Companies mentioned
ProCredit Holding , See more..., ProCredit

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06/12/2020
The hydrogen economy - Decarbonising the final 20%
Download via: Reuters | Thomson

Companies mentioned

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Pharmaceuticals & healthcare

14/10/2020
Emerging therapies in AMD - A second look at next-generation treatments
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Age-related macular degeneration (AMD) remains the leading cause of blindness in older adults in western countries. While neovascular AMD (NVAMD, or wet-AMD) can be controlled in most cases with recurring anti-vascular endothelial growth factor A (VEGF-A) intravitreal injections (IVT), there is a substantial unmet need for those with the dry form of the disease (whose prevalence is about six- to nine-fold higher), particularly those who develop geographic atrophy (GA). There also remains a need to improve NVAMD treatments, as recurring IVT injections are burdensome, and about a third of patients will become refractory to anti-VEGF-A over time. This report provides an updated overview of many of the leading candidates and technologies that will shape the AMD market in the coming decade. We expect that while not all of these products will be successful, those that are could potentially generate significant returns for investors.

Companies mentioned
Show companies...Adverum Biotechnologies, AbbVie, Alkahest Inc., Alkeus Pharmaceuticals, Apellis Pharmaceuticals, Allegro Ophthalmics, Astellas Pharma, Bayer, Chengdu Kanghong Biotech Co, Galderma, Graybug Vision, Iconic Therapeutics, Ionis Pharmaceuticals, Iveric bio, Janssen, Kodiak Sciences, LumiThera, Molecular Partners, Nova Eye Medical, Novartis, Opthea, Oxford Biomedica*, PanOptica, Pfizer, Pixium Vision*, Regenerative Patch Technologies, Roche, Regeneron, Regenxbio, Stealth BioTherapeutics

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08/09/2020
Emerging therapies in AMD - A second look at next-generation treatments
Download via: Website

Age-related macular degeneration (AMD) remains the leading cause of blindness in older adults in western countries. While neovascular AMD (NVAMD, or wet-AMD) can be controlled in most cases with recurring anti-vascular endothelial growth factor A (VEGF-A) intravitreal injections (IVT), there is a substantial unmet need for those with the dry form of the disease (whose prevalence is about six- to nine-fold higher), particularly those who develop geographic atrophy (GA). There also remains a need to improve NVAMD treatments, as recurring IVT injections are burdensome, and about a third of patients will become refractory to anti-VEGF-A over time. This report provides an updated overview of many of the leading candidates and technologies that will shape the AMD market in the coming decade. We expect that while not all of these products will be successful, those that are could potentially generate significant returns for investors.

Companies mentioned
Show companies...Adverum Biotechnologies, AbbVie, Alkahest Inc., Alkeus Pharmaceuticals, Apellis Pharmaceuticals, Allegro Ophthalmics, Astellas Pharma, Bayer, Chengdu Kanghong Biotech Co, Galderma, Graybug Vision, Iconic Therapeutics, Ionis Pharmaceuticals, Iveric bio, Janssen, Kodiak Sciences, LumiThera, Molecular Partners, Nova Eye Medical, Novartis, Opthea, Oxford Biomedica*, PanOptica, Pfizer, Pixium Vision*, Regenerative Patch Technologies, Roche, Regeneron, Regenxbio, Stealth BioTherapeutics

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General Industrials

24/06/2020
The small satellite market - Small is beautiful
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Small satellites, ie those weighing less than 500kg, are increasingly being deployed to provide internet connectivity to remote and rural areas, to provide environmental monitoring services and to track assets. Widespread deployment requires changing the paradigm from expensive, bespoke satellites to platforms and payloads that can be manufactured and launched in their thousands. This report explores the drivers behind this revolution and profiles several of the key-players.

Companies mentioned

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Mining

12/06/2020
THE GOLD RUSH Why there’s no end in sight
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Markets are uneasy, uncertainty is here to stay, interest rates are effectively zero and the Fed’s keeping the economy afloat by whatever means necessary. Under these circumstances the gold price could very reasonably be expected to rise to c US$1,900/oz and potentially as high as US$3,000/oz. Even if the gold price remains at current levels, Edison’s valuation of most gold equities is now significantly above current market levels. In this latest macro report focused on gold, Edison's Charlie Gibson reflects on the impact of covid-19 and the resulting economic stimulus measures that will drive the outlook for both gold and gold equities over the coming years.

Companies mentioned

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Technology

08/04/2020
European video games
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The games industry is a rare example of a sector set for a good crisis. With billions of extra leisure hours available daily and quick adjustment to distributed working, many games developers and publishers are seeing strong revenue and margin growth. In this report, we compare business models across geographies and look at how different segments of the market may be affected by the COVID-19 pandemic. The general pre-crisis backdrop was a sector forecast to grow at c 8.4% (2019–22), reaching a total market size of $190bn by 2022. Mobile gaming offers a low double-digit revenue CAGR, while PC and console gaming offer single-digit growth as we move towards console transition this year. In the first few months of the year, business disruption was mainly confined to China and the Far East, with concerns over supply chains and stock levels to the fore in the West. Since then, the reality of a global COVID-19 pandemic has emerged, with more than a third of the global population in lockdown today. The transition from offices to remote working has caused significant business disruption, but for most games companies the disruption has been effectively managed with business continuity plans now largely implemented. Looking ahead, we expect consumers will be isolated from normal activities and other forms of entertainment for at least three to six months; while it lasts, this period will provide a substantial benefit for games companies. Although the virtual reality industry might suffer supply issues and console launches will be softer (initially), the net effect of the pandemic is set to be sector positive. The small-cap European games sector offers exposure to a number of well-run, innovative businesses, with recurring revenue models that will benefit from increased consumer demand fulfilled digitally. The following companies are featured in the research: 11 bit studios, Astralis, Bigben Interactive, CD Projekt, Codemasters, Digital Bros, Embracer, Focus Home, Frontier Developments, G5 Entertainment, Gfinity, MTG, Nacon, Paradox Interactive, PlayWay, Remedy Entertainment, Rovio Entertainment, Starbreeze, Stillfront Group, Sumo Group, Team17 and Ubisoft Entertainment.

Companies mentioned
Keywords Studios , See more..., 11 bit studios, Astralis, Bigben Interactive, CD Projekt, Codemasters, Digital Bros, Embracer, Focus Home, Frontier Developments, G5 Entertainment, Gfinity, MTG, Nacon, Paradox Interactive, PlayWay, Remedy Entertainment, Rovio Entertainment, Starbreeze, Stillfront Group, Sumo Group, Team17, Ubisoft Entertainment

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Aerospace & Defence

15/11/2019
Deutsches Eigenkapitalforum - EKF conference book 2019
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A very warm welcome to the Edison conference book for the Deutsches Eigenkapitalforum 2019. Following a record year for IPOs in 2018, this year has been rather disappointing so far. Year-todate values are down by 40% in Europe compared to 2018. The picture is similar in Germany. Moreover, IPO performance is not very encouraging, with each of the four IPOs in Germany trading below issue price. However, TeamViewer’s listing on the Frankfurt Stock Exchange provides one of the few bright spots in the IPO environment in the third quarter, putting Deutsche Börse first in Europe with regard to issue volume. From a German perspective, it is very pleasing that the domestic exchange can support large tech IPOs. With a number of IPOs being cancelled or postponed, the market is already looking ahead to next year. At this point, 2020 could be a very successful year for new listings, with several landmark transactions in the pipeline like Continental Powertrain, Siemens Energy and Wintershall DEA. Needless to say, all this depends on the global economic environment. Equity markets are clearly buoyed by politics at present. Looking at the factors driving markets and sentiment, it is striking that many are the same as last year. Brexit has not been resolved and trade disputes continue. Investors have been factoring a risk premium into asset prices for those political developments for more than a year.

Companies mentioned
MLP , DFV Deutsche Familienversicherung , 3U Holding , Tinexta , Mobotix , NFON , PBKM , Voltabox , FCR Immobilien , Mynaric , CentralNic Group , FinLab , Cliq Digital , Lloyd Fonds , mVISE , ISRA VISION , FACC , bet-at-home , Mutares , Ferratum , Berentzen Gruppe , EQS Group , Reply SpA , Mensch & Maschine Software , All for One Group , paragon , Nanogate , Formycon , OTC Markets Group , Newron Pharmaceuticals , MOLOGEN , Deutsche Börse , MagForce , Deutsche Beteiligungs , Transgene , Paion , See more..., Berentzen-Gruppe, Deutsche Börse, DFV Deutsche Familienversicherung, FCR Immobilien, Ferratum, Lloyd Fonds, MLP Group, OTC Markets Group, 3U HOLDING, FACC, ISRA VISION, Nanogate, NFON, paragon, PIERER Mobility, Schaltbau Holding, Voltabox, Deutsche Beteiligungs, FinLab, Mutares, Formycon, MagForce, Mologen, Newron Pharmaceuticals, Paion, PBKM, Transgene, All for One Group, bet-at-home, CentralNic Group, CLIQ Digital, EQS, Mensch und Maschine Software, Mobotix, mVISE, Mynaric, Reply, Tinexta,