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Executive interview
HBM Healthcare Investments – executive interview (9 October 2024) | 09/10/2024

HBM Healthcare Investments (SIX: HBMN) is a Swiss investment company focused on the global healthcare sector, with a particular focus on private equity…

Executive interview
Medigene – executive interview (30 September 2024) | 30/09/2024

Medigene (FSE: MDG1) is a publicly listed, Germany-based, immuno-oncology platform company focused on the development of T cell receptor (TCR)-guided therapies…

Increasing profitability and margins
Nabaltec | 02/09/2024

Nabaltec recorded 2.2% y-o-y growth in its H124 revenue (€108.4m). The company’s strong performance in its functional filler segment was the…

Gaining a firm foothold in commercial insurers
JDC Group | 19/08/2024

JDC Group’s (JDC’s) H124 results were strong, with organic revenue growth close to 20% and an EBITDA margin of 6.5% (H123: 6%). Management…

Lower rates and news flow to support recovery
BB Biotech | 14/08/2024

BB Biotech (BION) offers investors exposure to the innovative, rapidly expanding biotech sector. It is the largest biotech investor among its investment…

Doubling down on investment opportunities
Deutsche Beteiligungs | 14/08/2024

Deutsche Beteiligungs (DBAG) reported a c 4% NAV total return in 9M24, supported primarily by higher valuation multiples on the back of more benign public…

Sales decline decelerating in Q224
CLIQ Digital | 13/08/2024

CLIQ Digital’s H124 results were as expected following the July trading update, at which point the company lowered its guidance. The change in the…

FY24 outlook weakened
CLIQ Digital | 31/07/2024

CLIQ Digital has lowered its financial outlook for FY24 due to the transition to new sales channels in H124. This was coupled with elevated churn following…

High-tech white powders
Nabaltec | 31/07/2024

Nabaltec is a leading global producer of functional fillers and specialty alumina, serving a wide range of growing end-uses including halogen-free flame…

Executive interview
JDC Group – executive interview (9 July 2024) | 09/07/2024

JDC Group is Germany’s leading insurtech company, offering a platform on which clients can manage insurance portfolios from hundreds of German insurance…

Market environment turning slightly more positive
Heliad | 04/07/2024

Heliad reported a net asset value (NAV) per share of €18.20 at end-March 2024, roughly unchanged compared to end-September 2023 (€18.17), as…

Convertible bond issue
Deutsche Beteiligungs | 02/07/2024

Deutsche Beteiligungs (DBAG) completed an issue of €100m senior unsecured convertible bonds on 28 June, with proceeds to be used for co-investments…

Positive trial news lifts two portfolio holdings
BB Biotech | 26/06/2024

In our last BB Biotech (BION) review note, published in May 2024, we noted that the biotech sector was eagerly awaiting some key milestones, the most important…

2024: The year of M&A?
Edison Growth Conference panel – 2024: The year of M&A? | 19/06/2024

The second panel at the inaugural Edison Growth Conference 2024 was titled ‘2024 – the year of M&A?’ After a two-year bear market, where…

Successful exits assist H124 performance
Deutsche Beteiligungs | 28/05/2024

Deutsche Beteiligungs (DBAG) reported an NAV total return of 3% in H124 (to March 2024) following the first-time recognition of 2024 portfolio company…

London calling
Borussia Dortmund | 21/05/2024

Borussia Dortmund’s Q324 results demonstrated some phasing but it has made good progress year-to-date. The focus of attention now is the team’s…

A recovering sector with a healthy prognosis
BB Biotech | 20/05/2024

BB Biotech (BION) offers investors exposure to the innovative, rapidly expanding biotech sector. It is the largest biotech investor among its investment…

Increased churn weakens FY24 outlook
CLIQ Digital | 14/05/2024

CLIQ Digital delivered a disappointing start to FY24 in Q124, as its membership base fell following a change in refund programmes from credit card providers,…

Well on track in 2024
JDC Group | 14/05/2024

JDC Group (JDC) reported strong Q124 results. Revenue growth accelerated to 21.6% from 10% in FY23, driven by its Advisortech division (+22.6%). In terms…

Termination of coverage
Termination of coverage - paragon | 23/04/2024

Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power…

Helping itself
Borussia Dortmund | 22/04/2024

Borussia Dortmund’s progress to the semi-final of the Champions League brings a further upgrade to profit guidance for FY24. In addition to helping…

Accelerating again in FY24
JDC Group | 08/04/2024

JDC Group (JDC) reported FY23 results that were in line with the preliminary results published on 8 March. After a very strong Q423, JDC expects FY24 revenue…

Termination of coverage
Termination of coverage - EQS Group | 22/03/2024

Edison Investment Research is terminating coverage on EQS Group (EQS). Please note you should no longer rely on any previous research or estimates for…

Progressing nicely
Borussia Dortmund | 18/03/2024

Borussia Dortmund’s first team was successful in progressing through to quarter finals of the Champions League, which naturally leads to an upgrade…