Click on headlines below to download research
Past work heralds a cascade of future riches
DFR Gold | 21/09/2023
DFR Gold is a Canadian-listed, West African gold explorer and developer. Its management and board have a strong record of discovering and developing gold…
Futura Resources financing is a major milestone
Baker Steel Resources Trust | 20/09/2023
Baker Steel Resources Trust (BSRT) announced that Futura Resources (its second-largest holding, making up 25.3% of end-August 2023 NAV) closed a c A$26.2m…
More diverse, international, integrated
Team Internet Group | 19/09/2023
Team Internet (previously CentralNic) marked its 10-year anniversary of being listed with a name change and a capital markets day. Both reinforced the…
Forecasts lowered but momentum maintained
AGBA | 18/09/2023
AGBA generated sales of US$28.4m in H123, 361% higher than in H122, as it continued to onboard agents and COVID-19 restrictions were relaxed. Compared…
Advancing to 250koz in annual output in FY26
Pan African Resources | 18/09/2023
Pan African Resources’ (PAF’s) FY23 results, announced on 13 September, were closely in line with our forecasts. Barberton underground, Evander…
Managing transition well
Jersey Electricity | 18/09/2023
Jersey Electricity (JEL) continues to deliver steady 5% dividend growth, while managing consumer tariffs amid turbulent energy markets. Forward energy…
Awarded grant funding for UK defence project
Filtronic | 18/09/2023
Filtronic has been awarded a grant by the UK Ministry of Defence (MoD) to fund the development of innovative plastic packaging for high-power semiconductor…
Working to balance investment and profitability
Esker | 18/09/2023
In H123 Esker reported strong growth in revenue (+16% y-o-y in constant currency (cc)) and bookings (+18% y-o-y cc) but this was outweighed by increases…
East Africa and Ethiopia attracting investment
KEFI Gold and Copper | 18/09/2023
Three recent developments have served to put KEFI’s Tulu Kapi into the spotlight. The first is Ethiopia’s recent central bank directive exempting…
Margin momentum into H223
M&C Saatchi | 15/09/2023
M&C Saatchi’s (M&C) H123 results reflect the more challenging agency trading environment, with revenue and operating margin both dipping in the period.…
Investing in the rapidly approaching future
Baillie Gifford US Growth Trust | 15/09/2023
The managers of Baillie Gifford US Growth Trust (USA), Gary Robinson and Kirsty Gibson, aim to invest in exceptional US businesses with the potential to…
A step forward on the Exosome delivery platform
ReNeuron Group | 15/09/2023
ReNeuron Group has generated in vivo data for CustomEX, marking a key step towards validating its proprietary stem cell-derived exosome platform. While…
Turning the ship around
EML Payments | 14/09/2023
EML Payments reported FY23 revenue and underlying EBITDA ahead of the top-end of its guidance range, benefiting from higher interest income and improvements…
Targeting multiple areas to achieve profitability
SenSen Networks | 14/09/2023
SenSen’s FY23 preliminary results show robust revenue growth, albeit missing our forecasts slightly. Losses narrowed year-on-year from efficiency…
Executive interview
discoverIE – executive interview | 14/09/2023
discoverIE is a leading international designer and manufacturer of customised electronics to industry, supplying customer-specific electronic products…
Stellar production, guidance beaten
Sylvania Platinum | 14/09/2023
Sylvania Platinum reported excellent production results offset by weak PGM prices. The platinum group metal (PGM) basket price dropped 28% y-o-y because…
Emerging market growth opportunities at a discount
Utilico Emerging Markets Trust | 14/09/2023
Utilico Emerging Markets Trust (UEM) is managed by Charles Jillings, together with deputy portfolio managers Jacqueline Broers and Jonathan Groocock, at…
Creating an industrial wireless connectivity cluster
discoverIE Group | 14/09/2023
discoverIE has acquired 2J Antennas Group, a Slovakian-based designer and manufacturer of antennas, for €52.5m/£45m in cash from existing facilities.…
Making good progress towards profitability
Checkit | 14/09/2023
Checkit reported annual recurring revenue (ARR) growth of 24% y-o-y in H124, with more than half of the growth from upsells and cross-sells to its existing…
Detailed half-yearly reflecting Speedboat traction
Creo Medical | 14/09/2023
Following Creo Medical’s H123 trading update (see our August note), management has reported detailed results, including a 42% increase (sequentially…
Publication puts Tedopi back in the spotlight
OSE Immunotherapeutics | 14/09/2023
OSE has announced that the results from its Phase III trial (ATALANTE-1) for Tedopi have been published in Annals of Oncology. While the study results…
Strategic and accretive Irish expansion
Primary Health Properties | 13/09/2023
Primary Health Properties (PHP) has agreed to acquire Ireland’s first Enhanced Community Care (ECC) facility for a total consideration of €30m.…
Margin and EV journey accelerating
Dowlais Group | 13/09/2023
There are two key pillars to the investment thesis for Dowlais: achieving c 11% operating margins in the medium term and successfully navigating the electrification…
Clarity on GTF helpful for investors
Melrose Industries | 12/09/2023
The announcement about the expected impact of the GTF engine programme, in which Melrose has a 4% share, removes an uncertainty from the shares. The expected…
Access platform-led growth prospects ahead
Respiri | 12/09/2023
Respiri had a very active FY23, including the recent close of the Access Managed Services (Access) acquisition and the signing of several commercial contracts.…
A balanced trust targeting a world-beating market
JPMorgan European Discovery Trust | 12/09/2023
JPMorgan European Discovery Trust (JEDT) invests in European small-cap companies (excluding UK), with the aim of providing shareholders with long term…
High demand for space tech’s disruptive potential
Seraphim Space Investment Trust | 12/09/2023
Seraphim Space Investment Trust (SSIT) released its Q423 trading update to end-June 2023 yesterday, reporting that its top 10 holdings saw their revenues…
Business as usual at Murray International
Murray International Trust | 12/09/2023
The board of Murray International Trust (MYI) has been planning for manager Bruce Stout’s end-June 2024 retirement for a long time. He and the trust’s…
Clinical headway rests on funding
Oxford Cannabinoid Technologies | 12/09/2023
Oxford Cannabinoid Technologies (OCT) has shared its FY23 results and summarised its ongoing activities. OCT completed preclinical research for OCT461201…
Executive interview
Tinexta – executive interview | 11/09/2023
In this interview, Josef Mastragostino, chief investor relations officer of Tinexta, provides an overview of the company’s H123 results and the outlook…
Vididencel secures Fast Track designation in AML
Mendus | 08/09/2023
Mendus has announced that the FDA has granted Fast Track designation to its lead cancer vaccine, vididencel, as a potential maintenance therapy in acute…
H123 on track; 21.3p interim dividend declared
EMIS Group | 08/09/2023
EMIS reported H123 revenue and adjusted operating profit in line with board expectations. Revenue grew 2% year-on-year and adjusted operating profit was…
FY24 in line, but risks edge up further on
Severfield | 08/09/2023
Severfield’s AGM statement highlights that FY24 is expected be in line with management expectations and that the quality of the orderbooks –…
Building returns
Melrose Industries | 08/09/2023
The improving aerospace market, original equipment and aftermarket, combined with internal restructuring, are driving strong profit recovery. This is offering…
Strong trading progress in H123
AAC Clyde Space | 08/09/2023
AAC Clyde Space made strong progress in H123, with revenues up 65% and positive EBITDA. While the mix is not as expected due to delays to some programmes…
Warning of lower demand
Accsys Technologies | 08/09/2023
In its trading update for the first four months of FY24, Accsys warned of weaker building materials and construction markets, caused by the higher interest…
Notable CMO appointment to position for growth
SIGA Technologies | 08/09/2023
SIGA Technologies has announced the appointment of Dr Jay K Varma as executive vice president and chief medical officer, while he remains a director on…
Successful bond refinancing improves risk profile
Georgia Capital | 07/09/2023
Georgia Capital (GCAP) delivered positive newsflow during August, including the successful pricing of its new sustainability-linked bond (with proceeds…
Record results; integration plan well under way
4iG | 05/09/2023
4iG’s H123 results reflect the inclusion of Vodafone Hungary (VH) since its acquisition on 31 January. Since then, 4iG has been working through its…
A circular economy champion
Renewi | 05/09/2023
The drive to increase recycling from both governments and consumers provides a positive backdrop for Renewi. Management has improved the underlying performance…
Facilisgroup leads H123 performance
The Pebble Group | 05/09/2023
The Pebble Group’s first half results are as indicated in July’s trading update, with revenues up 5% y-o-y and adjusted EBITDA margin expanding…
One-off impairment masks underlying PBT beat
Secure Trust Bank | 04/09/2023
In its H123 results, Secure Trust Bank (STB) delivered an 11% y o y increase in operating income, overcoming margin pressure on rising interest rates.…
Numerous clinical platform activities under way
IRLAB Therapeutics | 04/09/2023
IRLAB has reported its Q223 results, including a recap of clinical activities and financials. IRLAB shared a full analysis of the mesdopetam Phase IIb…
Media and Games Invest – executive interview
MGI - Media and Games Invest – executive interview | 04/09/2023
In this interview, filmed at the company's recent capital markets day, MGI - Media and Games Invest CEO Remco Westermann talks about the trading conditions…
Still leading the pack
Alphamin Resources | 04/09/2023
Alphamin Resources (AFM) offers rare exposure to a metal (tin) that both Rio Tinto and the MIT regard as the most likely to benefit from the electrification…
Equipped for near-term inflection points
Mendus | 01/09/2023
Mendus has shared its Q223 report, including a financial update and overview of its clinical activities. Highlights from the quarter include positive interim…
Price increases largely drive revenue growth
Kendrion | 01/09/2023
Kendrion’s Q223 organic revenue growth of 9% was better than the 5% in Q1 despite the slowdown in economic activity in several regions. Gross margin…
Sonora project update
Cadence Minerals | 31/08/2023
Cadence Minerals has provided an update on the status of the Sonora lithium project in Mexico. The company holds a 30% interest in seven project concessions…
Navigating the road to redemption
paragon | 31/08/2023
paragon continued its debt reduction programme in Q223 with the disposal of semvox. Operating performance progressed positively with H123 sales rising…
AFTO judgment clears AFT of breach claim
AFT Pharmaceuticals | 31/08/2023
AFT Pharmaceuticals has reported that the Auckland High Court has cleared it of the contractual breach claim filed by PBL Solutions in April 2020, which…
Waiting for a rebound in global PE deal activity
Princess Private Equity Holding | 31/08/2023
Princess Private Equity Holding (PEY) posted a 3.5% NAV TR in H123, bringing its 12-month return to c 10%. Its portfolio maintains strong last 12-month…
Yamana assets boost mineral resources
Pan American Silver | 30/08/2023
Pan American Silver (PAAS) reported a significant increase in mineral reserves and resources estimates, for gold in particular, on the back of the Yamana…
Early onset of synergies from Access acquisition
Respiri | 30/08/2023
Leveraging the expanded scope of operations from its recent acquisition of Access Managed Services (AMS), Respiri has announced the signing of new remote…
New Thaba JV adds significant value
Sylvania Platinum | 29/08/2023
Sylvania Platinum (SLP) has announced a 50:50 joint venture (JV) with Limberg Mining Company (LMC), called Thaba, to process platinum group metals (PGM)…
Continues to benefit from healthy yields
Riverstone Credit Opportunities Income | 29/08/2023
Riverstone Credit Opportunities Income (RCOI) reported an H123 NAV total return (TR) of 4.1%, with all loan investments in its portfolio performing to…
The Bodas continue to grow
Alkane Resources | 25/08/2023
Alkane Resource’s FY23 financial results were broadly in line with our forecasts, with profit after tax totalling A$42.5m (compared to our forecast…
NXC-201 gains Orphan Drug designation in MM
Immix Biopharma | 25/08/2023
Immix has announced that the FDA has granted orphan drug designation (ODD) to CAR-T asset NXC-201 for multiple myeloma (MM). The benefits of ODD include…
Gearing up for UV1 Phase II trial readouts
Ultimovacs | 24/08/2023
As part of Ultimovacs’ Q223 results, management recapped recent clinical activities. This included the topline readout for NIPU (metastatic pleural…
Energy and efficiency as a service
SDCL Energy Efficiency Income Trust | 24/08/2023
SDCL Energy Efficiency Income Trust (SEEIT) is an investment trust focused on delivering energy and energy efficiency as a decentralised service directly…
On track to meet the FY23 guidance
Deutsche Beteiligungs | 23/08/2023
Deutsche Beteiligungs (DBAG) posted a 20% NAV total return in the nine months to end-June 2023, thereby recouping the valuation loss in FY22. The uplift…
R327 progressing in rapid infusion study
Recce Pharmaceuticals | 23/08/2023
Recce recently reported the completion of its data review from its earlier long-infusion Phase I study of the intravenous (IV) RECCE 327 (R327) formulation,…
On track to meet FY23 ROE guidance of 8–10%
ProCredit Holding | 23/08/2023
ProCredit Holding (PCB) produced another strong set of quarterly results with a net income of €34.6m in Q223, implying an annualised return on equity…
Strengthening the product portfolio
Nano Dimension | 23/08/2023
Nano Dimension reported Q223 revenue growth of 33% year-on-year and maintained its adjusted EBITDA at a similar level to Q123, reflecting continued investment…
Exceeded FY23 guidance and our estimates
Borussia Dortmund | 23/08/2023
Borussia Dortmund’s headline (income statement) results for FY23 were ahead of management’s previous guidance and our estimates. The company…
Valuation opportunities in quality UK small caps
Henderson Smaller Companies Investment Trust | 22/08/2023
Henderson Smaller Companies Investment Trust (HSL) is managed by Neil Hermon, who has been at the helm for more than 20 years. While FY23, ending 31 May,…
Interest hedging provides dividend visibility
Impact Healthcare REIT | 22/08/2023
Impact Healthcare REIT delivered strong operational and financial progress in the six months to 30 June 2023 (H123). Completion of additional interest…
Despite shift, mesdopetam still on track for Ph III
IRLAB Therapeutics | 22/08/2023
IRLAB has secured full global rights ownership of mesdopetam, the company’s leading asset, which was previously out-licensed to Ipsen. All preclinical…
Bovemij reports H123 results
PB Holding | 21/08/2023
Bovemij, the unlisted car insurance company in which PB Holding has a 5.3% stake, reported a net profit in H123 of €11.7m, compared to a loss of…
Progressing as expected on all fronts
Immix Biopharma | 18/08/2023
Immix reported Q223 results, which were largely as expected. Operational highlights included rolling positive newsflow for CAR-T therapy NXC-201 and interim…
5m funding to see SDC-1801 through Phase I
Sareum Holdings | 18/08/2023
Ahead of its full FY23 results, Sareum Holdings has received the first instalment (£2m) of its newly announced funding facility (£5m in total).…
2022 ESG report highlights new goals
Canacol Energy | 18/08/2023
Canacol Energy released its 2022 ESG Report on 9 August. It highlights the company’s desire for a 50% reduction in Scope 1 and 2 emissions by 2035,…
Bibehålla AUM-ledarskap i Europa
CoinShares International | 18/08/2023
CoinShares International (CS) levererade ytterligare en solid uppsättning kvartalsresultat, med EBITDA på 12,8 miljoner GBP under andra kvartalet…
Set for a stronger H223
Dentsu Group | 18/08/2023
Dentsu experienced difficult trading conditions in its first half, with US client hesitancy, poor Chinese macro conditions and a one-off hit from a problematic…
Expanding its resources
Alkane Resources | 18/08/2023
Tomingley delivered Q423 gold production of 15,822oz, meeting its quarterly forecasts at an AISC of A$2,174/oz. These results concluded a strong year,…
Dividend yield trending higher than P/E ratio
Pan African Resources | 18/08/2023
On 7 August, Pan African Resources (PAF) announced FY23 production of 175,209oz, which was within 0.1% of its guidance of 175,000oz on 26 May. It also…
Executive interview with Craig Gulliford, CEO
Creo Medical – executive interview with Craig Gulliford, CEO | 17/08/2023
Creo Medical is a UK medical device company developing minimally invasive endoscopic electrosurgical tools across its proprietary Kamaptive technology…
A strong start to FY23 across the board
Basilea Pharmaceutica | 17/08/2023
Basilea announced strong H123 results, including revenues for Cresemba, and in August submitted a new drug application (NDA) to the US FDA for Zevtera.…
Fine-tuning the growth engine
CentralNic Group | 16/08/2023
CentralNic’s H123 results showed continuing revenue growth and margin expansion, with growth now being driven more organically and across both operating…
Combination with NAVF offers benefits for all
Atlantis Japan Growth Fund | 16/08/2023
The Atlantis Japan Growth Fund (AJG) board has announced that it has agreed heads of terms for a proposed combination of its assets with those of Nippon…
Maintaining AUM leadership in Europe
CoinShares International | 16/08/2023
CoinShares International (CS) delivered another solid set of quarterly results, with Q223 EBITDA of £12.8m versus £8.4m in Q123. Its asset management…
IP Group - Executive interview
IP Group - executive interview | 16/08/2023
IP Group CEO Greg Smith discusses the group’s performance and its portfolio over the course of H1, a period in which portfolio valuations remained…
Accelerating into H223
JDC Group | 16/08/2023
JDC Group (JDC) reported H123 results that showed accelerating growth at its key Advisortech division (c 89% of revenue) of 11.2%. After three slower quarters,…
Delivering on ambitious targets
Vection Technologies | 16/08/2023
Vection Technologies reported rapid contract growth in its Q423 update, driven by upsells, new contract wins and progress with its potential A$30m defence…
Two steps forward, one step back
The Metals Company | 16/08/2023
The proposed equity issue and additional resources will largely complete the funding requirement for The Metals Company’s (TMC’s) further environmental…
Whistleblowing set to kick in strongly in H2
EQS Group | 16/08/2023
After repeated delays, the German whistleblowing regulation came into law on 1 July and pent-up demand is now set to flow through into new customers and…
‘Special’ stocks beginning to shine
European Opportunities Trust | 16/08/2023
European Opportunities Trust’s (EOT’s) manager, Alexander Darwall, invests in ‘special’ companies – globally focused businesses…
Refining estimates post Q2 results
Pan American Silver | 15/08/2023
Pan American Silver (PAAS) reported its first quarterly results that include the assets acquired as part of the Yamana transaction, with Q2 revenues and…
Peerless
Wheaton Precious Metals | 15/08/2023
Wheaton’s Q223 results exceeded our expectations. Production of gold equivalent ounces (GEOs) was 4.6% higher than our prior forecasts, while sales…
Strategy on track despite cyclical weakness
Arctic Paper | 15/08/2023
Arctic Paper’s H123 results reflect dampened demand, with customer destocking, alongside sequential price declines seen across the entirety of the…
To buy or to rent?
Phoenix Spree Deutschland | 14/08/2023
A trading update from Phoenix Spree Deutschland (PSD) shows that the core rental business remained strong in H123 although property values declined further,…
Capital growth to follow income?
Lowland Investment Company | 14/08/2023
Lowland Investment Company (LWI) targets above-average total returns, from a combination of capital and income, with a multi-cap investment policy that…
Q2 results in line
Canacol Energy | 14/08/2023
Canacol Energy released its Q223 results on 10 August, which were in line with our full year expectations. Adjusted Q2 EBITDAX increased to US$60.7m, which…
Cash concerns dampen active Q2
OpGen | 14/08/2023
Despite the active second quarter with developments across all operational fronts, OpGen’s cash concerns have increased the risk of the company as…
Executive interview
Foresight Solar Fund – executive interview | 14/08/2023
Ross Driver, managing director of Foresight Solar Fund (FSFL), discusses the solar market, strategy, growth plans, dividends and capital management with…
Softer volumes but solid EBITDA growth expected
S&U | 14/08/2023
S&U held a cautious approach to new lending in H124, emphasising higher-quality customers and avoiding competition directly on price. Consequently, net…
Raise anticipated to fund the Access acquisition
Respiri | 14/08/2023
Following the proposed acquisition of Access Managed Services in May 2023, Respiri announced that it has raised the A$3m as planned as part of the share…
Shareholder loan extends runway
Pixium Vision | 11/08/2023
Pixium Vision recently announced that it has received a €3m bridge financing loan from shareholders Sofinnova (€1m) and Bpifrance (€2m),…
Chrome ore and PGM treatment joint venture
Sylvania Platinum | 11/08/2023
Sylvania Platinum has announced a 50:50 joint venture (JV) with Limberg Mining Company to process platinum group metals (PGM) and chrome ores from Limberg’s…
CMA provisionally clears takeover of EMIS
EMIS Group | 11/08/2023
After launching a Phase 2 investigation into the acquisition of EMIS by United Health in March, the Competition and Markets Authority (CMA) has provisionally…