Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Sean Conroy
  • Sean Conroy

Nicox - Mississippi data shows benefit in dry eye

While the Phase IIb Mississippi study in patients with acute exacerbations of blepharitis did not meet the primary endpoints in that indication, a post-hoc analysis showed potentially promising data that NCX-4251 could provide clinical benefit in patients with dry eye disease (DED), a c $5bn market. Given that blepharitis is commonly associated with DED, of the 224 enrolled patients, 123 were found to have inferior corneal staining (by a score of at least two on a five-point scale), a key sign o...

Toby Thorrington
  • Toby Thorrington

Genuit Group - Outlook maintained

Revenue momentum has remained strong well into H221 and Genuit’s profit expectations for FY21 are in line with the market’s. The company’s share price has retraced to start-year levels recently (and underperformed the FTSE All-Share Index by 10% in the last month), with no change to business fundamentals in our view. While short-term challenges (such as supply chain strains) are present, we consider that overall market risk is lower now compared to the lockdown-driven uncertainties of 2020.

Pedro Fonseca
  • Pedro Fonseca

Electra Private Equity - Realisation strategy at the final stage

On 2 November and 2 December 2021, Electra Private Equity (ELTA) reiterated its corporate strategy for moving its listing from the Main Market of the London Stock Exchange to AIM, and provided updates on current trading for its remaining corporate investment, Hotter Shoes. With respect to trading, there was ongoing strength in Hotter’s revenue growth. Management’s medium-term guidance for Hotter suggests a revenue CAGR of 12% and EBIT CAGR of c 86% in FY22–25e. This guidance excludes incremental...

Martyn King
  • Martyn King

Custodian REIT - Strong H122 returns and further DPS growth

NAV total return for Custodian REIT (CREI) in the six months to 30 September (H122) was 11.7%, a combination of increased dividends and property revaluation gains. With EPRA earnings robust and rent collection remaining strong, the quarterly DPS target is increased from Q322. The completed Drum acquisition builds further scale and diversification and with low gearing, CREI is well placed for further accretive growth.

Kate Heseltine
  • Kate Heseltine

Evolva - Bolstering the balance sheet

Evolva has announced a private placement whereby Veraison SICAV will purchase 63.75m shares in a private placement at CHF0.118 per share, or a 7% discount to the lowest daily volume weighted average price during the six trading days before the announcement. This will raise gross proceeds of CHF7.5m, which will be used to finance ongoing activities. Settlement is expected on 6 December. Veraison is a long-term, Switzerland-based investor and the proceeds provide much-needed headroom until Evolva ...

Sean Conroy
  • Sean Conroy

Nicox - Mississippi data shows benefit in dry eye

While the Phase IIb Mississippi study in patients with acute exacerbations of blepharitis did not meet the primary endpoints in that indication, a post-hoc analysis showed potentially promising data that NCX-4251 could provide clinical benefit in patients with dry eye disease (DED), a c $5bn market. Given that blepharitis is commonly associated with DED, of the 224 enrolled patients, 123 were found to have inferior corneal staining (by a score of at least two on a five-point scale), a key sign o...

Toby Thorrington
  • Toby Thorrington

Genuit Group - Outlook maintained

Revenue momentum has remained strong well into H221 and Genuit’s profit expectations for FY21 are in line with the market’s. The company’s share price has retraced to start-year levels recently (and underperformed the FTSE All-Share Index by 10% in the last month), with no change to business fundamentals in our view. While short-term challenges (such as supply chain strains) are present, we consider that overall market risk is lower now compared to the lockdown-driven uncertainties of 2020.

Pedro Fonseca
  • Pedro Fonseca

Electra Private Equity - Realisation strategy at the final stage

On 2 November and 2 December 2021, Electra Private Equity (ELTA) reiterated its corporate strategy for moving its listing from the Main Market of the London Stock Exchange to AIM, and provided updates on current trading for its remaining corporate investment, Hotter Shoes. With respect to trading, there was ongoing strength in Hotter’s revenue growth. Management’s medium-term guidance for Hotter suggests a revenue CAGR of 12% and EBIT CAGR of c 86% in FY22–25e. This guidance excludes incremental...

Martyn King
  • Martyn King

Custodian REIT - Strong H122 returns and further DPS growth

NAV total return for Custodian REIT (CREI) in the six months to 30 September (H122) was 11.7%, a combination of increased dividends and property revaluation gains. With EPRA earnings robust and rent collection remaining strong, the quarterly DPS target is increased from Q322. The completed Drum acquisition builds further scale and diversification and with low gearing, CREI is well placed for further accretive growth.

Kate Heseltine
  • Kate Heseltine

Evolva - Bolstering the balance sheet

Evolva has announced a private placement whereby Veraison SICAV will purchase 63.75m shares in a private placement at CHF0.118 per share, or a 7% discount to the lowest daily volume weighted average price during the six trading days before the announcement. This will raise gross proceeds of CHF7.5m, which will be used to finance ongoing activities. Settlement is expected on 6 December. Veraison is a long-term, Switzerland-based investor and the proceeds provide much-needed headroom until Evolva ...

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