Edison Investment Research - Agronomics (ANIC) Agronomics - Fermenting growth and commercial viability

Report

Edison Investment Research

Pedro Fonseca

Agronomics - Fermenting growth and commercial viability

Agronomics (ANIC) invests in cellular agriculture companies. This report provides an update on our January 2022 initiation note and March 2022 update, following the announcement of ANIC’s Q2 NAV and some exciting new portfolio investments. These investments mark a shift in focus, in favour of companies such as precision fermentation contract manufacturer Liberation Labs and All G Foods, which appear to offer greater near-term commercial potential. ANIC’s performance since inception in 2019 has been positive, with an NAV total return of 80% over this period. And we share the company’s view that there is significant potential for further NAV uplifts over time, as and when the company’s greater focus on nearer-term income pays off, and its longer-standing portfolio holdings make further progress towards financial viability.

09/08/2022 1 EN

Underlying

Agronomics

Port Erin BioPharma Investments is engaged in investing in the biotechnology and biopharmaceutical sector.

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IM00B6QH1J21 London Stock Exchange Isle of Man

Provider

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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Analysts

Pedro Fonseca

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Agronomics - Fermenting growth and commercial viability

Agronomics - A unique offering in a rapidly developing sector

Agronomics - Recent events support move into precision fermentation

Partners Group Private Equity - Seeing good demand for several of its assets

Cereno Scientific - A productive period with plenty more to come

Focusrite - Cautious optimism after significant challenges

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