Moving forward on targets, but still a way to go

~80% of '28 revenue secured, up vs. ~70% previously. Targets still seem ambitious, but moving in the right direction. Adj. P/E could drop to 2.5-3.0x at targets vs. '25e at ~13.6x-

Look beyond 2024

Headline EBIT below, above adj. for one-offs

Mendus - Vididencel shines in ALISON trial (ovarian cancer)

Mendus has reported positive top-line data for its Phase I ALISON trial, which is evaluating lead off-the-shelf cancer vaccine, vididencel, in high-grade serous ovarian carcinoma (HGSC). The news corresponds to an updated analysis of samples taken from the 17 HGSC patients treated with vididencel. Encouragingly, 12 out of 17 (71%) showed a vaccine-induced immune response (VIR) against at least one tumour antigen commonly upregulated with HGSC, highlighting the potential of vididencel as an active immunotherapy to elicit effective anti-tumour responses. In addition, vididencel displayed a favou...

Deutsche Beteiligungs - Strengthened balance sheet for new opportunities

Deutsche Beteiligungs (DBAG) reported an 8.5% NAV total return (TR) in FY24 (to end-September 2024), supported by positive movements in valuation multiples, which offset the negative impact from changes in earnings and the higher net debt of portfolio companies. DBAG’s portfolio remains affected by the subdued macroeconomic environment in Germany, although its continued portfolio shift away from more traditional industrial holdings likely provided a cushion. Following the convertible bond and promissory loan note issues earlier this year, along with several successful exits, DBAG’s strong bala...

Pan African Resources - Honing FY25e forecasts

Almost exactly half way through its financial year, Pan African has reiterated its production guidance for FY25 of 215,000oz – not least as a result of c 9,000oz gold produced at MTR in H125 following a seamless ramp-up process that has proceeded ahead of schedule since commissioning in early October. As a consequence, we have revised our production expectations for FY25 up by 3,130oz (1.5%), although we have revised our normalised headline EPS (HEPS) expectations down by a modest 4.2% to reflect lower margin initial start-up production supplanting established, steady-state production from Eva...