Edison Investment Research - Quart Development SA (QRT) Flash note: Turning a page

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Edison Investment Research

Flash note: Turning a page

Harwood Capital and the Wellcome Trust have placed their substantial shareholdings in The Quarto Group, drawing a line under a long period of on-off activism dating back for more than 12 years. Just below six million shares, representing 30.9% of non-treasury equity, have been placed with a broad spread of well-known institutional shareholders. This implies a meaningful uplift in the free float, with potential improvement in liquidity in the shares â€“ one of the key hurdles that needed to be overcome for the rating to better reflect commercial prospects.

17/11/2015 2 EN

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Quart Development SA

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PLQRTDV00016 Poland

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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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Edison Investment Research

Update: Strong start to FY16

Quarto has had a good start to 2016 with the momentum from FY15 carrying into the first quarter, normally the quietest period of the year. The natural seasonality gives a revenue bias to H2, which management has said will be greater this year, and our full year forecasts are unchanged. Further meaningful progress has been made on debt reduction, consistent with our year-end forecast of $53.5m, achieved without compromise on investment in IP, the lifeblood of the business. The rating continues to trade at a substantial discount to other smaller publishing stocks.

May 25, 2016 May 25, 2016 3 EN

Edison Investment Research

Update: 40 years young

At the start of its 41st year of operations, Quarto delivered a strong FY15 performance, as indicated by Januaryâ€™s pre-close update. Revenue and margin were both ahead, there was notable progress on debt reduction and a step-up in the dividend. With the activists off the share register as of November 2015 (their shares placed with a spread of institutional funds), the board structure is also now being normalised, with two independent non-executive appointments (one to take the chair). Investment in content, talent, sales and marketing and systems underpin the growth now coming through, with ...

March 21, 2016 March 21, 2016 5 EN

Edison Investment Research

Update: Strong Q4 delivers FY15 ahead of forecasts

Quartoâ€™s profits are H2 weighted and, in FY15, Q4 proved a particularly strong trading period. At end Q315, the group was on track to meet FY15 expectations; at the year-end update, the indication is that results will be ahead of forecasts, allowing a rise in dividend. Net debt of $59.7m was $21.7m lower than the 2011 peak, reflecting good cash conversion. The share price performed well over H215 (helped by the normalisation of the share register), but has drifted off with the market more recently. The valuation remains at a substantial discount to other smaller international publishers, whi...

January 28, 2016 January 28, 2016 3 EN

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

Basilea Pharmaceutica has announced the triggering of a US$1.25m milestone payment from Pfizer, triggered by sustained strong sales of Cresemba in the Asia-Pacific region and China. This is the second FY24 milestone payment for the region and is incremental to the payment received in March. We note that, according to the latest available data, total in-market sales of Cresemba amounted to US$473m in the 12 months ending December 2023, representing a +26% year-on-year increase. Basilea is preparing to launch its Phase III programme for fosmanogepix, a broad-spectrum antifungal therapy, with the...

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Toby Thorrington

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Tinexta - Typical seasonality in Q124

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Flash note: Turning a page

Update: Strong start to FY16

Update: 40 years young

Update: Strong Q4 delivers FY15 ahead of forecasts

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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