Equity Development

​Equity Development enables companies to become better understood and supported by investors. Since our launch in 1996 we have consistently focused on helping our clients improve their communication and relationships with both existing and potential shareholders. Our clients have come from a wide variety of sectors and domiciles, are both private and quoted and range in size from micro-cap to $multi-billions. We offer free access to company research notes written by experienced analysts. These notes include detailed forecasts, financial models and a fair value. We host regular Private Investor Forums at which investors have the opportunity to hear company directors present, and to ask questions. These are free to attend. We broadcast live Webinars with company management that include active Q&A. We also make the recordings available online. We arrange face to face meetings between private investors and company management. We are active users of Twitter, commenting daily on company news, share price moves, Directors’ Dealings, Equity Development Research Notes & Events.

Mike Jeremy
  • Mike Jeremy

SATCOM deal is Group’s largest acquisition

Cohort has announced a conditional sale and purchase agreement to acquire EM Solutions Pty Ltd from Electro Optic Systems Holdings Ltd, for an enterprise value of AUS$144.0m, c.£75.0m This is Cohort’s largest acquisition to date. The purchase will be funded from Group cash resources, debt facility plus a share placing, and is expected to be EPS-accretive from FY25/26. EM Solutions offers a range of satellite-based secure communications systems including satellite on-the-move (SOTM) and radio f...

James Tetley
  • James Tetley

Management actions driving profit growth

Restore’s ten-month trading update reiterates profit expectations for both FY24 and FY25. Excellent progress is being made in delivering cost savings and driving profit margins, a clear priority for this management team. This has offset some market softness around the Autumn Budget as well as a £3m headwind for FY25 relating to increases in employer National Insurance Contributions and the National Living Wage. Absent these changes, we believe Restore would have been primed for an earnings upgra...

Paul Bryant
  • Paul Bryant

H1-25 revenue and profits jump on higher AUM

AUM increased £0.8bn (+4%) in H1-25 to £22.7bn on 30 Sep 24. Net flows added +£472m and investment performance +£323m. This was a highly creditable performance relative to peers, with Polar one of only two London-listed asset managers to record positive net flows (page 3). Furthermore, post-interim-results, AUM has increased another 5% to £23.9bn on 8 Nov 24. Polar’s prospects remain strong, despite current headwinds for active managers which we believe will abate (page 16), and ongoing market ...

Paul Bryant
  • Paul Bryant

H1 revenue +24%, profit +23%, forecasts upgraded

AUM jumped 14% over H1-25 (to 30 Sep 24) from £16.6bn to £18.9bn. Net inflows added £1,832m (22% p.a. inflow rate, far higher than all peers, see page 4), and investment returns £534m (3.2% over 6m). Including 50%-owned 8AM Global, Assets-Under-Management/Influence totalled £19.9bn. In the six weeks post-results, AUM/AUI increased another 4% to £20.6bn in early-Nov. This is an exceptionally strong start to the next leg of Tatton’s growth journey. In June ‘24 it set a target of reaching £30bn AU...

Energy from Hydrogen: Making a cleaner world

The global supply / demand picture for hydrogen is rapidly evolving as the world shifts toward cleaner energy solutions. Hydrogen is viewed as a critical component of this transition. The International Renewable Energy Agency (IRENA) states that the global production of hydrogen now stands at 75 Mt/yr of pure hydrogen, with an additional 45 Mt/yr as a mix of gases. Looking forward, the International Energy Agency (IEA) estimates that already announced projects could increase production by 50%...

Energy from Hydrogen: Making a cleaner world

The global supply / demand picture for hydrogen is rapidly evolving as the world shifts toward cleaner energy solutions. Hydrogen is viewed as a critical component of this transition. The International Renewable Energy Agency (IRENA) states that the global production of hydrogen now stands at 75 Mt/yr of pure hydrogen, with an additional 45 Mt/yr as a mix of gases. Looking forward, the International Energy Agency (IEA) estimates that already announced projects could increase production by 50%...

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