reports
- Pedro Fonseca
Manx Financial Group - Termination of coverage
Edison Investment Research is terminating coverage on Manx Financial Group (MFX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.
- Kate Heseltine
musicMagpie - Termination of coverage
Edison Investment Research is terminating coverage on musicMagpie (MMAG). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.
- Kate Heseltine
Topps Tiles - Accelerating growth through Q125
Topps Tiles (TPT) is enjoying a return to revenue growth following a very challenging FY24 due to wider macroeconomic weakness. The company’s recovery is clearly being boosted by new revenue streams from its self-help initiatives, notably from trade and online customers across all of its brands. While the macroeconomic environment remains uncertain, it is pleasing that the strategy is supporting growth. The valuation continues to look compelling, even with limited macroeconomic recovery included...
- Pedro Fonseca
Baillie Gifford US Growth Trust - A unique high-growth strategy meriti...
Baillie Gifford US Growth Trust (USA) invests in exceptional US businesses with the potential to grow substantially faster than the market and deliver above-market returns. Such businesses tend to operate at the cutting edge of technology-led change and USA has exposure to companies focused on AI, space travel and online services. This note reiterates USA’s unique investment proposition and scrutinises a recent proposal from Saba, a US hedge fund manager, aimed at ousting USA’s board and replaci...
- Kate Heseltine
Greggs - More challenging environment in H224
Greggs has reported that FY24 profit is in line with management’s expectation despite the more challenging environment and slowing sales growth through H224. The more challenging market means that management is more cautious about the outlook for H125 than previously. With space expansion and recovery of cost inflation, it expects to deliver profit growth in FY25 albeit lower than previously anticipated. We have reduced our FY25 profit before tax estimate by c 2%.
- Pedro Fonseca
BlackRock Greater Europe Investment Trust - Positive prospects for hig...
BlackRock Greater Europe Investment Trust (BRGE) is one of six funds in the AIC Europe sector. Co-managers Stefan Gries and Alexandra Dangoor note that although BRGE delivered a modest below-market performance over the last 12 months, the trust’s NAV total return has retained the top spot over the last decade. Despite a somewhat weak European economic backdrop and the risk of tariffs under returning US President Donald Trump, the managers are positive about the prospects for the trust’s portfoli...
- Richard Williamson
Team Internet Group - Two potential bids at 125p
Team Internet's board yesterday confirmed that it has received two separate acquisition proposals from TowerBrook Capital Partners and Verdane Fund Manager. Each proposal offers 125p per share in cash, with an option for shareholders to choose an unlisted equity alternative.
- Sean Conroy
Mendus - Regulatory endorsement supports vididencel focus
Mendus’s lead asset, vididencel, is fast approaching the pivotal stages of development in acute myeloid leukaemia (AML), with recent endorsements from both the FDA and EMA (on the design of the planned registrational trial). Separately, Mendus has decided to cease further development for its second asset, ilixadencel, after the termination of its collaboration agreement with Institut Bergonié, sponsor of the REGOMUNE trial. We note that the termination was due to this basket study being prematur...
- Toby Thorrington
Melrose Industries - Fundamentals remain positive
The aerospace sector outlook remains positive, with lengthy order books at the primes (Airbus and Boeing) and total passenger flying hours in 2024 on schedule to exceed post-pandemic levels, supporting a strong aftermarket. The former will assist margin recovery for Melrose Industries’ original equipment (OE) operations, while increased flying hours are already generating strong growth and margin in the aftermarket business. Hence, our adjustment to estimates for external factors, such as FX mov...
- Toby Thorrington
Theon International - Record order book and upgrade to FY25
Theon International is a market leader in the defence optronics (night vision and thermal imaging) sector. Strong order intake, particularly in Q424, has enabled management to provide a positive outlook for FY25, including c 20% revenue growth. Adding in the mid-20% operating margins, we see the shares offering clear attractions on the current undemanding P/E rating of 11x in FY25e.
- Alison Turner
NioCorp Developments - Termination of coverage
Edison Investment Research is terminating coverage on VolitionRx (VNRX), Murray Income Trust (MUT) and NioCorp Developments (NB). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.
- Sean Conroy
VolitionRx - Termination of coverage
Edison Investment Research is terminating coverage on VolitionRx (VNRX), Murray Income Trust (MUT) and NioCorp Developments (NB). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.
- Pedro Fonseca
Murray Income Trust - Termination of coverage
Edison Investment Research is terminating coverage on VolitionRx (VNRX), Murray Income Trust (MUT) and NioCorp Developments (NB). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.
- Kate Heseltine
OPAP - Winning strategy
OPAP enjoys a leading and growing position in the Greek and Cypriot gaming markets. The majority of its revenue, from land-based activities, is supported by exclusive prepaid licences. To complement these activities, OPAP has developed a strong presence in the regulated online markets, where, by definition, there is greater competition. Management’s strategy is to grow its customer interactions in both the online and offline worlds, through a combination of rejuvenating its older games and devel...
- Pedro Fonseca
Patria Private Equity Trust - High liquidity and solid long-term track...
Patria Private Equity Trust’s (PPET’s) distributions from its primary fund investments have increased recently, supported by a revival in private equity (PE) deal activity. Its portfolio valuations continue to be validated by uplifts upon exits, which in the nine months to end-June 2024 averaged 23.3% (in line with the long-term average of 25%). Valuations and liquidity were also assisted by the successful £180m secondary sale in October 2024 at a limited 5% discount to carrying value. While PPE...
- Kate Heseltine
MoneyHero - Emphasis on driving margin
MoneyHero’s Q324 results show revenues up 6% y-o-y (9M24 +18%) and a smaller adjusted EBITDA loss, as expected. The important element of the narrative, though, is the emphasis on driving revenues in higher-margin product areas and increasing operating efficiency within the business. Group CFO Hao Qian has resigned to return to China, with the group FD, Danny Leung, stepping up on an interim basis. The market opportunity remains substantial, and with customer data now on a unified platform, Money...
- Kate Heseltine
Intralot - Continuing improvement in Q324
Intralot’s (INLOT’s) Q324 results demonstrated good underlying revenue growth, which was offset by one-offs and negative foreign exchange differences, and a typical seasonal and sequential (ie quarter-on-quarter) increase in EBITDA. Since the start of Q324, INLOT has announced a contract extension (at least two years beyond 2026) in Australia; a new iLottery contract win in British Columbia, extending the existing relationship with the province; and the loss of an important lottery contract, wit...
- Martyn King
Picton Property Income - Delivering on key initiatives
Since reporting H125 results, Picton has agreed the sale of an office asset designated for alternative use, completed the small but accretive acquisition of an industrial unit, and undertaken several leasing and other asset management initiatives. Together, these demonstrate continuing progress with the active measures being taken to improve occupancy, grow income and dividends, and realise value embedded in the portfolio.
- Richard Williamson
1Spatial - Wins in the utilities sector for AI-supported apps
1Spatial has secured several new contracts in the utility sector for its AI-supported applications, highlighting the opportunity for it to enable the digitisation of the utilities industry. The deals include two for 1Spatial’s Pipe Inference solution and four for the Utility Network Migration application, each valued at up to £0.3m. While we are not adjusting our estimates, these deals support the company's ongoing shift towards a higher-margin software business model.
- Sean Conroy
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 activ...
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