Broker notes, analysis and comments
The 17 July 1H’19 results showed the further progress made in profitably deploying the capital Arbuthnot Banking Group (LON: ARBB) generated from the partial sales of its stake in STB...
The important information from Koovs’ FY19 results is not the results for the year but the trading since the company secured its additional financing. With Gross Order Value (GOV) up..
City of London Investment Group (LON: CLIG) has announced its pre-close trading update for FY2019. After a volatile fourth quarter, FUM finished ahead of the end-March figure, at $5.39bn. This..
Redx Pharma plc (LON: REDX) is a clinical-stage R&D company focused on drugs targeting oncology and fibrotic disease. 2018 was a year that reset the benchmarks – new management team,..
Burford Capital (LON: BUR) has made a double announcement about the Petersen case. Argentina had appealed to the US Supreme Court over the decision about where the case will be..
Oxford BioMedica (OXB) is a specialist, advanced therapy, viral-vector biopharma company. It offers vector manufacturing and development services, while developing proprietary drug candidates, with its LentiVector® platform. 2018 saw significant..
On 3 July, Arbuthnot Banking Group (LON: ARBB) announced the acquisition of two mortgage portfolios for £258m (£6m discount to book value). The overall yield on the portfolios is 3.6%,..
Serge Demay, from Fund Manager AXA IM, gave an investor presentation at the Hardman & Co 17 June 2019 Forum (video https://www.hardmanandco.com/june-investor-forum/). We produced a short note for this event,..
The Control Micro Systems Inc (CMS) acquisition (US) is strategically attractive. Trading remains good, with a healthy and improved order book, and growth enhanced by new product launches and new..
Allergy Therapeutics plc (LON: AGY) is a long-established specialist in the prevention, diagnosis and treatment of allergies. The Pollinex Quattro (PQ) platform, an ultra-short-course subcutaneous allergy immunotherapy (SCIT), continues to..
Oxford BioMedica (LON: OXB) is a specialist, advanced therapy, viral-vector biopharma company. It offers vector manufacturing and development services, while developing proprietary drug candidates, with its LentiVector® platform. 2018 saw..
Tissue Regenix plc (LON: TRX) has a broad portfolio of regenerative medicine products for the biosurgery, orthopaedics, dental and cardiac markets. It has two proprietary decellularisation technology platforms for repair..
While there has been deafening noise around the lapsed Provident Financial (PFG) bid, the fundamental outlook for Non-Standard Finance (LON: NSF) is unchanged. It still has the market-leading network in..
A regulated exchange like no other. This is the first and only regulated securities exchange – anywhere in the world – dedicated entirely to real estate. It will be the..
Anglo Asian Mining (LON: AAZ) is a highly cash-generative miner of gold, silver and copper from four mines in Azerbaijan, where it has close ties to the government. In 2018,..
REA Holdings Plc (LON: RE.) FY’18 results showed a marked recovery in the group’s FFB production, up 50.8% YoY, to a record level of 800,050mt; CPO production increased by over..
Palace Capital’s results (4 June) show 37 new leases were completed. Most importantly, these were 14% above ERV (i.e. the level which previous valuers had estimated). This is one of..
RM Secured Direct Lending (RMDL) offers investors an ongoing ca.6.5% dividend yield, whose sustainability is supported by multi-year assets, a rising revenue yield and economies of scale. Credit, we believe,..
In the investment world, before MiFID II, essentially every institution talked to every broker, and the whole, professional market could see every research note and the forecasts in detail. This..
Last week we were delighted to host our 15th Investor Forum at the offices of DAC Beachcroft. We welcomed 4 interesting companies to present to an audience of 60 sophisticated..
