Occupation: Research House
Edison Investment Research is a leading international investment research company. It has won industry recognition, with awards both in the UK and internationally. The team of 95 includes over 60 analysts supported by a department of supervisory analysts, editors and assistants.
Edison writes on more than 400 companies across every sector and works directly with corporates, fund managers, investment banks, brokers and other advisers. Edison’s research is read by institutional investors, alternative funds and wealth managers in more than 100 countries.
Edison, founded in 2003, has offices in London, New York and Sydney and is authorised and regulated by the Financial Services Authority (www.fsa.gov.uk/register/firmBasicDetails.do?sid=181584).
Run by a team of highly experienced professionals, our aim is to provide the research of choice for companies, investment banks and institutional investors. We provide independent reports, forecasts and valuations on each company we cover. We help clients gain access to investors, and facilitate feedback from the investment community on companies, their management and strategies. Our research strives to be objective, insightful, financially rigorous, readable and timely.
Web Address: http://www.edisongroup.com
280 High Holborn
Tel: Tel: +44 (0)20 3077 5700
Mwana’s operating performance in Q2 and H1 was closely in line with Edison’s expectations in the aftermath of its AGM statement in September. As a result, forecasts for the full-year remain substantially unchanged ahead of interim results expected in early December. In the meantime, with BNC shares trading at US$0.07 on the ZSE, we estimate that Mwana’s holding in BNC is worth US$64.8m against MWA’s…
Kongsberg Automotive’s (KA) Q3 results highlighted that the business is resilient in the face of market uncertainty and is successful in gaining technologically-driven wins. The focus remains on delivering improved returns through higher-margin contracts and improved asset utilisation. An example of this is KA’s downscaling of production at its Rollag, Norway, facility by 2018, outsourcing production of high manual content forgings and focusing on higher…
Imperial Innovations reported a record year in 2014, in terms of portfolio value growth, up £69.4m to £252m, and profits (£27.4m). The main driver was Circassia’s IPO, which realised a £33.2m fair value gain to Innovations’ portfolio, demonstrating the potential value that can be unlocked from a maturing portfolio of companies. To date, Circassia has delivered an IRR of 32% and a 3x return on…
Comptel returned to year-on-year revenue growth in Q3 and the order book was replenished to an 18-month high over what is traditionally a seasonally weak quarter. With the Tech Mahindra and Hitachi partnerships set to start generating more significant business next year, we feel Comptel now looks in a stronger position to sustain momentum.
UDG Healthcare is a rare European play in the dynamic market for outsourcing in the commercial healthcare sector. We estimate revenue and EPS CAGR 2014-17e of 2% and 8% respectively, as it expands its profitable contract services by redeploying cash from its mature pharma wholesale business. We value the stock at 385p per share, based on DCF. Its forward P/E of 14.5x compares with 9.6-16.5x…