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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.
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Solid FY14 results provide tangible evidence that Dechra Pharmaceuticals’ strategy is delivering as expected. The core products regained momentum during H214; the novel product for equine lameness, Osphos, is approved; the Italian subsidiary is established; and the emerging US presence is bolstered by the PSPC Inc acquisition. We value the company at £691m (788p per share), down slightly from our previous £697m (800p a share).
As H1 draws towards a close, WYG has announced an acquisition and a year-to-date trading update. Alliance complements WYG’s existing UK planning consultancy activities. We have raised our existing estimates, which were consistent with year-to-date trading, to reflect the transaction. Profit growth backed by order book progress is likely to be a continuing theme and FY16 and FY17 ratings are looking attractive.
Store Electronic Systems (SES) has published interim results following the trading update on 31 July 2014. The strong international revenue growth (32% y-o-y) and the return to growth in France (5% y-o-y) were slightly lower than forecast, so while still believing that €100m of revenue is achievable for FY14e, we have lowered our forecast to €95m. This does not alter our positive outlook and we…
A slowdown in demand from the Chinese ceramic tile production market has prompted a 24% reduction to our FY14 earnings estimates and 23% for FY15. The transitional phase of the business clouds earnings visibility but a scenario analysis suggests the market is taking a bearish view on the prospects from here. Stability in ceramics needs to be demonstrated, but we feel the structural growth story…
Rurelec’s trading statement demonstrated its positioning for a return to growth following the Bolivian arbitration settlement. Progress was made in each of the group’s operations: offers at premium to book value being considered for stake sales in the Chilean projects; construction of the Canchayllo hydro project in Peru complete and due to enter service in October; and record running levels at the Energia del Sur…