Latest research
| Date | Reports available | Download |
|---|---|---|
| Mar 11 2010 |
Inchcape Strong second half While trading results fulfilled the promise of the December 2009 trading update, the market seems to be concentrating on the uneven rate of recovery across the group’s various markets, rather than Inchcape’s medium-term potential and the strong balance sheet. The share price appears to have stabilised over the past six months, but refuses to acknowledge the underlying quality of the overall business which enables management to grow earnings in flat markets. Research type: QuickView |
Log in to download 2 page note available |
| Mar 11 2010 |
SNC-Lavalin Balanced exposure SNC-Lavalin is a truly global play with broad-based end markets that allow investors to take a secondary exposure to the upturn across mining, transport infrastructure, oil & gas and power. The performance of the group over the past five years has shown its resilience even in these turbulent economic times with a 30% CAGR in net income and a 28% CAGR in dividends. Likewise, with improved risk management practices following the impact of the poor performing thermal power project in 2007, return on equity has averaged 28% over the past two years. Given the group’s ability to transport knowledge from large projects across its global locations, we feel further progress is likely to be seen across all market segments. Research type: QuickView |
Log in to download 2 page note available |
| Mar 11 2010 |
YM BioSciences Cytopia adds diversity YM BioSciences has extended its cash runway into 2012 by raising US$17.5m after its February all-stock acquisition of Australian biotech, Cytopia. Cytopia adds two oncology projects (including an oral VDA) to YM’s portfolio, and diversifies risk. Nevertheless, potential best-in-class EGFr inhibitor, nimotuzumab, remains central to the investment thesis: read-out of key clinical trials and possible further partnering activity on the back of this suggests that 2010 will be an important year for YM. Research type: Outlook |
Log in to download 12 page note available |
| Mar 11 2010 |
Merrion Pharmaceuticals Imminent deals Merrion transforms injected drugs into oral pharmaceuticals, offering relatively low development risk with minimal marketing uncertainty. Final FY09 results on 8 March show strong revenue growth due to payments from Novo on oral insulin and GLP-1 for diabetes. We anticipate a major Orazol deal in Q2-Q3 based on last year’s clearly indicative Phase II data. The formal grant of the US patent removes a potential uncertainty. Merrion may also sign other deals during 2010. Research type: Update |
Log in to download 4 page note available |
| Mar 11 2010 |
Molins Pension fears eased Molins shares have rallied significantly from their low point in spring 2009, but they remain materially undervalued relative to larger, UK-based multinational engineering groups. Fears about the pension scheme liabilities should have eased substantially following agreement with the trustees and sentiment ought to improve as the Packaging Machinery division recovers over the next two years. Research type: Outlook |
Log in to download 12 page note available |
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Edison's research ... is balanced, objective and provides a level of detail not normally associated with smaller companies.
Peter Knowles
Director, Fyshe Horton Finney