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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
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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
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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
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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
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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
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12 page note available

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Peter Knowles
Director, Fyshe Horton Finney