Edison Investment Research

Sector reports

Below is a list of sector reports.

31/08/2010
PLUS Review
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Welcome to the latest edition of the PLUS review. Working in partnership with the PLUS stock exchange, this review enhances the visibility of PLUS-quoted companies and is published every six months. Our analysts have been in contact with the 50 companies profiled in this review, aiming to provide investors with a snapshot of each company’s activities, strategy and trends within the industries they operate in. Our analysts have relied on consensus earnings estimates, where available, but have reflected feedback received by companies on historic and forecast numbers. All Star Minerals and Oracle Coalfields are under full Edison coverage and the forecasts are those of the analyst.

Companies mentioned
All Star Minerals , Oracle Coalfields , See more..., 3D Diagnostic Imaging, Ace Liberty & Stone, Adnams, AH Medical Properties, ANS Group, Arrowpoint, Arsenal Holdings, Ascot Mining, Avation, Bioventix, Bluehone Holdings, Chemistry Communications, China CDM Exchange Centre, Creative Financial Technologies, Datum International, DHAIS, dotDigitalGroup, Eden Research, English Wines Group, Ezybonds, General Medical Clinics, Geo Genesis Group, Good Energy Group, Great Western Mining Corporation, Green Chemicals, GSC Property Holdings, HR GO, Hydro Hotel, Innovative Software Direct, Keycom, King Tech International, Metroelectric, Newbury Racecourse, Pegasus Helicopter Group, Phoenician Corporation IV, Quercus Publishing, RAK Real Estate, Rangers Football Club, Shepherd Neame, Shoprite, Silver Mines, Sovereign Mines of Africa, Sprue Aegis, Sunrise Biotech Holdings, Team (Impression) Holdings, Teknomining, Thwaites (Daniel), Transdermal Cosmetics, Wessex Exploration, Western Selection, Woodspeen Training, Zeta Compliance Group

27/08/2010
Edison tech spotlight 27 August 2010
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Our analysis of mergers and acquisitions in the global technology market over the past five years indicates that H110 saw the first period of y-o-y deal growth since H207. Global tech deals grew by 45% to $41bn in the period, almost half of which were cross-border. Most recently, DELL’s and HP’s increasingly expensive battle for loss-making business 3PAR indicates clearly that merger mania is back.

Companies mentioned

Oil & Gas

16/08/2010
Oil & gas macro outlook
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Crude oil and refined product markets are in significant surplus currently which sets the scene for some near-term weakness in prices. A lacklustre price trend is also expected to extend into 2011 reflecting the likely persistence of well supplied markets and historically high inventories. Weak fundamentals relate to OPEC and non-OPEC supply additions and an increasingly lacklustre economic backdrop.

Companies mentioned

Electronics & Electrical Equipment

13/08/2010
Edison tech spotlight 13 August 2010
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Chip stock performance has always been geared to economic cycles. Over the past few years the ‘consumerisation of technology’ has meant that the correlation with consumer confidence has also grown closer. Recent economic and consumer confidence data therefore do not bode well for the sector’s performance.

Companies mentioned
Imagination Technologies , CSR , ARM Holdings , IQE , See more..., Apple, CSR, Ericsson, HTC, IMG, Logitech, Pace,

Financials

26/07/2010
Insurance Sector Report - Cliff edge or knife edge?
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This report covers the 10 specialist underwriters (‘the Lloyd’s insurers’) quoted in the UK. The very nature of their business, particularly in areas like catastrophe reinsurance, is inevitably volatile and it is also cyclical, although maybe less so than in the past. The cycle is in a softening phase which combined with persistently low investment returns has the potential to drastically reduce sector profitability. However, paradoxically, in this sector a lot of pain is good, reducing capital and instilling greater discipline in pricing. In this environment we expect near-term profitability to be much weaker than in recent years, but to remain solidly positive in the absence of a major industry loss event. This is why we think the sector is on a knife edge and not at the edge of the cliff.

Companies mentioned
Show companies...Amlin, Beazley, Brit Insurance Holdings, Catlin Group, Chaucer Holdings, Hardy Underwriting Bermuda, Hiscox, Lancashire Holdings, Novae Group, Omega Insurance Holdings,

02/07/2010
NYSE Alternext Quarterly Review, Second Quarter 2010
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Welcome to the latest edition of the NYSE Alternext Quarterly Review. Edison's analysts have been in contact with the 107 NYSE-Alternext listed companies profiled in this review, aiming to provide investors with a snapshot of each company’s activities, strategy and trends within the industries they operate in. Edison’s analysts have relied on consensus earnings estimates but have reflected feedback received by companies on historic and forecast numbers.

Companies mentioned
Show companies...1000mercis, 1855, Adomos, ADTHINK Media, Adverline, Aerowatt, Antevenio, Aquila, Arkoon Network Security, Assima, Assya Capital, Astellia, Auplata, Auto Escape, Brossard, BSB, Budget Telecom, CBo Territoria, Cellectis, Clasquin, CNPV, CoBrHa, Come and Stay, CRM Company Group, D.L.S.I., Demos, Dietswell, DL Software, Dolphin Integration, ECT Industries, eFront, Emailvision, Emakina Group, Entreparticuliers.com, Environnement, Eurogerm, Europlasma, Evolis, ExonHit Therapeutics, Fashion B Air, Fountaine Pajot, GECI Aviation, Genfit, GenOway, Groupe Promeo, Groupimo, H2O Innovation, Harvest, Heurtey Petrochem, Hitechpros, Homair, Huacheng Real Estate, Hybrigenics, Inventoriste, Ipsogen, LeGuide.com, Logic Instrument, Loyaltouch, Maesa, Mastrad, Maximiles, MEDICREA International, MG International, MGI Digital Graphic Technology, Microwave Vision, Millet Innovation, Mindscape, Monceau Fleurs, NEOTION, NetBooster, NEXEYA, Normaction, Notrefamille.com, O2i, Ober, OCTO Technology, Orolia, Piscines Groupe GA, POWEO, Press Index, Prodware, Proservia, Proventec, Referencement.com, Richel Serres de France, Royalreesink (Koninklijke Reesink), Safetic, Safwood, Sapmer, Serma Technologies, Sidetrade, Sporever, Stradim - Espace Finances, StreamWIDE, The Marketingroup, The Member Company (TMC Group), Toolux Sanding, Traqueur, Trilogiq, Turenne Investissement, VDI Group, Ventos, Vergnet, Vision IT Group, Voyageurs du Monde, Weborama, XIRING

18/03/2010
NYSE Alternext Quarterly Review, First Quarter 2010
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Welcome to the latest edition of the NYSE Alternext Quarterly Review. Working in partnership with NYSE Euronext, the NYSE Alternext Quarterly Review aims to enhance the global visibility of NYSE Alternext-listed companies.

Companies mentioned
Show companies...1000mercis, 1855, Adomos, ADTHINK Media, Adverline, Aerowatt, Antevenio, Aquila, Arkoon Network Security, Assima, Assya Capital, Astellia, Auplata, Auto Escape, Brossard, BSB, Budget Telecom, CBo Territoria, Cellectis, Clasquin, CNPV, CoBrHa, Come and Stay, Cortix, CRM Company Group, D.L.S.I., Demos, Dietswell, DL Software, Dolphin Integration, Easydentic, ECT Industries, eFront, Emailvision, Emakina Group, Entreparticuliers.com, Environnement, Eurogerm, Europlasma, Evolis, ExonHit Therapeutics, Fashion B Air, Fountaine Pajot, Genfit, GenOway, GoAdv, Groupe Promeo, Groupimo, H2O Innovation, Harvest, Heurtey Petrochem, Hitechpros, Homair, Huacheng Real Estate, Hybrigenics, Inventoriste, Ipsogen, LeGuide.com, Logic Instrument, Loyaltouch, Maesa, Mastrad, Maximiles, MEDICREA International, MG International, MGI Digital Graphic Technology, Microwave Vision, Millet Innovation, Mindscape, Monceau Fleurs, NEOTION, NetBooster, NEXEYA, Normaction, Notrefamille.com, O2i, Ober, OCTO Technology, Orolia, Piscines Groupe GA, Porthus, POWEO, Press Index, Prodware, Proservia, Proventec, Referencement.com, Reims Aviation Industries, Richel Serres de France, Royalreesink (Koninklijke Reesink), Safwood, Sapmer, Serma Technologies, Sidetrade, Sporever, Stradim - Espace Finances, StreamWIDE, The Marketingroup, The Member Company (TMC Group), Toolux Sanding, Traqueur, Trilogiq, Turenne Investissement, VDI Group, Ventos, Vergnet, Vision IT Group, Voyageurs du Monde, Weborama, XIRING,

23/02/2010
PLUS Review
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Welcome to the first edition of the PLUS review. Working in partnership with the PLUS stock exchange, this review aims to enhance the visibility of PLUS-quoted companies and will be published every six months.

Companies mentioned
U3O8 Holdings , All Star Minerals , Oracle Coalfields , See more..., 3D Diagnostic Imaging, Ace Liberty and Stone , Adnams , AH Medical Properties , All Star Minerals , ANS Group , Arrowpoint , Arsenal Holdings , Ascot Mining , Avation , Chemistry Communications , China CDM Exchange Centre , Creative Financial Technologies , DHAIS , dotDigitalGroup , DXS International , Eden Research , English Wines Group , Ezybonds , Frontier IP Group , General Medical Clinics , Geo Genesis Group , Good Energy Group , Great Western Mining Corporation , Green Chemicals , GSC Property Holdings , HR GO , Hydro Hotel , Keycom , King Tech International , Magnolia Petroleum , Newbury Racecourse , Oracle Coalfields , Paycorp , Pegasus Helicopter Group , Phoenician Corporation IV , Prize Mobile , Quercus Publishing , RAK Real Estate , Rangers Football Club , Scancell Holdings , Shepherd Neame , Sprue Aegis , Sunrise Biotech Holdings , SureTrack Monitoring , Team (Impression) Holdings , Technis International , Thwaites (Daniel) , Transdermal Cosmetics , U3O8 Holdings , Western Selection , Woodspeen Training

Mining

27/01/2010
Mining sector report: Gold - Valuation benchmarks are obsolete
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We have re-run our analysis to determine differentiated values for 'measured', 'indicated' and 'inferred' resource ounces to include the Canadian, Australian and South African markets as well as the London one. In doing so, we have been able to determine that the average value of a 'measured' resource ounce globally is US$340/oz, while that of an 'indicated' ounce is US$159/oz and that of an 'inferred' ounce is US$34/oz (excluding Witwatersrand ounces). An average ounce is worth US$158.56/oz, which contrasts sharply with both its cost of discovery (US$8.81/oz, as determined by leading international accountancy firm BDO - see inside) and an historic benchmark valuation of US$35/oz.

Companies mentioned
Peter Hambro Mining , European Goldfields , Hambledon Mining , Randgold Resources , GMA Resources , See more..., Archipelago Resources, Allied Gold, Ariana Resources, Avocet Mining, Centamin Egypt, Central African Gold, Central Rand Gold, Chaarat Gold, China Goldmines, Cluff Gold, Condor Resources, Conroy Gold, Galantas Gold, Greatland Gold, Greystar Resources, Highland Gold, Kirkland Lake, Kryso Resources, Leyshon Resources, Oxus, Medoro Resources, Medusa Mining, Metals Exploration, Moto Goldmines, Norseman Gold, Orsu, Pan African Resources, Patagonia Gold, Peninsular Gold, Serabi Mining, Shanta Gold,

Basic Industries

18/01/2010
Industrials sector report - Nonwovens
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The past two years have undoubtedly been difficult for nonwoven producers. However, with the best time to invest in cyclical stocks the bottom of a demand cycle and when confidence is rising, we suggest that now may be a good time to examine the sector. We believe that while demand growth is not expected to be strong in 2010/11, a combination of slowly improving European demand and firm Asian demand points to increased investor interest in this market.

Companies mentioned
Low & Bonar , Fiberweb , See more..., Ahlstrom, AVGOL, Companhia Providência, Fibertex (Schouw & Co), Freudenberg, PEGAS Nonwovens, Polymer Group Inc, Suominen

10/12/2009
NYSE Alternext Quarterly Review, Fourth Quarter 2009
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Welcome to the third edition of the NYSE Alternext Quarterly Review. Working in partnership with NYSE Euronext, the NYSE Alternext Quarterly Review aims to enhance the global visibility of NYSE Alternext listed companies.

Companies mentioned
Show companies...1000mercis, 1855, Adomos, ADTHINK Media, Adverline, Aerowatt, Antevenio, Aquila, Arkoon Network Security, Assima, Assya Capital, Astellia, Auplata, Auto Escape, Brossard, BSB, Budget Telecom, CBo Territoria, Cellectis, Clasquin, CNPV, CoBrHa, Come and Stay, Cortix, CRM Company Group, D.L.S.I., Demos, Dietswell, DL Software, Dolphin Integration, Easydentic, ECT Industries, eFront, Emailvision, Emakina Group, Entreparticuliers.com, Environnement, Eurogerm, Europlasma, Evolis, ExonHit Therapeutics, Fashion B Air, Fountaine Pajot, Genfit, GenOway, GoAdv, Groupe Promeo, Groupimo, H2O Innovation, Harvest, Heurtey Petrochem, Hitechpros, Homair, Huacheng Real Estate, Hybrigenics, Initiatives et Developpements, Inventoriste, Ipsogen, Laroche, LeGuide.com, Logic Instrument, Maesa, Mastrad, Maximiles, MEDICREA International, MG International, MGI Digital Graphic Technology, Microwave Vision, Millet Innovation, Mindscape, Monceau Fleurs, NEOTION, NetBooster, NEXEYA, Normaction, Notrefamille.com, O2i, Ober, OCTO Technology, Orolia, Piscines Groupe GA, Porthus, POWEO, Press Index, Prodware, Proservia, Proventec, Referencement.com, Reims Aviation Industries, Rentabiliweb Group, Richel Serres de France, Royalreesink (Koninklijke Reesink), Safwood, Sapmer, Serma Technologies, Sidetrade, Sporever, Stradim - Espace Finances, StreamWIDE, The Marketingroup, The Member Company (TMC Group), Toolux Sanding, Traqueur, Trilogiq, Turenne Investissement, VDI Group, Ventos, Vergnet, Vision IT Group, Voyageurs du Monde, Weborama, XIRING

Pharmaceutical & Healthcare

06/11/2009
Biotechnology sector report: Obesity - Where are the deals?
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Pivotal data have been now reported for all three of biotech's most advanced oral anti-obesity projects, something we had expected to serve as the trigger for licensing activity with big pharma. A licensing deal is a key event for each of the companies involved, but despite data now being out no such alliance has yet materialised. In this report we investigate the prospects for licensing and outline some alternative strategies being pursued while deal negotiation continues.

Companies mentioned
Orexigen , NeuroSearch , Vivus , See more..., Arena Pharmaceuticals

Mining

12/10/2009
Mining sector report: Gold - still aping the 1970s
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In our April 2009 report, Gold - a return to the 1970s, we posited a theory that if gold repeats the same performance in the current cycle as it did during the 1970s re-inflation, it would hit US$1,567/oz ‘in the near term’. In this follow-up report we argue that, with the world still facing deflationary forces in the near term, gold’s peak is likely to be delayed to 2013, but that its peak will be correspondingly higher at US$1,879/oz.

Companies mentioned
Peter Hambro Mining , European Goldfields , Hambledon Mining , Randgold Resources , GMA Resources , See more..., Archipelago Resources, Allied Gold, Ariana Resources, Avocet Mining, Centamin Egypt, Central African Gold, Central Rand Gold, Chaarat Gold, China Goldmines, Cluff Gold, Condor Resources, Conroy Gold, Galantas Gold, GMA Resources, Greatland Gold, Greystar Resources, Highland Gold, Kirkland Lake, Kryso Resources, Leyshon Resources, Oxus, Medoro Resources, Medusa Mining, Metals Exploration, Moto Goldmines, Norseman Gold, Orsu, Pan African Resources, Patagonia Gold, Peninsular Gold, Serabi Mining, Shanta Gold,

Property

22/06/2009
Property sector report: Double-digit dividend yields
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The real estate sector has seen a significant rally since the dark days of Q408. The stock market is starting to discount the downturn as a standard property cycle, but the significant structural issue of deleveraging remains to be addressed.

Companies mentioned
Show companies...Alpha Pyrenees Trust, AXA Property Trust, Invista Foundation Property Trust, ISIS Property Trust, ING UK Real Estate Income Trust, IRP Property Investments, The Local Shopping REIT, The Standard Life Investments Property Income Trust

Electronics & Electrical Equipment

01/06/2009
Technology sector report: Sailing turbulent seas
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Semiconductors are used in a wide variety of electronic applications from washing machines to sophisticated communication satellites. While wave upon wave of negative news has affected the entire sector, we draw investors’ attention to a number of technology adoption cycles that should see double-digit growth rates in 2009 and that can drive long-term returns. We highlight ARM Holdings, CSR and IQE as companies that are strongly poised to capitalise on these cycles and increase shareholder value.

Companies mentioned
Imagination Technologies , CSR , ARM Holdings , Cyan Holdings , Wolfson Microelectronics , IQE

Mining

20/04/2009
Mining sector report: Gold - a return to the 1970s
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While these are extraordinary times for the world economy, they are not without precedent, with structural trade deficits, burgeoning budget deficits and bank failures all equally prominent in the 1970s. During the 1970s, gold rose from US$35/oz to its only recently surpassed record of US$850/oz in 1980 – a 24-fold uplift in value. While we do not expect quite such dramatic appreciation in the current era, a repeat of the same cycle would see gold rise to a price of US$1,567/oz in the near term.

Companies mentioned
Peter Hambro Mining , Randgold Resources

Alternative Energy

02/03/2009
Alternative Energy - How to play a complex sector
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Within the UK’s incentive regime, it is only wind power that has both the financial returns and scalability to create value for investors in operational assets. For other types of energy, investing in cost-reducing new technologies is the higher-risk, higher-reward strategy. We examine the technologies, costs and potential returns of investing in the sector and recommend sweet-spots in the value chains.

Companies mentioned
Hansen Transmissions , Zenergy Power , See more..., Clipper Windpower, Kedco, Ocean Power Technologies, ReneSola

Technology

30/01/2009
Technology sector - Here come the bids?
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In this report we look across the valuation wasteland of the UK mid- and small-cap technology sector to try and identify those companies where multiples have disconnected from fundamentals.

Companies mentioned
Amino Technologies , See more..., Morse, Psion, Wolfson Microelectronics, Business Systems Group Holdings, Intec Telecom Systems, FDM Group, Gladstone, Innovation Group, Electronic Data Processing, Redknee Solutions, Visonic, Bond International Software, Vislink, DataTec, Alphameric, Eservglobal, Pace

Automotive Retailers

21/11/2008
Automotive distributors - Defensive qualities
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The motor distribution segment of the Retail Sector has seen an average 74% share price fall from its 2008 highs. This reflects natural fears related to consumer spending, epitomised by the fall off in new car registrations over the past three months.

Companies mentioned
Inchcape , Vertu Motors , Lookers , H R Owen , See more..., Pendragon

Mining

17/11/2008
Platinum prospects - Juniors making the grade
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A change in South African mining legislation has seen the emergence of a junior platinum sector, which can explore and produce platinum at lower costs than the majors. Although the decline in the platinum price has affected the entire sector, the juniors’ low-cost projects remain attractive. We draw investors’ attention to cash generative companies, Eastern Platinum and Sylvania Resources, and those about to start producing, Platinum Australia, Platmin and Ridge Mining.

Companies mentioned
Nkwe Platinum , See more..., Eastern Platinum, Platinum Australia, Platmin, Sylvania Resources

Mining

07/10/2008
Mining in Russia and the CIS
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To many westerners, Russia remains, in Winston Churchill’s words, “a riddle wrapped in a mystery inside an enigma”. Yet at the dawn of the 21st century, when Russia’s economy is growing at more than 7% per annum, this seems anomalous – doubly so within the context of the mining industry, given that Russia accounts for no less than 11.5% of the world’s land mass and 14% of its mineral extraction.

Companies mentioned
Peter Hambro Mining , Hambledon Mining , Highland Gold , See more..., Amur Minerals, Chaarat Gold Holdings, Eurasia Mining, Kryson Resources, Ovoca Gold, Oxus Gold, Sunkar Resources, Trans-Siberan Gold

Technology

27/05/2008
Software as a Service sector report - Smoothware
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The provision of Software as a Service has been around for over a decade. However, it is only in the past few years that high-speed networks and the investment in scalable architectures have enabled the emergence of a number of well positioned UK business models. In our view valuations largely reflect the negative short-term impact of SaaS delivery on revenue recognition and therefore earnings. However, importantly, these businesses have the opportunity to take market share, have high visibility of future cash flows and should significantly outperform the IT sector over the next three years.

Companies mentioned
StatPro Group , FFastFill , GB Group , See more..., Gresham Computing, Kewill Systems, Netstore, ServicePower

Pharmaceutical & Healthcare

15/05/2008
Obesity sector report - Fat chance
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Over the past few years obesity has been labelled a global ‘epidemic’ responsible for rising healthcare costs, but current treatments have been beset with side effects or have shown insufficient efficacy. With several new treatments now in late-stage development, the obesity sector is likely to see significant interest from big pharma over the coming 18 months and could offer significant rewards for discriminating investors.

Companies mentioned
Orexigen , NeuroSearch , Vivus , See more..., Amylin Pharmaceuticals, Arena Pharmaceuticals

Oil & Gas

23/10/2007
Junior oil and gas - Golden barrels
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We believe that the current oil price environment has restricted the ability of investors to garner material upside from companies with assets weighted towards production or late-stage development as these assets are near fully priced. Instead we draw investor attention to 10 companies that have a compelling mixture of exploration geared upside with operational qualities that optimise the risk/reward balance. Using Expected Monetary Value (EMV) analysis to build a portfolio of these companies further reduces investor risk, allowing exposure to the potential of high returns from exploration.

Companies mentioned
Mediterranean Oil & Gas , Faroe Petroleum , Northern Petroleum , Nighthawk Energy , Nautical Petroleum , Rockhopper Exploration , Aminex

Mining

02/07/2007
UK Junior Mining Sector Focus - Pay dirt
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Companies going into production deserve a rerating in the market given the positive near-term outlook for commodities and the de-risking of the investment proposition. We draw investor attention to 10 companies on the cusp of production; highlighting especially Mercator Gold, Medusa Mining and Serabi Mining as three gold miners with production online now and deserving of a rerating in the short term.

Companies mentioned
Angel Mining , GMA Resources , Medusa Mining , Mercator Gold

Consumer Support Services

30/04/2007
Vision and venture - UK professional services sector
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A review of the UK professional services sector highlights many of the attributes investors find attractive: above average EPS growth, consistency in earnings growth, strong cash generation, high ROCE characteristics, robust balance sheets and reasonable dividend yields.

Companies mentioned
Show companies...Arden, Aukett, Begbies Traynor, Braemar Seascope, Christie, Clarkson, Colliers CRE, DTZ, Hyder, Mattioli Woods, Mouchel Parkman, Murgitroyd, PHSC, RPS, RWS, Savills, Scott Wilson, SMC, Tenon, Waterman, White Young Green, WSP

01/11/2006
Sector report - UK smaller telecoms
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Within the broad UK telecoms sector, the smaller independent communications services resellers are well placed to grow revenues and profits by driving consolidation within the huge and fragmented SME market. Entities such as Alternative Networks and AT Communications are structured to serve this market and are ready for the rollout of new converged technologies. Demand for traditional voice and data services from UK SMEs remains huge and this sector offers an interesting consolidation play.

Companies mentioned
Show companies...Alternative Networks, AT Communications, AdEPT Telecom, Calyx, Redstone

Automotive Retailers

10/03/2006
Vehicle distribution sector - The action has started
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The vehicle distribution segment of the retail sector has performed strongly over the past six months, with the share prices of the three leading independent dealership groups averaging a 51.1% advance since the beginning of October compared with just 7.6% for the FT All Share index and 17.1% for general retailers. The much vaunted momentum of industry consolidation has started to accelerate, while the City is also reassessing the quality of earnings in a segment where profits continue to rise despite falling new car registrations.

Companies mentioned
Inchcape , Vertu Motors , Lookers , H R Owen , See more..., Pendragon

Travel & Leisure

23/02/2005
Gambling sector review - A new way to win
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Online gambling is already a significant new industry with 2004 revenues (amounts lost by gamblers) worldwide exceeding $8bn or 37% higher than in 2003. However, they still represent little more than 2% of the total world market. There is enormous scope for continued growth as existing gamblers are tempted to play online and as new users are attracted to the medium.

Companies mentioned
Gaming VC , Sportingbet , See more..., Betfair, Ladbrokes, PartyGaming, William Hill

Automotive Retailers

22/09/2003
UK new car retailing
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Review of UK new car market.

Companies mentioned
Inchcape , Lookers , H R Owen , See more..., Pendragon