<?xml version="1.0" encoding="utf-8"?>
<rss version="2.0"
    xmlns:dc="http://purl.org/dc/elements/1.1/"
    xmlns:sy="http://purl.org/rss/1.0/modules/syndication/"
    xmlns:admin="http://webns.net/mvcb/"
    xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#"
    xmlns:content="http://purl.org/rss/1.0/modules/content/">

    <channel>
    
    <title>Edison Investment Research &#45; recent research</title>
    <link>http://www.edisoninvestmentresearch.co.uk</link>
    
    <dc:language>en</dc:language>
    <dc:rights>Copyright 2012</dc:rights>
    <dc:date>2012-05-17</dc:date>



    <item>
      <title>South American Silver &#45; Gearing up for 2012</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/south-american-silver-corp</link>
      <headline>Gearing up for 2012</headline>
      <description>Edison Investment Research - <![CDATA[Mining - South American Silver Corp: A potentially significant catalyst to SAC&#8217;s share price performance will be the release of an updated Malku Khota preliminary economic assessment (PEA) due in June 2012, focusing on refining operating (including potentially increased annual production) and cost parameters. Following this release we expect a positive re-rating of our valuation, which currently stands at US$8.04/share for Malku Khota (adjusted for Q112 financial results and the recent US$16m fund-raising/dilution) and US$1.19/share for the sizeable 4.5bn Ib copper equivalent Escalones resource in Chile (on an EV/tonne basis). <br />ISIN: CA8363071082]]></description>
      <dc:date>2012-05-17T15:25:59+00:00</dc:date>
    </item>


    <item>
      <title>Ricardo &#45; Cautious clients</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/ricardo</link>
      <headline>Cautious clients</headline>
      <description>Edison Investment Research - <![CDATA[Industrial Support Services - Ricardo: The drop in share price reflects nervous markets and understandably cautious customers, which have affected growth in the first four months of 2012. The CEO has detected a much more fragile environment in recent weeks. It is apparent that some businesses are struggling, as their customers delay or shrink order packages. Nevertheless, Ricardo&#8217;s strategic repositioning is having a positive impact overall and medium-term fundamentals remain favourable. A robust UK business (including Asia) and careful cash management are preserving profitability. However, short-term disappointing growth could undermine Ricardo&#8217;s valuation. <br />ISIN: GB0007370074]]></description>
      <dc:date>2012-05-17T14:59:27+00:00</dc:date>
    </item>


    <item>
      <title>Stratec Biomedical &#45; Two growth scenarios</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/stratec-biomedical</link>
      <headline>Two growth scenarios</headline>
      <description>Edison Investment Research - <![CDATA[Pharmaceutical & Healthcare - Stratec Biomedical: Stratec&#8217;s new guidance shows uncertainties over 2012 associated with the ongoing Gen-Probe acquisition by Hologic; the FDA has approved the Panther system. The c 9,500 system base yields high-margin spare sales and is expanding. DiaSorin placed 92 Liaison XL in Q1 and is ramping up. Stratec expects to achieve &#8364;160m sales in 2013 and could hit over &#8364;182m by 2014. EBIT in 2012 could be &#8364;21-26m. <br />ISIN: DE0007289001]]></description>
      <dc:date>2012-05-17T14:45:26+00:00</dc:date>
    </item>


    <item>
      <title>PPHE Hotel Group &#45; Building nicely</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/pphe-hotel-group</link>
      <headline>Building nicely</headline>
      <description>Edison Investment Research - <![CDATA[Travel & Leisure - PPHE Hotel Group: IMS confirmation of robust London trading may not surprise, given continuing upbeat market news, but is no less welcome. Not only was group RevPAR gain in Q1 well ahead of our full-year estimate (admittedly in the least representative quarter and currency boosted) but its origination predominantly from higher room rate rather than occupancy should allow PPHE to mitigate cost pressures. We have revised forecasts for the purchase of Dutch minority interests. <br />ISIN: GG00B1Z5FH87]]></description>
      <dc:date>2012-05-17T14:26:50+00:00</dc:date>
    </item>


    <item>
      <title>Ormonde Mining &#45; Filling the right spot</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/ormonde-mining</link>
      <headline>Filling the right spot</headline>
      <description>Edison Investment Research - <![CDATA[Mining - Ormonde Mining: Ormonde&#8217;s flagship Barruecopardo tungsten project is slated for first production in 2013 and is forecast to become one of the largest suppliers of tungsten to the market outside of China. The recently released feasibility study confirms that the project is viable having low capital intensity and a competitive cash cost position. While the company is yet to complete the permitting, funding and off-take for Barruecopardo, we stick to our un-risked valuation of &#163;0.24 per share and expect the stock to re-rate as the company&#8217;s risk profile gradually improves. <br />ISIN: IE0006627891]]></description>
      <dc:date>2012-05-17T11:20:32+00:00</dc:date>
    </item>


    <item>
      <title>Amur Minerals Corporation &#45; Improving lab results</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/amur-minerals-corporation</link>
      <headline>Improving lab results</headline>
      <description>Edison Investment Research - <![CDATA[Mining - Amur Minerals Corporation: Positive metallurgical results from Amur&#8217;s work on the Kun-Manie project indicate very favourable increases in potential life of mine concentrate grades (increasing project value), reduced tonnages (lowering cash costs) and more representative data of likely operating parameters than the 2007 SRK pre feasibility study (upon which we principally based our previous valuations). Although our base case estimate of Kun-Manie&#8217;s value remains at US$394m or &#163;0.71 per share, updated metallurgical and operating parameters could potentially (if they are proved to be indicative of Kun Manie as a whole and representative for the life of mine) lift our estimate as high as US$731m or &#163;1.32 per share (based on a nickel price of US$20,000/t). <br />ISIN: VGG042401007]]></description>
      <dc:date>2012-05-17T09:30:07+00:00</dc:date>
    </item>


    <item>
      <title>Cyan Holdings &#45; Major Indian CyLec order</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Cyan-Holdings</link>
      <headline>Major Indian CyLec order</headline>
      <description>Edison Investment Research - <![CDATA[Electronics & Electrical Equipment - Cyan Holdings: Cyan has received its largest order to date in the Indian market, worth over $1m. The order provides an endorsement of Cyan&#8217;s CyLec technology, and shows that the recent development work undertaken to support the Indian electricity metering market has paid off. The TNEB tender in India (for which the outcome is due imminently) could provide additional material orders in this market. <br />ISIN: GB00B0P66Q02]]></description>
      <dc:date>2012-05-17T08:16:56+00:00</dc:date>
    </item>


    <item>
      <title>Po Valley Energy &#45; Right place, right time?</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/po-valley-energy</link>
      <headline>Right place, right time?</headline>
      <description>Edison Investment Research - <![CDATA[Oil & Gas - Po Valley Energy: In relatively short order, PVE has built a portfolio of assets across the Po Valley region of northern Italy that could quickly exploit the current opportunities presented here from both attractive regulatory terms and buoyant gas prices. Modest capital additions are required to access 15bcf of gas, while 20.2mmboe of additional resources offers numerous upside options. Despite robust economics, PVE remains heavily discounted both to our fundamental valuations and to peers. <br />ISIN: AU000000PVE9]]></description>
      <dc:date>2012-05-16T13:27:30+00:00</dc:date>
    </item>


    <item>
      <title>Aurizon Mines &#45; Au down, but EPSe up</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/aurizon-mines</link>
      <headline>Au down, but EPSe up</headline>
      <description>Edison Investment Research - <![CDATA[Mining - Aurizon Mines: A lack of available shotcrete equipment and difficult ground conditions in Q112 combined to force changes to the mining sequence, which adversely affected both ore throughput and grades. As a consequence, both operational and financial results were below Edison&#8217;s expectations. However, while the mining sequence has changed, the mine plan has not. As such, official production guidance for the year remains broadly unchanged; notwithstanding the recent decline in the gold price to US$1,535/oz, Edison&#8217;s estimates have actually increased (see Exhibit 2 on page 6), albeit fractionally. <br />ISIN: CA05155P1062]]></description>
      <dc:date>2012-05-16T11:42:16+00:00</dc:date>
    </item>


    <item>
      <title>Ubisense Group &#45; Well positioned</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/ubisense-group</link>
      <headline>Well positioned</headline>
      <description>Edison Investment Research - <![CDATA[Electronics & Electrical Equipment - Ubisense Group: Ubisense&#8217;s Real-Time Location Systems (RTLS) division has developed a wireless technology for tracking moving assets with a high degree of accuracy. We expect this to be adopted by an increasing number of manufacturing customers, with the potential to drive substantial revenue growth and build on the earnings generated by the company&#8217;s geospatial consulting business. With net cash, the company is well positioned to grow organically and via acquisitions. <br />ISIN: GB00B3NCXX73]]></description>
      <dc:date>2012-05-16T07:56:41+00:00</dc:date>
    </item>


    <item>
      <title>The Vitec Group &#45; Three market strategy</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/the-vitec-group</link>
      <headline>Three market strategy</headline>
      <description>Edison Investment Research - <![CDATA[Engineering - The Vitec Group: Vitec&#8217;s more focused approach to its key core markets delivered strong (24%) underlying PBT growth in FY11. Driven by a broadened portfolio across each of its divisions, robust sales growth should result in meaningful margin expansion and earnings growth. Despite this, Vitec shares are trading on undemanding multiples compared with those of its peers. <br />ISIN: GB0009296665]]></description>
      <dc:date>2012-05-15T13:26:10+00:00</dc:date>
    </item>


    <item>
      <title>Zetar &#45; Back on plan</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/zetar</link>
      <headline>Back on plan</headline>
      <description>Edison Investment Research - <![CDATA[Food & Drink - Zetar: Zetar&#8217;s year-end trading update confirms the picture outlined in March, with retailers having under-ordered Easter confectionery product. We maintained our FY13 figures then as we do now, thanks to the positive momentum in new business wins in both own-brand everyday lines and branded sales, and the first signs of meaningful progress in France. Exceptional reorganisation/investment costs mean net debt is slightly higher than our earlier forecast, but gearing is down to 23% at end April and should fall further in the current year. The valuation remains overly harsh. <br />ISIN: GB00B053B440]]></description>
      <dc:date>2012-05-15T11:36:45+00:00</dc:date>
    </item>


    <item>
      <title>DDD Group &#45; Shipment milestones</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/DDD-Group</link>
      <headline>Shipment milestones</headline>
      <description>Edison Investment Research - <![CDATA[Technology - DDD Group: DDD has announced that cumulative TriDef 3D shipments have crossed the 1m mark for both PCs and mobile handsets, underlining the broadening adoption of DDD&#8217;s technology beyond the TV market. <br />ISIN: GB0031129355]]></description>
      <dc:date>2012-05-15T11:19:15+00:00</dc:date>
    </item>


    <item>
      <title>Algeta &#45; 50/50 vision</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/algeta</link>
      <headline>50/50 vision</headline>
      <description>Edison Investment Research - <![CDATA[Pharmaceutical & Healthcare - Algeta: Having exercised its option to co-promote Alpharadin, Algeta is set to enter the commercialisation process with Bayer on a 50/50 basis in the US. The project is on track to be filed with the FDA in mid-2012 &#8211; an event that will trigger a &#8364;50m milestone payment from Bayer. While the specific claims sought in the US label have yet to be confirmed, we believe that Alpharadin will become a standard of care in metastatic castration-resistant prostate cancer. <br />ISIN: NO0010239437 ]]></description>
      <dc:date>2012-05-14T14:08:11+00:00</dc:date>
    </item>


    <item>
      <title>Oxford BioMedica &#45; Solid LentiVector safety</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Oxford-BioMedica</link>
      <headline>Solid LentiVector safety</headline>
      <description>Edison Investment Research - <![CDATA[Pharmaceutical & Healthcare - Oxford BioMedica: LentiVector&#8217;s favourable safety profile is further supported by clinical data presented at ARVO 2012 from the ocular programmes. To date no adverse events related to the company&#8217;s LentiVector platform (four products in the clinic), nor administration methods, have been seen. Positive initial data from the Phase I trial of RetinoStat in wet AMD bodes well for partner Sanofi potentially exercising its option to license later this year. Option exercise is expected to be the next major catalyst, triggering double-digit million-dollar milestones and securing Oxford BioMedica&#8217;s cash position beyond Q113. This would also provide funds to run at least part of the Phase IIa/b ProSavin trial planned for 2013, which should advance ongoing deal discussions. <br />ISIN: GB0006648157]]></description>
      <dc:date>2012-05-14T10:40:27+00:00</dc:date>
    </item>


    <item>
      <title>4SC &#45; Funding the next move</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/4sc</link>
      <headline>Funding the next move</headline>
      <description>Edison Investment Research - <![CDATA[Pharmaceutical & Healthcare - 4SC: 4SC remains focused on finding an ex-Japan partner for resminostat, the oral pan-HDAC inhibitor that could &#8211; funding permitting &#8211; enter a Phase III trial in hepatocellular carcinoma next year. Another partnering opportunity is vidofludimus, now focused on inflammatory bowel disease rather than rheumatoid arthritis. 4SC ended the first quarter with cash of &#8364;12m, and with a projected monthly burn of &#8364;1.2m this will last until early 2013 in the absence of licensing deals or other forms of fund-raising. <br />ISIN: DE0005753818]]></description>
      <dc:date>2012-05-14T08:53:21+00:00</dc:date>
    </item>


    <item>
      <title>United Drug &#45; Diversification pays off</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/united-drug</link>
      <headline>Diversification pays off</headline>
      <description>Edison Investment Research - <![CDATA[Pharmaceutical & Healthcare - United Drug: United Drug is proving itself to be robust in spite of the tough austerity measures affecting its key Ireland/UK wholesaling markets, as its smaller but higher margin marketing, wholesaling and packaging activities continue to grow. H1 operating profit rose by 7% driven by a strong performance in these businesses. <br />ISIN: IE0033024807]]></description>
      <dc:date>2012-05-14T08:01:00+00:00</dc:date>
    </item>


    <item>
      <title>Lombard Medical Technologies &#45; Race against the clock</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Lombard-Medical-Technologies</link>
      <headline>Race against the clock</headline>
      <description>Edison Investment Research - <![CDATA[Pharmaceutical & Healthcare - Lombard Medical Technologies: The FDA&#8217;s requirement for additional analyses of the existing Aorfix dataset in the PMA process means that the clock on the 180-day review will be restarted once the new data are submitted. It is vital that approval comes before 31 December 2012 for Lombard to receive a &#163;14.2m tranche of funding needed to finance the launch and continue development of the device. If the approval timeline extends further, the company could carry out cost retrenchment or negotiate a new round of funding. <br />ISIN: GB00B0Q5QP56]]></description>
      <dc:date>2012-05-11T10:13:12+00:00</dc:date>
    </item>


    <item>
      <title>Caledonia Mining &#45; Q112 results as expected</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/caledonia-mining</link>
      <headline>Q112 results as expected</headline>
      <description>Edison Investment Research - <![CDATA[Mining - Caledonia Mining: Though breaking a run of seven straight quarters of increasing gold production at Blanket, Caledonia&#8217;s Q112 results are still in line with expectations laid out by the company in Q411. Gold production for Q112 was 13% lower (at 9,164oz) than Q411 (10,533oz) at cash costs of US$648/oz, 24% higher than Q411 (US$521/oz). Production was affected by scheduled maintenance work on the No. 4 Shaft, with the higher cash costs mainly arising from the increased tonnes of ore mined and milled and the lower gold production achieved during the quarter. <br />ISIN: CA12932K1030]]></description>
      <dc:date>2012-05-11T09:56:12+00:00</dc:date>
    </item>


    <item>
      <title>Phylogica &#45; Growing the IP estate</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/phylogica</link>
      <headline>Growing the IP estate</headline>
      <description>Edison Investment Research - <![CDATA[Pharmaceutical & Healthcare - Phylogica: The grant of two new patents broadens Phylogica&#8217;s core IP portfolio and strengthens its potential to exploit its Phylomer peptide drug discovery platform. Phylogica&#8217;s strategy is to become a preferred drug discovery partner for large pharma. Phylogica&#8217;s investment case continues to rest on its ability to monetise its proprietary discovery platform, by both achieving milestones under its four existing collaborations and securing additional deals. Active discussions are ongoing for new discovery alliances and at least one, if not two, are targeted by end-June 2012. <br />ISIN: AU000000PYC7]]></description>
      <dc:date>2012-05-11T09:40:26+00:00</dc:date>
    </item>

    
    </channel>
</rss>
