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    <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>2012-02-08</dc:date>



    <item>
      <title>Park Plaza Hotels &#45; Continued strength</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/park-plaza-hotels</link>
      <headline>Continued strength</headline>
      <description>Edison Investment Research - <![CDATA[Travel & Leisure - Park Plaza Hotels: Park Plaza has impressively bucked industry slowdown with maintained like-for-like double-digit RevPAR growth in Q4. Consequently, full-year results (due early March) are likely to be better than expected although only slightly we believe, so no change in our forecasts at this stage. 2012 should benefit from further underlying growth, driven by room rate on historically high occupancy, strict cost control and improved returns from recent investments. <br />ISIN: GG00B1Z5FH87]]></description>
      <dc:date>2012-02-08T16:00:30+00:00</dc:date>
    </item>


    <item>
      <title>Slater &amp;amp; Gordon &#45; Common law partners</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/slater-gordon</link>
      <headline>Common law partners</headline>
      <description>Edison Investment Research - <![CDATA[Consumer Support Services - Slater & Gordon: Slater & Gordon (SGH) is poised to enter the UK consumer legal marketplace with an agreement to acquire the prominent and complementary law firm Russell Jones & Walker (RJW) for &#163;53.8m (c A$80m), subject to regulatory approval. We think there is significant potential for SGH to enhance the ongoing growth of its Australian business by building a similar base in the UK, where its target market is four to five times larger. The UK is also in the early stages of deregulation which, in our view, will transform the industry and see the emergence of larger, industry leading champions. SGH is very strongly placed to become one of these champions. <br />ISIN: AU000000SGH7]]></description>
      <dc:date>2012-02-03T10:20:45+00:00</dc:date>
    </item>


    <item>
      <title>Mondo TV &#45; Tough times</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/mondo-tv</link>
      <headline>Tough times</headline>
      <description>Edison Investment Research - <![CDATA[Media & Entertainment - Mondo TV: Mondo TV made good progress in 2011, operationally and financially, but economic headwinds have prompted management to revise its business plan for 2012-13. We have consequently reduced our estimates, particularly for 2012. As we have previously written, the timeline of deliveries still points to a big payback in 2013. The proposed capital increase of &#8364;11.3m, partially guaranteed by the major shareholder, will strengthen the balance sheet but overhangs the shares until resolved. <br />ISIN: IT0001447785]]></description>
      <dc:date>2012-02-03T08:52:53+00:00</dc:date>
    </item>


    <item>
      <title>Matchtech Group &#45; All eyes on perm</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/matchtech-group</link>
      <headline>All eyes on perm</headline>
      <description>Edison Investment Research - <![CDATA[Consumer Support Services - Matchtech Group: Matchtech&#8217;s H112 trading update outlines very good progress at the Net Fee Income (NFI) level, up 25% over H111, with the headcount increases needed to support this level of growth broadly in place for the entire period. With the trading environment remaining uncertain, we have lowered our sights on permanent recruitment prospects and edged our profit numbers down by 8%. The shares are nevertheless still on a relatively modest rating with premium, and safe, yield. <br />ISIN: GB00B1FMDQ43]]></description>
      <dc:date>2012-02-02T15:11:20+00:00</dc:date>
    </item>


    <item>
      <title>Wynnstay Group &#45; Ploughing ahead</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/wynnstay-group</link>
      <headline>Ploughing ahead</headline>
      <description>Edison Investment Research - <![CDATA[Food & Drink - Wynnstay Group: Wynnstay, in our opinion, gives investors an opportunity to benefit from rising global demand for agricultural output, without the risk associated with farming operations overseas. It is growing steadily by taking market share and acting very successfully as an industry consolidator. The shares trade at a small premium to net assets and on undemanding P/E multiples. <br />ISIN: GB0034212331]]></description>
      <dc:date>2012-02-01T09:40:18+00:00</dc:date>
    </item>


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      <title>Quercus Publishing &#45; Building eBook sales</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/quercus-publishing</link>
      <headline>Building eBook sales</headline>
      <description>Edison Investment Research - <![CDATA[Media & Entertainment - Quercus Publishing: Quercus&#8217;s trading update shows rapid sales growth of both non-Stieg Larsson titles and eBooks. Later than expected promotion for English-language film of The Girl with the Dragon Tattoo delayed sales for the tie-in book and we have lowered our estimates around 10% for FY11 and FY12. The group has made remarkable progress in building a sustainable post-hit business, attracting the calibre of editors and authors well above that implied by its size and maturity, a factor yet to be reflected in the rating. <br />ISIN: GB00B1G17S00]]></description>
      <dc:date>2012-01-30T11:46:18+00:00</dc:date>
    </item>


    <item>
      <title>Ebiquity &#45; Growth strategy delivers</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Ebiquity</link>
      <headline>Growth strategy delivers</headline>
      <description>Edison Investment Research - <![CDATA[Media & Entertainment - Ebiquity: Ebiquity&#8217;s strategy of building a worldwide marketing performance management business is reaping benefits, with the group reporting strong FY12 interim results. Normalised diluted EPS rose 75% on 19% higher continuing operations revenue, benefiting significantly from cost synergies achieved from the Platform division&#8217;s April 2010 Xtreme acquisition. The 2011 acquisitions build geographic reach and new client offerings in the Analytics division. 75% of group revenue comes from international contracts. <br />ISIN: GB0004126057]]></description>
      <dc:date>2012-01-25T08:06:58+00:00</dc:date>
    </item>


    <item>
      <title>Zetar &#45; Good H1, cooler H2</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/zetar</link>
      <headline>Good H1, cooler H2</headline>
      <description>Edison Investment Research - <![CDATA[Food & Drink - Zetar: Zetar delivered a good H112 result with underlying sales growth of 7%. Further progress has been made in laying the groundwork for a much-improved quality of business; reducing seasonality and replacing commodity business with licensed and third-party branded lines, together with early moves towards building a meaningful European exposure. Background trading conditions, though, are far from easy, with low consumer confidence affecting retailers&#8217; willingness to place orders and we have made a precautionary trim to our estimates. The rating remains overly harsh. <br />ISIN: GB00B053B440]]></description>
      <dc:date>2012-01-24T15:46:29+00:00</dc:date>
    </item>


    <item>
      <title>Next Fifteen Communications &#45; FY12 off to a solid start</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Next-Fifteen-Communications</link>
      <headline>FY12 off to a solid start</headline>
      <description>Edison Investment Research - <![CDATA[Media & Entertainment - Next Fifteen Communications: Next Fifteen announced in its trading update, released ahead of the company&#8217;s AGM, that it has made a solid start to the current financial year. Management expects FY12 interims, scheduled for release on 24 April, to show growth in both revenue and profits, boosted in particular by a strong performance from the group&#8217;s digital businesses and a modest strengthening of the US dollar. While there is some volatility in markets affecting clients&#8217; businesses, we are maintaining our FY12 and FY13 estimates as the group appears to have a resilient business portfolio and is benefiting from its digital expertise. <br />ISIN: GB0030026057]]></description>
      <dc:date>2012-01-24T08:03:07+00:00</dc:date>
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    <item>
      <title>BrainJuicer &#45; Good Q4 trading</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/BrainJuicer</link>
      <headline>Good Q4 trading</headline>
      <description>Edison Investment Research - <![CDATA[Media & Entertainment - BrainJuicer: BrainJuicer&#8217;s normal seasonality makes Q4 trading crucial to delivering market expectations. Today&#8217;s trading update confirms another good Q4 performance, driven by strong progress in the key US market and our forecasts remain unchanged. The group generates good cash flows and the &#163;3.6m cash at the year end (with no debt) allows for continuing investment in growing out the geographical exposure. Management&#8217;s record of delivering innovative solutions generating growth well ahead of the sector justifies the premium rating. <br />ISIN: GB00B1GVQH21]]></description>
      <dc:date>2012-01-19T14:56:07+00:00</dc:date>
    </item>


    <item>
      <title>Empresaria &#45; Trading update</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Empresaria</link>
      <headline>Trading update</headline>
      <description>Edison Investment Research - <![CDATA[Consumer Support Services - Empresaria: The group&#8217;s trading update outlines an improved H211 performance and full-year trading broadly aligned to market expectations. We have nevertheless made a further adjustment to our figures to bring them in line following the trim we made to our sector estimates in December. The uncertainty that beset Empresaria in 2011 with regard to the German labour laws is clearing and we would expect to hear a fuller appraisal of the ongoing group strategy with the prelims in March; the first under newly-appointed CEO, Joost Kreulen. The shares remain at a deep discount. <br />ISIN: GB00B0358N07]]></description>
      <dc:date>2012-01-19T12:21:31+00:00</dc:date>
    </item>


    <item>
      <title>4imprint &#45; Strong growth continues</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/4imprint-group</link>
      <headline>Strong growth continues</headline>
      <description>Edison Investment Research - <![CDATA[Media & Entertainment - 4imprint Group: In its full-year trading statement, 4imprint reported strong revenue growth continuing into Q411. Group revenue for 2011 rose 10% (13% at constant currency), driven by the dominant US business where revenue rose 13% (18% in dollar terms). With the other two divisions performing in line with our expectations, our revenue and profit estimates are unchanged. <br />ISIN: GB0006640972]]></description>
      <dc:date>2012-01-18T15:51:41+00:00</dc:date>
    </item>


    <item>
      <title>Centaur Media &#45; Caution and confidence</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/centaur-media</link>
      <headline>Caution and confidence</headline>
      <description>Edison Investment Research - <![CDATA[Media & Entertainment - Centaur Media: In the H1 trading update (13 January) Centaur reported rising EBITDA margins and 4% underlying revenue growth, and confirmed full year profit expectations. The low valuation seems to reflect the state of the stock market and the seasonal skew in profits, but the restructuring strategy is producing higher margins and a steady move to digital with acquisition benefits. As this process continues, the shares should be rerated. <br />ISIN: GB0034291418]]></description>
      <dc:date>2012-01-18T08:12:52+00:00</dc:date>
    </item>


    <item>
      <title>Avesco Group &#45; A bumper year ahead</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/avesco-group</link>
      <headline>A bumper year ahead</headline>
      <description>Edison Investment Research - <![CDATA[Media & Entertainment - Avesco Group: Avesco is making excellent progress with better than expected FY11 results, a hefty dividend increase and a bumper FY12 in prospect, boosted by the Olympics. Our FY12 PBT estimate is unchanged for the time being and our increased FY13 numbers could prove conservative as operational actions drive underlying margin improvements. The valuation remains firmly underpinned by the prospect of a 2013 windfall from the Celador/Disney court case, worth US$60m or 135p net per share. <br />ISIN: GB0000653229]]></description>
      <dc:date>2012-01-12T08:17:22+00:00</dc:date>
    </item>


    <item>
      <title>Global Brands &#45; Staying listed</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/global-brands</link>
      <headline>Staying listed</headline>
      <description>Edison Investment Research - <![CDATA[Travel & Leisure - Global Brands: Having earlier announced its intention to delist, Global Brands is now set to remain quoted, using the listed company as an investment vehicle. The pizza business, which owns the Domino&#8217;s Master Franchise for Switzerland, will be demerged into a private company (Domino&#8217;s Pizza Switzerland AG) in which Global Brands shareholders will be allocated shares in proportion. The major shareholder, NobleRock, and the CEO are injecting &#163;200k and &#163;100k respectively for new equity to provide short-term working capital. The proposals will be put to shareholders at an EGM on 2 January 2012. <br />ISIN: LU0229056949]]></description>
      <dc:date>2011-12-16T12:18:43+00:00</dc:date>
    </item>


    <item>
      <title>Sceptre Leisure &#45; Trading robustly</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Sceptre-Leisure</link>
      <headline>Trading robustly</headline>
      <description>Edison Investment Research - <![CDATA[Travel & Leisure - Sceptre Leisure: Sceptre is working its asset base hard and cutting costs to deliver a solid set of interim results against an extremely challenging market backdrop. Our full year PBT estimates are unchanged. An agreement with Gauselmann and Blueprint gives Sceptre a new digital machine offering, although pub market migration away from analogue is likely to be fairly slow. With capex and depreciation now broadly in line, Sceptre is generating cash and we expect organic growth to be augmented by earnings accretive acquisitions as and when the right opportunities arise. <br />ISIN: GB00B3BNQD36]]></description>
      <dc:date>2011-12-15T08:15:27+00:00</dc:date>
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    <item>
      <title>Slater &amp;amp; Gordon &#45; Legal precedent</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/slater-gordon</link>
      <headline>Legal precedent</headline>
      <description>Edison Investment Research - <![CDATA[Consumer Support Services - Slater & Gordon: In 2007 Slater & Gordon became the first law firm in the world to list on the stock market. For investors it represents a market leader in a growing industry, supported by a strong brand and profitability, and is relatively unaffected by broader economic developments. Growth in the business is capital intensive, but we believe it is the predictability of these deferred cash flows that should distinguish it from other business services companies with similar profiles. As such, we think there is room for further re-rating in addition to further growth both domestically and perhaps also internationally, most likely in the deregulating UK legal services market. <br />ISIN: AU000000SGH7]]></description>
      <dc:date>2011-12-14T15:18:04+00:00</dc:date>
    </item>


    <item>
      <title>Sportingbet &#45; What price Europe?</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Sportingbet</link>
      <headline>What price Europe?</headline>
      <description>Edison Investment Research - <![CDATA[Travel & Leisure - Sportingbet: Sportingbet&#8217;s Australian business is clearly growing very strongly and few would argue with the quality of its European sportsbook. Key issues are the short-term pressures on European profitability, both regulatory and economic, and ongoing indirect exposure to Turkey. However, we believe these are all in the price and our sum-of-the-parts EV is at least 57% above the current level. Greater confidence in medium-term European potential and news of a rumoured US deal should be catalysts for a re-rating, with M&A still in the wings. <br />ISIN: GB0009516252]]></description>
      <dc:date>2011-12-08T08:34:22+00:00</dc:date>
    </item>


    <item>
      <title>Matchtech &#45; Economic adjustment</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/matchtech-group</link>
      <headline>Economic adjustment</headline>
      <description>Edison Investment Research - <![CDATA[Consumer Support Services - Matchtech Group: In light of the uncertain economic backdrop, we are making a precautionary trim to our recruitment sector estimates. This adjustment therefore does not reflect any particular issue at Matchtech, rather a deterioration in general levels of confidence, which we expect to affect the sector. The company continues to trade satisfactorily and the broadening of the business model by geography and sector should provide a degree of counter-cyclicality. The maintained dividend provides a premium yield. <br />ISIN: GB00B1FMDQ43]]></description>
      <dc:date>2011-12-05T13:05:07+00:00</dc:date>
    </item>


    <item>
      <title>Empresaria &#45; Economic adjustment</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Empresaria</link>
      <headline>Economic adjustment</headline>
      <description>Edison Investment Research - <![CDATA[Consumer Support Services - Empresaria: In light of the uncertain economic backdrop, we are making a precautionary trim to our recruitment sector estimates. This adjustment therefore does not reflect any particular further issue at Empresaria, rather downward reviews to GDP estimates and a deterioration in general levels of confidence, which we expect to affect the sector. A recovery in the group&#8217;s depressed rating is most likely dependent on improving news flow from Germany. <br />ISIN: GB00B0358N07]]></description>
      <dc:date>2011-12-05T12:13:53+00:00</dc:date>
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