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    <title>Edison Investment Research - recent research</title>
    <link>http://www.edisoninvestmentresearch.co.uk</link>
    
    <dc:language>en</dc:language>
    <dc:rights>Copyright 2012</dc:rights>
    <dc:date>2012-02-10</dc:date>
    

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      <title>Worldwide Healthcare Trust - Healthcare valuations at historic lows</title>
      <link>http://www.edisoninvestmentresearch.co.uk/search/Worldwide Healthcare Trust</link>
      <headline>Healthcare valuations at historic lows</headline>
      <description><![CDATA[Edison Investment Research - Investment Trusts - Worldwide Healthcare Trust: Worldwide Healthcare Trust PLC (WWH) is a UK-registered investment trust, offering diversified exposure to both the pharmaceutical and biotech sectors, and notable for its long track record. It has returned 13.0% in terms of both price and NAV total return during the past 12 months, slightly underperforming its benchmark, the MSCI World Healthcare Index (sterling adjusted), which returned 13.5%. Despite the uplift, valuations remain close to historical lows and, as such, significant upside potential remains. WWH has provided 76% year-on-year dividend growth for 2011 and its recent interims indicate that, at the halfway stage, it has sufficient revenue reserves to allow it to maintain the dividend at the increased level for 2012.<br />ISIN: GB0003385308]]></description>
      <dc:date>2012-02-10T14:13:30+00:00</dc:date>
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      <title>Red Rock Resources - Mt Ida royalty sale</title>
      <link>http://www.edisoninvestmentresearch.co.uk/search/Red Rock Resources</link>
      <headline>Mt Ida royalty sale</headline>
      <description><![CDATA[Edison Investment Research - Mining - Red Rock Resources: Red Rock has agreed to sell 50% of its 1.5% production royalty over the Mt Ida magnetite project, Western Australia, to Anglo Pacific Group. Subject to due diligence, the sale will be completed via a series of staged cash and share payments totalling US$14m. The first comprises 0.3% of the royalty for US$6m and is payable on agreement of the terms of the transaction. The second US$4m for 0.225% is payable following definitive feasibility study (DFS) results, a formal decision to mine and the provision of 20% of pre-production capital and DFS costs. The third US$4m for 0.225% will be paid on commencement of production. With all payments completed Anglo Pacific will acquire a 0.75% production royalty at Mt Ida from Red Rock.<br />ISIN: GB00B0CQLF79]]></description>
      <dc:date>2012-02-10T13:39:29+00:00</dc:date>
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      <title>Alnylam Pharmaceuticals - On the fast track</title>
      <link>http://www.edisoninvestmentresearch.co.uk/search/Alnylam Pharmaceuticals</link>
      <headline>On the fast track</headline>
      <description><![CDATA[Edison Investment Research - Pharmaceutical & Healthcare - Alnylam Pharmaceuticals: Alnylam plans to speed the clinical development of two leads that it says offer the greatest commercial opportunity &#8211; ALN-TTR for transthyretin-mediated amyloidosis and ALN-APC for haemophilia. While it still aims to have five rare disease therapeutics in late trials by 2015, it is seeking further development partners for three of these: ALN-PCS for severe hypercholesterolemia (Phase I), ALN-HPN for refractory anaemia and ALN-TMP for haemoglobinopathies (both preclinical). Alnylam finished 2011 with a healthy $261m in cash, but is cutting 33% of its staff to save $20m a year and help transform it from a platform- to a product-based company; there should also be a slight reduction in future R&D spending.<br />ISIN: US02043Q1076 ]]></description>
      <dc:date>2012-02-10T12:03:50+00:00</dc:date>
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      <title>Hargreaves Lansdown - Stronger for longer?</title>
      <link>http://www.edisoninvestmentresearch.co.uk/search/Hargreaves Lansdown</link>
      <headline>Stronger for longer?</headline>
      <description><![CDATA[Edison Investment Research - Financials - Hargreaves Lansdown: Hargreaves has continued to experience strong growth in both revenue and profit despite the economic uncertainty. Unsurprisingly new business inflows were slower during the period as ISA investors were unsettled by market volatility, although SIPP inflows remained steady. The ongoing development of the Corporate Vantage offering provides an attractive opportunity for additional future revenue growth. The 20x P/E seems reasonable given its track record, profitability and growth potential, but leaves the shares vulnerable to any setbacks such as regulatory intervention.<br />ISIN: GB00B1VZ0M25]]></description>
      <dc:date>2012-02-10T10:43:09+00:00</dc:date>
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      <title>Gold One - Site visit and Q411 update</title>
      <link>http://www.edisoninvestmentresearch.co.uk/search/Gold One</link>
      <headline>Site visit and Q411 update</headline>
      <description><![CDATA[Edison Investment Research - Mining - Gold One: Our recent site visit to Gold One&#8217;s (GDO) projects in South Africa coincided with its Q4 activity report. We had the opportunity to see GDO&#8217;s Modder East and Cooke underground operations and Randfontein surface operations first hand. With relatively simple geology, shallow depth and the easily identifiable Black Reef and underlying Buckshot Pyrite Leader Zone (BPLZ, containing up to 14.93g/t Au), GDO has produced 121,518 oz of Au from the Modder East mine. GDO expects the recently completed Rand Uranium acquisition and the Jintu transaction to provide the assets and financial resources necessary to produce 300,000oz of Au in 2012. While this target may seem ambitious, GDO&#8217;s highly experienced management team has consistently exceeded its guidance over the past five quarters.<br />ISIN: ZAE000075867]]></description>
      <dc:date>2012-02-10T10:28:28+00:00</dc:date>
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      <title>CAE - Civil aiding earnings</title>
      <link>http://www.edisoninvestmentresearch.co.uk/search/CAE</link>
      <headline>Civil aiding earnings</headline>
      <description><![CDATA[Edison Investment Research - Aerospace & Defence - CAE: CAE&#8217;s Q3 results have demonstrated the strength of the civil business and, while defence procurement delays make it difficult to predict the timing of orders, CAE has won several notable contracts from defence customers. With revenue up 10% and net income up 18% versus Q311, results were driven by improved margins, reaching 17%, with advances in both civil and military segments. CAE has a leading position in civil and military simulated training and new core markets are being developed in healthcare and mining, which management believes could become as important as existing segments; the opportunity for further growth appears tangible.<br />ISIN: ZAE000016952]]></description>
      <dc:date>2012-02-10T10:10:37+00:00</dc:date>
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      <title>IQE - Solar investment</title>
      <link>http://www.edisoninvestmentresearch.co.uk/search/IQE</link>
      <headline>Solar investment</headline>
      <description><![CDATA[Edison Investment Research - Electronics & Electrical Equipment - IQE: IQE has raised &#163;10.5m through an equity placing at 24p to fund a strategic investment and partnership with CPV solar chip supplier Solar Junction Corporation (SJC). Through the deal IQE secures both an exclusive supply agreement and an equity stake in a promising company supplying into a market that could be poised to take off. The deal is not dilutive and risks appear to be well mitigated.<br />ISIN: GB0009619924]]></description>
      <dc:date>2012-02-10T09:44:42+00:00</dc:date>
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      <title>YouGov - Tracking forecasts</title>
      <link>http://www.edisoninvestmentresearch.co.uk/search/YouGov</link>
      <headline>Tracking forecasts</headline>
      <description><![CDATA[Edison Investment Research - Media & Entertainment - YouGov: YouGov&#8217;s pre-close trading update indicates that full year forecasts are in line with market expectations. First half revenues were ahead in double digits, all organic and well ahead of the market. Margins will have dipped given the investments being made in new products and markets, including a French office that opened at the end of October 2011. Results are inherently H2 weighted and we would expect the current year to be no exception. Recent share price strength has narrowed the discount with the quoted peers.<br />ISIN: GB00B1VQ6H25]]></description>
      <dc:date>2012-02-10T08:29:43+00:00</dc:date>
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      <title>Beazley - Keeping balance</title>
      <link>http://www.edisoninvestmentresearch.co.uk/search/Beazley</link>
      <headline>Keeping balance</headline>
      <description><![CDATA[Edison Investment Research - Financials - Beazley: Beazley has opened the sector reporting season with the expected underwriting profit despite a record year for industry catastrophe losses. This is a result that few peers are likely to achieve and reflects the &#8220;balance&#8221; in its portfolio between volatile catastrophe insurance and other more stable lines. The impact of Thai flood losses are clearer than when Beazley last updated (it estimates a $42m hit) but prior year reserve releases were also stronger than we forecast, across all lines of business. Beazley believes the pricing cycle is gently turning upwards across its book and anticipates premium growth of 5-10%. Assuming more normal catastrophe activity in 2012 we forecast significantly improved profitability and continued dividend growth. We believe the robust balance sheet is able to support existing ambitions, both organic and inorganic (Beazley recently confirmed its ongoing interest in Hardy Underwriting which is undertaking a strategic review), from existing capital resources.<br />ISIN: JE00B64G9089]]></description>
      <dc:date>2012-02-09T16:32:25+00:00</dc:date>
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      <title>Array BioPharma - Converting assets into value</title>
      <link>http://www.edisoninvestmentresearch.co.uk/search/Array BioPharma</link>
      <headline>Converting assets into value</headline>
      <description><![CDATA[Edison Investment Research - Pharmaceutical & Healthcare - Array BioPharma: Array BioPharma has an extensive pipeline of proprietary and partnered assets and 2012 is a pivotal year that could boost Array&#8217;s relatively modest valuation. Results from seven clinical trials and $20-30m in milestones are expected in the next 12 months. Its lead candidate is selumetinib, an MEK inhibitor partnered with AstraZeneca &#8211; Astra revealed on 2 February it has a Phase III decision to make, so data from two Phase II trials in second-line lung cancer and melanoma are critical.<br />ISIN: US04269X1054]]></description>
      <dc:date>2012-02-09T16:13:46+00:00</dc:date>
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      <title>Low &amp;amp; Bonar - Strategy on track</title>
      <link>http://www.edisoninvestmentresearch.co.uk/search/Low &amp; Bonar</link>
      <headline>Strategy on track</headline>
      <description><![CDATA[Edison Investment Research - Basic Industries - Low & Bonar: Low & Bonar continues to deliver growth in earnings and dividends against its strategic roadmap while future aspirations are being underpinned by business development being undertaken now. The share price is off last year&#8217;s highs although has rallied in recent weeks, which perhaps also reflects a wider change in market sentiment. Sustained growth ahead of GDP is the focal point for further gains.<br />ISIN: GB0005363014]]></description>
      <dc:date>2012-02-09T14:07:44+00:00</dc:date>
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      <title>Silverdell - Upside to the equity story</title>
      <link>http://www.edisoninvestmentresearch.co.uk/search/Silverdell</link>
      <headline>Upside to the equity story</headline>
      <description><![CDATA[Edison Investment Research - Industrial Support Services - Silverdell: Silverdell has a clear strategy for growth. In the asbestos market it aims to increase its market share of what it calls &#8216;reputation customers&#8217; &#8211; those prepared to pay a premium price to be sure their reputation is protected. Silverdell has hired an industry expert in the specialist industrial services sector to develop the business and take a larger share of the &#163;1-5bn opportunity. This offers very attractive upside.<br />ISIN: GB00B12XK814]]></description>
      <dc:date>2012-02-09T10:46:42+00:00</dc:date>
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      <title>NWF Group - H1 profit fall</title>
      <link>http://www.edisoninvestmentresearch.co.uk/search/NWF Group</link>
      <headline>H1 profit fall</headline>
      <description><![CDATA[Edison Investment Research - Industrial Support Services - NWF Group: The unseasonally mild weather from October to January depressed demand for dairy feed and fuel oil, resulting in a sharp profit fall and downgrade to estimates. As these weather conditions were unusual, demand and therefore profits are expected to recover in FY13, but the share price drop prompted by the profits downgrade now leaves the stock trading on a low P/E multiple for FY13.<br />ISIN: GB0006523608]]></description>
      <dc:date>2012-02-09T10:05:53+00:00</dc:date>
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      <title>TransDigm Group - Evolving group</title>
      <link>http://www.edisoninvestmentresearch.co.uk/search/TransDigm Group</link>
      <headline>Evolving group</headline>
      <description><![CDATA[Edison Investment Research - Aerospace & Defence - TransDigm Group: TransDigm has developed significantly through its consistent application of its core business model of providing highly engineered, largely proprietary and sole-source products with a significant aftermarket content to the global aerospace market. With an operating strategy based around new business development, continuous improvement and value-based pricing allowing the group to benefit from the growth in commercial aerospace, we view the model as extremely attractive in these times of greater uncertainty. From this position of strength, the group has evolved through the acquisition and integration of complementary businesses that fit the model as demonstrated by the proposed acquisition of AmSafe for $750m.<br />ISIN: US8936411003]]></description>
      <dc:date>2012-02-09T09:31:51+00:00</dc:date>
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      <title>Genfit - GFT505 partnering opportunity</title>
      <link>http://www.edisoninvestmentresearch.co.uk/search/Genfit</link>
      <headline>GFT505 partnering opportunity</headline>
      <description><![CDATA[Edison Investment Research - Pharmaceutical & Healthcare - Genfit: Genfit received a timely boost to its share price and ongoing partnering discussions with positive data from a fourth Phase II study of GFT505, a dual PPAR&#945;/&#61540; agonist with potential to treat multiple risk factors associated with diabetes. Genfit now has an encouraging portfolio of efficacy and safety data on GFT505 and is in discussions with the EMA over the design of Phase IIb/III trials required for approval in NASH (non-alcoholic steatohepatitis). EMA clearance for pivotal trials, and news of a development and commercialisation partner, are potential catalysts in 2012.<br />ISIN: FR0004163111]]></description>
      <dc:date>2012-02-09T09:06:21+00:00</dc:date>
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      <title>Park Plaza Hotels - Continued strength</title>
      <link>http://www.edisoninvestmentresearch.co.uk/search/Park Plaza Hotels</link>
      <headline>Continued strength</headline>
      <description><![CDATA[Edison Investment Research - 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>
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      <title>Thales - A tricky year navigated</title>
      <link>http://www.edisoninvestmentresearch.co.uk/search/Thales</link>
      <headline>A tricky year navigated</headline>
      <description><![CDATA[Edison Investment Research - Aerospace & Defence - Thales: Thales&#8217; full year revenues and order intake aptly demonstrate the dichotomy of defence spending pressures and a buoyant civil aerospace market. With its balance of businesses, the flat organic revenues and book to bill ratio of over 1x show that where others with defence exposure are struggling, Thales is holding up, reflecting its combination of niche electronics exposure and diversified geographic spread. While uncertainty continues in Europe and the US, Thales&#8217; Probasis restructuring plan is generating efficiencies that should allow the 2011 target EBIT margin of 5% to be met.<br />ISIN: FR0000121329]]></description>
      <dc:date>2012-02-08T12:13:12+00:00</dc:date>
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      <title>Brady - Growing energy footprint</title>
      <link>http://www.edisoninvestmentresearch.co.uk/search/Brady</link>
      <headline>Growing energy footprint</headline>
      <description><![CDATA[Edison Investment Research - Technology - Brady: In its largest acquisition to date, Brady is purchasing Navita Systems for &#163;17.1m. It is also raising &#163;16.7m (net) through a share placement with institutions to fund the acquisition. The deal boosts Brady&#8217;s annual revenues by c 50% and highlights the support from institutional investors. We view Navita as another excellent fit, further strengthening the group&#8217;s ECTRM standing, broadening the solutions it can offer clients in the energy vertical, and boosting the customer base to c 250.<br />ISIN: GB00B0188P35]]></description>
      <dc:date>2012-02-07T13:21:32+00:00</dc:date>
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      <title>Gasol - African LNG optimisation</title>
      <link>http://www.edisoninvestmentresearch.co.uk/search/Gasol</link>
      <headline>African LNG optimisation</headline>
      <description><![CDATA[Edison Investment Research - Oil & Gas - Gasol: Gasol&#8217;s strategy, updated in 2011, is to monetise stranded gas assets in Nigeria and around the Gulf of Guinea and to seek additional routes to optimise gas value. It targets the West African gas-to-power market via a liquefied natural gas (LNG) monetisation route.<br />ISIN: GB00B068Y168]]></description>
      <dc:date>2012-02-07T11:00:48+00:00</dc:date>
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      <title>Allocate Software - A game of two halves</title>
      <link>http://www.edisoninvestmentresearch.co.uk/search/Allocate Software</link>
      <headline>A game of two halves</headline>
      <description><![CDATA[Edison Investment Research - Technology - Allocate Software: Allocate substantially solidified its position in H1. It now supplies 45% of all NHS trusts, all of the Australian army and is a market leader in the Australian healthcare market. Year-on-year comparisons suffer due to exceptional licensing performance last year, but the situation should reverse in H2 as the Australian Defence Force (ADF) deal drops in. Our earnings estimates are largely unchanged on a nudged-up top line, but there remains scope to exceed.<br />ISIN: GB0004368766]]></description>
      <dc:date>2012-02-06T15:09:20+00:00</dc:date>
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