Edison Investment Research is terminating coverage on Touchstone Innovations (IVO). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.
Companies: Touchstone Innovations
Alpha Financial Markets Consulting— Global provider of specialist consultancy services to the asset and wealth management industry. Due Oct. Revenue of £6.7 million for the year ended 31 March 2011 to £43.6 million for the year ended 31 March 2017. Offer TBA. Due 11 Oct.
Cora Gold— West African focused gold exploration business, significantly enlarged by the amalgamation of the gold exploration assets in Mali and Senegal of Hummingbird Resources and Cora Gold's former parent, Kola Gold. Due 9 O
Companies: VEL EME G3E LWRF C21 IVO EVG VNET GWI
Quiz—Sch 1 from the omni-channel and international own brand in the women's value fast fashion sector. Offer TBA. Expected late July. Last year Quiz posted sales of £87.4m while pre-tax profits grew by 17pc to £5.7m | Arena Events Group -provider of temporary physical structures, seating, ice rinks, furniture and interiors. Raising £60m. Mkt cap £63m. Expected on the Chef’s birthday. 25th July. | Altus Strategies—African focused natural resource Company. Offer TBC. Expected Mid July. | Harvey Na
Companies: CCT IOF BOD CNMI STKR CRV DX/ IVO OSI
FFI Holdings— specialist in the provision of completion contracts to the entertainment industry for films, television, miniseries and streaming product. Offer TBA. Expected 30 June.
QUIZ— omni-channel fast fashion womenswear Company intention to float. Due July 2017. Offer TBA
Ethernity Networks—Schedule 1 from Israeli based specialist in data processing technology used in high end carrier ethernet applications across the telecom, mobile, security and data centre markets . Expected late June.
Companies: IDP SKIN IVO MSYS CTH SAR SAE PTSG MWE MAFL
Touchstone Exploration— Oil exploration and production company active in the Republic of Trinidad and Tobago. Interests of approximately 90,000 gross acres. Production c. 1,300 boepd. Raising £1.45m. Expected mkt cap £7.5m. Due 26 June. | I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 7 June
admission. | Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and ab
Companies: IDP IVO HAIK GDP TERN BNN AFHP EVG BIRD FLTA
EJF Investments— Publication of prospectus from the closed-ended investment company investing in assets benefitting from regulatory and structural change in the financial services sector. To join Specialist Fund Segment of the Main Market | ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. | Franchise Brands—Schedule 1 detailing £
Companies: FREE MUR APP GTC CNS SQZ IVO SO4 WTI HDD
Touchstone Innovations’ (IVO) portfolio continues to grow – net portfolio value rose by £47.7m to £382.8m, mainly driven by investments of £29.0m across 18 companies (vs £27.5m in 17 companies in H116) and a fair value gain of £26.5m (mainly from a £21.9m uplift in the value of PsiOxus). Four new additions to the portfolio across both tech and healthcare, and the advancement of projects in both the UCL technology fund and Apollo Therapeutics, continue to strengthen the early-stage pipeline. We a
AFC Energy (AFC.L) | Touchstone Innovations (IVO.L) | 4D Pharma (DDDD.L) | FairFX (FFX.L) | Versarien (VRS.L) | Abzena (ABZA.L) | MetalNRG (NEX:MNRG) | Valiant Investments ( N E X : V A L P ) | Vernalis (VER.L) | Satellite Solutions (SAT.L)
Companies: AFC IVO DDDD EQLS VRS ABZA VER SAT
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify soluti
Companies: ALM BLTG FTC IPO IQE TERN IVO SAT
Touchstone Innovations (IVO), the new name for Imperial Innovations, aligns the brand behind its evolving and diversified portfolio. Strong newsflow in the final months of 2016 capped a year of momentum for Innovations. Notably in December PsiOxus Therapeutics secured a $936m deal with Bristol-Myers Squibb (BMS) for its next-generation ‘armed’ oncolytic virus (NG-348). This was the largest deal for an Innovations portfolio company, leap-frogging the $790m collaboration between Crescendo Biologic
Warpaint London—Schedule one update. Raising £2.5m at 97p. Expected mkt cap £62.6m vs revenues of £22.3m
Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November
Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December.
Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due
Companies: RDT MKT GROW BLU TRAK KOD IVO TRX AKR MTR
A strong year for Imperial Innovations (IVO) was defined by continued momentum in the unquoted portfolio, a strengthened balance sheet and the extension of connections to university IP. The net portfolio value (£335.1m) grew over FY15 (£327.2m), but was affected by the disappointing Phase III Cat SPIRE results from Circassia. Multiple inflection points approach in FY17 and IVO is in a strong position to continue to drive value across its entire portfolio.
CAMBRIDGE COGNITION HLDGS PLC (COG LN) | CRIMSON TIDE PLC (TIDE LN) | IDEAGEN PLC (IDEA LN) | IMPERIAL INNOVATIONS GROUP (IVO LN) | IOFINA PLC (IOF LN) | VERSARIEN PLC (VRS LN) | VIANET GROUP PLC (VNET LN)
Companies: COG IVO TIDE IDEA VRS IOF VNET GRL LION POW
Imperial Innovations diversified investment portfolio includes seven unquoted oncology-focused companies (excluding the recently announced Artios Pharma), which represent 20% (72m) of total portfolio value. These companies (six in therapeutics, one in medtech) are focused on improving cancer care through the development of proprietary technology platforms, therapeutics and diagnostics. The size of recent funding rounds led by Innovations points to the increasing momentum in and maturity of this
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We currently have 34 research reports from 5
We update our forecasts to take account of (1) Group 2020/2021 Annual Report & Accounts released in September (2) 1Q IMS released in October (3) End October 2021 FUM update in early November. Key points include:
Group Funds Under Management “FuM” remain circa US$11 bn; in October there was a small uptick which may indicate small net inflows.
Strong investment performance across CLIG’s investment strategies (Exhibit 3 shows performance over 5 years relative to peers and benchmarks).
Companies: City of London Investment Group PLC
Companies: Oakley Capital Investments
Mercia has provided a positive update on a number of fronts. H1 adj. operating profit is running materially ahead of market expectations. Another performance fee has been crystallised in the NVM VCTs (£1.6m net). Valuation gains in H1 were better than expected driving >£10m H1 comprehensive net income. We incorporate this into our model, driving a +72% upgrade to FY22e adj. EBITDA (+23% u/l to £3.7m excl. performance fees) and a +4% increase to our NAV. We reiterate our 50p/sh SOTP valuation dri
Companies: Mercia Asset Management PLC
Liontrust has reported a strong, in line H1 performance (+93% adj. PBT) on continued organic growth including £2.1bn net inflows YTD, as well as a full period contribution from Architas. The H1 outturn has covered 47% of our FY adj. PBT estimate, which we leave unchanged. AuM has continued to grow: +2.2% to £36.5bn in Q3 so far – momentum has been sustained. We think the valuation is not challenging given the outlook for growth. We set a 2450p 12m Target Price (18x FY23e PER) and a BUY recommend
Companies: Liontrust Asset Management PLC
MJ Hudson (MJH) has delivered a solid set of FY21A results, with organic revenue growth of +14% YoY (FY20A 4%) and Adj EBITDA of £5.6m (broadly in line with our £5.7m forecast). Pro forma EBITDA for the group at June-21A stood at £6.8m (and is c£7.0m once SCFL, acquired post period end, is included). We note that our FY21E Adj EBITDA forecast is currently £7.1m, and hence factors in only minimal organic growth, despite the fact that positive momentum from H2/FY21A has continued into the current
Companies: MJ Hudson Group Plc
Evidencing the strength of Belvoir’s long-term growth strategy and the very buoyant conditions in the UK housing market in 2021, the company has detailed that trading in the ten months to the end of October was ahead of expectations. Lettings income was up 21% and Housing Sales income up 65%, driving total Property gross profit up 29%. Financial Services gross profit increased 39%. We have upgraded FY 2021E EPS by 3%. While we maintain our view that next year will likely see more normal housing
Companies: Belvoir Group PLC
Gore Street Energy Storage Fund (GSF) has announced that Kilmannock, one of the Company’s ROI
assets in construction, has secured an additional grid connection volume allocation of 90MW (in
addition to the 30MW). The initial 30MW benefits from a six-year fixed price contract, while the
remaining capacity can primarily derive revenues from extra capacity which could be used forwholesale
trading or the volume uncapped DS3 market (Delivering a Secure Sustainable Electricity System). GSF
Companies: Gore Street Energy Storage Fund PLC
Companies: Chrysalis Investments Limited
Mercia reported a strong rise in the NAV of its Northern Venture Trust (NVT) subsidiary, reflecting the IPO of musicMagpie and other successful exits, leading to Mercia receiving a net performance fee of £1.6m. As a result, together with Mercia’s substantially recurring management fees, management expects H122 PAT to exceed £10m, with the FY22 adjusted operating profit (excluding the NVT net performance fee) expected to be materially ahead of market forecasts. The shares trade at a larger discou
Gore Street’s confirmation of a 90MW capacity increase at Kilmannock is a clear positive in our view and takes the fund’s portfolio to over 600MW of projects either operating or under construction. These are split between the GB market and the all-Ireland market with the fund now owning the largest portfolio of storage assets in Ireland. In the GB market price volatility continues to be strong and we expect the fund’s assets to be benefiting from this.
Aviva’s trading update came with some satisfaction, albeit in line with what it had been guiding. All indicators are “on track” as communicated by the firm. The interesting area will come, in our view, from the pressure that activist Cevian is exercising on the firm to distribute more excess capital.
Companies: Aviva plc
Companies: Real Estate Credit Investments Limited
A key focus for the company in 2021/22 was to de-gear the Balance Sheet with sales at or above book value. Two separate property sales in Bristol, One Castle Park (£20m) and 135 Aztec West (£3.9m), have been agreed well ahead of their March 2021 book value and when the former completes in mid-December pro forma net LTV will reduce to c29%. Further sales of assets where the company has carried out its business plan can be expected, which would provide even greater financial firepower for acquisit
Companies: Circle Property Plc
Record’s H122 results showed benefits from its growth and diversification strategy. Its first new product, a sustainable fund, is increasing AUM and there is a pipeline of further opportunities with the potential to add further AUM and produce a richer fee mix. Board confidence in the outlook is evident in the step up in the ordinary dividend.
Companies: Record plc
Avation is a lessor of 42 commercial aircraft to a diversified airline client base. This morning, the group has provided an update to coincide with its AGM, that illustrates the further progress made and wider developments in the first five months of the current financial year. The group presently has three ex-Virgin Australia ATR 72-600 aircraft subject to a sale agreement with Aegean Airlines, three further ATR 72-600 aircraft that may be sold or leased and an A320 due to transition from Air F
Companies: Avation PLC