Research Videos

Caledonia Mining

Edison TV | Mining | 12/12/2013

Mark Learmonth, VP of Corporate Development and Investor Relations for Caledonia Mining talks about the company’s fully indigenised Blanket gold mine, plans to grow the business and its newly announced dividend policy.

Caledonia operates its 49%-owned fully indigenised Blanket gold mine in Zimbabwe. Since 2009 it has quadrupled gold production at Blanket and currently looks to produce 44koz of gold for 2013 at lowest quartile cash costs. Caledonia also conducts exploration activities at its Nama base metals project in Zambia.

TransAtlantic Petroleum

Edison TV | Oil & Gas | 12/12/2013

TransAtlantic Petroleum is in the midst of a US$130m, 38-well drilling programme, which applies North American oil and gas technology to Turkish and Bulgarian oil and gas basins. It successfully tested both horizontal drilling and fracking methods on Turkish assets in the first half of the year, and we expect the current drilling programme to progress, potentially increasing production from the current 4.7mboe/d to over 9.0mboe/d by 2015.

Goldcrest Resources

Edison TV | Mining | 12/12/2013

Goldcrest Resources is a UK-listed gold exploration company with an interest in two principal projects covering over 700km sq of prospective ground in north-east Ghana. Goldcrest’s aim is to build a unified, focused gold exploration and development company, and it has recently announced its intention to move its listing to the AIM market.

Managing director Frederick Bell outlines the historical exploration activity that has been undertaken at its Zamsa and Fumbisi licence areas and highlights the opportunity they present to Goldcrest. He also comments on the attractiveness of the region for gold exploration and the benefit to Goldcrest of the significant exploration data compiled by Randgold Resources, which held the licences until its strategic withdrawal from Ghana in early 2009.

Fusionex International

Edison TV | Software & Computer Services | 06/12/2013

Executive interview with Ivan Teh, founder, CEO and managing director of Fusionex, the Malaysian enterprise software and solutions provider.

Fusionex has grown rapidly since its foundation in 2005. It now has over 150 employees, an international customer base and a range of products serving the transaction processing and business information segments.

In this video interview Ivan discusses the development of Fusionex, its products, its ambitions beyond its current Southeast Asian base and the considerable potential ‘Big Data’ offers.

paragon AG

Edison TV | General Industrials | 05/12/2013

paragon was founded 25 years ago by current chairman and majority shareholder, Klaus Dieter Frers. The company has grown to become a key innovator in the automotive sector.

The bulk of sales are to the German premium car segment and straddle three established divisions: Cockpit (2012: 40% sales), Sensors (38%) and Acoustics (16%). The group also includes two high-growth divisions: Body Works Kinematics (5%) and Electromobility (1%).

The EBITDA margin fell to 12.1% in Q113, but cost management has helped it recover to 16.1% in Q2. Management expects revenues to grow by 10% pa over the next three years, reaching €100m by 2016, driven by demand for electric battery systems (Electromobility) and adjustable spoiler systems (Body Works Kinematics).

Frontier Developments

Edison TV | Leisure Goods | 05/12/2013

Frontier Developments is a successful software technology company focused on videogames, which floated on AIM in July 2013. Historically it has mainly developed games for third parties, such as ‘Zoo Tycoon’ on the recently launched Microsoft Xbox One. Going forward, it will take advantage of changes in the games market and significant new digital distribution opportunities, which put a high value on content ownership. Frontier’s CEO David Braben co-authored the seminal ‘Elite’ game and its sequel, ‘Elite: Dangerous’ is due to be released in 2014.

XP Power

Edison TV | Technology Hardware & Equipment | 04/12/2013

XP Power designs, manufactures and distributes power converter solutions to the industrial, healthcare and technology markets. The company has production facilities in China and Vietnam, and design, service and sales teams across Europe, the US and Asia.

Canadian General Investments

Edison TV | Investment Trusts | 02/12/2013

Canadian General Investments (CGI) is an investment company domiciled in Canada and listed on both the LSE and TSX, which invests in listed Canadian equities with the aim of providing a ‘one-stop-shop’ for Canada. Managed by Morgan, Meighen and Associates since 1956, CGI’s portfolio is constructed using a bottom-up stock picking approach. CGI pays quarterly dividends and has just increased its quarterly payment by 33% to C$0.08 per share. Reflecting its status as a Canadian investment corporation, CGI also pays a special capital gain dividend in December each year and currently offers a total yield of c 4.5%.

Albioma

Edison TV | Alternative Energy | 29/11/2013

Albioma is an independent energy producer active in the thermal (biomass/coal), solar and anaerobic digestion power-generation sectors. The thermal generation business is the largest of Albioma’s three operating divisions in terms of installed capacity, output, revenue generation and profits, with the majority of the capacity located in the overseas departments of Reunion, Guadeloupe and Martinique. Privately negotiated long-term contracts underpin Albioma’s key thermal generation business and provide financial visibility. The proposed investment plan, designed to expand the business in areas of core expertise, should lead to an acceleration of growth beyond 2014. In the meantime, the shares trade at a discount to €20/share, the average of our peer group valuation analysis and DCF.

Bloomsbury Publishing

Edison TV | Media | 28/11/2013

Best known for its successful adult and children’s trade lists, Bloomsbury Publishing now generates 31% of revenues and 43% of operating profits from its Academic & Professional division. Digital revenues form a growing proportion of the group, with online subscriptions and digital delivery formats in Academic & Professional and eBook sales representing 13%of title sales. Bloomsbury’s roots are in the UK, but it has growing sales in other English language markets including the US, Australasia and India, and has grown through a mix of organic growth and acquisition. The group was founded in 1986 and floated in 1994.

JP Morgan European Smaller Companies Trust

Edison TV | Investment Trusts | 25/11/2013

JP Morgan European Smaller Companies Trust invests in small-cap Continental European equities primarily in the €100m-2.5bn range. The two fund managers, Jim Campbell and Francesco Conte, have worked together for over 15 years and apply their knowledge and judgement with the assistance of a proprietary screening tool developed by JPMorgan Asset Management. The trust has performed well with, for example, an NAV total return of 52% in the year to end October 2013 compared with a return of 43% for its European benchmark.

In this interview Francesco Conte explains how the managers select stocks, discusses themes that contributed to performance and the potential for further gains in European markets in 2014. He highlights an encouraging emerging trend in the consumer sector that should benefit the portfolio.

Global Bioenergies

Edison TV | Alternative Energy | 25/11/2013

Global Bioenergies (GBE) is developing unique biological processes for converting renewable feedstocks into hydrocarbons, which can then be produced on an industrial scale. The next phase of its development will involve building an industrial pilot for isobutene over the next two years to prove the proprietary process is scalable. If this is successful, the unique patented technology, for a cost-efficient, single-step fermentation process, will be licensed to industrial partners, producing licence fees and ongoing royalties for GBE. The intention is then to replicate this process for other olefins, where technological progress has already been made.

The company recently announced two stages of funding for the isobutene industrial pilot. As well as the recent €23m capital increase, it will receive €4m from French state sources from a €5.2m package in alliance with Arkema and the Centre National de la Recherche Scientifique (CNRS). The capital increase will cover the remaining €3.3m for the first pilot, plus the estimated €15m capex requirement for the second pilot, as well as enabling further progress with its butadiene and propylene processes and the start of further new programmes. Management is currently exploring prospective sites and industrial partners for the second pilot, with more details expected to be announced in H114.

The Merchants Trust

Edison TV | Investment Trusts | 25/11/2013

Executive interview with Simon Gergel, fund manager of The Merchants Trust and CIO UK Equities at Allianz Global Investors. The Merchants Trust is a UK growth and income trust managed using a value-driven investment style. It pays quarterly dividends, offers an above-average yield and has a 31-year record of uninterrupted dividend growth.

Avon Rubber

Edison TV | Aerospace & Defence | 20/11/2013

Avon Rubber designs, develops and manufactures products in the respiratory protection, defence (75% of 2013 sales) and dairy (25%) sectors. Its major contracts are with national security and safety organisations such as the DoD.

The group’s consistent strategy has delivered a strong set of FY13 results, with revenue up 17%, operating profit up 22% and EPS up 32%. Growth is being driven by new products and expansion in international markets.

Deltex Medical

Edison TV | Healthcare Equipment & Services | 11/11/2013

Deltex Medical is a UK medical device company that manufactures and sells the NICE-approved CardioQ-oesophageal Doppler monitor and disposable probes for haemodynamic monitoring. This reduces recovery times and cuts readmissions after high-risk and major surgery due to better fluid management. US data support the use of CardioQ in enhanced surgical recovery, saving over $5,000 per patient.

Outsourcery

Edison TV | Software & Computer Services | 06/11/2013

Interview with Piers Linney, founder and co-CEO of Outsourcery, an innovative cloud services provider that recently raised £13m from its IPO. Through its partner network, it plans to revolutionise how businesses buy unified communications and technology.

dotDigital

Edison TV | Software & Computer Services | 04/11/2013

dotDigital’s business is now clearly focused around its SaaS-based email marketing automation platform, dotMailer. It is finding increasing success in selling into the mid-market corporate segment, where lifetime value from contracts can be optimised. Email remains the preferred communication channel of UK consumers, as well as being an efficient, high-return marketing option for brand owners. dotDigital is also making early inroads in the huge US digital marketing communications market. The group was established in 1999 and listed on AIM in 2011.

Green Dragon Gas

Edison TV | Oil & Gas | 29/10/2013

“Green Dragon Gas (GDG) is arguably the leading coal bed methane (CBM) independent in China. Upstream operations are focused on six production sharing contracts (PSCs) in the east-central and south of the country. Proved and probable reserves have recently been sharply increased following a drilling programme on GDG’s properties by third parties. Reserves on the 1P and 2P definitions now stand at 300bcf and 600bcf respectively, against 59bcf and 313bcf respectively. On a 3P basis reserves are a substantial 2,600bcf, up from 2,508bcf previously. Production was running at 2.84bcf annualised in Q313 and is scheduled to exceed a 5bcf exit rate by end-2013. GDG is expecting to achieve its longstanding exit production objective of 18bcf (roughly 0.5% of China’s current gas production) by end-2014. The reserve upgrades have increased confidence in GDG’s ability to achieve these objectives.

GDG also has downstream interests based on a CNG (compressed natural gas) transportation business and a network of CNG retail stations in Henan province. At the end of June 2013 six retail stations were commissioned with a further two awaiting commissioning. The long-term plan is to establish a 31 CNG station network.”

Shanks

Edison TV | Support Services | 29/10/2013

“Shanks Group provides integrated waste management, recycling and disposal services. The business operates in four market-facing segments: solid waste, hazardous waste, organics and UK municipal. The business also operates in four countries: the Netherlands, Belgium, the UK and Canada. Shanks’ vision is “to be the leading provider of sustainable waste solutions” in its target markets.

The recently announced disposal of its UK solid waste business marks further delivery of Shanks’ strategic objective of building a platform for growth by managing its portfolio of businesses. The disposal of this loss-making business will lead to an improvement in ongoing profitability and free resources to focus on areas where Shanks has a strategic advantage.”

Utilico Emerging Markets

Edison TV | Investment Companies | 30/09/2013

Watch an Executive Interview with Charles Jillings, Investment Manager of Utilico Emerging Markets, a closed-ended investment trust, which aims to provide long-term total return by investing predominantly in infrastructure, utility and related sectors, mainly in emerging markets.

Mkango Resources

Edison TV | Mining | 25/09/2013

Watch an Executive Interview with Will Dawes, CEO of Mkango Resources, a Canadian mineral exploration and development company focused on rare earth elements and associated minerals in the Republic of Malawi. It holds a 100% interest in two exclusive prospecting licences covering a combined area of 1,751 km² in southern Malawi.

International Greetings

Edison TV | Consumer Goods | 24/09/2013

Watch an Executive Interview with Paul Fineman, CEO of International Greetings, the world’s leading designer, manufacturer, importer and distributor of gift packaging, stationery and creative play products. The company is focused on supplying these products to major retailers online and across the world.

IQE

Edison TV | Technology Hardware & Equipment | 24/09/2013

Watch an Executive Interview with Chris Meadows, Investor Relations Manager of IQE, the world-leading compound-semiconductor wafer manufacturer. IQE’s material is used in a wide variety of components, with recent growth driven primarily by developments in mobile wireless technology. Other applications for its materials are CPV solar cells, LEDs, high-density storage and power electronic devices.

Genel Energy

Edison TV | Oil & Gas | 20/09/2013

Watch an interview with Will Forbes, Oil & Gas analyst at Edison. Will discusses Genel Energy, the Kurdistan-focused E&P company led by former BP CEO Tony Hayward, which has made great strides in 2013 with production increases and exploration success in Kurdistan. The company is preparing for an extensive African drilling campaign in 2013/14.

Augean

Edison TV | Support Services | 16/09/2013

Watch an Executive Interview with Stewart Davies, the new CEO of Augean, one of the UK’s leading specialist waste management businesses. Stewart discusses his initial impressions of the group and highlights some key strategies that will be implemented to increase the company’s competitive edge.

Vislink

Edison TV | Technology Hardware & Equipment | 09/09/2013

Vislink is a global technology business specialising in the collection and delivery of high-quality video and associated data from the field to point of usage.

Stratec Biomedical

Edison TV | Pharmaceuticals & Biotechnology | 17/07/2013

Stratec Biomedical designs and manufactures sophisticated automated instruments and software for global companies like DiaSorin, Abbott and Siemens. It is rooted in long-term relationships (68.6% of 2012 revenues were from four customers), growing profits over 10-15-year product life cycles with an installed base of perhaps 12,000 units generating service part revenues. Sales have grown at an average of 20% per year since the 1998 IPO.

PZ Cussons

Edison TV | Consumer Goods | 12/07/2013

PZ Cussons is a long-established consumer goods company, which is headquartered in the UK and controlled and run by the Zochonis family. The market capitalisation is £1.5bn. 51% of sales and 41% of operating profits are from emerging markets. Its main areas of operation are in Europe, Nigeria, and Indonesia. It has many brands, including Imperial Leather, Carex, Charles Worthington, Fudge, and Sanctuary.

Creston

Edison TV | Media | 10/07/2013

Creston is a group of marketing services businesses across the communications, health communications and market research sectors. It has a very high-quality and broadly spread client list, based primarily in the UK and the US, and has strong digital capabilities. Founded 12 years ago, its original buy-and-build strategy has evolved into a growth strategy based on winning new business and up- and cross-selling, with start-ups and infill acquisitions to deliver additional capabilities.

Arian Silver

Edison TV | Mining | 11/06/2013

Watch an Executive Interview with Jim Williams, CEO of Arian Silver, who explains the company’s plans to convert from a trial mining/toll milling business model to a 1,500 tonnes per day, full capacity, owner-operated mine and mill at its San Jose licence in Zacatecas in Mexico. In the same interview, Jim also looks at some of the macroeconomic influences on the silver price at the moment and why the long-term future continues to look bright.

Innovation Group

Edison TV | Software & Computer Services | 03/06/2013

“Watch an Executive Interview with Andy Roberts, CEO of Innovation Group, which provides outsourcing and software to the insurance industry and related sectors. The group’s solutions help provide much-needed efficiencies and flexibility to insurance providers.

In this interview, Andy discusses how the divisions of the business fit together, including the growing US operations. The interviewer also questions him on how receptive the end-market is to Innovation’s solutions.”

e-Therapeutics

Edison TV | Pharmaceuticals & Biotechnology | 31/05/2013

“Watch an Executive Interview with Daniel Elger, CFO of e-Therapeutics plc, a UK-based drug company that has developed proprietary network analysis technology to discover drug candidates. ETS2101 is the most advanced drug candidate and remains the company’s top priority. It is a synthetic cannabinoid, which is in Phase I studies for brain cancers (US) and for a number of solid tumours (UK), with full results expected in Q413 and Q114 respectively.

e-Therapeutics is funded to progress its key projects through to key valuation inflection points, with the principal factor being the results of the proof-of-concept trial for ETS2101 in glioma, which should lead to a licensing deal in 2017 if positive.”

Condor Gold

Edison TV | Mining | 30/05/2013

Watch an Executive Interview with Mark Child, Chairman of Condor Gold which is a UK-based, AIM-listed exploration company focused on proving a large commercial reserve on its 100%-owned La India Project in Nicaragua. Mark introduces the company and discusses the operating environment in Nicaragua. He also comments on the company’s resource target and the benefits of open-pit mining.

Euromoney Institutional Investor

Edison TV | Media | 15/05/2013

“Analyst Interview with Iain Daly, Media Analyst at Edison, who discusses the investment case for Euromoney Institutional Investor, the £1.3 billion market cap, global business publishing and information group, headquartered in the UK, but with operations around the world.

Euromoney’s primary focus is on providing information, research, training and events to the global capital markets and hard/soft commodity industries. More than 50% of group revenues now come from subscriptions and 28% from emerging markets. Approximately two-thirds of revenue is invoiced in US dollars. Euromoney is majority owned by Daily Mail & General Trust, but operates as a wholly autonomous unit within the DMGT portfolio.”

Sucampo Pharmaceuticals

Edison TV | Pharmaceuticals & Biotechnology | 15/05/2013

“Christian Glennie, Healthcare Analyst at Edison, discusses the investment case for Sucampo Pharmaceuticals, a US-based pharmaceutical company, which recently obtained regulatory approval for an important new use of its constipation drug, Amitiza. The approval caused a major re-rating of the stock and Christian reviews further potential catalysts, the key challenges for Sucampo and his approach to valuing the company.

The FDA has now approved Amitiza to treat opioid-induced constipation (OIC) in adults with chronic, non-cancer pain. The drug has been marketed in the US since 2006 and is used to treat chronic and irritable bowel related constipation disorders. OIC affects c 2.5m patients in the US, and with Amitiza the only available therapy and safety concerns over potential competitors, OIC is a significant new market opportunity.”

Amara Mining

Edison TV | Mining | 14/05/2013

“Executive Interview with Katharine Sutton of Amara Mining, the dual-listed (AIM and TSX) gold producer, which has one producing mine in Burkina Faso, one development project in Sierra Leone and one exploration prospect in the Ivory Coast.

With its experience of bringing new mines into production, Amara aims to further increase its production profile with its highly prospective exploration work at all three projects. The directors and managers believe West Africa is one of the most exciting regions for gold exploration and production today. Relatively undeveloped, the region also offers excellent exploration potential, sound mining codes and a welcoming approach to foreign investors.”

Rolls Royce

Edison TV | Aerospace & Defence | 14/05/2013

“Executive Interview with Simon Goodson of Rolls-Royce Holdings, which provides integrated power solutions for customers in civil aerospace, defence, marine and energy markets. Simon discusses Rolls-Royce’s competitive edge and its opportunities for growth.

Rolls-Royce supports its customers through a worldwide network of offices, manufacturing and service facilities. In the past decade, Rolls-Royce has transformed its business. Today, it is truly global, with over half the order book from the Middle East and Asia. Its portfolio has become more diversified through organic growth and acquisition and the company has significantly increased the revenues generated from servicing the power systems it produces.”