Current analyst assessments
On this page you will find current analyst assessments of renowned research houses, which make their assessments on the business development of listed companies available for publication and distribution via our content partner EQS-Newswire.
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25 June 2025 01:35PM
Edison issues report on Worldwide Healthcare Trust (WWH)
London, UK, 25 June 2025
Edison issues report on Worldwide Healthcare Trust (WWH)
Edison issues report on Worldwide Healthcare Trust (LSE: WWH).
Worldwide Healthcare Trust (WWH) is celebrating its 30-year anniversary. While recent performance is not what co-managers Sven Borho and Trevor Polischuk at global healthcare specialist OrbiMed wo...
Edison Investment Research Limited
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24 June 2025 01:30PM
Volatility put into context
Hardman & Co Research on Volta Finance Limited (VTAS):
Volatility put into context
In this report we review Volta’s volatility during recent “crisis” periods (2025 tariff uncertainty, Russia’s 2022 invasion of Ukraine, early COVID-19 experience). In one of these events, Volta’s share price showed more volatility than that of equity markets...
Hardman & Co Research
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19 June 2025 12:17PM
HAN)
BMG428941162
London, UK, 19 June 2025
Edison issues report on Hansa Investment Company (LSE: HAN)
Edison issues report on Hansa Investment Company (LSE: HAN).
Hansa Investment Company (HICL) yesterday announced that its board has reached a preliminary agreement with Ocean Wilsons’ board on the terms of a possible all-share combination. Under the deal, ...
Edison Investment Research Limited
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17 June 2025 10:31AM
Edison issues report on Partners Group Private Equity (PEY)
London, UK, 17 June 2025
Edison issues report on Partners Group Private Equity (PEY)
Edison issues report on Partners Group Private Equity (LSE: PEY).
Partners Group Private Equity Ltd’s (PEY’s) NAV total return (TR) improved after a weaker period to 11.4% in FY24 in euro terms. It was bolstered by the successful exit of SRS Distribution (...
Edison Investment Research Limited
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17 June 2025 08:15AM
Hardman Talks Videos | ICG Enterprise Trust ‘Your questions answered – Interviews 1 and 2’
Hardman Talks Video Interviews | ICG Enterprise Trust ‘Your questions answered' (two-part series)
In this two-part Hardman Talks series Keith Hiscock, CEO of Hardman & Co, meets with Colm Walsh, Managing Director of ICG Enterprise Trust, to answer readers' questions across a range of topics. Due to the volume of questions received we have spli...
Hardman & Co Research
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10 June 2025 10:13AM
Edison issues report on Finsbury Growth & Income Trust (FGT)
London, UK, 10 June 2025
Edison issues report on Finsbury Growth & Income Trust (FGT)
Edison issues report on Finsbury Growth & Income Trust (LSE: FGT).
Finsbury Growth & Income Trust (FGT) is managed by Nick Train and Madeline Wright at Lindsell Train. They are disappointed by the trust’s performance but have a high degree of ...
Edison Investment Research Limited
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10 June 2025 10:10AM
Edison issues report on Franklin Global Trust (FRGT)
London, UK, 10 June 2025
Edison issues report on Franklin Global Trust (FRGT)
Edison issues report on Franklin Global Trust (LSE: FRGT).
Franklin Global Trust (FRGT) was formerly the Martin Currie Global Portfolio Trust. Since October 2018 it has been managed by Zehrid Osmani, who is head of Franklin Templeton’s Edinburgh-based Global Long...
Edison Investment Research Limited
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10 June 2025 10:06AM
Edison issues report on BB Biotech (BION)
London, UK, 10 June 2025
Edison issues report on BB Biotech (BION)
Edison issues report on BB Biotech (BION).
During 2024 and early this year, the biotech sector began to show signs of a structural recovery, supported by positive clinical data, regulatory approvals, lower interest rates, commercial execution and Johnson & Johnson’s acq...
Edison Investment Research Limited
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28 May 2025 03:14PM
Edison issues report on Rockwood Strategic (RKW)
GB00BRRD5L66
London, UK, 28 May 2025
Edison issues report on Rockwood Strategic (RKW)
Edison issues report on Rockwood Strategic (LSE: RKW).
Rockwood Strategic (RKW) is managed by Richard Staveley at Harwood Capital. He has a differentiated approach, aiming to generate a 15% annual internal rate of return (IRR) over a rolling five-year period from a co...
Edison Investment Research Limited
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21 May 2025 03:19PM
OCN)
London, UK, 21 May 2025
Edison issues report on Ocean Wilsons Holdings (LSE: OCN)
Edison issues report on Ocean Wilsons Holdings (LSE: OCN).
Q125 was a volatile period for Ocean Wilsons Holdings, but its investment portfolio demonstrated resilience. Wilson Sons traded well in the period and the disposal of the subsidiary remains on track t...
Edison Investment Research Limited
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21 May 2025 01:30PM
Investing in resilience, delivering growth
Hardman & Co Research on ICG Enterprise Trust plc (ICGT):
Investing in resilience, delivering growth
The key message from ICGT’s FY’25 results (to January) is the continued strength of the operating companies, which delivered, on average, 15% LTM EBITDA growth. Margins have widened by ca.4% (average revenue growth 11%), which should help al...
Hardman & Co Research
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20 May 2025 12:30PM
Real Estate Credit Investments (RECI) - Meeting any potential macro challenges head on
Hardman & Co Research on Real Estate Credit Investments (RECI):
Meeting any potential macro challenges head on
In our view, there remains great uncertainty over the effects of tariffs and whether the US/global economies will fall into a recession. Over the past six years, we have written many times on RECI’s resilient model. In this note,...
Hardman & Co Research
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19 May 2025 05:22PM
Edison issues report on Deutsche Beteiligungs (DBAN)
London, UK, 19 May 2025
Edison issues report on Deutsche Beteiligungs (DBAN)
Edison issues report on Deutsche Beteiligungs (FRA: DBAN).
Deutsche Beteiligungs’ (DBAG’s) investment activity in Q125 was limited to one closed private equity (PE) investment (replacing external financing at an existing holding) and one private debt investment, w...
Edison Investment Research Limited
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19 May 2025 04:24PM
Edison issues report on Georgia Capital (CGEO)
London, UK, 19 May 2025
Edison issues report on Georgia Capital (CGEO)
Edison issues report on Georgia Capital (LSE: CGEO).
Georgia Capital (GCAP) delivered a solid NAV total return of 11.2% in Q125 in local currency terms (9.8% in GBP), continuing its strong 15.1% growth per annum since end-2018. Q125 NAV growth was driven primarily by Li...
Edison Investment Research Limited
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16 May 2025 04:33PM
Edison issues report on VinaCapital Vietnam Opportunity Fund (VOF)
London, UK, 16 May 2025
Edison issues report on VinaCapital Vietnam Opportunity Fund (VOF)
Edison issues report on VinaCapital Vietnam Opportunity Fund (LSE: VOF)
Over the 12 months to end-March 2025, VinaCapital Vietnam Opportunity Fund (VOF) reported a 4.7% decline in NAV per share on a sterling total return (TR) basis, driven predomina...
Edison Investment Research Limited
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16 May 2025 09:45AM
30 new venue contracts and pipeline remains strong
Hardman & Co Research on accesso Technology Group:
30 new venue contracts and pipeline remains strong
FY24 results, released last month, were in line with its January trading update. Revenues grew by 5.3%, when excluding discontinued components, while cash EBITDA eased by 3.4% to $22.8m to reflect a margin of 15.0%. Management is cautious o...
Hardman & Co Research
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12 May 2025 04:25PM
2024 - short-term noise over long-term growth
Hardman & Co Research on NB Private Equity Partners (NBPE):
2024 - short-term noise over long-term growth
Like many in the PE space, NBPE’s 2024 total $ NAV return (1.5%) was below the five-year average (11.0%), driven by falling valuations of listed holdings and forex. The private company growth (6.9% constant currency) was also below av...
Hardman & Co Research
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09 May 2025 05:17PM
Edison issues report on Baker Steel Resources Trust (BSRT)
London, UK, 9 May 2025
Edison issues report on Baker Steel Resources Trust (BSRT)
Edison issues report on Baker Steel Resources Trust (LSE: BSRT).
Baker Steel Resources Trust (BSRT) has announced that Futura Resources (one of its largest holdings, making up 33.1% of end-April 2025 NAV) obtained a US$15m loan from International Resources Ho...
Edison Investment Research Limited
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09 May 2025 01:39PM
Edison issues report on BlackRock Latin American Inv. Trust (BRLA)
London, UK, 9 May 2025
Edison issues report on BlackRock Latin American Inv. Trust (BRLA)
Edison issues report on BlackRock Latin American Inv. Trust (LSE: BRLA).
BlackRock Latin American Investment Trust’s (BRLA’s) lead co-manager Sam Vecht reiterates his enthusiasm for a region that is out of favour with other investors. He recognises th...
Edison Investment Research Limited
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09 May 2025 12:33PM
Edison issues report on Gresham House Energy Storage Fund (GRID)
London, UK, 9 May 2025
Edison issues report on Gresham House Energy Storage Fund (GRID)
Edison issues report on Gresham House Energy Storage Fund (LSE: GRID).
Gresham House Energy Storage Fund (GRID) is the largest owner and operator of battery energy storage systems (BESS) in Great Britain, with the operational portfolio representing 17% ...
Edison Investment Research Limited
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09 May 2025 12:16PM
Edison issues report on Canadian General Investments (CGI)
London, UK, 9 May 2025
Edison issues report on Canadian General Investments (CGI)
Edison issues report on Canadian General Investments (TSX: CGI).
Canadian General Investments’ (CGI’s) long-serving manager, since 2009, Greg Eckel, says it is business as usual in the current tumultuous times. He comments that the investment approach of care...
Edison Investment Research Limited
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24 April 2025 01:41PM
Edison issues report on Utilico Emerging Markets Trust (UEM)
London, UK, 24 April 2025
Edison issues report on Utilico Emerging Markets Trust (UEM)
Edison issues report on Utilico Emerging Markets Trust (LSE: UEM).
Utilico Emerging Markets Trusts (UEM) now has two portfolio managers: Charles Jillings (since launch) and Jacqueline Broers (former deputy manager) following her promotion at the beginnin...
Edison Investment Research Limited
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23 April 2025 02:39PM
Edison issues report on SDCL Energy Efficiency Income Trust (SEIT)
London, UK, 23 April 2025
Edison issues report on SDCL Energy Efficiency Income Trust (SEIT)
Edison issues report on SDCL Energy Efficiency Income Trust (LSE: SEIT).
SDCL Energy Efficiency Income Trust (SEEIT) currently trades at a significant 46% discount to net asset value (NAV). This discount to NAV is larger than that of the company’s ...
Edison Investment Research Limited
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23 April 2025 02:36PM
Edison issues report on VietNam Holding (VNH)
London, UK, 23 April 2025
Edison issues report on VietNam Holding (VNH)
Edison issues report on VietNam Holding (LSE: VNH).
Vietnam Holding (VNH) delivered solid net asset value (NAV) per share growth of 16.5% in 2024, ahead of the Vietnam All-Share Index (VNAS), which rose 10.2%. The fund has outperformed the market over the long term, hi...
Edison Investment Research Limited
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17 April 2025 03:37PM
Edison issues report on Franklin Global Trust (FRGT)
London, UK, 17 April 2025
Edison issues report on Franklin Global Trust (FRGT)
Edison issues report on Franklin Global Trust (LSE: FRGT)
Effective from 16 April 2025, Franklin Global Trust (FRGT) is the new name for the Martin Currie Global Portfolio Trust. The trust’s manager Zehrid Osmani, who has been in place since October 2018, and h...
Edison Investment Research Limited
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08 April 2025 12:04PM
Edison issues report on BlackRock American Income Trust (BRAI)
London, UK, 8 April 2025
Edison issues report on BlackRock American Income Trust (BRAI)
Edison issues report on BlackRock American Income Trust (LSE: BRAI)
BlackRock American Income Trust’s (BRAI’s) board has proposed a significant and innovative package of changes to adopt a systematic investment approach, which is a first in the investm...
Edison Investment Research Limited
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07 April 2025 03:20PM
Showing good operational progress
Hardman & Co Research on Chesnara plc (CSN):
Showing good operational progress
Chesnara announced its 2024 results, which showed positive progress compared with 2023. The main features were positive market returns, offset by some mixed operational experience. Economic Value profit of £69.1m represented a 17% increase on the £59.1m in 2023...
Hardman & Co Research
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04 April 2025 05:00PM
franchise growing through the noise
Hardman & Co Research on Arbuthnot Banking Group (ARBB):
2024 results: franchise growing through the noise
The core of any successful, long-term business lies in offering clients the products they want so that they give you more business and, in turn, you attract new customers. The 2024 results show how ABG has achieved this, with growth ...
Hardman & Co Research
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02 April 2025 12:39PM
Jam yesterday, and tomorrow, but not today
Hardman & Co Research on Apax Global Alpha (APAX):
Jam yesterday, and tomorrow, but not today
AGA was transparent in that 2024 was a below-average year for the company, with a total NAV return of 0.8% (-3.0% constant currency, including a 4Q total NAV return of 2.6% (-1.8% cc). By comparison, the five-year total NAV CAGR return was 8.3%. ...
Hardman & Co Research
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31 March 2025 04:22PM
Edison issues report on Murray International Trust (MYI)
London, UK, 31 March 2025
Edison issues report on Murray International Trust (MYI)
Edison issues report on Murray International Trust (LSE: MYI)
Murray International Trust (MYI) is managed by Martin Connaghan and Samantha Fitzpatrick at Aberdeen Group. While FY24 results lagged those of its global reference index, the managers are fulfill...
Edison Investment Research Limited
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26 March 2025 04:23PM
Edison issues report on HgT (HGT)
London, UK, 26 March 2025
Edison issues report on HgT (HGT)
Edison issues report on HgT (LSE: HGT)
HgT’s portfolio of IT software and services companies providing mission-critical, low-spend services to SMEs has maintained its strong sales and earnings momentum on the back of the secular digitalisation trend. Revenue and EBITDA growth in ...
Edison Investment Research Limited
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25 March 2025 10:10AM
Edison issues report on Premier Miton Global Renewables Trust (PMGR)
London, UK, 25 March 2025
Edison issues report on Premier Miton Global Renewables Trust (PMGR)
Edison issues report on Premier Miton Global Renewables Trust (LSE: PMGR)
Premier Miton Global Renewables Trust’s (PMGR’s) investors will be presented with a continuation vote at the AGM on 24 April. The board is recommending that investors vote...
Edison Investment Research Limited
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20 March 2025 08:00AM
reasons to be cheerful 1, 2, 3, 4 and 5
Hardman & Co Research on H&T (HAT):
2024 results: reasons to be cheerful 1, 2, 3, 4 and 5
H&T’s 2024 results were reassuringly in line with expectations, delivering 10% PBT growth, with the pledge book capital value up 26%, retail sales up 27% and forex profits up 11%. The outlook remains positive, with i) strong demand in the core...
Hardman & Co Research
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19 March 2025 04:45PM
Edison issues report on abrdn UK Smaller Companies Growth Trust (AUSC)
London, UK, 19 March 2025
Edison issues report on abrdn UK Smaller Companies Growth Trust (AUSC)
Edison issues report on abrdn UK Smaller Companies Growth Trust (LSE: AUSC)
abrdn UK Smaller Companies Growth Trust (AUSC) is managed by Abby Glennie and Amanda Yeaman, who are encouraged by the trust’s relative performance versus both the ref...
Edison Investment Research Limited
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19 March 2025 11:59AM
Edison issues report on Deutsche Beteiligungs (DBAN)
London, UK, 19 March 2025
Edison issues report on Deutsche Beteiligungs (DBAN)
Edison issues report on Deutsche Beteiligungs (FRA: DBAN)
We see early signs that macroeconomic and sector headwinds affecting Deutsche Beteiligungs’ (DBAG’s) recent performance may be gradually abating. Although its NAV per share fell by 4.8% in the short fina...
Edison Investment Research Limited
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18 March 2025 04:47PM
Edison issues report on The Biotech Growth Trust (BIOG)
London, UK, 18 March 2025
Edison issues report on The Biotech Growth Trust (BIOG)
Edison issues report on The Biotech Growth Trust (LSE: BIOG)
The Biotech Growth Trust’s (BIOG’s) highly experienced managers, Geoff Hsu and Josh Golomb, are able to draw on the considerable resources of global healthcare specialist OrbiMed. BIOG’s performanc...
Edison Investment Research Limited
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18 March 2025 02:10PM
NAV, capital, Trump and interest rates
Hardman & Co Research on NB Private Equity Partners (NBPE):
Update on: NAV, capital, Trump and interest rates
We highlighted our capital markets day takeaways in CM day: 6 November fireworks; notably, i) positive market trends, ii) NB’s platform unique benefits, and iii) multiple levers for value creation. In this note, we update investor...
Hardman & Co Research
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17 March 2025 01:15PM
Edison issues report on The Law Debenture Corporation (LWDB)
London, UK, 17 March 2025
Edison issues report on The Law Debenture Corporation (LWDB)
Edison issues report on The Law Debenture Corporation (LSE: LWDB)
The Law Debenture Corporation (LWDB) has a long-term record of outperformance versus its broad UK equity market benchmark and peers, while delivering above-average DPS growth. This contin...
Edison Investment Research Limited
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05 March 2025 10:58AM
Edison issues report on Gresham House Energy Storage Fund (GRID)
London, UK, 5 March 2025
Edison issues report on Gresham House Energy Storage Fund (GRID)
Edison issues report on Gresham House Energy Storage Fund (LSE: GRID)
Gresham House Energy Storage Fund (GRID), the UK’s largest listed fund investing in utility-scale battery energy storage systems (BESS), has released a trading update ahead of the ...
Edison Investment Research Limited
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27 February 2025 12:30PM
Private credit momentum in the RECI context
Analyst interview | Diversified Financial Services
Q&A on Real Estate Credit Investments | Private credit momentum in the RECI context
Private credit is booming, with market size soaring from $1 trillion in 2020 to an expected $2.8 trillion by 2028. What does this mean for Real Estate Credit Investments (LON:RECI)?
Hardman & Co’s Ma...
Hardman & Co Research
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27 February 2025 12:17PM
Edison issues report on Phoenix Spree Deutschland (PSDL)
London, UK, 27 February 2025
Edison issues report on Phoenix Spree Deutschland (PSDL)
Edison issues report on Phoenix Spree Deutschland (LSE: PSDL)
The completion of amendments to its financing arrangements allows Phoenix Spree Deutschland (PSD) to increase condominium sales materially, exploiting the wide valuation gap between investment...
Edison Investment Research Limited
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26 February 2025 01:20PM
Can 2025 outshine a stellar 2024 performance?
Analyst interview | Investment Companies
Q&A on Volta Finance Ltd | Can 2025 outshine a stellar 2024 performance?
Volta Finance Ltd (LON:VTA,VTAS) delivered impressive returns in 2024, significantly outperforming comparable asset classes. In this interview, Mark Thomas, analyst at Hardman & Co, highlights the key drivers behind Volta...
Hardman & Co Research
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20 February 2025 01:30PM
threats and opportunities
Hardman & Co Research on Real Estate Credit Investments (RECI):
The rise of private credit: threats and opportunities
One of the key trends in global financing markets has been the rise of private credit. In this report, we consider the implications for RECI. On the upside, we note i) the disintermediation of banks reconfirms the drivers to...
Hardman & Co Research
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18 February 2025 05:05PM
We expect revenue growth to accelerate
Hardman & Co Research on accesso Technology Group (ACSO):
We expect revenue growth to accelerate
In this note, we review the prospects for accesso ahead of the final results in April. The January update was reassuring, with revenue of ca.$152m ahead of our $150m forecast and the ca.15% cash EBITDA margin well ahead of the 13.2% forecast. C...
Hardman & Co Research
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18 February 2025 02:10PM
Edison issues report on The Diverse Income Trust (DIVI)
London, UK, 18 February 2025
Edison issues report on The Diverse Income Trust (DIVI)
Edison issues report on The Diverse Income Trust (LSE: DIVI)
The Diverse Income Trust’s (DIVI’s) portfolio is broadly diversified by sector and market cap, offering the potential for good upside in rising markets, and unlike the UK market, has consistentl...
Edison Investment Research Limited
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18 February 2025 11:32AM
Edison issues report on Lowland Investment Company (LWI)
London, UK, 18 February 2025
Edison issues report on Lowland Investment Company (LWI)
Edison issues report on Lowland Investment Company (LSE: LWI)
Lowland Investment Company’s (LWI’s) unconstrained, multi-cap investment policy differentiates it from most peers in the AIC UK Equity Income sector, offering investors broad market exposure o...
Edison Investment Research Limited
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17 February 2025 03:30PM
Exits surge as market demand rebounds
Analyst interview | Investment Companies
Q&A on Apax Global Alpha (APAX) | Exits surge as market demand rebounds
The tide is turning for Apax Global Alpha (LON:APAX). With deal activity accelerating and exits ramping up, Hardman & Co’s latest report, AGA Past Inflection Point, highlights why the stock of exitable businesses is growin...
Hardman & Co Research
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17 February 2025 08:15AM
2024 experience bodes well for 2025
Hardman & Co Research | Closed End Investments
Volta Finance Limited (VTAS) | 2024 experience bodes well for 2025
Volta has delivered +21.2% 2024 total NAV return, outperforming i) B-rated CLO tranches (+19.2%), ii) US high yield (+8.2%), iii) Euro high yield (+8.6%), and iv) global loans (+7.3%). Its performance reflects positive markets ...
Hardman & Co Research
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