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LATEST COMPANY RESEARCH

Beazley

Excellent results

First Lloyd's results in reporting season very impressive despite Chilean earthquake and Deepwater Horizon

Shares still trade below NAV and 5.1 PER is below 6.1% yield

Fair value per share seen at 147p versus current 123p mark

Publication Date:
July 27 2010

Eredene Capital

Next phase

Investment company specialising primarily in Indian infrastructure; a region still showing robust GDP growth

Recent successful win of concession for Ennore port is a 'company changing' event

Results show NAV rising from 21.9p / share to 23.0p with further scope for growth

Publication Date:
July 23 2010

Acta SpA

Commercial progress

Further developments underpin coming years’ forecasts

June saw a Framework Agreement for 10.6 MW

Today’s contract with Girelli Bruni is significant as it combines solar power with Acta’s hydrogen products

Despite excellent share performance our 93p / share fair value is still well  above current levels

Publication Date:
July 20 2010

Synchronica

Deal and listing news

Tender offer for Canadian listed iseemedia which would deliver complimentary technology, new customers, and patents

All share transaction with associated placing; end result will be dual UK and Canadian listing

Earnings adjust downwards in short term, but attractive future means 2.8p fair value / share well above current levels

Publication Date:
July 20 2010

Market Update

Two Sovereign Crises and a World Cup

Sovereign debt and the proposals to tackle it have raised again the spectre of the double dip. The resulting lousy second quarter for equities wiped out most of the gains in 2010 and pushed valuations further into oversold territory against resurgent bonds. Now the IMF has modestly raised forecasts for global growth and we see opportunities for some recovery in equity prices.
But that should not be mistaken for the onset of the next bull market – that requires banks to get lending.
Implications are covered in this report:

Publication Date:
July 13 2010

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