Last close As at 07/08/2026
EUR0.77
▲ −0.03 (−3.75%)
Market capitalisation
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Research: TMT
On 12 December 2025, 1Spatial and VertiGIS, a UK-based GIS software solution provider (and a portfolio company, Battery Ventures) agreed in principle on a possible cash offer for 1Spatial of 73p per share. The original deadline for VertiGIS to make an offer was 5pm on 9 January 2026. This has now been extended to 5pm on 30 January 2026.
| Year end | Revenue (£m) | EBITDA (£m) | EBIT (£m) | EPS (p) | EV/EBITDA (x) | P/E (x) |
|---|---|---|---|---|---|---|
| 1/24 | 32.3 | 5.5 | 2.5 | 1.40 | 14.2 | 48.1 |
For the purposes of the Takeover Code, Edison is deemed to be connected with 1Spatial as a provider of paid-for research. Under Rule 20.1 Edison must not include any profit forecast, quantified financial benefits statement, asset valuation or estimate of other figures key to the offer, except to the extent that such forecasts, statements, valuations or estimates have been published prior to the offer period (as defined in the Takeover Code) by an offeror or the offeree company (as appropriate) in accordance with the requirements of the Code. Consequently, we have removed our estimates until the offer period ends.
Australia
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New Zealand
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United Kingdom
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United States
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United Kingdom
Research: Healthcare
We revisit our investment case for OSE Immunotherapeutics following the recently presented strategic plans for 2026–28, reflecting a more streamlined focus on advancing its core clinical assets, Tedopi and Lusvertikimab. Tedopi remains on-track in the registrational Phase III ARTEMIA trial in non-small cell lung cancer (NSCLC), with a futility analysis planned in Q326, before a full readout in Q128. For Lusvertikimab, any Phase IIb development in ulcerative colitis (UC) would now be undertaken in partnership, with OSE targeting less capital-intensive indications internally (speciality or rare diseases). Management anticipates needing up to €90m over FY26–28 to support its plans, using a mix of equity, debt and potential milestone payments from partners. With several moving parts, we take a more conservative stance on OSE, with our valuation revising to €371.3m or €16.5 per share (from €560.8m or €25.6 per share previously).