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  <date>2026-08-27T00:16:39+00:00</date>
  <publications>
    <publication>
      <date>2026-08-26T14:51:03+00:00</date>
      <uid>3879</uid>
      <company><![CDATA[Cereno Scientific]]></company>
      <headline><![CDATA[Cereno Scientific – executive interview]]></headline>
      <description><![CDATA[In this interview, we speak with Sten Sörensen, CEO of Cereno Scientific, about the strong momentum across the company’s clinical pipeline following its Q2 results. He emphasised the start of the global Phase IIb programme for lead asset CS1 in pulmonary arterial hypertension, with the first US site now activated and top-line data remaining on track for Q428, despite a modest shift in first-patient enrolment. Sten also discusses the encouraging long-term observations from the CS1 Expanded Access Programme and continued progress in partnering discussions. CS014 also remains firmly on track for its Q326 PK bridging readout, an important catalyst that could support the planned FDA Investigational New Drug application and a direct move into Phase IIb development in PH-ILD. He also provides an update on CS585 in antiphospholipid syndrome and outlines how Cereno is positioning its financing strategy to support the next phase of pipeline execution.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/cereno-scientific-cereno-scientific-executive-interview-7/BM-3879/widget-xml/</link>
      <isin>SE0008241558</isin>
      <epic>CRNO-B</epic>
    </publication>
    <publication>
      <date>2026-08-26T14:13:26+00:00</date>
      <uid>3838</uid>
      <company><![CDATA[SCHMID]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[SCHMID — Foundations in place for growth]]></headline>
      <description><![CDATA[ SCHMID’s H126 results confirm that the business has made progress with its refinancing and restructuring, putting the company on a stronger footing to benefit from positive market dynamics. While FY26 profitability guidance has been reduced, management expects order intake at the upper end of its previously guided range, reflecting strong demand across its customer base. With plans underway to increase capacity in China and a programme to reduce procurement costs, SCHMID is laying the groundwork for profitable growth. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/1f3da7affce316bb2cccbfd589a75d76.pdf</url>
      <link>https://www.edisongroup.com/research/foundations-in-place-for-growth-2/BM-3838/widget-xml/</link>
      <filename></filename>
      <isin>NL00150021T1</isin>
      <epic>SHMD</epic>
    </publication>
    <publication>
      <date>2026-08-26T13:47:53+00:00</date>
      <uid>3878</uid>
      <company><![CDATA[The Schiehallion Fund]]></company>
      <headline><![CDATA[The Schiehallion Fund – equity proposition]]></headline>
      <description><![CDATA[The Schiehallion Fund, managed by Baillie Gifford, seeks capital growth through long-term minority investments in later-stage private businesses that have established products, are ready to scale, and are viewed as having transformational growth potential as well as the potential to become publicly traded. The fund targets a NAV total return of approximately 3x over rolling 10-year periods.
We highlight the key points of The Schiehallion Fund’s investment story.

The Schiehallion Fund provides quality access to the private growth asset class.
The Schiehallion Fund can run winners beyond an IPO.
The company’s portfolio is gathering pace.
The recent change in listing segment put the company on the radar of more investors.

For further details, please refer to our latest research on The Schiehallion Fund.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/the-schiehallion-fund-the-schiehallion-fund-equity-proposition/BM-3878/widget-xml/</link>
      <isin>GG00BJ0CDD21</isin>
      <epic>MNTN</epic>
    </publication>
    <publication>
      <date>2026-08-26T12:43:57+00:00</date>
      <uid>3850</uid>
      <company><![CDATA[International Public Partnerships]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[International Public Partnerships — Disciplined capital allocation]]></headline>
      <description><![CDATA[ International Public Partnerships (INPP) has announced the agreed sale of its stakes in nine UK private-public partnership (PPP) projects for £58m, implying a premium to the last published valuation. The transaction provides a further example of the company’s disciplined capital recycling programme, with realisations from mature assets funding investment in higher returning investment opportunities and share buybacks. This same capital discipline is evident in INPP’s earlier decision not to invest further in toob and to transfer its equity interest to the debt holders for a de minimis amount. Despite the transfer, the company’s guidance that it expects the June NAV per share to be broadly in line or marginally higher than at 31 December (151.5p) remains unchanged. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/3b74b5634fb3d5b8c89c868d92111675.pdf</url>
      <link>https://www.edisongroup.com/research/disciplined-capital-allocation/BM-3850/widget-xml/</link>
      <filename></filename>
      <isin>GB00B188SR50</isin>
      <epic>INPP</epic>
    </publication>
    <publication>
      <date>2026-08-26T11:10:39+00:00</date>
      <uid>3877</uid>
      <company><![CDATA[Canadian General Investments]]></company>
      <headline><![CDATA[Canadian General Investments – equity proposition]]></headline>
      <description><![CDATA[Canadian General Investments’ (CGI’s) objective is to provide better-than-average returns to shareholders by investing in a diversified portfolio of primarily Canadian equities. It aims to achieve this through prudent security selection, timely recognition of capital gains/losses and appropriate use of income-generating instruments. CGI’s performance is measured against the S&amp;P/TSX Composite Index.
We highlight the key points of Canadian General Investments’ investment story.

Canadian General Investments is a well-established fund with an enviable long-term performance record.
CGI can be considered as a ‘one-stop’ shop for investment in Canada.
The manager employs a bottom-up stock selection process, with low portfolio turnover.
The portfolio has a long-term, below-market weighting in financial stocks.
CGI offers a leveraged, dividend-paying portfolio at a wide discount.

For further details, please refer to our latest research on Canadian General Investments.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/canadian-general-investments-canadian-general-investments-equity-proposition-2/BM-3877/widget-xml/</link>
      <isin>CA1358251074</isin>
      <epic>CGI</epic>
    </publication>
    <publication>
      <date>2026-08-26T10:58:49+00:00</date>
      <uid>3876</uid>
      <company><![CDATA[Oando]]></company>
      <headline><![CDATA[Oando – equity proposition]]></headline>
      <description><![CDATA[Oando is Nigeria’s leading indigenous energy group with operations spanning upstream exploration and production, trading and clean energy. Listed on both the Nigerian Exchange and the Johannesburg Stock Exchange, the company has a market capitalisation of approximately $490m and an ambition to reach approximately 100,000 barrels of oil per day and 1.5bn cubic feet of gas per day gross production by 2030. While global investors often overlook African energy markets, Oando is quietly executing one of the most compelling turnaround stories in the sector.
There are four key reasons why Oando represents an exciting investment case.

The NAOC acquisition has been transformational.
Half-year financial performance demonstrated resilience.
Oando is selectively diversifying across the energy value chain.
The balance sheet is being restructured to unlock long-term equity value.

If you would like to learn more about Oando, please see our latest research.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/oando-oando-equity-proposition/BM-3876/widget-xml/</link>
      <isin>NGOANDO00002</isin>
      <epic>OANDO</epic>
    </publication>
    <publication>
      <date>2026-08-26T08:52:18+00:00</date>
      <company><![CDATA[Starpharma]]></company>
      <headline><![CDATA[Starpharma (ASX: SPL) – Partnerships and funding strengthen the runway to the clinic]]></headline>
      <description><![CDATA[FY26 delivered a step-up in licence revenue and external validation, while the post-period capital raise funds key oncology catalysts into FY28.]]></description>
      <link>https://www.edisongroup.com/spark/starpharma-asx-spl-partnerships-and-funding-strengthen-the-runway-to-the-clinic/AU000000SPL0/widget-xml/</link>
      <isin>AU000000SPL0</isin>
      <epic>SPL</epic>
    </publication>
    <publication>
      <date>2026-08-26T07:41:40+00:00</date>
      <company><![CDATA[Intershop Holding]]></company>
      <headline><![CDATA[Intershop Holding (SIX: ISN) – Interim results]]></headline>
      <description><![CDATA[Intershop\'s interim results (H126) show strong growth in recurring operating profit and a continued high level of revaluation gains, albeit below the exceptional level of the previous year.]]></description>
      <link>https://www.edisongroup.com/spark/intershop-holding-six-isn-interim-results/CH1338987303/widget-xml/</link>
      <isin>CH1338987303</isin>
      <epic>ISN</epic>
    </publication>
    <publication>
      <date>2026-08-26T07:25:44+00:00</date>
      <uid>3872</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[The case for debt IR]]></headline>
      <description><![CDATA[Why bond investors deserve the same strategic attention as shareholders]]></description>
      <url>https://edison.bluematrix.com/sellside/AttachmentViewer.action?encrypt=9d255754-aa35-428c-9774-2b8cf1a2c0b9fileId=3872_75557e38-6d0a-4fbc-b89b-9aa93ec8707f&amp;isPdf=false</url>
      <link>https://www.edisongroup.com/thematic/the-case-for-debt-ir/BM-3872/widget-xml/</link>
      <filename></filename>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-08-25T14:33:38+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Brooks Macdonald Group – 2026 full-year results conference call]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/event/brooks-macdonald-group-2026-full-year-results-conference-call/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-08-25T14:29:01+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Brooks Macdonald Group – Full-year results presentation registration]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/event/brooks-macdonald-group-full-year-results-presentation-registration/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-08-25T14:14:32+00:00</date>
      <uid>3862</uid>
      <company><![CDATA[Datatec]]></company>
      <type>Update</type>
      <otc_epic>DTTLF</otc_epic>
      <headline><![CDATA[Datatec — Special dividend details announced]]></headline>
      <description><![CDATA[ As part of the refinancing of the Westcon division announced in June, the company had committed to paying out the proceeds of the transaction as a special dividend. It has now confirmed that it will pay out ZAR7.053bn/$435m, which is equivalent to 2900 ZAR cents/181 US cents per share. In addition to updating our forecasts for the precise payout, we have also reflected the new shares issued in July in relation to the scrip dividend. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/02f7b4fac15d56e48368fdb14ac6e274.pdf</url>
      <link>https://www.edisongroup.com/research/special-dividend-details-announced/BM-3862/widget-xml/</link>
      <filename></filename>
      <isin>ZAE000017745</isin>
      <epic>DTCJ</epic>
    </publication>
    <publication>
      <date>2026-08-25T11:18:03+00:00</date>
      <uid>3861</uid>
      <company><![CDATA[Borussia Dortmund]]></company>
      <type>Update</type>
      <otc_epic>BORUF</otc_epic>
      <headline><![CDATA[Borussia Dortmund — Anticipating profit growth in FY27]]></headline>
      <description><![CDATA[ Borussia Dortmund’s FY26 net loss was at the low end of management’s revised expectations for the year. The financial results reflect the first team’s elimination from the Champions League knockout phase versus reaching the quarter-final stage in the 2024/25 season. Management’s first guidance for positive net income reflects its standard assumption that the first team will progress to the Round of 16 of the Champions League in the 2026/27 season. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/7808c5d1a5feda2dc6b925a031115cee.pdf</url>
      <link>https://www.edisongroup.com/research/anticipating-profit-growth-in-fy27/BM-3861/widget-xml/</link>
      <filename></filename>
      <isin>DE0005493092</isin>
      <epic>BVB</epic>
    </publication>
    <publication>
      <date>2026-08-25T10:46:18+00:00</date>
      <company><![CDATA[Heidelberger Druckmaschinen]]></company>
      <headline><![CDATA[Heidelberger Druckmaschinen]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/heidelberger-druckmaschinen/BMC-408/widget-xml/</link>
      <isin>DE0007314007</isin>
      <epic>HDD</epic>
    </publication>
    <publication>
      <date>2026-08-25T10:07:55+00:00</date>
      <uid>3821</uid>
      <company><![CDATA[Dentsu Group]]></company>
      <type>Update</type>
      <otc_epic>DNTUF</otc_epic>
      <headline><![CDATA[Dentsu Group — Fixing the foundations for growth]]></headline>
      <description><![CDATA[ Dentsu’s H126 results and the new CEO’s updated mid-term management plan point to a business in transition. Japan continues to perform strongly, and cost reductions are supporting profit and internal investment; however, organic growth across the international business remains weak. Against this backdrop, management has reset the mid-term plan around simplifying the group, restoring profitability and financial strength, and concentrating investment to where Dentsu has a competitive advantage to rebuild organic growth. The key questions remain, particularly, whether Dentsu can restore competitiveness in international markets and turn structural cost savings into higher profitability. Achieving the new mid-term financial targets, which although below where some peers are currently operating, would be helpful for its valuation. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/f5c189e072a324296276f7b7a01b171d.pdf</url>
      <link>https://www.edisongroup.com/research/fixing-the-foundations-for-growth/BM-3821/widget-xml/</link>
      <filename></filename>
      <isin>JP3551520004</isin>
      <epic>4324</epic>
    </publication>
    <publication>
      <date>2026-08-25T10:02:03+00:00</date>
      <company><![CDATA[Metlen Energy &#038; Metals]]></company>
      <headline><![CDATA[Metlen Energy &amp; Metals (LSE: MTLN; ATHEX: MYTIL) – Proposed demerger of concessions and PPP activities]]></headline>
      <description><![CDATA[Metlen announced on 24 August, after market close, that it is proposing to demerge its concession and PPP activities.]]></description>
      <link>https://www.edisongroup.com/spark/metlen-energy-metals-lse-mtln-athex-mytil-proposed-demerger-of-concessions-and-ppp-activities/GB00BTQGS779/widget-xml/</link>
      <isin>GB00BTQGS779</isin>
      <epic>MTLN; ATHEX: MYTIL</epic>
    </publication>
    <publication>
      <date>2026-08-25T09:45:27+00:00</date>
      <uid>3631</uid>
      <company><![CDATA[Helios Underwriting]]></company>
      <type>Client QV</type>
      <otc_epic>HUWWF</otc_epic>
      <headline><![CDATA[Helios Underwriting — Surfing the wave]]></headline>
      <description><![CDATA[ Helios Underwriting (HUW) continued to perform well in FY25. NAV per share increased c 21p to 263p, rising in each quarter, and including DPS paid of 10p per share, the total NAV return to shareholders was c 31p or 12.3%. Including dividends and share repurchases, a total of 20p per share was returned to shareholders. Pipeline profits strengthened and will be supportive in the next two years. The insurance market is cyclical, and while premium rates have started to soften, they remain adequate after several years of strong increases. HUW has successfully navigated past cycles, and its return on capital has significantly outperformed the Lloyd’s of London (Lloyd’s) market average over the past 10 years. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/361d73428ae4b27bb70a7baba178ad01.pdf</url>
      <link>https://www.edisongroup.com/research/surfing-the-wave/BM-3631/widget-xml/</link>
      <filename></filename>
      <isin>GB00B23XLS45</isin>
      <epic>HUW</epic>
    </publication>
    <publication>
      <date>2026-08-25T07:25:08+00:00</date>
      <uid>3868</uid>
      <company><![CDATA[Pathos Communications]]></company>
      <headline><![CDATA[Pathos Communications – executive interview]]></headline>
      <description><![CDATA[In this interview, Pathos Communications founder and CEO Omar Hamdi outlines the company’s strategy to make PR accessible to small- and medium-sized enterprises by combining technology-enabled workflows with a highly distributed client base. Pathos serves clients in 80 countries and is using targeted outreach, its proprietary Pathos Mind AI-agent stack and virtual publicist Pressella to increase sales efficiency and operational leverage. Early internal testing showed Pressella booking seven times as many meetings as human colleagues, with general availability targeted for H127. Hamdi also highlights improving revenue quality, with repeat and recurring customers contributing 36% of H1 revenue, supported by an expansion from one to 15 product lines and a new sales structure that lifted new-client sign-ups by 30% in a month. Looking ahead, growth is expected to come from organic scaling, deeper geographic expansion, further technology deployment and selective, potentially accretive acquisitions.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/pathos-communications-pathos-communications-executive-interview/BM-3868/widget-xml/</link>
      <isin>GB00BTWSXW71</isin>
      <epic>NEWS</epic>
    </publication>
    <publication>
      <date>2026-08-24T13:16:25+00:00</date>
      <uid>3864</uid>
      <company><![CDATA[VinaCapital Vietnam Opportunity Fund]]></company>
      <headline><![CDATA[Uncovering Trusts – VinaCapital Vietnam Opportunity Fund (VOF): A year of transformation]]></headline>
      <description><![CDATA[In this episode, our director of content for investment companies, Milosz Papst, talks about VinaCapital Vietnam Opportunity Fund (VOF), a FTSE 250 constituent investing across Vietnam&#8217;s public and private markets and applying private equity disciplines to both. Milosz covers VOF&#8217;s results for the financial year to 30 June 2026, including a 9.5% NAV total return in US dollar terms and an 11.9% share price total return in sterling, and explains why the VN Index&#8217;s 36.5% return was unusually concentrated in a single stock. He discusses the most active year in the fund&#8217;s history, with $843m of transactions and 39% portfolio turnover, the reorganisation of the investment team around four sectors, and examples such as the exit from Airports Corporation of Vietnam at an 18% dollar IRR and redeployment into Gemadept and the Gelex Infrastructure pre-IPO. Milosz also covers progress on legacy private real estate holdings, Vietnam&#8217;s upcoming FTSE Russell emerging market reclassification, the 20.6% discount at year end, buybacks of more than $90m during the year, and the new tiered fee structure effective from 1 July 2026.
Listen on your preferred podcast player below:

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About Uncovering Trusts: Uncovering Trusts is a podcast run by Edison analysts, which is released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.
]]></description>
      <link>https://www.edisongroup.com/podcast/vinacapital-vietnam-opportunity-fund-uncovering-trusts-vinacapital-vietnam-opportunity-fund-vof-a-year-of-transformation/BM-3864/widget-xml/</link>
      <isin>GG00BYXVT888</isin>
      <epic>VOF</epic>
    </publication>
    <publication>
      <date>2026-08-24T07:59:20+00:00</date>
      <uid>3779</uid>
      <company><![CDATA[PWO Group]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[PWO Group — Series production back to growth in Q2]]></headline>
      <description><![CDATA[ PWO’s H126 results reflected the subdued market conditions within automotive, with revenues declining 7.6% y-o-y and reported EBIT before currency effects 45% (we estimate the decline in normalised EBIT at 12%, supported by efficiency measures). It is encouraging that series production returned to growth when adjusted for raw material and currency effects. The market environment in automotive remains uncertain due to geopolitical unrest, volatile trade relations (with potential supply bottlenecks) and the continued high level of competition. However, PWO is pleased with the level of new business recorded in H126, with several orders already contributing in 2026. From 2027, we expect a recovery in PWO’s results fuelled by new business and improving market conditions. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/2226562f5cdf3a23284cee169c9cbc81.pdf</url>
      <link>https://www.edisongroup.com/research/series-production-back-to-growth-in-q2/BM-3779/widget-xml/</link>
      <filename></filename>
      <isin>DE0006968001</isin>
      <epic>PWO</epic>
    </publication>
    <publication>
      <date>2026-08-24T07:39:57+00:00</date>
      <uid>3835</uid>
      <company><![CDATA[Barton Gold]]></company>
      <type>Update</type>
      <otc_epic>BGDFF</otc_epic>
      <headline><![CDATA[Barton Gold — When silver outshines gold]]></headline>
      <description><![CDATA[ On 18 August, Barton announced the results of in-fill drilling in Tolmer’s ‘western silver zone’ including grades as high as 1,706g/t (54.9opt) Ag over 3m and widths as high as 16m at grades of 493g/t (15.9opt) Ag. The programme, which was completed on 11 June, was designed to capitalise on Barton’s March 2025 discovery at Tolmer of one of Australia’s highest-grade modern silver prospects (with an intersection of 4,747g/t Ag over 6m at only 46m depth) c 500m to the west of its August 2024 gold discovery. The results extend mineralisation at Tolmer’s western silver zone to a strike length of over 500m as well as yielding broad, high-grade intercepts in the ‘eastern gold zone’. Together with its trial concentrate’s 100,000g/t (10%, or 3,215opt) Ag grade, this expanding footprint suggests genuine potential for a low-cost, high-margin operation to complement Barton’s 3.1Moz silver resource at Tunkillia. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/15ffa0dde97e670fe4fb4f1bd6754b3e.pdf</url>
      <link>https://www.edisongroup.com/research/when-silver-outshines-gold/BM-3835/widget-xml/</link>
      <filename></filename>
      <isin>AU0000153215</isin>
      <epic>BGD</epic>
    </publication>
    <publication>
      <date>2026-08-24T07:38:19+00:00</date>
      <uid>3674</uid>
      <company><![CDATA[JDC Group]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[JDC Group — Pension reform could support Q4]]></headline>
      <description><![CDATA[ JDC Group (JDC) reported strong EBITDA growth in Q226despite the difficult market environment in Germany. Adjusted for the acquisition of FMK and non-recurring performance fees included in Q225, organic growth in the advisortech segment was 3.8%, while advisory revenues increased 9.7%. We expect Q3 to remain subdued, with the benefits from the new German pension scheme potentially becoming visible from Q4, which is normally the strongest quarter of the year. JDC reiterated FY26 guidance for revenue of €300–330m and EBITDA of €35–38m, although management now expects to achieve the lower end of the range. We leave our estimates unchanged, with our discounted cash flow (DCF)-based valuation marginally higher at €36.32 from €36.18. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/08c3715cf9f627a2a5163e7edebdacbd.pdf</url>
      <link>https://www.edisongroup.com/research/pension-reform-could-support-q4/BM-3674/widget-xml/</link>
      <filename></filename>
      <isin>DE000A0B9N37</isin>
      <epic>JDC</epic>
    </publication>
    <publication>
      <date>2026-08-24T07:23:57+00:00</date>
      <uid>3854</uid>
      <company><![CDATA[SynAct Pharma]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[SynAct Pharma — Broader resomelagon opportunity taking shape]]></headline>
      <description><![CDATA[ SynAct’s Q226 results marked a strategically important period in defining resomelagon’s clinical and commercial opportunity. Following June’s Phase IIb ADVANCE data, we expect RA to remain the principal value driver, with ACR20, CRP and SDAI signals sufficiently encouraging to support a potential Phase III path despite the missed DAS28-CRP primary endpoint. Importantly, the opportunity in acute settings is becoming more tangible. While RESOVIR-2 and RESPIRE are testing resomelagon’s host-directed, pro-resolution mechanism across viral infections, we view the post-period Hipolabor agreement as early external validation of commercial interest in dengue and a credible route to market in Brazil, while preserving global rights. The SEK100m Fenja financing facility de-risks near-term development plans with headroom into Q327. Reflecting modest seasonality-related timeline shifts, our valuation adjusts to SEK39.4/share. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/6d4b5957ebad354f237398eb1040a81e.pdf</url>
      <link>https://www.edisongroup.com/research/broader-resomelagon-opportunity-taking-shape/BM-3854/widget-xml/</link>
      <filename></filename>
      <isin>SE0008241491</isin>
      <epic>SYNACT</epic>
    </publication>
    <publication>
      <date>2026-08-24T06:20:56+00:00</date>
      <uid>3860</uid>
      <company><![CDATA[Starpharma]]></company>
      <headline><![CDATA[Starpharma – equity proposition]]></headline>
      <description><![CDATA[Starpharma is an Australian biotechnology company focused on applying its proprietary Dendrimer Enhanced Product (DEP) platform to targeted oncology therapies. Dendrimers are precise nanoscale molecules that can be designed to carry drugs or radioactive payloads to tumour cells. Starpharma’s portfolio spans a lead radiopharmaceutical asset, clinical-stage oncology candidates, partnered programmes and marketed consumer health products.
We highlight the key points of Starpharma’s investment story.

DEP HER2 Lu provides a clear near-term clinical catalyst.
The DEP platform is clinically validated and has broad applicability.
Strategic partnerships provide external validation and capital efficient upside.
A broader portfolio creates multiple routes to value.

For further details, please refer to our latest research on Starpharma.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/starpharma-starpharma-equity-proposition/BM-3860/widget-xml/</link>
      <isin>AU000000SPL0</isin>
      <epic>SPL</epic>
    </publication>
    <publication>
      <date>2026-08-24T06:00:00+00:00</date>
      <uid>3837</uid>
      <company><![CDATA[Mendus]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Mendus — Clinical momentum builds into H226]]></headline>
      <description><![CDATA[ Mendus’s Q226 results reflect continued execution of its broadened clinical strategy for vididencel across chronic myeloid leukaemia (CML) and acute myeloid leukaemia (AML). During the quarter, VITAL-CML received regulatory clearance and entered the clinic. Post-period, enrolment of the first eight VITAL-CML patients was completed, supporting an initial Q326 readout, while preparations for the Phase IIa VITAL-TFR2 study are progressing in parallel, subject to supportive safety data. In AML, CADENCE reached the first 20-patient enrolment milestone, enabling an initial safety evaluation of vididencel with oral azacitidine, while DIVA, evaluating vididencel with venetoclax and azacitidine (Ven-Aza), is also expected to commence in Q326. Mendus ended Q226 with SEK59.9m in gross cash and SEK29.0m in net cash, and we estimate operational headroom into Q127, consistent with management guidance. Following the results, our valuation adjusts to SEK1.53bn or SEK23.7 per share (from SEK1.50bn or SEK23.9 per share previously). ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/d0dbe60231c1ec437b01f0f84c2b8faa.pdf</url>
      <link>https://www.edisongroup.com/research/clinical-momentum-builds-into-h226/BM-3837/widget-xml/</link>
      <filename></filename>
      <isin>SE0022239950</isin>
      <epic>IMMU</epic>
    </publication>
    <publication>
      <date>2026-08-24T05:30:00+00:00</date>
      <uid>3834</uid>
      <company><![CDATA[Herantis Pharma]]></company>
      <type>Spotlight — update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Herantis Pharma — H126 results reflect Phase II preparations]]></headline>
      <description><![CDATA[ Herantis Pharma’s H126 results reflect a period focused on preparing HER-096 for its planned Phase II study in Parkinson’s disease (PD). In the reporting period, Herantis finalised the proposed Phase II design following constructive FDA feedback and entered a collaboration with Indivi to incorporate a digital motor endpoint into the study. It also appointed CTC Clinical Trial Consultants as clinical research organisation, and strengthened its management team with the appointment of Dr Juha Savola as CMO, bringing more than 25 years of global drug development experience. The Phase II study is expected to enrol c 100 newly diagnosed patients with PD, with first patient dosing currently targeted for H127, an interim efficacy readout in H129 and the full dataset in H229. From a financial perspective, Herantis ended June 2026 with gross cash and equivalents of €3.5m, compared with €2.6m at end 2025. Management expects the current cash position to provide a runway to end-H127, although additional capital will be required before the Phase II study is launched; partnering discussions also remain ongoing. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/c969242f02b99a1d743dc358b0504098.pdf</url>
      <link>https://www.edisongroup.com/research/h126-results-reflect-phase-ii-preparations/BM-3834/widget-xml/</link>
      <filename></filename>
      <isin>FI4000087861</isin>
      <epic>HRTIS</epic>
    </publication>
    <publication>
      <date>2026-08-21T13:36:53+00:00</date>
      <uid>3859</uid>
      <company><![CDATA[Global Fashion Group]]></company>
      <headline><![CDATA[Global Fashion Group – executive interview]]></headline>
      <description><![CDATA[In our interview with Global Fashion Group’s (GFG’s) CEO, Christoph Barchewitz, and CFO, Helen Hickman, they focus on the group’s H126 results, which represents an important milestone as it was the group’s first profitable first half with its current footprint, despite a lower net merchandise value. We explore how a sharper focus on value over volume is improving unit economics and strengthening the resilience of the business model. We also talked about regional performance, from ANZ’s continued growth and emerging AI commerce opportunities to LATAM’s profitability gains and SEA’s turnaround efforts. Finally, we also discuss the changes to the adjusted EBITDA outlook for FY26, the path to normalised free cash flow breakeven and what investors should watch as GFG continues to balance growth, profitability and disciplined execution.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/global-fashion-group-global-fashion-group-executive-interview-4/BM-3859/widget-xml/</link>
      <isin>LU2010095458</isin>
      <epic>GFG</epic>
    </publication>
    <publication>
      <date>2026-08-21T10:57:16+00:00</date>
      <uid>3853</uid>
      <company><![CDATA[The Platform Group]]></company>
      <type>Spotlight — update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[The Platform Group — Cost control offsetting weaker revenue in Q226]]></headline>
      <description><![CDATA[ The Platform Group (TPG) reported a good improvement in adjusted EBITDA in Q226, with significant operating cost reductions offsetting a weak top-line performance with its first ever year-on-year revenue decline, attributed to weakness in one vertical. The higher profitability and lower capital spend fed through to a modest improvement in free cash flow generation on a relative basis, offset by negative working capital, which appears consistent with H125 before it reversed in H225. Management is confident of a strong improvement in trends in H226. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/9762cbf7b598dca1347f8040cbb7bcee.pdf</url>
      <link>https://www.edisongroup.com/research/cost-control-offsetting-weaker-revenue-in-q226/BM-3853/widget-xml/</link>
      <filename></filename>
      <isin>DE000A40ZW88</isin>
      <epic>TPG0</epic>
    </publication>
    <publication>
      <date>2026-08-21T09:47:58+00:00</date>
      <uid>3856</uid>
      <company><![CDATA[Supermarket Income REIT]]></company>
      <headline><![CDATA[Supermarket Income REIT – equity proposition]]></headline>
      <description><![CDATA[Supermarket Income REIT (SUPR) is the only LSE-listed company dedicated to investing in grocery properties, which are an essential part of national food infrastructure. The company focuses on grocery stores, which are predominantly omnichannel, fulfilling online and in-person sales, and are let to leading supermarket operators in the UK and Europe. Its objective is to provide shareholders with an attractive level of income, alongside the potential for capital growth over the longer term.
We highlight the key points of Supermarket Income REIT’s investment story.

Robust and visible income growth.
A low-cost and scalable platform.
Specialist, active management.
Strong growth opportunities.
Dividend growth set to accelerate.

For further details, please refer to our latest research on Supermarket Income REIT.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/supermarket-income-reit-supermarket-income-reit-equity-proposition/BM-3856/widget-xml/</link>
      <isin>GB00BF345X11</isin>
      <epic>SUPR</epic>
    </publication>
    <publication>
      <date>2026-08-21T08:09:16+00:00</date>
      <uid>3855</uid>
      <company><![CDATA[AVI Global Trust]]></company>
      <headline><![CDATA[AVI Global Trust – equity proposition]]></headline>
      <description><![CDATA[AVI Global Trust’s investment objective is to achieve capital growth through a focused portfolio of investments, particularly in companies whose shares stand at a discount to estimated underlying net asset value.
We highlight the key points of AVI Global Trust’s investment story.

AVI Global Trust offers a unique value-based investment approach.
AGT’s proprietary research identifies overlooked value opportunities.
Engagement is an integral part of the investment process.
Double-digit NAV total returns over the long term.

For further details, please refer to our latest research on AVI Global Trust.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/avi-global-trust-avi-global-trust-equity-proposition/BM-3855/widget-xml/</link>
      <isin>GB00BLH3CY60</isin>
      <epic>AGT</epic>
    </publication>
    <publication>
      <date>2026-08-20T15:28:13+00:00</date>
      <uid>3848</uid>
      <company><![CDATA[Nabaltec]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Nabaltec — Q2 recovery supports lower end of guidance]]></headline>
      <description><![CDATA[ Nabaltec reported H126 revenue of €108.6m, up 1.9% y-o-y, while EBITDA fell 5.1% to €13.8m and EBIT 26.1% to €6.6m, giving an EBIT margin of 6.2% versus 8.4% in H125. Net income fell 25.8% to €4.4m, with EPS of €0.50 versus €0.67 with higher energy costs and scheduled depreciation weighed on profitability. Q2 improved materially on Q1: revenue rose 6.9% y-o-y and 4.0% q-o-q to €55.3m, EBIT increased to €3.8m from €2.7m in Q1 and the margin recovered to 7.2% from 5.2%. Both segments improved sequentially, supported by viscosity-optimised hydrates, recovering boehmites and Specialty Aluminas demand. The order backlog rose to €52.2m from €38.3m and management maintained FY26 guidance for 4–6% revenue growth and a 5–7% EBIT margin. We maintain forecasts and our €19.1/share valuation. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/33a26f5b6de15a62ae474ee369888187.pdf</url>
      <link>https://www.edisongroup.com/research/q2-recovery-supports-lower-end-of-guidance/BM-3848/widget-xml/</link>
      <filename></filename>
      <isin>DE000A0KPPR7</isin>
      <epic>NTG</epic>
    </publication>
    <publication>
      <date>2026-08-20T13:16:49+00:00</date>
      <uid>3846</uid>
      <company><![CDATA[NFON]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[NFON — Muted H126 masks the new AI paradigm]]></headline>
      <description><![CDATA[ There are few signs of a recovery in sentiment in NFON’s core business telephony market. Management continues to re-align the business, not only in terms of making its AI-enabled solutions more scalable but also in the way that it is simplifying legacy operations and further empowering its partner network. This is in response to a deepening customer relationship and could generate strong future returns. In the meantime, recurring revenues fund the strategic re-alignment. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/690676e07a04df8a3b3eb5354f23aa8f.pdf</url>
      <link>https://www.edisongroup.com/research/muted-h126-masks-the-new-ai-paradigm/BM-3846/widget-xml/</link>
      <filename></filename>
      <isin>DE000A0N4N52</isin>
      <epic>NFN</epic>
    </publication>
    <publication>
      <date>2026-08-20T09:29:07+00:00</date>
      <uid>3852</uid>
      <company><![CDATA[Capita Group]]></company>
      <headline><![CDATA[Bull, Bear &#038; Beyond – Capita: executive interview]]></headline>
      <description><![CDATA[In this interview, Capita’s chief product and AI officer, Sameer Vuyyuru, discusses how AI is being embedded across the group’s complex public-sector and shared-services operations to reduce cost to serve, improve productivity and support higher win rates. He highlights Capita’s focus on combining process engineering, automation, human judgement and AI rather than treating AI as a universal solution, with security-cleared, AI-capable teams central to delivering regulated services over the long term. The discussion points to front-office adoption already at scale, while identifying middle- and back-office casework as the larger opportunity to shorten waiting times and improve UK citizen outcomes. Vuyyuru also outlines the potential for AI agents to reshape delivery models, including greater onshore execution of work previously handled offshore. For investors, he identifies cost-to-serve reductions and improved bid win rates as the clearest indicators of progress, with successful execution expected to support Capita’s margin-expansion objectives.
Capita is an AI-enabled business services and outsourcing group that manages complex, often business-critical processes for public- and private-sector clients, with a significant role in UK government and regulated industries.
Listen on your preferred podcast player below:

Apple Podcast
Spotify
YouTube
Zencastr

About Bull, Bear &amp; Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.
]]></description>
      <link>https://www.edisongroup.com/podcast/capita-group-bull-bear-beyond-capita-executive-interview/BM-3852/widget-xml/</link>
      <isin>GB00B23K0M20</isin>
      <epic>CPI</epic>
    </publication>
    <publication>
      <date>2026-08-20T08:11:38+00:00</date>
      <uid>3849</uid>
      <company><![CDATA[Capita Group]]></company>
      <headline><![CDATA[Capita – executive interview]]></headline>
      <description><![CDATA[In this interview, Capita’s chief product and AI officer, Sameer Vuyyuru, discusses how AI is being embedded across the group’s complex public-sector and shared-services operations to reduce cost to serve, improve productivity and support higher win rates. He highlights Capita’s focus on combining process engineering, automation, human judgement and AI rather than treating AI as a universal solution, with security-cleared, AI-capable teams central to delivering regulated services over the long term. The discussion points to front-office adoption already at scale, while identifying middle- and back-office casework as the larger opportunity to shorten waiting times and improve UK citizen outcomes. Vuyyuru also outlines the potential for AI agents to reshape delivery models, including greater onshore execution of work previously handled offshore. For investors, he identifies cost-to-serve reductions and improved bid win rates as the clearest indicators of progress, with successful execution expected to support Capita’s margin-expansion objectives.
Capita is an AI-enabled business services and outsourcing group that manages complex, often business-critical processes for public- and private-sector clients, with a significant role in UK government and regulated industries.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/capita-group-capita-executive-interview/BM-3849/widget-xml/</link>
      <isin>GB00B23K0M20</isin>
      <epic>CPI</epic>
    </publication>
    <publication>
      <date>2026-08-20T07:56:08+00:00</date>
      <uid>3836</uid>
      <company><![CDATA[Mendus]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Mendus — CML programme gathering pace; Q226 results]]></headline>
      <description><![CDATA[ Mendus has reported its Q226 results following a period of continued execution across its broadened clinical strategy for vididencel, with chronic myeloid leukaemia (CML) becoming an increasingly important part of the narrative. The first eight patients have now been enroled in the Phase Ib VITAL-CML study, supporting an initial safety, tolerability and early molecular response readout in H226. Preparations are also progressing for the Phase IIa VITAL-TFR2 trial, which is expected to start in Q426, subject to supportive VITAL-CML safety data. The programme is being supported by the South Australian Health and Medical Research Institute (SAHMRI) and professor Timothy Hughes, a leading authority in CML and treatment free remission (TFR). In addition, CADENCE (in chemo-fit acute myeloid leukaemia, AML) has reached its first 20-patient enrolment milestone, consistent with prior guided timelines, while DIVA (in chemo-unfit AML) remains scheduled to start in H226. Financially, the Q226 operating loss narrowed to 15% y-o-y to SEK20.5m (Q225: SEK24.1m), while quarter-end cash was SEK59.9m (gross), or SEK29.0m (net). ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/ffd93f621b9d5d0b57c396ee1245e1c5.pdf</url>
      <link>https://www.edisongroup.com/research/cml-programme-gathering-pace-q226-results/BM-3836/widget-xml/</link>
      <filename></filename>
      <isin>SE0022239950</isin>
      <epic>IMMU</epic>
    </publication>
    <publication>
      <date>2026-08-20T07:32:22+00:00</date>
      <company><![CDATA[Mendus]]></company>
      <headline><![CDATA[Mendus (OMX: IMMU) – CML momentum builds (Q226 results)]]></headline>
      <description><![CDATA[Clinical progress takes centre stage in Q226.]]></description>
      <link>https://www.edisongroup.com/spark/mendus-omx-immu-cml-momentum-builds-q226-results/SE0022239950/widget-xml/</link>
      <isin>SE0022239950</isin>
      <epic>IMMU</epic>
    </publication>
    <publication>
      <date>2026-08-20T07:27:57+00:00</date>
      <company><![CDATA[Herantis Pharma]]></company>
      <headline><![CDATA[Herantis Pharma (HEL: HRTIS) – Phase II preparations take centre stage (H126 results)]]></headline>
      <description><![CDATA[H126 shows steady execution as HER-096 moves towards proof-of-concept.]]></description>
      <link>https://www.edisongroup.com/spark/herantis-pharma-hel-hrtis-phase-iia-preparations-take-centre-stage/FI4000087861/widget-xml/</link>
      <isin>FI4000087861</isin>
      <epic>HRTIS</epic>
    </publication>
    <publication>
      <date>2026-08-20T07:25:13+00:00</date>
      <company><![CDATA[SynAct Pharma]]></company>
      <headline><![CDATA[SynAct Pharma&#8217;s (STO:SYNACT) Q226 results highlight resomelagon progress]]></headline>
      <description><![CDATA[SynAct’s Q226 results highlight improved cost control, strengthened funding, advancing Phase III preparations and resomelagon’s broad therapeutic potential.]]></description>
      <link>https://www.edisongroup.com/spark/synact-pharmas-stosynact-q226-results-highlight-resomelagon-progress/SE0008241491/widget-xml/</link>
      <isin>SE0008241491</isin>
      <epic>SYNACT</epic>
    </publication>
    <publication>
      <date>2026-08-20T07:00:00+00:00</date>
      <uid>3707</uid>
      <company><![CDATA[AVI Global Trust]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[AVI Global Trust — Differentiated, value-based global equity strategy]]></headline>
      <description><![CDATA[ AVI Global Trust (AGT) provides investors with a differentiated, attractively valued global equity exposure. Manager Joe Bauernfreund at Asset Value Investors (AVI) seeks quality assets that are trading at a discount to their intrinsic value, which have an identifiable catalyst to enable value to be realised. He is finding opportunities across AGT’s range of asset classes: holding companies, closed-end funds and asset-backed special situations. While the pull-back in absolute and relative performance due to the US attack on Iran in the last month of the trust’s H126 was disappointing, future prospects look encouraging. AGT’s portfolio is trading at around a 40% discount to NAV, which is towards the wider end of the historical range and comparable to other periods of market stress, such as during the global financial crisis or the COVID pandemic. AGT’s long-term average portfolio valuation is around a 30% discount to NAV. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/87f1d79bc6323d46e5393b2821b5b9e9.pdf</url>
      <link>https://www.edisongroup.com/research/differentiated-value-based-global-equity-strategy/BM-3707/widget-xml/</link>
      <filename></filename>
      <isin>GB00BLH3CY60</isin>
      <epic>AGT</epic>
    </publication>
    <publication>
      <date>2026-08-19T15:50:43+00:00</date>
      <uid>3840</uid>
      <company><![CDATA[Columbus]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Columbus — Q2 returns to growth in FY26 as activity improves]]></headline>
      <description><![CDATA[ While the share price performance implies an investor focus on the muted market conditions, it is easy to miss the fact that Columbus’ relationship with its customer base is becoming more solutions-based. This positions it well for the recovery that Q2 suggests might be beginning. The current valuation seems to be taking a wait-and-see stance, but continued evidence of increased customer activity combined with a strategic update in November could change that. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/8126f72dc69e0b412fec97b45606b45e.pdf</url>
      <link>https://www.edisongroup.com/research/q2-returns-to-growth-in-fy26-as-activity-improves/BM-3840/widget-xml/</link>
      <filename></filename>
      <isin>DK0010268366</isin>
      <epic>COLUM</epic>
    </publication>
    <publication>
      <date>2026-08-19T13:42:17+00:00</date>
      <uid>3845</uid>
      <company><![CDATA[SynAct Pharma]]></company>
      <headline><![CDATA[Bull, Bear &#038; Beyond – SynAct Pharma: executive interview]]></headline>
      <description><![CDATA[In this interview, we speak with SynAct Pharma CBO Mads Bjerregaard about the proposed co-development and commercial partnership with Hipolabor for resomelagon in dengue and other viral infections in Brazil, the world’s largest dengue market. He discusses why growing momentum from the RESOVIR collaboration and ongoing RESOVIR-2 Phase II study made this the right time to establish a commercial pathway in Brazil, and why SynAct opted for a differentiated 50:50 development-cost and profit-sharing model that aligns incentives while leveraging Hipolabor’s local regulatory and commercial capabilities. Mads also outlines how RESOVIR-2 could inform the path towards Phase III and regulatory discussions with the Brazilian regulatory authority ANVISA, and why being ready to capitalise on future dengue seasons could be important for efficient patient recruitment. Finally, he explains why the dengue deal represents a distinct partnering model and how SynAct has preserved full flexibility to pursue potentially more conventional global or regional partnerships for resomelagon in rheumatoid arthritis and other autoimmune diseases.
Listen on your preferred podcast player below:

Apple Podcast
Spotify
YouTube
Zencastr

About Bull, Bear &amp; Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.
]]></description>
      <link>https://www.edisongroup.com/podcast/synact-pharma-bull-bear-beyond-synact-pharma-executive-interview-3/BM-3845/widget-xml/</link>
      <isin>SE0008241491</isin>
      <epic>SYNACT</epic>
    </publication>
    <publication>
      <date>2026-08-19T12:38:28+00:00</date>
      <uid>3844</uid>
      <company><![CDATA[SynAct Pharma]]></company>
      <headline><![CDATA[SynAct Pharma – executive interview]]></headline>
      <description><![CDATA[In this interview, we speak with SynAct Pharma CBO Mads Bjerregaard about the proposed co-development and commercial partnership with Hipolabor for resomelagon in dengue and other viral infections in Brazil, the world’s largest dengue market. He discusses why growing momentum from the RESOVIR collaboration and ongoing RESOVIR-2 Phase II study made this the right time to establish a commercial pathway in Brazil, and why SynAct opted for a differentiated 50:50 development-cost and profit-sharing model that aligns incentives while leveraging Hipolabor’s local regulatory and commercial capabilities. Mads also outlines how RESOVIR-2 could inform the path towards Phase III and regulatory discussions with the Brazilian regulatory authority ANVISA, and why being ready to capitalise on future dengue seasons could be important for efficient patient recruitment. Finally, he explains why the dengue deal represents a distinct partnering model and how SynAct has preserved full flexibility to pursue potentially more conventional global or regional partnerships for resomelagon in rheumatoid arthritis and other autoimmune diseases.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/synact-pharma-synact-pharma-executive-interview-4/BM-3844/widget-xml/</link>
      <isin>SE0008241491</isin>
      <epic>SYNACT</epic>
    </publication>
    <publication>
      <date>2026-08-19T12:29:10+00:00</date>
      <uid>3841</uid>
      <company><![CDATA[Leading Edge Materials]]></company>
      <type>Flash</type>
      <otc_epic>LEMIF</otc_epic>
      <headline><![CDATA[Leading Edge Materials — First tranche improves funding visibility]]></headline>
      <description><![CDATA[ Leading Edge Materials (LEM) has closed the first tranche of its previously announced C$6m private placement, raising C$4.0m. The company’s cornerstone shareholder has committed to subscribe for any units not otherwise taken up, providing good visibility over completion of the raise. The closing improves near-term funding visibility and supports progress on the updated pre-feasibility study (PFS) and environmental permitting at Norra Kärr, LEM’s 100%-owned heavy rare earth elements project in Sweden, following the recent award of the 25-year mining lease. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/ba5a1b3a01859dc9b349356d372a0bee.pdf</url>
      <link>https://www.edisongroup.com/research/first-tranche-improves-funding-visibility/BM-3841/widget-xml/</link>
      <filename></filename>
      <isin>CA52171T1003</isin>
      <epic>LEM</epic>
    </publication>
    <publication>
      <date>2026-08-19T09:56:47+00:00</date>
      <uid>3842</uid>
      <company><![CDATA[Nanoco Group]]></company>
      <type>Client QV</type>
      <otc_epic>NNOCF</otc_epic>
      <headline><![CDATA[Nanoco Group — Nanoco – JDA on track, cash burn reduced]]></headline>
      <description><![CDATA[ Nanoco’s FY26 trading update confirms that joint development agreement activity remains on track, while cash consumption remains well controlled. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/544b7d50c176ed477fc72abfad4cac5f.pdf</url>
      <link>https://www.edisongroup.com/research/nanoco-jda-on-track-cash-burn-reduced/BM-3842/widget-xml/</link>
      <filename></filename>
      <isin>GB00B01JLR99</isin>
      <epic>NANO</epic>
    </publication>
    <publication>
      <date>2026-08-19T09:25:20+00:00</date>
      <uid>3656</uid>
      <company><![CDATA[Pentixapharm Holding]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Pentixapharm Holding — Platform reset sharpens investment case]]></headline>
      <description><![CDATA[ Pentixapharm navigates H226 as a fundamentally stronger, late-stage radiopharmaceutical company following its 2025 strategic reset, which saw it narrow its focus to its most advanced CXCR4 programmes. The investment case is now centred on the registrational PANDA Phase III study of PentixaFor, its lead diagnostic radiopharmaceutical, which recently received FDA Fast Track designation and is well positioned to benefit from growing recognition of primary aldosteronism and the emergence of targeted therapies requiring accurate patient stratification. The recent c €20m capital raise, combined with a leaner cost base, largely removes the near-term funding overhang and provides the financial flexibility to execute on its priorities. We view H228 PANDA top-line data as the key value inflection point, with PentixaTher providing additional upside through validation of the differentiated CXCR4 theranostics platform. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/4432328a9b2a88ff7f1a5de01733578f.pdf</url>
      <link>https://www.edisongroup.com/research/platform-reset-sharpens-investment-case/BM-3656/widget-xml/</link>
      <filename></filename>
      <isin>DE000A40AEG0</isin>
      <epic>PTP</epic>
    </publication>
    <publication>
      <date>2026-08-19T08:11:42+00:00</date>
      <uid>3801</uid>
      <company><![CDATA[Ajax Resources]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Ajax Resources — Standing on the shoulders of giants]]></headline>
      <description><![CDATA[ In what has been a frenetic 16 weeks since our last note, Ajax has accelerated its strategic evolution via an offer to acquire Nueva Celti in Spain at the same time as proposing a creative solution for its acquisition of Rachaite (essentially by swapping its Eureka interest for Rachaite and El Salto) and materially advancing its acquisition of Paguanta. Over the same time period, it has confirmed that it has submitted all requests for additional information and technical clarification required by the Salta authorities for approval of its Environmental Impact Assessment (EIA) at Macacha in Argentina, presided over the listing of Reveille on the Aquis exchange in London and commenced the environmental permitting process for its planned maiden drilling campaign at Pereira Velho. This note updates our range of valuations for Ajax for all of these developments. In addition, it has been disclosed that directors have been recent buyers of Ajax’s shares. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/fb10ce9e37ad33d7c37f9ff415f03eaf.pdf</url>
      <link>https://www.edisongroup.com/research/standing-on-the-shoulders-of-giants/BM-3801/widget-xml/</link>
      <filename></filename>
      <isin>GB00BLNBD412</isin>
      <epic>AJAX</epic>
    </publication>
    <publication>
      <date>2026-08-19T08:00:15+00:00</date>
      <company><![CDATA[Percheron Therapeutics]]></company>
      <headline><![CDATA[Percheron Therapeutics (ASX:PER) FY26 results broadly in line, HMBD-002 in Focus]]></headline>
      <description><![CDATA[Percheron’s FY26 results were broadly in line, with lower R&amp;D spend and improved cash burn, while HMBD-002 execution remains key.]]></description>
      <link>https://www.edisongroup.com/spark/percheron-therapeutics-asxper-fy26-results-broadly-in-line-hmbd-002-in-focus/AU0000317281/widget-xml/</link>
      <isin>AU0000317281</isin>
      <epic>PER</epic>
    </publication>
    <publication>
      <date>2026-08-19T05:11:27+00:00</date>
      <uid>3839</uid>
      <company><![CDATA[SynAct Pharma]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[SynAct Pharma — Brazil partnership advances dengue opportunity]]></headline>
      <description><![CDATA[ SynAct Pharma has signed a term sheet with established Brazilian pharmaceutical company Hipolabor for the co-development and commercialisation of resomelagon for dengue and other viral infections in Brazil. We view this agreement positively, as it builds on SynAct’s existing RESOVIR research collaboration and ongoing RESOVIR-2 Phase II dengue study, adding local regulatory, development and commercial capabilities in the world’s largest dengue market and offering an optimised route to commercialisation. The proposed 50:50 profit and development cost split with additional sales milestones offers more aligned economics than a conventional licence agreement, while preserving SynAct\'s control of the asset outside of Brazil. We believe the agreement provides useful external validation of resomelagon’s potential in acute inflammation and adds strategic optionality beyond the core advanced rheumatoid arthritis (RA) opportunity. A definitive agreement is targeted in the coming months. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/456e8958d00b44d8ecd81a197f496455.pdf</url>
      <link>https://www.edisongroup.com/research/brazil-partnership-advances-dengue-opportunity/BM-3839/widget-xml/</link>
      <filename></filename>
      <isin>SE0008241491</isin>
      <epic>SYNACT</epic>
    </publication>
    <publication>
      <date>2026-08-18T13:58:22+00:00</date>
      <uid>3810</uid>
      <company><![CDATA[Balfour Beatty]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Balfour Beatty — FY26 guidance raised following a strong H126]]></headline>
      <description><![CDATA[ Balfour Beatty (BBY) upgraded its FY26 guidance, following a strong performance in H126, driven by profitable growth in the group’s earnings-based businesses. Group revenue in H126 grew 8% y-o-y, or 10% when excluding fx movements, which management attributes to rising demand in US buildings and UK power transmission. Underlying profit from operations (PFO) increased to £119m, ahead of consensus and up 55% y-o-y, with a return to profitability for the US construction business. Management now expects PFO growth from the group’s earnings-based businesses to be in the low double-digit range, slightly ahead of prior full-year guidance. The results and increase in guidance were perceived well by the market, with the shares rising c 8% on the day of the results. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/0d5a641dacf97d2177ab81025b95a9e2.pdf</url>
      <link>https://www.edisongroup.com/research/fy26-guidance-raised-following-a-strong-h126/BM-3810/widget-xml/</link>
      <filename></filename>
      <isin>GB0000961622</isin>
      <epic>BBY</epic>
    </publication>
    <publication>
      <date>2026-08-18T12:15:06+00:00</date>
      <uid>3831</uid>
      <company><![CDATA[Templeton Emerging Markets Investment Trust]]></company>
      <headline><![CDATA[Bull, Bear &#038; Beyond – Templeton Emerging Markets Investment Trust in 60 seconds]]></headline>
      <description><![CDATA[Edison’s investment companies team recently published a review on Templeton Emerging Markets Investment Trust (TEMIT). The trust’s performance has considerable momentum with strong absolute and relative results in FY26, adding to a positive long-term record. TEMIT has outperformed its MSCI Emerging Markets Index benchmark and ranks highly versus its diversified peers. Lead portfolio manager Chetan Sehgal and co-manager Andrew Ness follow a disciplined bottom-up strategy, focusing on structural growth companies that are selling at a discount to their intrinsic values. Having made a successful call on the semiconductor companies, the managers are taking profits and redeploying capital elsewhere to diversify the portfolio.
Listen on your preferred podcast player below:

Apple Podcast
Spotify
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About Bull, Bear &amp; Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.
]]></description>
      <link>https://www.edisongroup.com/podcast/templeton-emerging-markets-investment-trust-templeton-emerging-markets-investment-trust-in-60-seconds/BM-3831/widget-xml/</link>
      <isin>GB00BKPG0S09</isin>
      <epic>TEM</epic>
    </publication>
    <publication>
      <date>2026-08-18T11:50:27+00:00</date>
      <uid>3820</uid>
      <company><![CDATA[Vincorion]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Vincorion — Strong H1 supports upper-end revenue outlook]]></headline>
      <description><![CDATA[ Vincorion supplies power and mechatronic systems for defence and aviation platforms, primarily in Germany and other NATO markets. H126 revenue rose 42.4% to €150.2m and adjusted EBIT increased 33% to €28.4m, while margin declined 1.4pp to 18.9%, reflecting a less favourable product mix, reflecting in the short term a shift between order entry and after sales. However, both are growing and after sales benefits in the long run from the growing installed base. Vehicle Systems and Power Systems drove the growth, supported by higher output and strong demand. Order entry increased to €330.2m, lifting the fixed order book to €615.3m. Management maintained adjusted EBIT margin guidance and now expects FY26 revenue at the upper end of the €280–320m range. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/4621ab99290f8f59dfdbe093286cdf3b.pdf</url>
      <link>https://www.edisongroup.com/research/strong-h1-supports-upper-end-revenue-outlook/BM-3820/widget-xml/</link>
      <filename></filename>
      <isin>DE000VNC0014</isin>
      <epic>V1NC</epic>
    </publication>
    <publication>
      <date>2026-08-18T08:56:57+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Zelluna (OSE: ZLNA) clears first safety hurdle in ZIMA-101]]></headline>
      <description><![CDATA[Independent committee backs continued enrolment after encouraging first-patient safety data]]></description>
      <link>https://www.edisongroup.com/spark/zelluna-ose-zlna-clears-first-safety-hurdle-in-zima-101/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-08-18T08:37:25+00:00</date>
      <uid>3678</uid>
      <company><![CDATA[Santhera Pharmaceuticals]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Santhera Pharmaceuticals — Break-even in sight as AGAMREE scales]]></headline>
      <description><![CDATA[ Santhera is approaching a defining inflection point as it targets cash flow break-even in Q326, completing its transition into a self-funded rare disease company. The investment case rests on AGAMREE, the first dissociative corticosteroid approved for Duchenne muscular dystrophy (DMD), which has achieved strong early uptake, capturing c 40% and c 50% of corticosteroid-treated DMD patients in Germany and Austria, respectively, with UK adoption tracking Germany\'s early launch trajectory. We view this as compelling validation of AGAMREE\'s differentiated profile versus conventional corticosteroids. Planned launches in Spain and Italy during H226 should provide the next growth catalyst. Combined with a capital-efficient hybrid model that pairs direct commercialisation in Europe with regional licensing elsewhere, Santhera is well positioned to deliver FY26 revenue guidance of CHF80–90m and its €150m 2028 revenue ambition, validating the scalability of its business model. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/70584e22fd148058e03ec002730fc01c.pdf</url>
      <link>https://www.edisongroup.com/research/break-even-in-sight-as-agamree-scales/BM-3678/widget-xml/</link>
      <filename></filename>
      <isin>CH1276028821</isin>
      <epic>SANN</epic>
    </publication>
    <publication>
      <date>2026-08-18T08:20:19+00:00</date>
      <uid>3823</uid>
      <company><![CDATA[Pan American Silver]]></company>
      <type>Update</type>
      <otc_epic>PAASF</otc_epic>
      <headline><![CDATA[Pan American Silver — Q226 results: Cash generation remains strong]]></headline>
      <description><![CDATA[ Pan American Silver (PAAS) delivered another quarter of strong cash generation in Q226, with attributable free cash flow of US$344m and net cash increasing to US$864m after a record US$300m of shareholder returns under the enhanced framework announced in May. Silver production was at the upper end of quarterly guidance, while gold output was below guidance and segment costs increased. FY26 guidance was maintained, although management now expects gold production at the low end of the range and gold AISC at the high end. We reduce our FY26 EBITDA estimate by 13% to US$2.81bn, mainly reflecting lower consensus commodity price assumptions and revised operating expectations, while increasing our DCF-based valuation from US$65.0/share to US$68.2/share.  ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/9aa2c85183ef0d49463d413ffd26ce91.pdf</url>
      <link>https://www.edisongroup.com/research/q226-results-cash-generation-remains-strong/BM-3823/widget-xml/</link>
      <filename></filename>
      <isin>CA6979001089</isin>
      <epic>PAAS</epic>
    </publication>
    <publication>
      <date>2026-08-18T08:19:20+00:00</date>
      <uid>3830</uid>
      <company><![CDATA[Templeton Emerging Markets Investment Trust]]></company>
      <headline><![CDATA[Templeton Emerging Markets Investment Trust in 60 seconds]]></headline>
      <description><![CDATA[Edison’s investment companies team recently published a review on Templeton Emerging Markets Investment Trust (TEMIT). The trust’s performance has considerable momentum with strong absolute and relative results in FY26, adding to a positive long-term record. TEMIT has outperformed its MSCI Emerging Markets Index benchmark and ranks highly versus its diversified peers. Lead portfolio manager Chetan Sehgal and co-manager Andrew Ness follow a disciplined bottom-up strategy, focusing on structural growth companies that are selling at a discount to their intrinsic values. Having made a successful call on the semiconductor companies, the managers are taking profits and redeploying capital elsewhere to diversify the portfolio.
]]></description>
      <link>https://www.edisongroup.com/audiovisual/templeton-emerging-markets-investment-trust-templeton-emerging-markets-investment-trust-in-60-seconds-2/BM-3830/widget-xml/</link>
      <isin>GB00BKPG0S09</isin>
      <epic>TEM</epic>
    </publication>
    <publication>
      <date>2026-08-18T07:50:54+00:00</date>
      <company><![CDATA[Basilea Pharmaceutica]]></company>
      <headline><![CDATA[Basilea (SIX: BSLN) reports H126 beat and FY26 guidance upgrade]]></headline>
      <description><![CDATA[Basilea delivered an H126 beat, prompting a meaningful FY26 guidance upgrade, supported by strong commercial momentum and improving profitability.]]></description>
      <link>https://www.edisongroup.com/spark/basilea-six-bsln-reports-h126-beat-and-fy26-guidance-upgrade/CH0011432447/widget-xml/</link>
      <isin>CH0011432447</isin>
      <epic>BSLN</epic>
    </publication>
    <publication>
      <date>2026-08-18T07:44:23+00:00</date>
      <company><![CDATA[Halyk Bank]]></company>
      <headline><![CDATA[Halyk Bank reports Q226 results]]></headline>
      <description><![CDATA[Halyk Bank reported a 3.0% y-o-y increase in net interest income in Q226.]]></description>
      <link>https://www.edisongroup.com/spark/halyk-bank-reports-q226-results/US46627J3023/widget-xml/</link>
      <isin>US46627J3023</isin>
      <epic>HSBK</epic>
    </publication>
    <publication>
      <date>2026-08-18T07:28:54+00:00</date>
      <company><![CDATA[Kainos Group]]></company>
      <headline><![CDATA[Kainos&#8217; (LSE: KNOS) FY27 guidance increased]]></headline>
      <description><![CDATA[Double-digit revenue growth year-to-date]]></description>
      <link>https://www.edisongroup.com/spark/kainos-lse-knos-fy27-guidance-increased/GB00BZ0D6727/widget-xml/</link>
      <isin>GB00BZ0D6727</isin>
      <epic>KNOS</epic>
    </publication>
    <publication>
      <date>2026-08-18T07:00:00+00:00</date>
      <uid>3815</uid>
      <company><![CDATA[MindMaze Therapeutics]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[MindMaze Therapeutics — Organisational simplification supports way forward]]></headline>
      <description><![CDATA[ MindMaze completed its organisational simplification initiative through several transactions, disposing of most of its remaining non-neurology legacy operations (acquired through its business combination with Relief Therapeutics in Q425). This process has simplified the company’s operational structure and should lower its cost base as it focuses on its core neurology business. We believe MindMaze’s recently announced US channel partnership with Vibra Healthcare should be a key driver of new customer acquisitions in H226 and we expect updates on this and other collaborations in the coming weeks. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/6e1219ee4943f44898dcbe296f157412.pdf</url>
      <link>https://www.edisongroup.com/research/organisational-simplification-supports-way-forward/BM-3815/widget-xml/</link>
      <filename></filename>
      <isin>CH1251125998</isin>
      <epic>MMTX</epic>
    </publication>
    <publication>
      <date>2026-08-18T06:38:47+00:00</date>
      <company><![CDATA[JDC Group]]></company>
      <headline><![CDATA[JDC reports strong revenue and EBITDA growth in Q2 in a difficult environment]]></headline>
      <description><![CDATA[JDC rerported strong results in a difficult environment. Revenue and EBITDA guidance has been tweaked to the lower end of the previously guided range., ]]></description>
      <link>https://www.edisongroup.com/spark/jdc-reports-strong-revenue-and-ebitda-growth-in-q2-in-a-difficult-environment/DE000A0B9N37/widget-xml/</link>
      <isin>DE000A0B9N37</isin>
      <epic>JDC</epic>
    </publication>
    <publication>
      <date>2026-08-18T05:46:08+00:00</date>
      <uid>3829</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Edison explains: Why plan B is the new energy strategy]]></headline>
      <description><![CDATA[Energy security after the shock cycle, and the rise of optionality as an investment theme]]></description>
      <url>https://edison.bluematrix.com/sellside/AttachmentViewer.action?encrypt=f7f722c6-e20a-4e66-b413-c7cff11febcefileId=3829_3156b366-6537-494c-9c20-ae39cb8a5676&amp;isPdf=false</url>
      <link>https://www.edisongroup.com/thematic/edison-explains-why-plan-b-is-the-new-energy-strategy/BM-3829/widget-xml/</link>
      <filename></filename>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-08-17T16:01:16+00:00</date>
      <uid>3828</uid>
      <company><![CDATA[VietNam Holding]]></company>
      <headline><![CDATA[VietNam Holding – equity proposition]]></headline>
      <description><![CDATA[VietNam Holding is an investment company with a concentrated, high-conviction portfolio of Vietnamese equities. Launched in 2006, its shares are listed on the London Stock Exchange under the ticker VNH, and the portfolio has been managed by Dynam Capital since 2018.
VietNam Holding’s investment objective is to achieve long-term capital appreciation by investing in a diversified portfolio of companies that have high growth potential and attractive valuations.
We highlight the key points of VietNam Holding’s investment story.

Vietnam enjoys several secular macroeconomic tailwinds.
Vietnam’s stock market may benefit from higher participation of foreign investors.
VNH invests in high-conviction stocks in a dynamic market.
VNH is committed to improving environmental, social and governance aspects.

For further details, please refer to our latest research on VietNam Holding.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/vietnam-holding-vietnam-holding-equity-proposition-2/BM-3828/widget-xml/</link>
      <isin>GG00BJQZ9H10</isin>
      <epic>VNH</epic>
    </publication>
    <publication>
      <date>2026-08-17T15:58:01+00:00</date>
      <uid>3743</uid>
      <company><![CDATA[Spectral Medical]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Spectral Medical — Approaching the finish line]]></headline>
      <description><![CDATA[ Spectral, in June, submitted its pre-market approval (PMA) application to the US Food and Drug Administration (FDA) for PMX, its proprietary endotoxin removal therapy for patients with endotoxic septic shock (ESS). The product is supported by positive data from the Phase III Tigris follow-on trial. An FDA regulatory decision, projected in H227, would propel the company towards commercialisation of a differentiated treatment in an area of exceptionally high medical need where mortality rates approach c 50%. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/ee131bd3e71c9a6d56185810d0bd46af.pdf</url>
      <link>https://www.edisongroup.com/research/approaching-the-finish-line/BM-3743/widget-xml/</link>
      <filename></filename>
      <isin>CA8475771033</isin>
      <epic>EDT</epic>
    </publication>
    <publication>
      <date>2026-08-17T14:00:05+00:00</date>
      <uid>3803</uid>
      <company><![CDATA[Deutsche Beteiligungs]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Deutsche Beteiligungs — Depressed peer multiples weigh on valuations]]></headline>
      <description><![CDATA[ Deutsche Beteiligungs (DBAG) posted a 4.7% NAV per share decline in total return (TR) terms in H126 due to valuation headwinds from listed comparable companies. Most notably, valuations across the broader software and IT services sector remain depressed following indiscriminate selling since the beginning of 2026, driven by fears over AI disruption. This has affected DBAG’s portfolio even though it has limited exposure to pure-licence software. The subdued valuation multiples led management to update its FY26 guidance on 16 July, including NAV per share of €32–36 (from €36–40), implying an FY26 NAV TR of between c -9% and 2%. DBAG added €63.2m to its private equity portfolio in H126 in structurally growing sectors and agreed a €15.1m investment in TNL Group, an environmental planning and permitting consultancy. In H126 DBAG received €94.6m of realisation proceeds, mostly from the duagon and Kraft &amp; Bauer exits. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/fc7d5bd45530c6a6a84856bab0c88130.pdf</url>
      <link>https://www.edisongroup.com/research/depressed-peer-multiples-weigh-on-valuations/BM-3803/widget-xml/</link>
      <filename></filename>
      <isin>DE000A1TNUT7</isin>
      <epic>DBAN</epic>
    </publication>
    <publication>
      <date>2026-08-17T13:24:09+00:00</date>
      <company><![CDATA[Columbus]]></company>
      <headline><![CDATA[Columbus]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/columbus/BMC-407/widget-xml/</link>
      <isin>DK0010268366</isin>
      <epic>COLUM</epic>
    </publication>
    <publication>
      <date>2026-08-17T11:41:24+00:00</date>
      <uid>3827</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[From obligation to opportunity]]></headline>
      <description><![CDATA[How forward-thinking IR teams are turning retail engagement into a strategic asset]]></description>
      <url></url>
      <link>https://www.edisongroup.com/thematic/from-obligation-to-opportunity/BM-3827/widget-xml/</link>
      <filename>Retail-investor-engagement_1708262.pdf</filename>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-08-17T11:15:14+00:00</date>
      <uid>3789</uid>
      <company><![CDATA[YXT.com]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[YXT.com — AI drives revenue and efficiency gains]]></headline>
      <description><![CDATA[ YXT.com reported revenue growth of 6% y-o-y and a reduced operating loss in H126. Subscriber growth turned positive, gross margin expanded and the operating cost base was significantly reduced. The company is making progress with its strategy to evolve its enterprise digital learning technology into a wider AI-enabled enterprise productivity suite and is seeing a growing proportion of AI-related business. We have revised our forecasts to reflect a lower cost base; we continue to forecast the company achieving positive EBITDA and operating profit in FY28. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/uploads/2026/08/YXT_Update_170826_Ed-2.pdf</url>
      <link>https://www.edisongroup.com/research/ai-drives-revenue-and-efficiency-gains/BM-3789/widget-xml/</link>
      <filename>YXT_Update_170826_Ed-2.pdf</filename>
      <isin>US9887402058</isin>
      <epic>YXT</epic>
    </publication>
    <publication>
      <date>2026-08-17T09:23:21+00:00</date>
      <uid>3826</uid>
      <company><![CDATA[International Public Partnerships]]></company>
      <headline><![CDATA[Bull, Bear &#038; Beyond – International Public Partnerships: executive interview]]></headline>
      <description><![CDATA[In this interview, Jamie Hossain, managing director from Amber Infrastructure, investment adviser to International Public Partnerships (INPP), talks about the company’s strategy, performance and outlook. He describes INPP’s consistent lower-risk investment approach that aims to deliver resilient and predictable income, with a high level of inflation linkage, alongside capital growth. The company has a strong record of delivering on this, and, for 20 years, has grown dividends per share by at least 2.5% per year, and sometimes more, and targets similar increases over the next two years. Jamie also emphasises the key role of Amber in delivering this success, including its active management of the existing portfolio and ability to source and originate attractive new investment opportunities. He gives the example of INPP’s investment in the new Sizewell C nuclear power plant, which has been structured to deliver attractive projected returns, above the portfolio average, while sticking to INPP’s lower risk investment profile. Finally, Jamie talks about the significant further market opportunities that Amber identifies across the breadth of developed global infrastructure markets in which it operates, driven by government need for private capital and key megatrends such as decarbonisation and digitalisation.
Listen on your preferred podcast player below:

Apple Podcast
Spotify
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About Bull, Bear &amp; Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.
]]></description>
      <link>https://www.edisongroup.com/podcast/international-public-partnerships-bull-bear-beyond-international-public-partnerships-executive-interview-2/BM-3826/widget-xml/</link>
      <isin>GB00B188SR50</isin>
      <epic>INPP</epic>
    </publication>
    <publication>
      <date>2026-08-17T08:07:40+00:00</date>
      <uid>3824</uid>
      <company><![CDATA[International Public Partnerships]]></company>
      <headline><![CDATA[International Public Partnerships – executive interview]]></headline>
      <description><![CDATA[In this interview, Jamie Hossain, managing director from Amber Infrastructure, investment adviser to International Public Partnerships (INPP), talks about the company’s strategy, performance and outlook. He describes INPP’s consistent lower-risk investment approach that aims to deliver resilient and predictable income, with a high level of inflation linkage, alongside capital growth. The company has a strong record of delivering on this, and, for 20 years, has grown dividends per share by at least 2.5% per year, and sometimes more, and targets similar increases over the next two years. Jamie also emphasises the key role of Amber in delivering this success, including its active management of the existing portfolio and ability to source and originate attractive new investment opportunities. He gives the example of INPP’s investment in the new Sizewell C nuclear power plant, which has been structured to deliver attractive projected returns, above the portfolio average, while sticking to INPP’s lower risk investment profile. Finally, Jamie talks about the significant further market opportunities that Amber identifies across the breadth of developed global infrastructure markets in which it operates, driven by government need for private capital and key megatrends such as decarbonisation and digitalisation.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/international-public-partnerships-international-public-partnerships-executive-interview/BM-3824/widget-xml/</link>
      <isin>GB00B188SR50</isin>
      <epic>INPP</epic>
    </publication>
    <publication>
      <date>2026-08-17T07:47:08+00:00</date>
      <company><![CDATA[Bally’s Intralot]]></company>
      <headline><![CDATA[Bally&#8217;s Intralot (BYLOT:ASE) Q226 profit impacted by UK gaming duties]]></headline>
      <description><![CDATA[International online strong performance partially offset by weakness in US and Turkey.]]></description>
      <link>https://www.edisongroup.com/spark/ballys-intralot-bylotase-q226-profit-impacted-by-uk-gaming-duties/GRS343313003/widget-xml/</link>
      <isin>GRS343313003</isin>
      <epic>BYLOT</epic>
    </publication>
    <publication>
      <date>2026-08-14T13:58:55+00:00</date>
      <uid>3822</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Maximising engagement with retail investors through leveraging AI and digital marketing]]></headline>
      <description><![CDATA[Retail investors now hold 38% of directly held US equities, yet many investor relations (IR) strategies are struggling to keep pace. In this breakout session, Edison’s executive director Neil Shah and Euroland IR’s chief product and technology officer Akshay Coppa discuss how to bridge this growing engagement gap. They explore the challenges of reaching retail audiences, including resource constraints, compliance and measuring return on investment and explain how AI can make corporate content more accessible and provide insight into what investors are seeking. Finally, they consider how companies can build a retail investor engagement strategy and ensure their perspective is heard during activist campaigns.
Learn why burying reports in unindexed PDFs makes your company invisible to AI, which is increasingly the first place retail investors look, and how to ensure your official IR content is actually discoverable.
Watch the full session to discover how to transform your retail engagement strategy using the latest digital and AI tools.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/maximising-engagement-with-retail-investors-through-leveraging-ai-and-digital-marketing/BM-3822/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-08-14T11:29:37+00:00</date>
      <uid>3736</uid>
      <company><![CDATA[Basilea Pharmaceutica]]></company>
      <type>Update</type>
      <otc_epic>BPMUF</otc_epic>
      <headline><![CDATA[Basilea Pharmaceutica — Pipeline momentum underpins the next phase]]></headline>
      <description><![CDATA[ We preview Basilea’s H126 results and our expectations for H226, following a productive first half marked by continued outperformance in Cresemba in-market sales and BAL2420\'s transition into the clinic. We expect FY26 performance to be H2-weighted, reflecting the timing of milestone income and increased BARDA and CARB-X reimbursements, although R&amp;D investment will also accelerate as fosmanogepix advances through Phase III, CTB-LEDA progresses towards Phase III and BAL2420 moves through Phase I. With its robust profitability and cash generation (we forecast H126 operating profit of c CHF21m) supporting continued investment across the pipeline, we believe Basilea is well positioned to create value beyond Cresemba\'s expected loss of exclusivity. We introduce BAL2420 into our valuation and update our assumptions for Cresemba and fosmanogepix, increasing our valuation to CHF126.1/share from CHF118.0/share. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/df7939e42bdc92447284a3fb8bac20bb.pdf</url>
      <link>https://www.edisongroup.com/research/pipeline-momentum-underpins-the-next-phase/BM-3736/widget-xml/</link>
      <filename></filename>
      <isin>CH0011432447</isin>
      <epic>BSLN</epic>
    </publication>
    <publication>
      <date>2026-08-14T10:41:33+00:00</date>
      <uid>3788</uid>
      <company><![CDATA[Morgan Advanced Materials]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Morgan Advanced Materials — Growth and self-help support margin recovery]]></headline>
      <description><![CDATA[ Morgan’s H1 results were in line with company expectations, with revenue up 4.8% in organic constant-currency terms (OCC) to £518.1m, or 3.0% excluding an £8.9m semiconductor take-or-pay phasing benefit. Adjusted operating margin increased to 11.2%, or 9.6% excluding the phasing benefit, from 7.9% in H225, supported by efficiency and simplification benefits. Management maintained FY26 OCC revenue growth guidance of c 2% and its 12% margin target for 2028, with site turnarounds and procurement expected to contribute at least £20m of margin improvement. The strategic review of Thermal Products is progressing. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/73f956c80b542a3fe47209bd460df293.pdf</url>
      <link>https://www.edisongroup.com/research/growth-and-self-help-support-margin-recovery/BM-3788/widget-xml/</link>
      <filename></filename>
      <isin>GB0006027295</isin>
      <epic>MGAM</epic>
    </publication>
    <publication>
      <date>2026-08-14T09:48:42+00:00</date>
      <company><![CDATA[QBiotics]]></company>
      <headline><![CDATA[QBiotics launches capital raise]]></headline>
      <description><![CDATA[QBiotics is seeking up to A$40m to advance its clinical pipeline and support its next phase of growth.]]></description>
      <link>https://www.edisongroup.com/spark/qbiotics-launches-capital-raise/NOISINQBIOTICS/widget-xml/</link>
      <isin>NOISINQBIOTICS</isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-08-14T09:26:39+00:00</date>
      <company><![CDATA[Vincorion]]></company>
      <headline><![CDATA[Vincorion]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/vincorion/BMC-406/widget-xml/</link>
      <isin>DE000VNC0014</isin>
      <epic>V1NC</epic>
    </publication>
    <publication>
      <date>2026-08-14T08:06:37+00:00</date>
      <uid>3818</uid>
      <company><![CDATA[Cereno Scientific]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Cereno Scientific — CS1 Phase IIb now underway]]></headline>
      <description><![CDATA[ Cereno Scientific has launched the global Phase IIb study for CS1 (EPIMODE) in pulmonary arterial hypertension (PAH) with the activation of the first clinical site. We view this as a meaningful execution milestone, clearing the path to patient recruitment (to commence mid-September) towards top-line results in Q428. The 56-week study will recruit c 126 patients across c 68 sites, providing the required controlled setting in which to evaluate CS1’s dose response, efficacy and proposed disease-modifying profile. EPIMODE is differentiated by its two-stage, re-randomisation design, optimised to assess dose response, efficacy and the durability of treatment effects across a broad patient cohort. The primary endpoint will be change in pulmonary vascular resistance (PVR) at nine months, a well-established objective haemodynamic measure in PAH. With clinical timelines broadly in line with our estimates, we leave our valuation unchanged ahead of upcoming Q226 results. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/65321a80d488330d65d973462ef29683.pdf</url>
      <link>https://www.edisongroup.com/research/cs1-phase-iib-now-underway/BM-3818/widget-xml/</link>
      <filename></filename>
      <isin>SE0008241558</isin>
      <epic>CRNO-B</epic>
    </publication>
    <publication>
      <date>2026-08-14T07:50:03+00:00</date>
      <uid>3773</uid>
      <company><![CDATA[Molten Ventures]]></company>
      <type>Review</type>
      <otc_epic>GRWXF</otc_epic>
      <headline><![CDATA[Molten Ventures — Backing Europe’s enabling technologies]]></headline>
      <description><![CDATA[ Molten Ventures posted a 13.3% NAV total return (TR) in FY26 (ended March 2026) as it has recently benefited from multiple themes across its diversified private European technology portfolio, most notably spacetech through its holding in ICEYE, which operates a constellation of synthetic aperture radar satellites. ICEYE’s fair value increased by 176% at constant currency in FY26 (to end-March 2026), and Molten expects a further 236% uplift following ICEYE’s successful Series F funding round, completed after the reporting date. Other major positive drivers in FY26 included Revolut (fintech), Ledger (crypto and blockchain) and Riverlane (quantum computing). Molten classified c 75% of its current direct core and emerging portfolios as net beneficiaries of AI (with a further 8% having no material AI exposure) and aims to benefit from the rise of AI through investments in the ‘connective’ or enabling middle layer between foundation models and end-user applications, which we see as a prudent approach. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/778a70a817d7eafddf318242d21021d2.pdf</url>
      <link>https://www.edisongroup.com/research/backing-europes-enabling-technologies/BM-3773/widget-xml/</link>
      <filename></filename>
      <isin>GB00BY7QYJ50</isin>
      <epic>GROW</epic>
    </publication>
    <publication>
      <date>2026-08-14T07:36:44+00:00</date>
      <uid>3816</uid>
      <company><![CDATA[Global Fashion Group]]></company>
      <type>Update</type>
      <otc_epic>GLFGF</otc_epic>
      <headline><![CDATA[Global Fashion Group — Yet another profit milestone]]></headline>
      <description><![CDATA[ Global Fashion Group’s (GFG’s) H126 results represent yet another milestone in its recovery, generating its first H1 adjusted EBITDA profit with the current footprint. The trend is encouraging at the group level and also at the divisional level, with all three regions profitable in H126, and all made progress versus H125. Management’s focus on customer and order economics is driving the improvement, which is no mean feat given the more challenging operating environment and mixed revenue trends across the regions. Importantly, and as guided by management, the improved profitability is feeding through to better cash generation. H126’s performance enables management to tighten its profit guidance towards the higher end of its prior range, despite nudging down expected growth in net merchandise value (NMV) due to the more challenging consumer backdrop. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/f1d1a19e1780c698bde7765b55fc844b.pdf</url>
      <link>https://www.edisongroup.com/research/yet-another-profit-milestone/BM-3816/widget-xml/</link>
      <filename></filename>
      <isin>LU2010095458</isin>
      <epic>GFG</epic>
    </publication>
    <publication>
      <date>2026-08-13T12:30:50+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[JOST Werke (XETR: JST) – broad-based organic growth and deleveraging underpin confirmed FY26 outlook]]></headline>
      <description><![CDATA[JOST\'s H126 sales rose 12.1% on broad-based organic growth; adjusted EBIT margin was up 0.8pp, and FY26 guidance was confirmed.]]></description>
      <link>https://www.edisongroup.com/spark/jost-werke-fra-jst-broad-based-organic-growth-and-deleveraging-underpin-confirmed-fy26-outlook/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-08-13T11:07:44+00:00</date>
      <uid>3787</uid>
      <company><![CDATA[YXT.com]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[YXT.com — Subscriber growth resumes]]></headline>
      <description><![CDATA[ YXT.com’s H126 results confirmed that subscriber numbers grew for the first time in several years, resulting in year-on-year revenue growth of 6%. Gross margin expansion combined with significantly lower operating costs narrowed the operating loss substantially from the prior year. The company is seeing growing adoption of its AI-related products, and the focus on larger enterprise customers and AI-enabled operational efficiency is moving the company closer to breakeven. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/45fe81aabd924f2238eea1d425a9b9fd.pdf</url>
      <link>https://www.edisongroup.com/research/subscriber-growth-resumes/BM-3787/widget-xml/</link>
      <filename></filename>
      <isin>US9887402058</isin>
      <epic>YXT</epic>
    </publication>
    <publication>
      <date>2026-08-13T10:42:32+00:00</date>
      <uid>3806</uid>
      <company><![CDATA[Spirax Group]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Spirax Group — ETS and Watson-Marlow drive H1 growth]]></headline>
      <description><![CDATA[Spirax Group supplies thermal energy and fluid technology solutions to industrial, pharmaceutical and food-processing customers, with recurring maintenance revenues alongside capital equipment sales. H126 organic revenue rose 5% to £863.8m, ahead of industrial production growth of 1.8%, while adjusted operating profit increased 6% to £171.1m. Growth was led by Electric Thermal Solutions (ETS) and Watson-Marlow, while Steam Thermal Solutions was more subdued. Management reiterated guidance, with an improvement in Steam expected to support H2 delivery. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/1a2cffea44a1880b954b61ab6749f584.pdf</url>
      <link>https://www.edisongroup.com/research/ets-and-watson-marlow-drive-h1-growth/BM-3806/widget-xml/</link>
      <filename></filename>
      <isin>GB00BWFGQN14</isin>
      <epic>SPX</epic>
    </publication>
    <publication>
      <date>2026-08-13T10:31:29+00:00</date>
      <uid>3817</uid>
      <company><![CDATA[Target Healthcare REIT]]></company>
      <headline><![CDATA[Target Healthcare REIT – executive interview]]></headline>
      <description><![CDATA[In this interview, Kenneth MacKenzie, CEO of Target Fund Managers, talks about the latest quarterly update from Target Healthcare REIT and the outlook. The three months to 30 June 2026 (Q426) was another strong period for financial performance and rounded off a very successful FY26 year. Q4 showed the familiar pattern of inflation-linked rental growth and active asset management consistently driving both earnings and capital growth, with further progress on the redeployment of the proceeds of last year’s sale of nine homes. FY26 accounting total return was c 12%, taking the three-year return to c 34%, and the shares have performed well. Our update note can be found here. Kenneth discusses both the short-term financial, operational and strategic progress and the longer-term structural tailwinds for the sector that underpin the company’s steady and consistent performance.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/target-healthcare-reit-target-healthcare-reit-executive-interview-2/BM-3817/widget-xml/</link>
      <isin>GB00BJGTLF51</isin>
      <epic>THRL</epic>
    </publication>
    <publication>
      <date>2026-08-13T08:57:54+00:00</date>
      <company><![CDATA[Global Fashion Group]]></company>
      <headline><![CDATA[Global Fashion Group (GFG:FSE) encouraging H126 results lead to narrowing of profit guidance]]></headline>
      <description><![CDATA[First H126 adjusted EBITDA profit with current footprint.]]></description>
      <link>https://www.edisongroup.com/spark/global-fashion-group-gfgfse-encouraging-h126-results-lead-to-narrowing-of-profit-guidance/LU2010095458/widget-xml/</link>
      <isin>LU2010095458</isin>
      <epic>GFG</epic>
    </publication>
    <publication>
      <date>2026-08-13T08:38:49+00:00</date>
      <uid>3786</uid>
      <company><![CDATA[Digia]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Digia — H126 results next step on the next strategic journey]]></headline>
      <description><![CDATA[ As Digia extends its horizons beyond Finland over the coming years, the group should become less exposed to the challenging current trading conditions of its home markets. It is testament to the quality of the business model that the group grew in June while waiting for a more benign demand environment. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/d12fd5780e6d2f93c1d255a35f4ac272.pdf</url>
      <link>https://www.edisongroup.com/research/h126-results-next-step-on-the-next-strategic-journey/BM-3786/widget-xml/</link>
      <filename></filename>
      <isin>FI0009007983</isin>
      <epic>DIGIA</epic>
    </publication>
    <publication>
      <date>2026-08-13T08:09:15+00:00</date>
      <company><![CDATA[Cereno Scientific]]></company>
      <headline><![CDATA[Cereno Scientific (OMX: CRNO-B): CS1 enters Phase IIb]]></headline>
      <description><![CDATA[First-site activation advances CS1 into Phase IIb execution, enabling patient recruitment and reducing operational risk.]]></description>
      <link>https://www.edisongroup.com/spark/cereno-scientific-omx-crno-b-cs1-enters-phase-iib/SE0008241558/widget-xml/</link>
      <isin>SE0008241558</isin>
      <epic>CRNO-B</epic>
    </publication>
    <publication>
      <date>2026-08-12T14:51:48+00:00</date>
      <uid>3813</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Why the solar eclipse is now an energy story]]></headline>
      <description><![CDATA[Why has Britain&#039;s grid operator asked for extra power during a two-hour eclipse?]]></description>
      <url></url>
      <link>https://www.edisongroup.com/thematic/why-the-solar-eclipse-is-now-an-energy-story/BM-3813/widget-xml/</link>
      <filename>Explains_UK-Eclipse_1208262.pdf</filename>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-08-12T10:06:47+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[An introduction to the JPMorgan Claverhouse Investment Trust (LSE: JCH)]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/event/an-introduction-to-the-jpmorgan-claverhouse-investment-trust-lse-jch/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-08-12T09:49:32+00:00</date>
      <company><![CDATA[BB Biotech]]></company>
      <headline><![CDATA[BB Biotech: The next phase of biotechnology –why innovation, M&#038;A and stock selection matter more than ever]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/event/bb-biotech-the-next-phase-of-biotechnology-why-innovation-ma-and-stock-selection-matter-more-than-ever/widget-xml/</link>
      <isin>CH0038389992</isin>
      <epic>BION</epic>
    </publication>
    <publication>
      <date>2026-08-12T09:13:20+00:00</date>
      <company><![CDATA[Bally’s Intralot]]></company>
      <headline><![CDATA[Bally&#8217;s Intralot (BYLOT:ASE) evoke H126 results]]></headline>
      <description><![CDATA[Adjusted EBITDA 10% y-o-y decline \'resilient\' given increases in gaming duties.]]></description>
      <link>https://www.edisongroup.com/spark/ballys-intralot-bylotase-evoke-h126-results/GRS343313003/widget-xml/</link>
      <isin>GRS343313003</isin>
      <epic>BYLOT</epic>
    </publication>
    <publication>
      <date>2026-08-12T07:48:44+00:00</date>
      <uid>3675</uid>
      <company><![CDATA[PVA TePla]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[PVA TePla — Q2 the trough, long-term drivers expand]]></headline>
      <description><![CDATA[ PVA TePla\'s (PVA’s) Q226 results were mixed, as expected. Management reiterated FY26 guidance for revenue of €255–275m and EBITDA of €26–31m, but it now expects EBITDA to be at the lower end of the range. In the last few quarters almost every chip producer has increased their capex expectations. We believe that PVA is well positioned to benefit from this spending spree in the coming years, as it has exposure to some exceptionally strong growth pillars in the market. In the earnings call, PVA’s CEO, Jalin Ketter, stated that, although investments plans are under way, there are currently not enough details for PVA to update its targets. We have decreased our revenue estimate for FY26 but increased our profitability estimates for FY27. On our new estimates, PVA\'s valuation looks undemanding compared to metrology peers, with a discount of 27.7% on FY27e EV/EBITDA and a DCF-based fair value of €36.93/share (from €31.99 previously). ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/e1b25be14029397753c5341af2c41f12.pdf</url>
      <link>https://www.edisongroup.com/research/q2-the-trough-long-term-drivers-expand/BM-3675/widget-xml/</link>
      <filename></filename>
      <isin>DE0007461006</isin>
      <epic>TPE</epic>
    </publication>
    <publication>
      <date>2026-08-12T07:21:26+00:00</date>
      <company><![CDATA[VinFast Auto]]></company>
      <headline><![CDATA[VinFast Auto (NASDAQ: VFS) – July Vietnam EV deliveries rise 21% m-o-m to 21,781]]></headline>
      <description><![CDATA[VinFast Auto (NASDAQ: VFS) reported preliminary Vietnam EV deliveries of 21,781 units in July 2026, up 21% m-o-m, taking 7M26 deliveries to 137,697 units.]]></description>
      <link>https://www.edisongroup.com/spark/vinfast-auto-nasdaq-vfs-july-vietnam-ev-deliveries-rise-21-m-o-m-to-21781/SGXZ55111462/widget-xml/</link>
      <isin>SGXZ55111462</isin>
      <epic>VFS</epic>
    </publication>
    <publication>
      <date>2026-08-11T18:44:01+00:00</date>
      <uid>3794</uid>
      <company><![CDATA[SIGA Technologies]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[SIGA Technologies — RFP delay testing patience, not preparedness]]></headline>
      <description><![CDATA[ SIGA Technologies delivered a strong Q226, with revenue recovering to $41.0m (Q126: $6.2m). Product sales reached $37.9m, comprising $24.4m of IV TPOXX supplied to the SNS and $13.0m of international deliveries. With the final order under the 19C contract fulfilled, attention now centers on the new SNS contract. Although the RFP has progressed more slowly than expected, we continue to view the slippage as administrative rather than evidence of weaker preparedness priorities and maintain our assumption of an award in H226. We will reassess this timing with the Q3 results. Encouragingly, deliveries across Asia-Pacific and Europe are helping offset near-term US softness, with the Hikma agreement opening a pathway into the largely untapped MENA market. We view the recent share price correction as overdone, with current levels (1.9x Q226 cash of $117.6m) offering a compelling entry point. Following minor Q226 adjustments, our valuation shifts modestly to $11.57/share. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/4b6c2b4e053f2ec492609f3219b9414c.pdf</url>
      <link>https://www.edisongroup.com/research/rfp-delay-testing-patience-not-preparedness/BM-3794/widget-xml/</link>
      <filename></filename>
      <isin>US8269171067</isin>
      <epic>SIGA</epic>
    </publication>
    <publication>
      <date>2026-08-11T14:21:07+00:00</date>
      <uid>3780</uid>
      <company><![CDATA[Target Healthcare REIT]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Target Healthcare REIT — Strong FY26 underpins strong share price]]></headline>
      <description><![CDATA[ Target Healthcare REIT generated a Q426 accounting total return of 2.5%, taking the FY26 total to 11.6%. Even more impressive, this has been generated with a relatively low level of gearing (end-Q426 net LTV of 16.1%) as the company makes progress with redeploying the proceeds of the late 2025 portfolio sale. We expect organic, inflation-indexed rental growth and accretive capital recycling to drive consistent earnings and growth, uncorrelated with, and independent of, heightened economic uncertainties. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/673dd4750d41d6395e24e5e0574d4abf.pdf</url>
      <link>https://www.edisongroup.com/research/strong-fy26-underpins-strong-share-price/BM-3780/widget-xml/</link>
      <filename></filename>
      <isin>GB00BJGTLF51</isin>
      <epic>THRL</epic>
    </publication>
    <publication>
      <date>2026-08-11T13:55:40+00:00</date>
      <uid>3808</uid>
      <company><![CDATA[Worldwide Healthcare Trust]]></company>
      <headline><![CDATA[Uncovering Trusts – Worldwide Healthcare Trust (WWH): New-look investment team aims to build on recent momentum]]></headline>
      <description><![CDATA[In this episode, Dr Arron Aatkar, director and analyst covering healthcare and investment companies at Edison, discusses Worldwide Healthcare Trust (WWH), a specialist trust investing across the global healthcare sector and managed by OrbiMed. Arron covers WWH&#8217;s recent leadership transition, with Trevor Polischuk becoming lead manager alongside new co-manager Geoff Hsu following Sven Borho&#8217;s departure after more than 30 years at the helm. He also discusses the trust&#8217;s strong recovery through FY26 and into June 2026, with NAV and share price total returns of 30.6% and 29.9% over the 12 months to end-June, well ahead of the benchmark. This is driven by the trust&#8217;s biotechnology allocation, M&amp;A activity including its proprietary Biotech M&amp;A Basket, and a standout contribution from Eli Lilly. Arron also touches on WWH&#8217;s narrowing discount to NAV, its 0.9% ongoing charge and the trust&#8217;s continued focus on innovation-led opportunities across oncology, obesity and diagnostics.
Listen on your preferred podcast player below:

Apple Podcasts
Spotify
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Zencastr

About Uncovering Trusts: Uncovering Trusts is a podcast run by Edison analysts, which is released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.
]]></description>
      <link>https://www.edisongroup.com/podcast/worldwide-healthcare-trust-uncovering-trusts-worldwide-healthcare-trust-wwh-new-look-investment-team-aims-to-build-on-recent-momentum/BM-3808/widget-xml/</link>
      <isin>GB00BN455J50</isin>
      <epic>WWH</epic>
    </publication>
    <publication>
      <date>2026-08-11T13:35:57+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Fevara (LSE: FVA) – disposal of Chirton completes strategic refocus]]></headline>
      <description><![CDATA[Fevara (LSE: FVA) has completed the disposal of Chirton Engineering, its sole remaining engineering business, to Deca Group for £0.65m in cash on completion plus a further £0.2m deferred over two years.]]></description>
      <link>https://www.edisongroup.com/spark/fevara-lse-fva-disposal-of-chirton-completes-strategic-refocus/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-08-11T11:27:01+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[RentGuarantor (RGG:AIM) H126 results – KPIs and financial performance point to continued growth and operational leverage]]></headline>
      <description><![CDATA[RentGuarantor, a rapidly growing fintech providing online rent guarantees in the UK, reported encouraging H126 results, in line with its July trading update.]]></description>
      <link>https://www.edisongroup.com/spark/rentguarantor-rggaim-encouraging-h126-results-in-line-with-july-trading-update/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-08-11T11:26:14+00:00</date>
      <uid>3807</uid>
      <company><![CDATA[HgT]]></company>
      <headline><![CDATA[HgT – equity proposition]]></headline>
      <description><![CDATA[HgT is a private equity investment company that invests in leading, profitable, unquoted European mid-market businesses with an international footprint. These companies offer software solutions to small and medium-sized enterprises and benefit from a high share of recurring revenues based on software-as-a-service subscription models and high customer retention. HgT is managed by Hg, Europe’s leading private equity technology investor, which is well-positioned for the agentic AI opportunity. It provides public market investors with exposure to Hg’s portfolio of around 60 such holdings, representing more than $190bn in aggregate enterprise value.
We highlight the key points of HgT’s investment story.

HgT’s earnings growth is underpinned by the secular digitalisation trend.
Hg has a dedicated AI product incubator.
HgT’s portfolio companies have multiple competitive moats.
The ‘skin in the game’ of insiders is set to increase.
HgT has delivered a high level of liquidity events.

For further details, please refer to our latest research on HgT.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/hgt-hgt-equity-proposition-2/BM-3807/widget-xml/</link>
      <isin>GB00BJ0LT190</isin>
      <epic>HGT</epic>
    </publication>
    <publication>
      <date>2026-08-11T09:25:33+00:00</date>
      <uid>3767</uid>
      <company><![CDATA[Sotkamo Silver]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Sotkamo Silver — Self-funded operational recovery]]></headline>
      <description><![CDATA[ Sotkamo Silver’s Q2 results provide further evidence that its operational reset is gaining traction. Record net sales of SEK198m and EBITDA of SEK86m were supported by higher volumes and strong metal prices, despite a lower silver grade. Operating cash flow of SEK94m funded accelerated mine development and increased cash to SEK141m. With grades expected to recover in H2 and the balance sheet now able to support self-funded growth, the double-digit valuation discount to peers suggests that the market does not fully reflect the improving operating profile. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/5cea8fababba7463ba0f9dd25aee7da1.pdf</url>
      <link>https://www.edisongroup.com/research/self-funded-operational-recovery/BM-3767/widget-xml/</link>
      <filename></filename>
      <isin>SE0001057910</isin>
      <epic>SOSI</epic>
    </publication>
    <publication>
      <date>2026-08-11T08:37:40+00:00</date>
      <company><![CDATA[Balfour Beatty]]></company>
      <headline><![CDATA[Balfour Beatty]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/balfour-beatty/BMC-405/widget-xml/</link>
      <isin>GB0000961622</isin>
      <epic>BBY</epic>
    </publication>
    <publication>
      <date>2026-08-11T08:10:44+00:00</date>
      <company><![CDATA[Spirax Group]]></company>
      <headline><![CDATA[Spirax Group]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/spirax-group/BMC-404/widget-xml/</link>
      <isin>GB00BWFGQN14</isin>
      <epic>SPX</epic>
    </publication>
  </publications>
</feed>
