Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

Standard Life Private Equity Trust / Equity Bottom-Up

Standard Life European Private Equity Trust PLC is an investment trust incorporated in the United Kingdom. The aim of the fund is to achieve long-term capital gains from investing in a diversified portfolio of private equity funds investing predominantly in Europe.

Standard Life Private Equity Trust (SLPE LN)

<p>Patria Private Equity Trust (PPET) delivered a robust 10.5% NAV total return (TR) over the 12 months to end-October 2025, and an even stronger share price TR of 19.6%, as a result of a narrowing discount to NAV, which is currently still slightly above the 10-year historical average (26.3% vs 25%, respectively). PPET maintained its strong long-term track record, with five- and 10-year NAV TRs to end-October 2025 of 14.9% and 14.5% per year, respectively. PPET’s fund distributions in the last 12 months were lower than what we consider a normalised, through-the-cycle level, and were also below its fund drawdowns. However, the trust continues to exhibit a solid balance sheet, supported in part by the receipt of the remaining £98.2m in proceeds from the secondary sale made in 2024. As a result, PPET continues to execute its attractive dividend policy and further buybacks, and maintains a solid investment pace in terms of primary commitments and direct investments. It also carried out a secondary investment recently.</p>

Patria Private Equity Trust (PPET) delivered a robust 10.5% NAV total return (TR) over the 12 months to end-October 2025, and an even stronger share price TR of 19.6%, as a result of a narrowing discount to NAV, which is currently still slightly above the 10-year historical average (26.3% vs 25%, respectively). PPET maintained its strong long-term track record, with five- and 10-year NAV TRs to end-October 2025 of 14.9% and 14.5% per year, respectively. PPET’s fund distributions in the last 12 months were lower than what we consider a normalised, through-the-cycle level, and were also below its fund drawdowns. However, the trust continues to exhibit a solid balance sheet, supported in part by the receipt of the remaining £98.2m in proceeds from the secondary sale made in 2024. As a result, PPET continues to execute its attractive dividend policy and further buybacks, and maintains a solid investment pace in terms of primary commitments and direct investments. It also carried out a secondary investment recently.

Patria Private Equity Trust — Improved confidence across European PE

Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

Build-A-Bear Workshop, Inc. is an interactive, entertainment mall-based retailer that invites guests to create their own customized stuffed animals through a bear-making process.  The Company operates various locations in the United States and other countries.

<ul><li>We are reiterating our Buy rating, projections and $65 price target for Build-A-Bear Workshop after visiting stores in Connecticut and Long Island.</li><li> Build-A-Bear is in full Holidays selling season, with “furry friends” both large (Giant sized) and small (Mini Beans) and an impressive assortment, highlighted by the 10th Anniversary version of Glisten.</li><li> Further, for the consumer looking for last minute shopping, gift cards are a material driver and will historically ensure the post-Xmas season is also strong.</li></ul>

We are reiterating our Buy rating, projections and $65 price target for Build-A-Bear Workshop after visiting stores in Connecticut and Long Island. Build-A-Bear is in full Holidays selling season, with “furry friends” both large (Giant sized) and small (Mini Beans) and an impressive assortment, highlighted by the 10th Anniversary version of Glisten. Further, for the consumer looking for last minute shopping, gift cards are a material driver and will historically ensure the post-Xmas season is also strong.

BBW: Snapping the Store: Spreading Holiday Cheer; Reiterate Buy, $65 PT

Your Partner for Growth, Hybridan

Hybridan

Your Partner for Growth

Our passion is raising growth capital for exciting, fast growth companies that want to take their business to the next level. We raise capital for companies both listed and unlisted in the most efficient manner possible and pride ourselves as being one of the few consistently profitable broking firms in the City. This has been achieved through a highly disciplined approach when seeking to create both corporate and institutional relationships.

Van Elle Holdings PLC provides piling and ground engineering solutions. The Company offers foundation testing, ground anchoring and soil nailing, rotary bored piling, and rock bolts and netting services. Van Elle Holdings serves customers in the United Kingdom.

<ul><li>15th December 2025 @HybridanLLP Our daily digest of news from UK Small Caps * A corporate client of Hybridan LLP.</li><li>** Potential means Intention to Float (ITF) or similar announcement has been made.</li><li>***Arranged by type of listing and date of announcement.</li></ul>

15th December 2025 @HybridanLLP Our daily digest of news from UK Small Caps * A corporate client of Hybridan LLP.** Potential means Intention to Float (ITF) or similar announcement has been made.***Arranged by type of listing and date of announcement.

Van Elle Holdings PLC - Friday Take Away: 15 December 2025

Inclusive Investor Relations, Equity Development

Equity Development

Inclusive Investor Relations

We help companies communicate with all investors. We help all investors better understand those businesses.

ECO Animal Health Group plc manufactures, supplies, and markets pharmaceutical products for the animal health markets worldwide. The company offers Aivlosin, a macrolide antibiotic for the treatment of respiratory and enteric diseases in pigs and poultry. It also provides generic drugs, such as Ecomectin, Ecoheart, Ecotraz, and Ecomintic, which are endectocides and other antiparasitics for the treatment and prevention of parasites in cattle, sheep, pigs, horses, and dogs; and Chlortet and Oxytet for the treatment of bacterial infections in pigs, poultry, and cattle. The company was founded in 1972 and is headquartered in New Malden, the United Kingdom.

<ul><li>ECO Animal Health Group has announced that the European Commission has adopted the decision granting EU marketing authorisation (MA) for ECOVAXXIN® MS, the poultry vaccine against Mycoplasma synoviae.</li><li>This important authorisation is key to commercialisation of this, the first of several major products under development to receive approval.</li><li> As the Group notes, the MA has been issued over a month earlier than anticipated.</li></ul>

ECO Animal Health Group has announced that the European Commission has adopted the decision granting EU marketing authorisation (MA) for ECOVAXXIN® MS, the poultry vaccine against Mycoplasma synoviae.This important authorisation is key to commercialisation of this, the first of several major products under development to receive approval. As the Group notes, the MA has been issued over a month earlier than anticipated.

Early EU authorisation for ECOVAXXIN® MS

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Delivering Global Macro Investment Insights

DeSaque Macro Research

DeSaque Macro Research Limited was formed by Said DeSaque in April 2012 with the view to delivering global macro investment insights aimed at providing new ideas to clients.

Said DeSaque has over 26 years of experience working as a professional economist in financial services. Prior to establishing DeSaque Macro Research, Said held positions as Senior Economist at Robert W Baird and William Blair. He began his career as a graduate at PaineWebber in 1986, where he eventually became Head of the London Economics Department.

Said takes a very keen interest in international relations, along with their implications for economic development. His research interests include the economic transformation of China and its implications for global capital markets, particularly in the United States. He is a member of Chatham House in London.

The US economy and capital markets have historically been Said’s main focus of attention. He frequently presents his views to institutional investors in diverse geographic locations. In recent years, Said has also been carefully monitoring economic developments in Asia, particularly China and Japan.

Cross Asset Strategy

<ul>
<li>The arrival of the second Trump administration has triggered a wave of commentary justifying lower exposure to US financial markets. Dislike of US trade policy is the main driving force.</li>
<li>The case for greater exposure to Europe is undermined by significant economic stagnation and deindustrialisation in Germany, thereby raising questions about the future economic and financial stability in the region.</li>
<li>Gold is the big winner in 2025 due to portfolio diversification, driven by geopolitical tensions and US dollar weakness. The consensus global economic outlook for 2026 suggests  range-bound gold prices.</li>
</ul>


The arrival of the second Trump administration has triggered a wave of commentary justifying lower exposure to US financial markets. Dislike of US trade policy is the main driving force.
The case for greater exposure to Europe is undermined by significant economic stagnation and deindustrialisation in Germany, thereby raising questions about the future economic and financial stability in the region.
Gold is the big winner in 2025 due to portfolio diversification, driven by geopolitical tensions and US dollar weakness. The consensus global economic outlook for 2026 suggests  range-bound gold prices.


The Diversification Debate: German Stagnation Undermines the Case for Europe, but Gold Wins in 2025