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

Martin Currie Portfolio Invest / Equity Bottom-Up

Martin Currie Global Portfolio Trust plc is an investment trust incorporated in the United Kingdom. The objective of the Fund is to achieve long-term capital growth by investing in a diversified portfolio of international quoted investments.

Effective from 16 April 2025, Franklin Global Trust (FRGT) is the new name for the Martin Currie Global Portfolio Trust. The trust’s manager Zehrid Osmani, who has been in place since October 2018, and his team are transitioning to Franklin Equity Group, which should further enhance its research capabilities. FRGT’s team and investment strategy remain unchanged. At the end of February 2025, Franklin Equity Group had more than $137bn of assets under management. Its focus on high-growth sectors including technology and healthcare should be a good fit for FRGT’s approach of seeking innovative companies with long-term growth potential. The board recently announced a reduction in the trust’s fee structure, which it believes will ensure the ongoing charge remains competitive and will increase shareholder value.

Effective from 16 April 2025, Franklin Global Trust (FRGT) is the new name for the Martin Currie Global Portfolio Trust. The trust’s manager Zehrid Osmani, who has been in place since October 2018, and his team are transitioning to Franklin Equity Group, which should further enhance its research capabilities. FRGT’s team and investment strategy remain unchanged. At the end of February 2025, Franklin Equity Group had more than $137bn of assets under management. Its focus on high-growth sectors including technology and healthcare should be a good fit for FRGT’s approach of seeking innovative companies with long-term growth potential. The board recently announced a reduction in the trust’s fee structure, which it believes will ensure the ongoing charge remains competitive and will increase shareholder value.

Franklin Global Trust — New name, same high-quality global equity fund

discoverIE’s FY25 trading update confirmed that it generated record underlying earnings despite a 3% revenue decline. Encouragingly, Q425 orders were 11% higher q-o-q and up 15% y-o-y on an organic basis. Tariffs are not expected to have a material direct impact and, with a track record of protecting profitability during downturns and organic revenue growth at the upper end of its peer group over the cycle, we view the company as well-placed to navigate this uncertainty. Good growth in design wins over the last year provides the foundations for organic revenue growth when customers start to order in line with end demand.

discoverIE’s FY25 trading update confirmed that it generated record underlying earnings despite a 3% revenue decline. Encouragingly, Q425 orders were 11% higher q-o-q and up 15% y-o-y on an organic basis. Tariffs are not expected to have a material direct impact and, with a track record of protecting profitability during downturns and organic revenue growth at the upper end of its peer group over the cycle, we view the company as well-placed to navigate this uncertainty. Good growth in design wins over the last year provides the foundations for organic revenue growth when customers start to order in line with end demand.

discoverIE Group — Delivering record profits in challenging times

Epwin Group Plc manufactures and sells building products in the United Kingdom, rest of Europe, and internationally. The company operates through two segments, Extrusion and Moulding, and Fabrication and Distribution. Its products include windows, entrance doors, patio doors, cavity closers, curtain walling, rooflines, claddings, trims, rainwater goods, drainage products, window cills, bifoldings, recycled products, conservatories, sealed double glazed units, and related building materials. The company is also involved in the extrusion of PVC-U and PVC-UE materials; supply of plastic building products; assembly and supply of insulated glass units; extrusion of wood plastic composite decking products; molding of glass reinforced plastic building components; and fabrication of PVC-U products. The company offers its products under the brand names of CET, DB Glass, Indigo Products, Kestrel, PatioMaster, Permadoor, Plaslyne, Plastal, Profile 22, Quay Plastics, Safedoor, Safeware, Shepherds, Sierra Windows, Spectus, Swish Building products, Swish Window & Door Systems, Venture Building Plastics, Window Store, Windowbuild, and Wrekin Windows. It primarily serves trade, retail, new build, social housing, and DIY markets. The company operates approximately 16 window stores. Epwin Group Plc was founded in 1976 and is based in Solihull, the United Kingdom.

Epwin Group’s FY24 results were robust and modestly ahead of market expectations, and FY25 trading appears to have begun with some optimistic trends. Epwin offers an attractive investment case with the potential for uplifts from additional self-funded M&A. Long-term, well-established growth trends imply that the company is well placed to leverage off increasing demand for its energy-efficient and low-maintenance building products. It trades on an FY25e P/E ratio of 8.7x, materially below the long-term average of 10.5x, and yields nearly 6%. The share buyback programme should continue to support the share price and could be extended again in due course.

Epwin Group’s FY24 results were robust and modestly ahead of market expectations, and FY25 trading appears to have begun with some optimistic trends. Epwin offers an attractive investment case with the potential for uplifts from additional self-funded M&A. Long-term, well-established growth trends imply that the company is well placed to leverage off increasing demand for its energy-efficient and low-maintenance building products. It trades on an FY25e P/E ratio of 8.7x, materially below the long-term average of 10.5x, and yields nearly 6%. The share buyback programme should continue to support the share price and could be extended again in due course.

Epwin Group — FY24 results suggest a more optimistic outlook

Next 15 Group plc is a technology and data-driven growth consultancy firm. The Company uses data to generate the insights that help businesses, optimizes their brand and build the mission-critical digital assets, and help customers redesign their business model and create new ventures to maximize the value of their organization. Next 15 Group serves clients worldwide.

Next 15 faced a number of challenges in the year to end January, with a difficult macroeconomic backdrop, relatively high exposure to the tech sector and the loss of the Mach49 contract. This masked some strong performances elsewhere within the group, particularly at SMG where existing relationships with retailers have been extended and important new customers brought on board. Next 15 has been responding to market conditions through simplifying the group structure (with more to do here), taking out duplicated costs and working to drive greater alignment between the various group companies and activities. The balance sheet is in good enough health to support continuing bolt-on M&A, investment in AI and new capabilities, with the maintained dividend providing an attractive yield.

Next 15 faced a number of challenges in the year to end January, with a difficult macroeconomic backdrop, relatively high exposure to the tech sector and the loss of the Mach49 contract. This masked some strong performances elsewhere within the group, particularly at SMG where existing relationships with retailers have been extended and important new customers brought on board. Next 15 has been responding to market conditions through simplifying the group structure (with more to do here), taking out duplicated costs and working to drive greater alignment between the various group companies and activities. The balance sheet is in good enough health to support continuing bolt-on M&A, investment in AI and new capabilities, with the maintained dividend providing an attractive yield.

Next 15 Group — Adapting in a volatile market

Nanoco Group PLC develops and manufactures quantum dots, which are fluorescent semi-conducting materials.  Quantum dots have applications in lighting, solar energy products, human diagnostic imaging, anti-counterfeiting of consumer goods, and detecting airborne pollutants. ... More

Nanoco’s interim results highlight a number of encouraging developments. All milestones have been achieved with the company’s Asian chemicals customer and phase two should start in H225 or H126. Nanoco is also in advanced discussions with another Asian materials and chemicals company to develop quantum dots for short-wave infrared (SWIR) applications. Discussions with a number of potential bidders are ongoing, with initial proposals expected to be received in the summer. Following cost reductions, cash burn has been reduced to £0.5m per month. Net cash of £15.2m as at 4 April compares to Nanoco’s current market cap of £13.9m. This appears to factor in a pessimistic scenario, given the signs of commercial reinvigoration and bid interest.

Nanoco’s interim results highlight a number of encouraging developments. All milestones have been achieved with the company’s Asian chemicals customer and phase two should start in H225 or H126. Nanoco is also in advanced discussions with another Asian materials and chemicals company to develop quantum dots for short-wave infrared (SWIR) applications. Discussions with a number of potential bidders are ongoing, with initial proposals expected to be received in the summer. Following cost reductions, cash burn has been reduced to £0.5m per month. Net cash of £15.2m as at 4 April compares to Nanoco’s current market cap of £13.9m. This appears to factor in a pessimistic scenario, given the signs of commercial reinvigoration and bid interest.

Nanoco Group — Encouraging commercial progress

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Leading International Investment Research
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Franklin Global Trust — New name, same high-quality global equity fund

Effective from 16 April 2025, Franklin Global Trust (FRGT) is the new name for the Martin Currie Global Portfolio Trust. The trust’s manager Zehrid...

Edison Investment Research

discoverIE Group — Delivering record profits in challenging times

discoverIE’s FY25 trading update confirmed that it generated record underlying earnings despite a 3% revenue decline. Encouragingly, Q425 orders...

Edison Investment Research

Epwin Group — FY24 results suggest a more optimistic outlook

Epwin Group’s FY24 results were robust and modestly ahead of market expectations, and FY25 trading appears to have begun with some optimistic...

Edison Investment Research

Next 15 Group — Adapting in a volatile market

Next 15 faced a number of challenges in the year to end January, with a difficult macroeconomic backdrop, relatively high exposure to the tech...

Edison Investment Research

Nanoco Group — Encouraging commercial progress

Nanoco’s interim results highlight a number of encouraging developments. All milestones have been achieved with the company’s Asian chemicals...

Edison Investment Research