Austin Lawrence Gidon

The team at Austin Lawrence Gidon thanks you for your support and engagement in 2024. We look forward to continuing our journey together in 2025.

The team at Austin Lawrence Gidon thanks you for your support and engagement in 2024. We look forward to continuing our journey together in 2025.

After the bell on 5 December, Wheaton Precious Metals (WPM) announced that it had entered into a definitive Precious Metals Purchase Agreement (PMPA, or stream) with Allied Gold regarding the Kurmuk gold project in Ethiopia. Under the terms of the stream, WPM will pay US$175m to acquire 6.7% (subject to conditions – see below) of the payable gold produced from Kurmuk at 15% of the spot price of gold until 220koz has been delivered, at which point, the percentage will drop to 4.8%. Edison Group #metals #mining #wheaton https://lnkd.in/dqAQ2sCC

Templeton Emerging Markets Investment Trust PLC (TEMIT’s) co-managers, Chetan Sehgal (lead manager) and Andrew Ness, are encouraged by a solid improvement in the trust’s performance, which is a result of successful stock selection rather than sector or geographic asset allocation. They reiterate how the prospects for emerging markets look particularly favourable in terms of above-average growth potential and attractive absolute and relative valuations. Sehgal and Ness consider that emerging markets are under-owned, underestimated and undervalued, and therefore provide an interesting opportunity for global investors. Edison Group #investment #strategy #sustainability https://lnkd.in/dbs7FYwq

Molten Ventures portfolio valuations remain stable in H125, illustrated by the limited fair value movements of its core holdings that recently completed new funding rounds, as well as Molten’s recent exits (representing aggregate proceeds of c £124m), all of which were completed at or slightly above previous carrying values. While the valuations of listed cloud businesses compressed somewhat between end-March 2024 and end-September 2024, they rebounded visibly after the US election. Moreover, Molten expects its core holdings to deliver weighted average revenue growth of 71% in 2024 and 48% in 2025. Its H125 NAV TR decline of 2.4% came largely from FX headwinds, while the 1.4% constant currency increase in gross portfolio value was driven by the revaluation of Revolut, partly offset by a markdown of Thought Machine. Edison Group #investments #venturecapital #techinvestment https://lnkd.in/du--RS5i

Games Workshop Group plc (GAW) has reached a final agreement with Amazon to adapt the Warhammer 40K universe into films and television series, with associated merchandising rights. The aim of the exclusive agreement is to initially place GAW’s Warhammer 40K intellectual property into new markets and to a wider audience, which naturally should generate incremental new revenue, with the hope the content encourages more people to take up the hobby and benefit the core business. By definition, the content production cycle for film and television series is long and ‘may take a number of years’ to benefit GAW’s results so is unlikely to benefit near-term estimates. Edison Group #gaming #growth #Markets https://lnkd.in/dmryh_Nm

Following FDA approval in April 2024, Basilea Pharmaceutica has announced a much-anticipated partnership agreement with Innoviva Specialty Therapeutics for the commercialisation of Zevtera in the US. Deal terms include an upfront payment of US$4m, as well as tiered royalties on net sales in the high-teens to mid-20s percentage range. In addition, the company is eligible to receive up to US$223m in sales-related milestone payments. Edison Group views this as an important milestone and highly favourable transaction for Basilea, while offering an effective new medicine to combat Staphylococcus aureus bloodstream infections in the US. For now, Edison puts their valuation on hold as they review their model and estimates. #biopharmaceuticals #medical #sustainablegrowth https://lnkd.in/dXYqjtT4

Northern Data Group has announced plans to develop a state-of-the-art AI and HPC data centre in Maysville, Georgia in the United States. This initiative aligns with the company’s strategy of expanding its global AI and high-performance computing (HPC) footprint while maintaining its European roots. Edison Group #Technology #computing https://lnkd.in/dCNaE9en

Georgia Capital’s (GCAP’s) net asset value (NAV) per share increased by 6.2% q-o-q in Q324 in Georgian lari terms (3.3% in sterling). The private portfolio companies performed well operationally, whereas the stock value of GCAP’s holding in Bank of Georgia (BoG) remained flat quarter-on-quarter, after de-rating in Q224 amid political uncertainty. Meanwhile, international strategic investors seem to remain confident in Georgia’s prospects, as highlighted by GCAP’s strong uplift on the disposal of the beer and distribution business to Royal Swinkels, which added 1.8pp to its NAV performance. GCAP continues NAV-accretive buybacks (+2.4pp accretion in Q324) financed by record-high recurring dividends received from the portfolio. However, its shares continue to trade at a wide discount to reported NAV of 48.9% (narrowing slightly versus the one-year average of 54.6%). Edison Group #Investment #equity #capital https://lnkd.in/dG8uKENh

4imprint is the leading distributor of promotional product in North America, a very large (c $26bn) and highly fragmented market. The group’s core expertise is in the management of its marketing mix, driving new customer recruitment and stimulating existing customers’ spend. The underlying market has been difficult of late, reflecting geopolitical uncertainty and the lack of business confidence. Despite this, 4imprint has held gross margins at 32% and expects to deliver an operating margin in ‘double figures’ for the full year. Edison Group’s forecasts are finessed (less than 5%) post the recent trading update, with slightly lower revenue and slightly higher margin. The group is inherently highly cash generative and had cash and short-term deposits of $137m at end October, buoying dividend uplift prospects. #trading #directmarketing #promotionalmarketing https://lnkd.in/dvcwn8Ht