Welcome to EQUITY DEVELOPMENT

The UK's longest established regulated provider of sponsored equity research.

We launched EQUITY DEVELOPMENT in 1997 becoming the first ever  regulated provider of Sponsored Equity Research in the UK.

Our research teams are made up of expert analysts with deep understanding & experience in their sectors.  Our research is distributed to all relevant investment classes & commentators. (at no cost to the reader).

We have made our name by specialising in those companies who are not receiving the attention that they merit, using detailed commentary, appropriate valuation metrics and regular publications to help eradicate undervaluation in the medium term.

 

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Most Recent Company Documents

China Medical System Holdings Ltd

A rare pearl

Impressive H1 results show sales +41% year on year, and EPS +128.6%

Progress in period also saw: renewed agency agreements, two new products, reply from SFDA (regulators).

Forecasts remain broadly unchanged leaving both low PER and high yield on shares. We keep a 173 - 208p fair value target range (versus current 125p level)

Publication Date:
October 10 2008

Invocas

Over reaction on profit warning

We had thought Invocas with its leading position in the PTD market to be relatively secure from the problems of the IVA sector in England. Unfortunately the key word is “relatively” and its pre-close trading statement issued yesterday morning includes a profit warning. Interim profits will be significantly below last year’s and full year profits are likely to be below market expectations.

Publication Date:
October 10 2008

EMED Mining

100 percent ownership of Rio Tinto copper project in Spain

Cash outlay of £90m secures assets worth £500m at replacement cost

Dilution-affected fair value reduced from 70p to 65p

Fair value still more than double share price with copper at $2.2/lb

Publication Date:
October 6 2008

Lombard Medical Technologies Plc

Cash infusion

£1.4m (net) raised via Convertible Loan Notes

Talks ongoing regarding possible substantial investment from Middle East bank

Operational progress with international trials

Publication Date:
October 2 2008

Healthcare Locums

Excellent outlook

30% organic growth in gross profit reported

Operational gearing on higher revenues

Upgrades to 2009 forecasts leave shares looking very cheap at under 7x FPER

Publication Date:
October 1 2008

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