Research from Hardman & Co, Hardman & Co

Hardman & Co

Research from Hardman & Co

Investment research on quoted companies and funds

Hardman & Co is a multi-disciplinary financial consultancy and investment research firm, employing highly experienced analysts and professionals with a broad range of capital markets expertise. Our clients are public and private businesses as well as fund managers, ranging from start-ups to £1 billion+ market capitalisations. Hardman & Co offers corporate research & consultancy, serving the needs of both public and private companies. We produce gold-standard research with a global reach for trading and investment companies, as well as providing market commentary and analysis. In addition, we carry out a number of bespoke investment-related assignments, including due diligence on bond listings, assessments of private company valuations and other corporate advisory services. We engage with the market through traditional and digital media, offering illuminating video content on corporate management strategy, results communication, interviews and in-house sector discussion.

Equity Bottom-Up

<ul><li>Chesnara announced its 2024 results, which showed positive progress compared with 2023.</li><li>The main features were positive market returns, offset by some mixed operational experience.</li><li>Economic Value profit of £69.1m represented a 17% increase on the £59.1m in 2023.</li></ul>

Chesnara announced its 2024 results, which showed positive progress compared with 2023.The main features were positive market returns, offset by some mixed operational experience.Economic Value profit of £69.1m represented a 17% increase on the £59.1m in 2023.

Chesnara plc (CSN): Showing good operational progress

<ul><li>After an interval of 18 months, Chesnara announced a new acquisition just before Christmas.</li><li>Although relatively small, it is another positive step for the company.</li><li>The deal is a further acquisition from Canada Life UK, this time a portfolio of unit-linked bonds and legacy pension business, consisting of ca.17,000 policies and £1.5bn of AUM.</li></ul>

After an interval of 18 months, Chesnara announced a new acquisition just before Christmas.Although relatively small, it is another positive step for the company.The deal is a further acquisition from Canada Life UK, this time a portfolio of unit-linked bonds and legacy pension business, consisting of ca.17,000 policies and £1.5bn of AUM.

<ul><li>Chesnara has announced its 1H’24 results.</li><li>The main features were positive equity market returns, offset to some extent by further adverse lapse experience.</li><li>Economic Value profit of £20.2m was behind the 1H’23 result of £32.6m (excl. acquisitions).</li></ul>

Chesnara has announced its 1H’24 results.The main features were positive equity market returns, offset to some extent by further adverse lapse experience.Economic Value profit of £20.2m was behind the 1H’23 result of £32.6m (excl. acquisitions).

Oxford Nanopore Technologies / Equity Bottom-Up

<ul><li>Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets.</li><li>Many of the 53 constituents of the index are high-risk, with micro-capitalisations and a long way from profitability.</li><li>Despite this, some companies can still make extremely attractive returns for investors.</li></ul>

Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets.Many of the 53 constituents of the index are high-risk, with micro-capitalisations and a long way from profitability.Despite this, some companies can still make extremely attractive returns for investors.

Thematic (Sector/Industry)

<ul>
<li><span style="font-size: var(--content-font-size);">Budgets are always important for investors.</span></li>
<li>The imminent Budget, at the end of October, will be doubly so, because it is the first from the new Labour government, and it has already signalled the need to fill an alleged £22bn black hole, while ruling out changes to more than half the tax base.</li>
<li>That implies a lot of the pain will be felt by investors.</li>
</ul>


Budgets are always important for investors.
The imminent Budget, at the end of October, will be doubly so, because it is the first from the new Labour government, and it has already signalled the need to fill an alleged £22bn black hole, while ruling out changes to more than half the tax base.
That implies a lot of the pain will be felt by investors.


United Kingdom

Chesnara PLC services its life insurance business.  The Company services a book of primarily non-linked term insurance or unit-linked endowment policies and does not issue new policies.  One or more of Chesnara's subsidiaries issues new insurance policies.

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Chesnara PLC (CSN LN)

Chesnara plc (CSN): Showing good operational progress

Chesnara announced its 2024 results, which showed positive progress compared with 2023. The main features were positive market returns, offset by...

Hardman & Co

Chesnara plc: Happy new acquisition

After an interval of 18 months, Chesnara announced a new acquisition just before Christmas. Although relatively small, it is another positive step...

Hardman & Co

Chesnara Plc (CSN): Steady as she goes!

Chesnara has announced its 1H’24 results. The main features were positive equity market returns, offset to some extent by further adverse lapse...

Hardman & Co

Hardman & Co Monthly: January 2025

Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to...

Hardman & Co

Hardman & Co Monthly: October 2024

This paper considers the impact of increases in rates for those taxes that affect investors, and the withdrawal of tax concessions and reliefs.

Hardman & Co

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