Healthcare

healthcare

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charlotte's web share price

The marijuana plant, cannabis sativa, has been around for over 4,000 years. Its history is coloured with evidence of medical benefits. The growing demand is supported by liberal regulations, with the US and Canada leading the way. ACF forecasts a global legal cannabis market 2027E of US$ 75bn. ~260m people consume cannabis globally (medically / recreationally) and we expect this figure to increase in the short and medium term. This is a significant investment opportunity as we expect recreational use to surpass medicinal due to its ‘ease’ of acquisition and the ongoing regulatory restrictions….READ MORE

Kaya share price chart

Kaya Holdings, Inc. (OTCQB:KAYS) is a vertically integrated cannabis producer and retailer. It has ambitious plans to grow outside of the US market. Our indicative valuation captures only the US market potential with current acreage. We assume full current acreage production by 2023, but that there is no further growth beyond this point in revenues or margins. Long-run FCF margin assumption is 4.2% (aggressively low), our terminal value multiple for FCF of 10x does not attempt to capture the growth profile. Our WACC is risk 15%, high versus the peer group companies….READ MORE

NBIO share price chart

Nascent Biotech Inc. (NBIO: OTC Market) is a clinical stage biopharmaceutical company with no history of operations. NBIO develops monoclonal antibodies (mAbs) for cancer treatments. The Company’s flagship drug candidate, Pritumumab is targeting the oncology market; with a focus on brain, lung, breast and pancreatic cancer. In this indicative valuation for NBIO we have modelled only Pritumumab’s potential in the glioma (brain cancer) market. Our valuation approach is highly conservative. Assumptions include less than 2% market share, WACC 10% and market growth below the consensus range…READ MORE

ACF Equity Research LTD (FRN 607274) is an Appointed Representative of City & Merchant Limited (FRN 154182) which is authorised and regulated by the Financial Conduct Authority. | Copyright © 2020 ACF Equity Research.

Adrian Chiappe

Editor

Adrian has over 20 years investment research writing, editing and supervisory analysis experience for leading investment banks including Barclays Capital, UBS, BNP Paribas, Jefferies, S&P, Danske Bank, ABN Amro, Lombard Odier and Bear Stearns.

He has a deep understanding of his subject. Adrian has executed editing and supervisory analysis for investment banks, brokerages and fund managers. He has up-to-date knowledge of the operational and regulatory framework for international institutional equities markets. Adrian is a materials scientist and has languages

Emma Joyce

Team PA

I have worked as an EA and PA and within related roles for over 20 years, with a track record of delivery in high pressure environments. I am highly experienced, effective and comfortable working at C-suite level as well as with high-net worth individuals and family offices.

I believe the key here is a pro-active approach combined with attention to detail and innate time management. With a wide range of skills from accounts to international, high profile, event organisation, I have also been involved in running Asset Management data bases, background research, and implementing office system changes.

Before ACF I worked with, amongst others, Halifax Bank of Scotland, City South Manchester Housing Trust, Monsoon, Adlington Hall & Gardens and Silverfox Events. Music and Interior design are the things I am absorbed in outside of my children and my executive support roles.

Zak Mir

Technical Analyst

Zak Mir has 30 years financial markets experience and understands credible influencing across digital channels in order to drive stock liquidity. He is an accomplished author.

I am part of ACF’s advisory and execution team helping growth companies (nano, micro, small and mid-cap) maximise their profiles to achieve the optimal investment message.

Amongst others I have worked for Man Group companies, Berkeley Futures and Sucden. I have been a technical analyst, derivatives broker and Chief Market Strategist for a number of brokers in the retail space developing and optimising client trading strategies. I ran the well-attended annual Master Investor conferences and am a keynote speaker at the UK investor show. I also host the CityAM Podcast.

Analytical communications is part of my forte – I have variously been a markets columnist, editor and commentator for influential retail financial information outlets, amongst others – Investors Chronical, Yahoo! Finance, Shares Magazine, international leading long-form periodical The Spectator, CNBC and Bloomberg TV.

Away from the markets, I am a song writer and musician and have a long and patient interest in politics – areas that continue to be potential additional professional careers.
I was attracted to ACF because of the effectiveness of its high quality research and its forwarding thinking culture.

Sam Butcher

Junior Staff Analyst

I am a junior financial analyst, qualified ski instructor and licensed skydiver. I developed my interest in equity research after building and investing in my own portfolio prior to university. This is how I learned the value of fundamental research both thematic and stock specific.

I have a BSc in Chemistry from the University of Manchester and an MSc in Energy, Trade and Finance from Cass Business School. I have found the science education incredibly useful in my financial analyst role.

Outside of work I have accumulated over 60 jumps as a licensed skydiver, 50 weeks on snow and 300 teaching hours as a qualified snowboard and ski instructor. I continue to compete as a freestyle snowboarder in the UK. As much as I love the snow, I cannot think of anything better than lazy summer evenings in London with all it has to offer.

Adeline Bockarie

Junior Staff Analyst

I am a Junior Research Analyst working as a staffer for the Head of Research. I have particular research interests in the development of the gaming and the green energy sectors and am always determined to master my brief, whatever it is.

Before ACF I worked at Harrisons Business Recovery & Insolvency, and briefly at Capital Partners in London and interned at Royal London Asset Management. I recently completed my MSc in Finance and Investment Management at Middlesex.

Over a period of two years I travelled back and forth to Sierra Leone to carry out charity work including teaching in local schools – I speak English, Krio and Mende. I am passionate about cooking and am an amateur chef.

Richard Calvert

Director, Distribution & Service

I’m a Modern Marketing Strategist with a strong CXM, digital transformation and innovation background working with global blue chip clients, modern creative and media agencies and start-ups.

I put people, data, technology and brand at the heart of everything I do – always delivering highly creative and effective integrated solutions with engaged, excited teams. I believe in taking everyone from the Account Exec to the C-suite client with me on the journey.

I work with Global clients as easily as entrepreneurial start-ups across a broad range of categories from Automotive to FMCG, Financial Services and Technology. My recent focus has been on Digital integration; Relationship Marketing; Content Planning and Brand evolution.

Specialties: Strategic Planning, CXM, Digital and Business Transformation, Programmatic Marketing, Proposition Development, Content Planning, User Experience Development and Design, Mobile, Consumer Insight Development, Brand Planning and Development, Information Architecture and Design, Business Development, Digital Channel Strategy Development, Brand Development, CRM Strategy and Delivery, Business Development

Vicky Ryce

Director, Research Distribution

I am a digital communications and distribution specialist and strategist used to board level decision making. I started my career as part of the ground-breaking young cadre that for a short exciting time formed the original Text 100, and whose members have gone on to lead and influence thought in digital communications.

During my career I have worked with world leading agency Publicis and counselled the C-suite of some of the world’s biggest public companies, including Philips, Xerox and Microsoft, on how to improve their communications reach and then helping them execute. I also work with smaller and mid-sized private and public companies on the FTSE 250 and below. I am as comfortable dealing with retail reach, as with corporate and institutional capital markets distribution strategies.

I am an equestrian, proven entrepreneur and charitable volunteer and when I can cut out the time, I help young adults via the Princes Trust. I am an English and History graduate with an MA in Media and Culture. ACF Equity Research has a determined problem solving, enlightened forward-thinking capital markets culture and a global values set.

Anda Maria Onu

Sales & Strategy

I have strong analytical, planning and execution skills, I love working as part of a team both inside ACF and externally with our clients and prospective clients.

I am used to working with and within senior leadership teams and understand the needs of small and medium sized companies through my current and previous professional experience, I graduated in life sciences with a specialisation in Ecology and Environmental Protection in Romania in 2007 and for my first job I worked in a laboratory carrying out chemical analysis of industrial waste-water.

I am passionate about the environment and work as a volunteer for the Sussex Wildlife Trust doing conservation work at the Old Lodge nature reserve. In my spare time I am a school governor and have been a juror at the Royal Court of Justice. My hobbies are dance, horses, swimming, opera and theatre.

Renas Sidahmed

Sales & Strategy / Staff Analyst

I am a macro-economic and financial analyst, linguist, mathematician, professional dancer and chef. I worked for four years with the IMF; two and half years with the International Finance Corporation (IFC) and eight months with the World Bank in Washington DC. Over this time,

I also wrote award winning research notes and met with senior politicians with varied global and local interests in both wealthy and less developed economies. My sector expertise includes natural resources (particularly oil & gas) healthcare, manufacturing, infrastructure and investment portfolio management.

Before joining ACF Equity Research, I worked with Japan’s second largest brokerage, Mitsubishi Bank, in the London office. I speak six languages including English (native), Italian, French and Arabic and obtained an MBA in Rome and a Mathematics degree from a sister Ivy League – Smith College. I joined ACF because of its entrepreneurial, female friendly City culture, overarching global values and excellent growth prospects.

Anne Castagnede

Sales & Strategy

I am a sales professional with a top-tier luxury goods background. In the past 5 years I managed flagship boutiques as well as working for some of the great Haute Couture houses including Chanel and Jimmy Choo, where I established a reputation as a top performer by developing, maintaining and offering information and guidance to new and existing clients.

I have researched, recommended and implemented service opportunities as well as improvements. In the early days of my career I trained with Air France and later with Chanel. On my journey I acquired management skills from back office through to front office and have a high degree of practical IT literacy.

I know from personal experience that passion leads the way to perfection and my will to learn matched with my sales ability will result in clients being in very capable hands. My bilingual languages are French and English and I speak Spanish. Off-duty my passions are languages and art.

Amalia Barnoschi

Head of Operations

Joining ACF at its founding I started in financial services in 2007 on the sell-side with ORACA, a large-cap independent equity research business that changed the industry. Before financial services I was a highly successful and rapidly promoted young manager in manufacturing and have worked closely at board level for over 15 years with SMEs in the City and in other financial markets.

I co-run ACF with our MD, as Head of Operations, responsible for driving profitability and developing and designing processes and managing projects for ACF and for client partners to allow our portfolio of businesses to grow. I am bilingual English/Romanian, read Italian and am working towards my accountancy ACCA qualification with AAT.

I love to relax by making time for my favourite out-of-hours activity – photography – taking my first formal nature course in May 2018. I have a keen understanding and interest in horses, though not a rider, this is combined with a life-long love of polo.

Mike Wort

Non-Executive Chairman

Mike Wort is a life science communications expert and former life sciences CEO (large to start-up). He graduated in microbiology and lectured to science undergraduates in both the UK and Nigeria. He joined the pharmaceutical industry, working in a number of senior sales, marketing and clinical roles for Glaxo, SmithKline and Wellcome in the UK and overseas.

Appointed IR Manager for Wellcome, he helped organise its global roadshow for a £2.4bn secondary offering. He has managed over 20 IPOs and secondary raisings bringing in well in excess of £600m, He has consulted on and conducted M&A and DD in the life science sector and developed disaster recovery programmes for SME companies.

Mike worked with Deutsche Bank to privatise the Bulgarian pharmaceutical industry. As the CEO of Balkanpharma, he led the consolidation of the three key assets into one cohesive unit. Balkanpharma has, through a series of M&A activities, become a significant part of NYSE listed Allergan.

Formerly MD at De Facto Communications, Bell Pottinger’s healthcare offering, he recently retired from Walbrook, the UK’s most successful SME PR/IR agency. In addition, Mike has co-founded a number of life science start-up companies in Europe and the USA.

Christopher Nicholson

Managing Director

I am a financial analyst, entrepreneur, professionally qualified equestrian and amateur eventer. Amongst others, I trained as a financial analyst at Global US based fund manager Legg Mason Investors and have been head of Technology and Media Equity Research at Bryan Garnier, a pan-European investment bank and brokerage.

I founded ORACA Independent Equity Research a ground breaking highly independent thinking large-cap secondary comm business and ACF Equity Research, a very high-quality independent issuer-pays small and mid-cap research business. I opened our first corporate finance business (Destrier Partners) and am approaching the launch of our first non-financial services business. In my view, I am only able to do these things because of the quality of the team I work with at ACF. For 11 years I broadcasted as an expert guest and wrote regularly in the leading pan-European and international media including Bloomberg Television, BBC Radio 4 and the Financial Times.

I studied Biochemistry at Kings followed by Economics at LSE and can conduct business in English and French, I speak German and have basic knowledge of Spanish and Italian. My free time, which I make sure I carve out, is in part each day spent on my passion – riding, competing with and caring for my horse(s).