Ted Franks

Another nail in the coffin for UK nuclear energy

January brought some important news in the transition to low carbon energy.  Japanese industrial conglomerate Hitachi is to stop developing a nuclear reactor at Wylfa in Wales.

This didn’t make many headlines.  It had been expected for a while, and it happened in the UK where Brexit is a national pre-occupation.   But it is worth reflecting on.  It has broad international ramifications.

Read more …

Seb Beloe

Why we invest in – CVS Health; a closer look at cutting costs in healthcare

CVS Health (NYSE: CVS)

  • CVS Health is an American retail pharmacy, healthcare company and insurer.
  • They are able to leverage their size to negotiate discounts on drug prices, which benefits their customers.
  • Their business directly benefits from reducing US healthcare costs whilst delivering better outcomes.
  • They currently have an historically cheap valuation of 9x PE and 8x EV/Ebitda compared with their five year average of 15x and 9x.
  • They have an experienced management team that understands the strategic change in the industry.

The American healthcare system is one of the world’s largest markets, Read more …

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