EDISON EQUITY RESEARCH: AVALANCHE BIOTECHNOLOGIES - SOLVING OPHTHALMIC GENE THERAPY

Intelligent Energy Holdings' (IEH) interim results show strong revenue growth, driven by the DP&G division, which provides power asset management services for telecoms tower sites in India. The division has recently announced agreement in principle on a contract that will more than double the number of telecoms towers under management and substantially improve divisional margins. We leave our estimates unchanged and revise our valuation range to reflect a weakening in fuel cell share prices since our April initiation note.

Intelligent Energy develops efficient hydrogen fuel cell power systems for the distributed power and generation markets (DP&G division), global automotive (Motive division) and consumer electronics (CE division) markets. 


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