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The analyst(s) responsible for the content of this report hereby confirm that notwithstanding the existence of any such potential conflicts of interest referred to herein, the views expressed in this report accurately reflect their personal views about the companies and securities covered. The analyst(s) further confirm not to have been, nor are or will be, receiving direct or indirect compensation in exchange for expressing any of the views or the specific recommendation contained in the report.
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Opinions contained in the report represent the analyst's present opinion only and may be subject to change. In the event that the analyst's opinion should change or a new analyst with a different opinion becomes responsible for our coverage of the company, we shall endeavour (but do not undertake) to disseminate any such change, within the constraints of any regulations, applicable laws, internal procedures within Swedbank, or other circumstances.
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Conflicts of interest
In SwedbankLC&I, internal guidelines are implemented in order to ensure the integrity and independence of the research analysts.
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Company-specific disclosures & potential conflicts of interest
Research reports are based solely on publicly available information.
The analysts are not permitted, in general, to have any holdings or any positions (long or short, direct or via derivatives) with regard to shares or share-related instruments in companies that they analyse.
The remuneration of staff within the Equity Research department may include discretionary awards based on the firm’s total earnings, including investment banking income. However, no such staff shall receive remuneration based upon specific investment banking transactions.
The reader should assume that the report has been reviewed, for the purpose of verification of facts or sequence of facts, by the issuers of the relevant financial instrument mentioned in the report prior to the publication.Such review has not lead to any changes in the report.
An investment recommendation for a company that the Equity Research department monitors is normally updated when the company has published an interim report. An update is normally made on the day after publication. In certain cases, a recommendation may be updated in the days leading up to the said report. When required, for example if the company has some extraordinary items of news, an investment recommendation may also be updated during the period between the reporting dates.
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