Legal and disclosure information

The investment recommendation(s) referred to in this summary was (were) disseminated by Swedbank Strategy & Allocation, a part of Group Products & Advice. The information in this summary is based on investment recommendation(s) by KEPLER CHEUVREUX. For important KEPLER CHEUVREUX legal and disclosure information, please visit

Group Products & Advice is a business area within Swedbank AB (publ) (hereinafter referred to Swedbank). Swedbank is under the supervision of the Swedish Financial Supervisory Authority (Finansinspektionen).

In no instance is the information in this summary altered by the distributor before distribution.

In Finland this summary is distributed by Swedbank’s branch in Helsinki, which is under the supervision of the Finnish Financial Supervisory Authority (Finanssivalvonta).

In Norway this summary is distributed by Swedbank’s branch in Oslo, which is under the supervision of the Financial Supervisory Authority of Norway (Finanstilsynet).

In Estonia this summary is distributed by Swedbank AS, which is under the supervision of the Estonian Financial Supervisory Authority (Finantsinspektsioon).

In Lithuania this summary is distributed by “Swedbank” AB, which is under the supervision of the Central bank of the Republic of Lithuania (Lietuvosbankas).

In Latvia this summary is distributed by Swedbank AS, which is under the supervision of The Financial and Capital Market Commission (Finanšu un kapitalatirguskomisija).

In the United Kingdom summary is for distribution only to and directed only at “relevant persons”. This summary must not be acted on – or relied on – by persons who are not “relevant persons”. Any investment or investment activity to which this document relates is available only to “relevant persons” and will be engaged in only with “relevant persons”.

By “relevant persons” we mean persons who:

  • Have professional experience in matters relating to investments falling within Article 19(5) of the Financial Promotions Order.
  • Are persons falling within Article 49(2)(a) to (d) of the Financial Promotion Order (“high net worth companies, unincorporated associations etc.”).
  • Are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) – in connection with the issue or sale of any securities – may otherwise lawfully be communicated or caused to be communicated.

KEPLER CHEUVREUX’s rating system

KEPLER CHEUVREUX’s equity research ratings and target prices are issued in absolute terms, not relative to any given benchmark. A rating on a stock is set after assessing the twelve months expected upside or downside of the stock derived from the analyst’s fair value (target price) and in the light of the risk profile of the company. KEPLER CHEUVREUX’s ratings are defined as follows:

Buy: The minimum expected upside is 10% over next 12 months (the minimum required upside could be higher in light of the company’s risk profile).

Hold: The expected upside is below 10% (the expected upside could be higher in light of the company’s risk profile).

Reduce: There is an expected downside.

Accept offer: In the context of a total or partial take-over bid, squeeze-out or similar share purchase proposals, the offer price is considered to be fairly valuing the shares.

Reject offer: In the context of a total or partial take-over bid, squeeze-out or similar share purchase proposals, the offered price is considered to be undervaluing the shares.

Under review: An event occurred with an expected significant impact on our target price and we cannot issue a recommendation before having processed that new information and/or without a new share price reference.

Not rated: The stock is not covered.

Restricted: A recommendation, target price and/or financial forecast is not disclosed further to compliance and/or other regulatory considerations.

Due to share prices volatility, ratings and target prices may occasionally and temporarily be inconsistent with the above definition.

KEPLER CHEUVREUX’s valuation methodology and risks

Unless otherwise stated in this summary, target prices and investment recommendations are determined based on fundamental research methodologies and relies on commonly used valuation methodologies such as Discounted Cash Flow (DCF), valuation multiples comparison with history and peers, Dividend Discount Model (DDM).

KEPLER CHEUVREUX’s valuation methodologies and models can be highly dependent on macroeconomic factors (such as the price of commodities, exchange rates and interest rates) as well as other external factors including taxation, regulation and geopolitical changes (such as tax policy changes, strikes or war). In addition, investors’ confidence and market sentiment can affect the valuation of companies. KEPLER CHEUVREUX’s valuation is also based on expectations that might change rapidly and without notice, depending on developments specific to individual industries. Whichever valuation method is used there is a significant risk that the target price will not be achieved within the expected timeframe.

KEPLER CHEUVREUX’ equity research policy is to update research rating when it deems appropriate in the light of new findings, markets development and any relevant information that can impact the analyst view and opinion.

Company-specific disclosures & potential conflicts of interest

In Swedbank there are internal written guidelines implemented in order to identify, document and manage potential conflicts of interest that could arise within Swedbank, which are available upon request.

These guidelines include rules regarding, but not limited to: information barriers, contacts with the research department within KEPLER CHEUVREUX; participation in investment banking activities and supervision and review of disseminated research reports. In general, employees disseminating research reports are not permitted, to have any holdings or any positions (long or short, direct or via derivatives) regarding shares or share-related instruments in companies that KEPLER CHEUVREUX analyse and Swedbank distribute.



1. Swedbank holds or owns or controls 1 % or more of the issued share capital of this company; 2. The company or its major shareholder, directly or indirectly, holds or own or control 5 % or more of the issued share capital of Swedbank; 3. Swedbank has ongoing or completed public investment banking services with the company; 4. Swedbank owns a net long position exceeding the threshold of 0.5 % of the total issued share capital in the company; 5. Swedbank owns a net short position exceeding the threshold of 0.5 % of the total issued share capital in the company; 6. Swedbank is a market-maker in the issuer’s financial instruments.

Important disclosures regarding the KEPLER CHEUVREUX – Swedbank relationship

This summary is distributed pursuant to an exclusive Cooperation Agreement between KEPLER CHEUVREUX and Swedbank for the production and distribution of research on certain European Markets (the “Research”) to retail clients of Swedbank (the “Recipients”).

This summary is produced by Swedbank and is based on a report that belongs to and has been prepared solely by KEPLER CHEUVREUX. The report is NOT a product of Swedbank and the Cooperation Agreement does not imply any affiliations or endorsement of KEPLER CHEUVREUX Research by Swedbank. Accordingly KEPLER CHEUVREUX has sole control over the content of the report that this summary is based on and is responsible for compliance with all applicable local laws, rules and regulations connected to the report. Swedbank does not exercise any control over the contents of, or view and opinions expressed in the report that the summary is based on.

Reproduction & dissemination

This material may not be reproduced or disseminated without permission from KEPLER CHEUVREUX and Swedbank. This report is not intended for physical or legal persons who are citizens of, or have domicile in, a country in which dissemination is not permitted according to applicable legislation or other decisions.


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