General disclaimer Recommendation structure and definitions
Swedbank Research
department operates with 5 recommendation categories based on expected absolute
return for the security 12 months forward. The absolute return includes share
appreciation and dividend yield combined.
Strong Buy: The absolute
return is estimated to be in excess of 15%
Buy: The absolute return is estimated between 5% and 25%
Neutral: The absolute return is estimated between 0% and 10%
Reduce: The absolute return is estimated between 5% and -10%
Sell: The absolute return is estimated to be less than -5%
Share price target: All share price targets are based on a 12 month horizon
Model for value evaluation
Swedbank Research
department bases the recommendations on a variety of standard valuation models.
Shares are commonly valued on a DCF-basis, except financial companies.
Price-to-book value relative to long term historical empirical averages and/or
relative to Return on equity are commonly deployed as are Net Asset Value
models for companies with liquid markets for their assets. Shorter-term
considerations are often included in the form of relative Price-to-Earnings
ratios and Enterprise Value-to-Earnings before amortization, depreciation,
interest and taxes.
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Dealers Association. The analyst(s) involved in the preparation of this report
has not at the same time been involved in corporate assignments for companies
described by him or her.
Analyst certification
I/we hereby certify
that the views expressed in this research report accurately reflect my personal
views about the subject securities and issuers. I/we also certify that no part
of my compensation was, is or will be, directly or indirectly, related to the
specific recommendations or views expressed in this research report. Analyst
compensation may relate to the revenues of Swedbank as a whole.
Disclosures
This document has
been prepared by Swedbank, an investment banking firm domiciled in Norway,
under the supervision of The Financial Supervisory Authority of Norway
(Finanstilsynet), and member of The Oslo Stock Exchange. This document has been
prepared in accordance with the guidelines from the Norwegian Securities
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Swedbank is a U.S. broker-dealer, registered with the Securities and Exchange
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Additional disclaimer
This document is intended
for use only by those investors to whom it is made available by Swedbank and no
part of this report may be reproduced in any manner, or used other than as
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contained in this document has been taken from sources deemed to be reliable.
Swedbank makes every effort to use reliable, comprehensive information but we
do not represent that such information is accurate or complete and it should
not be relied on as such. Any opinions expressed herein reflect our judgement
at this date and are subject to change. Swedbank has no obligation to notice
changes of judgements or opinions expressed herein. The opinions contained
herein are based on numerous assumptions as described in the document.
Different assumptions could result in materially different results.
Furthermore, the assumptions may not be realized. This document does not
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