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.

Information barriers

Swedbank relies on information barriers ("Chinese walls") to control the flow of information contained in one or more areas within Swedbank , into other areas or units within Swedbank. Swedbank is organised in accordance with relevant legislation and in accordance with the guidelines given by the Norwegian Securities 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.


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 Dealers Association. Swedbank AB disseminates this document produced by Swedbank. Swedbank AB has not altered the document. Swedbank AB is under the supervision of The Swedish Financial Supervisory Authority (Finansinspektionen). This document is being distributed in the United States by Swedbank First Securities LLC. ('Swedbank'), which accepts responsibility for its contents - any United States institutional investor receiving the report, who wishes to obtain further information or to effect a transaction in any security discussed in the report, should do so only through Swedbank. Swedbank is a U.S. broker-dealer, registered with the Securities and Exchange Commission, and is a member of the Financial Industry Regulatory Authority. [1] Swedbank AS disseminates this report in Estonia. Swedbank AS is under the supervision of the Estonian Financial Supervisory Authority (Finantsinspektsioon). “Swedbank” AB disseminates the report in Lithuania. “Swedbank” AB is under the supervision of the Lithuanian Financial Supervisory Authority (Lietuvos Respublikos vertybinių popierių komisija) in Lithuania. Swedbank AS disseminates this report in Latvia. Swedbank AS is under the supervision of the Latvian Financial Supervisory Authority (Finanšu un kapitāla tirgus komisija). In no instances is the report altered before dissemination.

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 intended, without the prior written permission of Swedbank. The information 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 provide individually tailored investment advice and all recipients of this document are advised to seek the advice of a financial advisor before deciding on an investment or an investment strategy. Swedbank accept no liability whatsoever for any direct, indirect or consequential loss rising from the use of this document or its contents. This document does not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. The distribution of this document may be restricted by law in certain jurisdictions and person into whose possession this document comes should inform themselves about, and observe, any such restriction. Any failure to comply with these restrictions may constitute a violation of the laws of any such jurisdiction. Swedbank shall not have any responsibility for any such violations.
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