Background information

Distribution in the United States and other jurisdictions
For information on distribution in the US and other jurisdictions, please see the section “Information to the customer” and the headline “Issuer, distribution and recipients” that you will find on the next page.

Recommendation structure 
Swedbank Large Corporates & Institutions’ recommendation structure consists of five recommendations and a target price, that are based on an absolute return (share price appreciation and dividend yield) for the security 12 months forward.

  • Strong Buy (SB) The absolute return is estimated to be in excess of 15%
  • Buy (B): The absolute return is estimated to be between 5% and 25%
  • Neutral (N): The absolute return is estimated to be between 0% and 10%
  • Reduce (R): The absolute return is estimated to be between 5% and -10%
  • Sell (S): The absolute return is estimated to be less than -5%
  • Target Price (TP): Our expectations on the absolute return on a 12-month horizon

Swedbank Large Corporates & Institutions Equity Research department bases the recommendation on a variety of standard valuation models. For example: the DCF value that discounts future cash flow at present value; the relative valuation of the share versus others peers (international or national); news that can have a positive or negative effect on the share price; and relative and absolute multiples such as EV/EBITDA, EV/EBIT, PE, PEG and Net Asset models for companies with liquid markets for their assets. Break-up valuation models are also sometimes considered.

For Swedbank’s previous recommendations please follow the link:

Recommendation: 2024-05-23 Company

Nr of Shares(*) Part of total Part of MCAP
Str.Buy 0 0% 0%
Buy 0 0% 0%
Neutral 0 0% 0%
Reduce 1 (1) 100% 100%
Sell 0 0% 0%
* Companies where Swedbank has supplied material investment banking services in the previous 12 months

Information to the customer

Analyst’s certification

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.

Issuer, distribution & recipients

This report by Swedbank Large Corporates & Institutions Equity Research is issued by the Swedbank Large Corporates & Institutions business area within Swedbank AB (publ) (“Swedbank”). Swedbank is under the supervision of the Swedish Financial Supervisory Authority (Finansinspektionen).

In no instance is this report altered by the distributor before distribution.

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

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

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

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

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

In the United States this report is distributed by Swedbank First Securities LLC ('Swedbank First'), which accepts responsibility for its contents. This report is for distribution only to institutional investors. Any United States institutional investor receiving the report, who wishes to effect a transaction in any security discussed in the report, should do so only through Swedbank First. Swedbank First is a U.S. broker-dealer, registered with the Securities and Exchange Commission, and is a member of the Financial Industry Regulatory Authority. Swedbank First is part of Swedbank Group.

For important U.S. disclosures, please reference:

In the United Kingdom this communication is for distribution only to and directed only at “relevant persons”. This communication 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
Limitation of liability

All information, including statements of fact, contained in this research report has been obtained and compiled in good faith from sources believed to be reliable. However, no representation or warranty, express or implied, is made by Swedbank with respect to the completeness or accuracy of its contents, and it is not to be relied upon as authoritative and should not be taken in substitution for the exercise of reasoned, independent judgment by you.

Be aware that investments in capital markets – such as those described in this document – carry economic risks and that statements regarding future assessments comprise an element of uncertainty. You are responsible for such risks alone and we recommend that you supplement your decision-making with that material which is assessed to be necessary, including (but not limited to) knowledge of the financial instruments in question and the prevailing requirements as regards trading in financial instruments.

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.

If you are in doubt as to the meaning of the recommendation structure used by Swedbank in its research, please refer to “Recommendation structure”.

Swedbank is not advising nor soliciting any action based upon this report. If you are not a client of ours, you are not entitled to this report. This report is not, and should not be construed as, an offer to sell or as a solicitation of an offer to buy any securities.

To the extent permitted by applicable law, no liability whatsoever is accepted by Swedbank for any direct or consequential loss arising from the use of this report.

Conflicts of interest

In SwedbankLC&I, internal guidelines are implemented in order to ensure the integrity and independence of the research analysts.

The guidelines include rules regarding, but not limited to: contacts with the companies covered; personal involvement in the companies covered; participation in investment banking activities and supervision and review of research reports. For example:

  • 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.
Company-specific disclosures & potential conflicts of interest

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.

Planned updates

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.

Reproduction & dissemination

This material may not be reproduced without permission from SwedbankLC&I. 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.

Reproduced by Swedbank Large Corporates & Institutions, Stockholm2017.


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