This research material (the "Report") is produced by Peel Hunt LLP, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) and is a member of the London Stock Exchange. The Peel Hunt LLP analysts that prepare such are stated on the Report.

The Report must be treated as a marketing communication for the purposes of Directive 2014/65/EU and the Markets in Financial Instruments Regulation 600/2014 (as enacted into UK law) (“MiFID II”) as it have not been prepared in accordance with legal requirements designed to promote the independence of research, including COBS 12.2 and 12.4.

Although Peel Hunt LLP is not subject to any prohibition on dealing ahead of the dissemination of investment research, Peel Hunt LLP applies this prohibition through its internal systems and controls.

The analyst or analysts responsible for the content of the Report certify that:

the views expressed and attributed to the research analyst or analysts in the Report accurately reflect their personal opinion(s) about the subject securities and issuers and/or other subject matter as appropriate. Information that is non-factual, interpretive, assumed or based on the analyst's opinion shall not be interpreted as facts and where there is any doubt as to reliability of a particular source, this is indicated; and
no part of the research analyst’s or analysts’ compensation will be directly or indirectly related to the specific recommendations or views contained in this research report and, as far as they are aware, there are no relationships or circumstances (including conflicts of interest) that may in any way impair the objectivity of this recommendation, and that where any such relationship, conflict or circumstance exists concerning any financial instrument or issuer to which this recommendation directly or indirectly relates, this has been disclosed. This statement applies equally to any persons closely associated with such analyst.

Equity analysts are prohibited from trading or owning publicly available securities or ‘related financial instruments’ issued by companies in their business unit or industry area of coverage. The analyst’s business unit or industry area of coverage extends to all companies in the business unit the analyst belongs to or the industry the analyst covers, not just to those companies currently covered by Peel Hunt LLP's analysts. An analyst’s business unit is limited to companies in his/her geographic region, unless the analyst has cross-regional coverage.

Prior approval is required for investments in private companies or private funds and also for any outside business activities such as directorships, or earned income from a source other than their employment at the firm. An analyst may not perform services for remuneration for a company covered by such analyst either on behalf of the firm or in a personal capacity. Analysts cannot invest in private companies in their industry area of coverage.

All Peel Hunt LLP staff members and their connected persons must obtain pre-approval from Peel Hunt LLP to buy or sell any publicly available equity securities and equity linked securities, including convertibles and derivatives; bonds; warrants, futures, spread betting and contracts for differences.

Peel Hunt LLP has effective organisational and administrative arrangements set up within the firm for the prevention and avoidance of conflicts of interest with respect to research recommendations, including information barriers. For information regarding potential conflicts of interest and the general approach taken by Peel Hunt LLP in relation to conflicts of interest, please contact [email protected].

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Each Report has been prepared using sources believed to be reliable, however these sources have not been independently verified and we do not represent it is accurate or complete. Neither Peel Hunt LLP, nor any of its partners, members, employees or any affiliated company accepts liability for any loss arising from the use of the Report or its contents. It is provided for informational purposes only and does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. Peel Hunt LLP accepts no fiduciary duties to the reader of this Report and in communicating it Peel Hunt LLP is not acting in a fiduciary capacity. While Peel Hunt LLP endeavours to update on a reasonable basis the information and opinions contained herein, there may be regulatory, compliance or other reasons that prevent us from doing so. The opinions, forecasts, assumptions, estimates, derived valuations and target price(s) contained in this material are as of the date indicated and are subject to change at any time without prior notice.

The Report is not an offer or a solicitation to buy or sell any security. It should not be so construed, nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. It is not an advertisement to an unlimited group of persons of securities, or related financial instruments. The Report does not constitute a personal recommendation and the investments referred to may not be suitable for the specific investment objectives, financial situation or individual needs of recipients and should not be relied upon in substitution for the exercise of independent judgement. Past performance is not necessarily a guide to future performance and an investor may not get back the amount originally invested. The stated price of any securities mentioned herein is not a representation that any transaction can be effected at this price.

The date and time when the production of the Reports is completed is the date and time stated on the relevant Report. Additionally, unless specifically stated otherwise, the date and time for prices quoted for all stocks mentioned in the relevant Report is the same as that shown on the front page of the relevant Report. For further detail of when any relevant Report was first published, please contact [email protected].

For further detail of our forecasts on any stock/company, please contact [email protected].

Peel Hunt LLP’s methodology for assigning recommendations includes (unless otherwise indicated) the following: market capitalisation, maturity, growth/value, volatility and expected total return. Target prices are derived from variety of valuation methodologies, which include (unless otherwise indicated), but are not restricted to, analysis of market risk, growth rate, revenue stream, discounted cash flow (DCF), EBITDA, EPS, cash flow (CF), free cash flow (FCF), EV/EBITDA, P/E, PE/growth, P/CF, P/FCF, premium (discount)/average group EV/EBITDA, premium (discount)/average group P/E, sum of the parts, net asset value, dividend returns, and return on equity (ROE). All investment recommendations provided are subject to changes in macro-economic information, such as GDP, unemployment and inflation. Micro-economic information about the issuer such as quantitative and qualitative factors may also be taken into account.

The time horizon for both recommendations and target prices is 12 months, unless otherwise stated in the relevant Report.

For details of valuation methodologies, please see the relevant pages of each Report or previous Report.

The frequency of updates to Reports is not planned. Analysts endeavour to remain up-to-date on stocks at all times, and generally write regular (but not frequent) Reports. Analysts will usually write in the event of a significant development. However, Peel Hunt LLP is not under any obligation to update or keep current the information contained in the Reports or in any other medium. The delivery of the Reports at any time does not imply that the information in it is correct as of any time after its preparation date or that there has been no change in the business, financial condition, prospects, creditworthiness, status or affairs of the Issuer or anyone else since that date.

It should be assumed that any Report has been reviewed by the issuer/company for factual accuracy, and that factual changes only will have been incorporated as a result of that review. A company covered in such Report may have paid for an analyst’s reasonable expenses to visit their premises or offered modest hospitality or entertainment: further details are available on request.

It should be assumed that for the purposes of Peel Hunt LLP’s business, including Market Making, Peel Hunt LLP or one or more of its associates or a director or an employee of Peel Hunt LLP or of an associate may hold 0.5%, or more, of the stocks it provides Reports in relation to. Financial instruments referred to in Reports where Peel Hunt LLP is not a market maker, it may be a liquidity provider and engage in transactions in a manner inconsistent with the recommendations in its Reports. From time to time, Peel Hunt LLP may offer investment banking and other services to any of the companies mentioned in our research. Peel Hunt LLP may act as adviser and/or broker to any of the companies mentioned in its research.

A list of recommendations made in the past 12 months by Peel Hunt LLP can be requested by contacting [email protected].

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US Disclosure

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managing or co-managing a public offering of securities for the issuer;
receiving compensation for investment banking services from the issuer in the past 12 months;
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making a market in the issuers securities;
receiving compensation for products or services other than investment banking services in the past 12 months;
providing any services to the issuer as a client in the past 12 months, and if so the types of services and whether such services were investment banking services, non-investment banking securities-related services or non-securities services; and
if the research analyst or analysts responsible for the content of this Report received any compensation from the issuer in the previous 12 months; and any other material conflict of interest of the research analyst or analysts responsible for the content of this Report or Peel Hunt LLP and/or any affiliate that such research analyst or an associated person of the Peel Hunt LLP and/or any affiliate with the ability to influence the content of the Report knows or has reason to know at the time of the publication or distribution of this Report, are set out in the main disclosure section of this publication.

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All or substantially all of the Company’s assets may be situated outside of Canada. There may be difficulty enforcing legal rights against the Company because of the above.

The Reports have not been prepared in accordance with the disclosure requirements of Dealer Member Rule 3400 – Research Restrictions and Disclosure Requirements of the Investment Industry Regulatory Organisation of Canada (“IIROC”).
Republic of South Africa Disclosure

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Australia Disclosure

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Hong Kong Disclosure

Peel Hunt LLP is not licensed to carry on regulated activities in Hong Kong. Peel Hunt LLP Reports are not intended for general distribution in Hong Kong. To the extent that an individual receives Peel Hunt LLP Reports, they are professional investors as defined in Part 1 of Schedule 1 of the Securities and Futures Ordinance. This report must not be acted or relied on by persons who are not professional investors.

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The meanings of any research recommendations given by Peel Hunt LLP are as follows:

NB The recommendation is the primary driver for analyst views. The target price may vary from the structure due to market conditions, risk profile of the company and capital returns

Equity Research

Current Recommendation Structure:
Recommendation Definition
- Buy > +15% expected absolute price performance over 12 months
- Add +5-15% range expected absolute - - price performance over 12 months
- Hold +/-5% range expected absolute price performance over 12 months
- Reduce 5-15% range expected absolute price performance over 12 months
- Sell > -15% expected absolute price performance over 12 months
- Under Review (U/R) Recommendation, Target Price and/or Forecasts suspended pending market events/regulation

Prior to 7 September 2015:

Recommendation Definition
- Buy > +10% expected absolute price performance over 12 months
- Hold +/-10% range expected absolute price performance over 12 months
- Sell > -10% expected absolute price performance over 12 months

Investment Company Research

Recommendation Definition
- Outperform - Total shareholder return expected to outperform the peer group and/or benchmark over 12 months
- Neutral - Total shareholder return expected to perform in line with the peer group and/or benchmark over 12 months
- Underperform - Total shareholder return expected to underperform the peer group and/or benchmark over 12 months

The following table should be read in conjunction with any investment recommendation to highlight where a conflict has been identified between Peel Hunt LLP and the issuer that is the subject of the recommendation.

1. The company is a corporate client of Peel Hunt LLP
2. The Analyst has a shareholding in this Company
3. The company holds >3% in Peel Hunt LLP
4. Peel Hunt LLP makes a market in this Company
5. Peel Hunt LLP is Broker to this Company and therefore provides investment services to the Company
6. During the last 12 months Peel Hunt LLP has received compensation from this company for the provision of investment banking services
7. During the last 12 months Peel Hunt LLP has acted as a sponsor/broker/ NOMAD/ financial advisor for an offer of securities from this company
8. Peel Hunt LLP holds >5% in Company (calculated under Market Abuse Regulation (EU) 596/2014)
9. 1% beneficial ownership (calculated for purposes of FINRA under Section 13(d)/(g) of the Securities Exchange Act of 1934 and IIROC Rule 3400)
10.   Peel Hunt LLP holds a net long position that exceeds 0.5% in the Company (calculated under Market Abuse Regulation (EU) 596/2014).
11.   Peel Hunt LLP holds a net short position that exceeds 0.5% in the Company (calculated under Market Abuse Regulation (EU) 596/2014).

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