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Financial Advisory and Capital Markets Services to Corporates

Comprehensive coverage of over 420 companies

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Research Disclosure

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 mar-disclosures@peelhunt.com.

The Report is for the use of the addressees only and is not intended for nor should be disseminated to Retail Customers as defined in MiFID II. The Report is directed at investment professionals, high net worth companies and/or high net worth individuals only in accordance with the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. Any investment or investment activity to which this document relates is only available to such persons and will be engaged in only with such persons. Persons who do not meet this description should not act on the Report. It may not be copied or distributed to any other person without the written consent of Peel Hunt LLP and may not be distributed or passed on, directly or indirectly, to any other class of persons, Peel Hunt LLP may in its discretion distribute this document to any other person to whom it could lawfully be distributed by an unauthorised person and without its content being approved by an authorised person. Peel Hunt LLP does not provide investment advisory services to retail clients. Such Research is not directed at any person where Peel Hunt LLP is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to that person. You should satisfy yourself before reading it that Peel Hunt LLP is permitted to provide marketing material concerning investments to you under relevant legislation and regulations.

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 mar-disclosures@peelhunt.com.

For further detail of our forecasts on any stock/company, please contact mar-disclosures@peelhunt.com.

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

mar-disclosures@peelhunt.com.

Peel Hunt LLP, its partners, members, employees or any affiliated company may have a position or holding in any of the securities it researches, or in a related instrument. The Reports are approved for communication by Peel Hunt LLP in the UK and to EEA market professionals who have registered with Peel Hunt LLP to receive such information.

Unless otherwise stated, Peel Hunt LLP owns the intellectual property rights and any other rights in all material shown on the Portal. No part of any Report may be modified, photocopied or duplicated in any form by any means or redistributed, transmitted, published or derivative works created without the prior consent of Peel Hunt LLP. By accepting access to the Portal you agree that you have read the above disclosure and to be bound by the foregoing limitations / restrictions.

US Disclosure

Peel Hunt LLP Reports are distributed to US investors by Peel Hunt Inc., which is a member of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”). 

Peel Hunt LLP accepts responsibility for the contents of this Report and it has not been altered in any way by Peel Hunt Inc. 

Peel Hunt LLP and/or its affiliates may hold 1% or more of any class of common equity securities in the issuer that the Reports cover. 

Disclosures in relation to Peel Hunt LLP and/or any affiliate's role in:

  • 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;
  • expecting or intending to receive compensation for investment banking services from the issuer in the next three months; and,
  • 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.

Canada Disclosure

Peel Hunt LLP Reports may only be distributed by Peel Hunt LLP to Permitted Clients as defined in Section 1.1 of the National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (“NI 31-103”) in reliance on the International Dealer Exemption and International Adviser Exemption pursuant to subsections 8.18(2) and 8.26(3) and Notification to Clients of the prescribed information under subsections 8.18(4)(b) and 8.26(4)(e) of NI 31-103 in Alberta, British Columbia, Ontario and Quebec. 

Peel Hunt LLP is not registered in the local jurisdiction to provide advice on securities or to trade in securities. Peel Hunt LLP is:

  • registered in England and Wales with its principal place of business in the United Kingdom;
  • a member of the London Stock Exchange; and
  • regulated by the FCA.

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

Peel Hunt LLP Reports may only be distributed to clients as defined in the FAIS Notice 37 of 2014 issued by the Financial Services Board. These Reports are distributed by Peel Hunt LLP under the exemption granted from section 7(1) of the Financial Advisory and Intermediary Services Act, 2002. 

Australia Disclosure

Peel Hunt LLP Reports are distributed in Australia by Peel Hunt LLP which is exempt from the requirement to hold an Australian Financial Services Licence. This research may only be distributed to a "Wholesale Client" (within the meaning of section 761G of the Corporations Act 2001 (Cth) (the “Act”). Peel Hunt LLP is regulated by the FCA under UK laws, which differ from Australian laws.

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.

Not for onward distribution into the People’s Republic of China. 

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).

If you have a complaint in relation to Peel Hunt LLP, please contact us by e-mail or by post as follows:

E-mail: compliance@peelhunt.com

Post:

Chief Executive Officer
Peel Hunt LLP
7th Floor, 
100 Liverpool Street
London
EC2M 2AT

  • General Disclosures

    Research Disclosure

    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 mar-disclosures@peelhunt.com.

    The Report is for the use of the addressees only and is not intended for nor should be disseminated to Retail Customers as defined in MiFID II. The Report is directed at investment professionals, high net worth companies and/or high net worth individuals only in accordance with the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. Any investment or investment activity to which this document relates is only available to such persons and will be engaged in only with such persons. Persons who do not meet this description should not act on the Report. It may not be copied or distributed to any other person without the written consent of Peel Hunt LLP and may not be distributed or passed on, directly or indirectly, to any other class of persons, Peel Hunt LLP may in its discretion distribute this document to any other person to whom it could lawfully be distributed by an unauthorised person and without its content being approved by an authorised person. Peel Hunt LLP does not provide investment advisory services to retail clients. Such Research is not directed at any person where Peel Hunt LLP is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to that person. You should satisfy yourself before reading it that Peel Hunt LLP is permitted to provide marketing material concerning investments to you under relevant legislation and regulations.

    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 mar-disclosures@peelhunt.com.

    For further detail of our forecasts on any stock/company, please contact mar-disclosures@peelhunt.com.

    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

    mar-disclosures@peelhunt.com.

    Peel Hunt LLP, its partners, members, employees or any affiliated company may have a position or holding in any of the securities it researches, or in a related instrument. The Reports are approved for communication by Peel Hunt LLP in the UK and to EEA market professionals who have registered with Peel Hunt LLP to receive such information.

    Unless otherwise stated, Peel Hunt LLP owns the intellectual property rights and any other rights in all material shown on the Portal. No part of any Report may be modified, photocopied or duplicated in any form by any means or redistributed, transmitted, published or derivative works created without the prior consent of Peel Hunt LLP. By accepting access to the Portal you agree that you have read the above disclosure and to be bound by the foregoing limitations / restrictions.

  • Country Specific

    US Disclosure

    Peel Hunt LLP Reports are distributed to US investors by Peel Hunt Inc., which is a member of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”). 

    Peel Hunt LLP accepts responsibility for the contents of this Report and it has not been altered in any way by Peel Hunt Inc. 

    Peel Hunt LLP and/or its affiliates may hold 1% or more of any class of common equity securities in the issuer that the Reports cover. 

    Disclosures in relation to Peel Hunt LLP and/or any affiliate's role in:

    • 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;
    • expecting or intending to receive compensation for investment banking services from the issuer in the next three months; and,
    • 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.

    Canada Disclosure

    Peel Hunt LLP Reports may only be distributed by Peel Hunt LLP to Permitted Clients as defined in Section 1.1 of the National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (“NI 31-103”) in reliance on the International Dealer Exemption and International Adviser Exemption pursuant to subsections 8.18(2) and 8.26(3) and Notification to Clients of the prescribed information under subsections 8.18(4)(b) and 8.26(4)(e) of NI 31-103 in Alberta, British Columbia, Ontario and Quebec. 

    Peel Hunt LLP is not registered in the local jurisdiction to provide advice on securities or to trade in securities. Peel Hunt LLP is:

    • registered in England and Wales with its principal place of business in the United Kingdom;
    • a member of the London Stock Exchange; and
    • regulated by the FCA.

    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

    Peel Hunt LLP Reports may only be distributed to clients as defined in the FAIS Notice 37 of 2014 issued by the Financial Services Board. These Reports are distributed by Peel Hunt LLP under the exemption granted from section 7(1) of the Financial Advisory and Intermediary Services Act, 2002. 

    Australia Disclosure

    Peel Hunt LLP Reports are distributed in Australia by Peel Hunt LLP which is exempt from the requirement to hold an Australian Financial Services Licence. This research may only be distributed to a "Wholesale Client" (within the meaning of section 761G of the Corporations Act 2001 (Cth) (the “Act”). Peel Hunt LLP is regulated by the FCA under UK laws, which differ from Australian laws.

    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.

    Not for onward distribution into the People’s Republic of China. 

  • Recommendation Key

    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
  • Conflicts of Interest

    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).
  • COMPLAINTS

    If you have a complaint in relation to Peel Hunt LLP, please contact us by e-mail or by post as follows:

    E-mail: compliance@peelhunt.com

    Post:

    Chief Executive Officer
    Peel Hunt LLP
    7th Floor, 
    100 Liverpool Street
    London
    EC2M 2AT