Regulatory Disclaimer and Disclosures

Marketing Communication

This research report is disseminated by WH Ireland Limited (“WHI”) which is authorised and regulated by the Financial Conduct Authority (“FCA”) and is a member of the London Stock Exchange. This research report is intended for the sole use of the person for whom it is addressed and is not intended for private individuals or those classified as Retails Clients as defined by the Markets in Financial Instruments Directive 2004/39/EC (“MiFID”).

Analyst Certification

The name(s) of the  Research Analyst(s) who prepared  this research report appears on the front cover and hereby certifies that; 1) all of the opinions, views expressed herein accurately reflect the research analysts personal views and opinions about any and all of the subject securities and/or issuers as at the date of publication; 2) the analysis, opinions, views, projections forecasts or estimates herein have been prepared with a high degree of expertise and were in no way affected or influenced by the issuer(s); and 3) compensation was, is, or will not be, directly or indirectly, related to the specific recommendations or views expressed herein.  The Research Analyst(s) benefits financially from the overall success of WHI.

Non-independent research

This research report is marketing communications and is produced in accordance with the FCA’s Conduct of Business Sourcebook.  It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Valuation and Risks

For details relating to valuation and risks for subject issuers, please refer to the comments contained herein or in previously published research reports or sector notes.

Time and date of recommendation and financial instruments in the recommendation

The time and date when the production of this research recommendation is published is the date and time found in the header of the email carrying the research report.

Any prices stated in this document are for information purposes only, there is no representation that any transaction can or could have been effected at those prices. Different assumptions by any other source may yield substantially different results. Where a price of a financial instrument is quoted it will generally, in the absence of the contrary, be the closing mid-point price at the close of business the day before publication date.

Planned frequency of updates to recommendation

WHI does not have a schedule for issuing research recommendations, they are issued whenever the research analyst and members of the research team alone deem it relevant, but usually in the event of significant development.

Conflicts of Interest Management

WHI and its affiliates directors, employees and agents may have long or short positions, trade as principal and buy and sell in instruments or derivatives identified herein; such transactions or positions may be inconsistent with the opinions expressed in this research report.

A company covered in this research 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 WHI’s Market Making business that it may hold, long or short, 0.5%, or more, of the subject issuer(s) of the research recommendation.

Table of Disclosures on Interests

  1. WHI acts as a nominated adviser or financial adviser to the relevant issuer with respect to its UK admitted or listed equities.
  2. WHI acts as corporate broker to the relevant issuer.
  3. WHI is a market maker or liquidity provider in the securities of the relevant issuer.
  4. WHI is party to an agreement with the relevant issuer relating to the production and dissemination of research and may receive remuneration for the provision, although the timing and content of the research is exclusively the preserve of the analyst.
  5. WHI may provide marketing or investor relations services to the relevant issuer and may receive remuneration for the provision.
  6. The research analyst(s) named on the front cover of this research report is /are a holder(s) of the following company (ies) mentioned/referenced in this research report.
  7. WHI has been lead manager or co-lead manager over the previous 12 months of a publicly disclosed offer of securities of the relevant issuer.
  8. WHI is party to an agreement with the relevant issuer relating to the provision of investment banking services and the agreement has been in effect over the previous 12 months or has given rise during the same period to a payment or to the promise of payment.
  9. WHI or an affiliated company has a shareholding exceeding 5% of the total issued share capital in the relevant issuer.
  10. WHI or an affiliated company has other financial interests in relation to the relevant issuer, which are significant in relation to the research.
  11. The issuer or an affiliated company has a shareholding exceeding 5% of the total issued share capital in WH Ireland Group Plc, the 100% owner of WHI.
  12. A director, officer, employee of WHI or its affiliated companies, is an officer, director, or serves as an advisor or board member of the relevant issuer and / or one of its subsidiaries.

Share Price Target

The time horizon for both recommendations and target prices is 12 months, unless otherwise stated herein.

Target prices are derived from variety of valuation methodologies, which include 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), enterprise value (EV), premium (discount)/peer group, 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.

Recommendation Definitions

Buy – Expected to outperform the FTSE All Share by 15% or more over the next 12 months.

Outperform – Expected to outperform the FTSE All Share by 5/15% over the next 12 months.

Market Perform – Expected to perform in line with the FTSE All Share over the next 12 months.

Underperform – Expected to underperform the FTSE All Share by 5/15% or more over the next 12 months.

Sell – Expected to underperform the FTSE All Share by 15% or more over the next 12 months.

Speculative Buy – The stock has considerable level of upside but there is a higher than average degree of risk.

Under Review – Represents a change to the financials and/or the recommendation pending further clarification.

Not Covered – Not under formal research coverage.

Target Price and Recommendation History

A list of recommendation changes and price target changes made by WHI and the share price at each of the respective publication dates for the past 12 months can be requested by contacting

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By accepting this document, you agree to be bound by the disclaimers stated above. Please refer to for conflicts of Interest regarding Non-Independent Research.



This research report has been approved under part IV article 19 of The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “FPO”) by WHI for communication in the United Kingdom only to investment professionals as that term is defined in article 19(5) of the FPO. Its contents are not directed at, may not be suitable for and should not be relied on by anyone who is not an investment professional including retail clients. This research report is for distribution only as may be permitted by law. It is not directed to, or intended for distribution to or use by, any person or entity in any jurisdiction where doing so would be contrary to law or regulation or would subject WHI to any registration or licensing requirement within such jurisdiction. This research report is not an offer or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. It does not constitute a personal recommendation and recipients must satisfy themselves that any dealing is appropriate in the light of their own understanding, appraisal of risk and reward, objectives, experience, and financial and operational resources. The information herein is believed to be reliable and has been obtained from public sources believed to be reliable. WHI makes no representation or warranty, either express or implied, as to the accuracy or completeness of such information.  Any opinions expressed in this research report may change without notice and may differ or be contrary to opinions expressed by other business areas of WHI. Any statements contained in this report attributed to a third party represent WHI’s interpretation of the data, information and/or opinions provided by that third party either publicly or through a subscription service, and such use and interpretation have not been reviewed by the third party. Investments involve risks, and investors should exercise prudence and their own judgement in making their investment decisions. The financial instruments described in this research report may not be eligible for sale in all jurisdictions or to certain categories of investors. Options, derivative products and futures are not suitable for all investors, and trading in these instruments is considered risky. Foreign currency rates of exchange may adversely affect the value, price or income of any security or related instrument referred to in this research report. For investment advice, trade execution or other enquiries, clients should contact their local sales representative.

The value of any investment or income may go down as well as up, and investors may not get back the full amount invested. Past performance is not necessarily a guide to future performance. WHI accepts no fiduciary duties to the reader of this research report and in communicating it WHI is not acting in a fiduciary capacity. Neither WHI nor any of its directors, employees or agents accepts any liability for any loss (including investment loss) or damage arising out of the use of all or any of the Information.