Analysts certification and disclaimer

Identity of Producers of Recommendation and Target Audience

This report has been prepared and issued by Hypothesis Research Limited (“Hypothesis”) in accordance with Hypothesis policies for managing conflicts of interest arising as a result of the publication and distribution of investment research. Hypothesis is authorised and regulated by the Financial Conduct Authority (“FCA”) under firm reference number 749443.

The report is prepared by Hypothesis for information purposes only and should not be considered as an offer or solicitation for investment in any securities mentioned in the report. This is a marketing communication under FCA Rules, prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This report has been prepared by the analyst whose name appears on the front page of this report. The information contained within the report is intended for use by professional clients and eligible counterparties as defined in section 3 of the FCA Conduct of Business rules. The report must not be distributed in any other jurisdictions where its distribution may be restricted by law. Persons into whose possession this report comes into should inform themselves about, and observe any such restrictions.

Information Sources

All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable; however, we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of Hypothesis and the analyst at the time of publication. Forward-looking information or statements in this report are based on assumptions, forecasts of future financial and operational results, and estimates, and therefore involve unknown risks, uncertainties, and other factors which may result in deviation of actual results from forecasts and estimates and materially affect current expectations.


Hypothesis Research Ltd plans to update this recommendation on a quarterly basis; however, the update of the recommendation may depend on market conditions.

Hypothesis shall not be liable, to the fullest extent allowed by law, for any direct, indirect, and consequential losses, damages, costs, or expenses arising in connection with the access to, use of, or reliance on any information contained in this report.

The information provided in the report should not be considered in any manner whatsoever as, personalised advice. The information provided in the report should not be construed by any subscriber as Hypothesis’ solicitation to effect any transaction in a security. The securities mentioned in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Important Conflicts of Interest Disclosures

Hypothesis has a restrictive policy relating to personal dealing. Hypothesis has controls in place to manage the risks related to such. Hypothesis may perform services or solicit business from any of the companies mentioned in this report. Hypothesis does not conduct any investment business or trading activity and does not itself hold any positions in the securities mentioned in the report. However, the respective directors, officers, employees, and contractors of Hypothesis may have a position in any or related securities mentioned in the report, subject to Hypothesis’ policies on personal dealing and conflict of interests.

The analyst also certifies that no part of their compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.

Risk Warning

Hypothesis does not offer or provide personalised advice. The information provided is not intended to be, and should not be construed in any manner whatsoever as, personalised advice as it does not have regard to the specific investment objectives, financial situation and particular needs of any specific person who may receive this report. The information provided by us should not be construed by any subscriber or prospective subscriber as Hypothesis’ solicitation or inducement to buy, sell, hold, subscribe, or underwrite any securities mentioned in this report. Investors should make their own investment decisions based upon their own financial objective and resources.

The value of securities mentioned in this report can fall as well as rise and may be subject to large and sudden swings. In addition, it may be difficult or not possible to buy, sell, hold or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. To the maximum extent permitted by law, Hypothesis, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication.

Where the research includes or implies a recommendation to "buy", "sell" or "hold" or other form of recommendation, this must be understood as being a temporary and short-term recommendation, which relates only to the time period immediately following the time the communication was sent, unless otherwise indicated.

Investment ratings are: Buy if the price upside to 12-month target price exceeds 15% ; Hold if the downside/upside is within -10%/+15% and Sell if the current price exceeds the target price by over 10%.

Investment ratings are determined by the ranges described above at the time of the initiation of coverage, or a change in target price. At other times, the expected total returns may fall outside of these ranges because of price movement and/or volatility. Such interim deviations from specified ranges will be permitted but will be subject to review by the analyst. Your decision to buy, sell or hold a security should be based upon your personal investment objectives and should be made only after evaluating the stock’s expected performance and risk.