This portal provides access to the historic operating company research content of Numis, which is no longer being updated, and the regulatory disclosure information for both operating company research and investment company* research content. The information contained on this site relating to operating company research is therefore not current and the research views, ratings, price target and estimates on this page should not be relied upon. The regulatory disclosure information for Numis’ Investment companies research content, which is produced by our investment company research team, is still current. Please contact your representative at Deutsche Numis to gain access to the Deutsche Bank research website (link above) providing access to our latest, enhanced, and extensive operating company research coverage across the UK & Ireland.
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Where the contents of this email contain an "investment recommendation" as defined by the Market Abuse Regulation EU No 596/2014 ("MAR"), the following disclosures apply. The producer of the recommendation is Numis Securities Limited ("Numis"), which is authorised and regulated by the Financial Conduct Authority. The sender of this e-mail, whose name and job title appears above, contributed to its production. The timing of completion and dissemination of the recommendation is deemed to be the timestamp of this email. The recommendation is applicable on this date and is not held out as applicable thereafter. This is a marketing communication and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of such research. Investment recommendations will specifically identify substantially material sources of information for material facts, where these are not regulatory company announcements and published company financial documents. The meaning of Numis analyst ratings can be found at www.numis.com/x/regulatory.html. Communications including investment recommendations that are not contained in published Numis research notes will include a summary of any basis of valuation or methodology used to evaluate the financial instrument or issuer, including material information about proprietary models. If applicable the key underlying assumptions and any changes in methodology or assumptions will also be summarised. Where a communication references an investment recommendation from the Numis Research Department, details relating to valuation (including material information about proprietary models), key assumptions and risks are available in the relevant company section of the Numis website, at www.numis.com/x/research-sectors.html. For information regarding potential conflicts of interest and the general approach taken by Numis in relation to conflicts of interest see www.numis.com/legal-and-regulatory. Numis or its associates may from time to time have a broking, advisory or other relationship with a company which is referred to in this investment recommendation. Numis may act as a market maker (as defined in point (7) of Article 4(1) of Directive 2015/65/EU) in the subject company of this report. Additionally, at any time Numis may have a long or short position in the companies mentioned in this investment recommendation. If Numis holds a long position of >0.5% or a short position of <-0.5% in the subject company of an investment recommendation, this is separately disclosed. Unless otherwise clearly specified in an investment recommendation, the author(s) of the investment recommendation does not own a long or short position in the issuer, whether received or purchased before or subsequent to a public offering of such shares. Where the subject company has a holding in Numis which exceeds 5% of its total issued share capital, this is separately disclosed. On request, Numis will provide a list of all ratings on any financial instrument or issuer disseminated during the preceding 12-month period, or see www.numis.com/x/regulatory.html for a list of recommendations from the Numis Research department. This communication may provide views which differ from previous recommendations made by the same individual(s) in respect of the same financial instrument or issuer in the previous 12 months. Information and details regarding previous recommendations in relation to the financial instruments or issuer referred to in this communication can be made available on request. Information regarding the proportion of "buy", "sell" and "hold" recommendations made by the author(s) over the previous 12 months is available on request. Numis has no intention to update this communication in future. Where, for any reason, an update is made, this will be made clear. Such instances will be occasional only. Please see www.numis.com/x/mars.html for further details relating to this recommendation.