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Research Reports are issued by Redburn (Europe) Limited or one of its subsidiaries, (‘Redburn’), authorised and regulated by the Financial Conduct Authority.  Research Reports are intended for use by professional investors only. It is solely for the information of the addressee only and is not an offer, or solicitation of an offer, to sell, or buy, any securities or any derivative instruments or any other rights pertaining thereto. The information contained within Research Report has been compiled from sources believed to be reliable but neither Redburn, nor any of its officers or employees makes any representations as to its accuracy or completeness. Any opinions, forecasts or estimates herein constitute a judgement, as at the date of the Research Report, that is subject to change without notice. Research Reports do not have regard to the specific instrument objectives, financial situation and the particular needs of any specific person who may receive them. Redburn may have disseminated information contained in this report prior to its publication.

Notice for US recipients:

Research Reports are intended distribution in the United States only to Major U.S. Institutional Investors as that term is defined for purposes of SEC Rule 15a-6.

Redburn (Europe) Limited is not a member of the Financial Industry Regulatory Authority (“FINRA”), and as such its Analysts and are not subject to FINRA’s rules on research analysts and research reports, including FINRA restrictions on communications with a subject company, public appearances, and trading securities held by a research analyst account. Redburn (Europe) Limited is a correspondent of Redburn (USA) LLC, a SEC-registered broker-dealer. All US persons receiving Research Reports and wishing to buy or sell the securities discussed herein should do so through a representative of Redburn (USA) LLC.


Redburn may offer investment banking services to covered issuers. Should this be the case, information about the nature of the service provided and the relationship between the issuer and Redburn will be disclosed on Redburn’s disclosure webpage In addition, the Analyst in charge of the production of this research report may receive a remuneration based upon various factors including overall firm revenues, capturing investment banking activities. Analyst remunerations is not linked to investment banking or capital markets transactions activities.

Each research analyst primarily responsible for the content of their research report, in whole or in part, certifies that: (1) all of the views expressed accurately reflect his or her personal views about any and all of the subject securities or issuers, and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by that research analyst in the research report.


Redburn (Europe) Limited (“Redburn”) issues two types of “recommendation” falling within the definition of investment recommendation set out in Article 3(35) of the Market Abuse Regulation (EU 596/2014) as that legislation has effect in the UK by virtue of the European Union (Withdrawal) Act 2018 (“UK MAR”). These are:

(1) Research Reports: Independent research and additional notes and updates issued by our Analysts on companies which we cover on an on-going basis.

(2) Marketing Communications: Recommendations issued by our Salesmen or Sales Traders and communicated by telephone, e mail, Bloomberg IM, Alpha Capture Systems or in person.



Buy: Redburn argues that the stock price will rise by at least 15% over one year. For high beta stocks the hurdle rate may be commensurately higher.

Sell: Redburn argues that the stock price will be lower in 12 months than it is today.

Neutral: Redburn currently has no strong opinion on the likely movement of this stock price.


Details of Redburn’s research ratings can be found on the disclosure webpage


All of Redburn’s Fundamental Research is written by employees whose job title is “Analyst”.


Redburn has no timetable for the publication of research material. Material is published when an Analyst believes a report is warranted.


Recommendations issued by our Sales or Sales Traders and communicated by telephone, e mail, Bloomberg IM, Alpha Capture Systems or in person. These recommendations are essentially marketing communications and have not been prepared in accordance with requirements to promote the independence of research. They are valid only at the time they are made and are subject to change without notice. They are based on the provider’s view of company news or research published by Analysts. In the latter case, they are not considered to be a new recommendation but a reiteration of our published research. These recommendations are issued whenever we consider it relevant.

Unless otherwise specifically stated, any views or opinions expressed herein are solely those of the individual author and/or the specific Sales and Trading area from which it originates and may differ from the views or opinions expressed by other areas of Redburn, including the Research Department.

Redburn is not an investment advisor. No investment decision should be made in reliance on such material, which is condensed and incomplete, does not include all risk factors or other matters that may be material, does not take into account individual investment objectives, financial conditions, or needs, and is not a personal recommendation or investment advice or a basis to consider Redburn to be a fiduciary or municipal or other type of advisor. Nothing in this material should be construed as investment, tax, legal, accounting, regulatory or other advice or as creating a fiduciary relationship.


Clients can request a list of investment recommendations made to them in the last 12 months by sending a request to


IDEAS is a systematic, data-based service for our clients to help them outperform equity markets through active stock and sector selection. Such information is not a recommendation for the purpose of the Market Abuse Regulation (“MAR”). Our clients can find further information on the methodology behind Ideas at