The Barrenjoey Research ratings provide investment context for a stock by comparing key attributes to the analyst’s coverage universe. The key attributes depicted are expected return, forecast growth and market positioning. Each is calculated by using normalised rankings for specific metrics for each stock. The normalised ranks for the metrics are then averaged and converted into percentiles for the relevant attribute. 

 

For a more detailed description of how we calculate the above or for valuation methodology and risks associated with any recommendation, rating or price target referenced in this research report, please contact your Barrenjoey representative.


Ratings, coverage universe and related definitions


Overweight (OW) – The stock is expected to outperform the unweighted expected total return of the analyst coverage universe over a 12-month investment horizon.
Neutral (N) – The stock is expected to perform in line with the unweighted expected total return of the analyst coverage universe over a 12-month investment horizon.
Underweight (UW) – The stock is expected to underperform the unweighted expected total return of the analyst coverage universe over a 12-month investment horizon.
Restricted (R) Barrenjoey has restricted the investment rating and price target for this stock due to legal, regulatory or policy constraints around communications including research.
Suspended (S) Barrenjoey Research has suspended the investment rating and price target for this stock because there is not a sufficient basis for determining these at this time, or there are legal, regulatory or policy constraints around publishing, an investment rating or price target. The previous investment rating and price target, if any, are no longer in effect for this stock and should not be relied upon.

Not Covered (NC) – Barrenjoey does not provide coverage of the company or offer an investment rating, price target and/or investment view on the equity security of the company or related products.

Barrenjoey Research is produced by Barrenjoey Markets Pty Limited, ABN 66 636 976 059 (“Barrenjoey Markets”). All authors contributing to this research report are research analysts unless otherwise indicated and are employed by a related body of Barrenjoey Markets. Barrenjoey Advisory Pty Limited, provides corporate finance services and is a related body of Barrenjoey Markets (collectively and each entity individually are referred to as “Barrenjoey”, “we” or “our”).

 

Barrenjoey’s policy is to only publish research that is objective, independent and clear. Please see the Research Disclosures page on Barrenjoey’s website for an overview of Barrenjoey’s research practices, including the scope and nature of Barrenjoey’s research services and expertise; how research coverage decisions are made; how research analyst compensation decisions are made; and Barrenjoey’s research ratings and associated methodology. Additionally, to view Barrenjoey’s Conflicts of Interest Policy please click here. Research related disclosure information is also available from Research Compliance (conflictsmanagement@barrenjoey.com), Quay Quarter Tower, Level 19, 50 Bridge Street, Sydney, NSW, 2000.

 

Barrenjoey Markets carries on a financial services business in Australia and is the holder of Australian financial services licence (AFSL) no.521800. As such Barrenjoey Markets is regulated by the Australian Securities and Investments Commission. In relation to its fixed income business, Barrenjoey Markets has a branch, Barrenjoey Markets Pty Limited, ADGM Branch, in the Abu Dhabi Global Market (“ADGM”) jurisdiction within Abu Dhabi, United Arab Emirates, which is regulated by the ADGM Financial Services Regulatory Authority (“FSRA”) under Financial Services Permission Number 240006. Barrenjoey Markets does not have a place of business in any jurisdiction other than Australia and ADGM nor does it hold a financial services, investment advisory, banking or similar licence in any jurisdiction outside of Australia and ADGM. Barrenjoey research is not directed to, or intended for distribution to or use by, any person who is a citizen or resident of, or entity located in, any locality, territory, state, country, or other jurisdiction where such distribution, publication, availability, or use would be contrary to or restricted by law or regulation. Persons or entities into whose possession our research comes should inform themselves about and observe such restrictions.

 

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This research report is provided for information purposes only and should not in any way be construed as an offer to issue or sell, or the solicitation of an offer to buy, any securities mentioned in this report, including in any jurisdiction where such an offer or solicitation would be illegal. This research report is not produced for general marketing purposes and is not intended for the general public or retail persons, but is only intended for Barrenjoey’s clients and professional investors and other like persons who subscribe to receive Barrenjoey research from Barrenjoey or another authorised third-party research report distributor or aggregator. Other than disclosures relating to Barrenjoey, information contained in this report has been obtained from public information believed to be reliable, and Barrenjoey makes no representation as to its accuracy and completeness. Advice included in this research is general in nature and is not tailored to, and does not consider, any person’s individual objectives, financial situation, needs or other circumstances, but is provided on a standalone basis. This research is not intended as a recommendation of particular securities, financial instruments or strategies to any particular person, and this research and the securities discussed in this research may not be suitable for all investors. Investors should make their own investment decisions based on their financial situation and investment objectives, and seek professional advice, including tax advice, as appropriate. Investors should also consider referring to any available applicable disclosure document before making any decision about whether to acquire any security referred to in this research.

 

The information, opinions, estimates, and forecasts contained in this research are as at the date of this report and subject to change without prior notice. We seek to update our research at regular intervals as considered appropriate in the research analyst’s judgement, but various regulations and conflicts of interest can prevent us from doing so. The value of income or returns from an investment may vary because of changes in interest rates, foreign exchange rates, changes in the financial and operating conditions of relevant companies and other factors. Investors should be aware that the market price of securities discussed in this research may be volatile. Due to these and other factors a security’s current price and our investment rating may not correspond to a stated price target. Investment carries risk, past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original investment capital may occur.

 

Barrenjoey conducts a full-service, integrated Corporate Finance, Research and Equities and Fixed income broking and trading business. We may have corporate advisory and other business relationships with any number of the companies covered by our Research division, which can give rise to conflicts of interest. Research analysts receive compensation that is based in part, but not tied to Barrenjoey’s overall performance, which may include the performance of its Corporate Finance division. All of the views expressed in this research regarding any securities or companies accurately reflect the research analyst’s personal views and no part of their compensation is tied to any specific recommendation or views expressed in the research report. Barrenjoey’s Corporate Finance division does not make decisions about any research analyst’s performance and/or compensation.

 

The research analysts named in this report may have had discussions from time to time about this research or companies referred to in this research, with clients, Barrenjoey’s sales and trading business and others, or have discussed trading strategies that reference catalysts or events that may have a near-term impact on the market price of securities discussed in this report, or which may impact or be directionally counter to the research analyst’ published price target and expectations for such securities. Any such trading strategies are distinct from and do not affect the research analyst’s fundamental rating for such securities, which is intended to reflect a security’s return potential relative to the coverage universe as described herein. Barrenjoey Markets, its affiliates, officers, directors, and employees, may from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research. Barrenjoey research analysts are not permitted to hold securities or derivatives referenced to companies under their coverage.

 

In producing research reports, members of Barrenjoey may attend site visits and other meetings hosted by the companies and other entities which are the subject of its research reports. In some instances, the costs of such site visits or meetings may be met in whole or in part by the companies and other entities concerned if considered appropriate and reasonable in the circumstances. Without prior approval from Research management, research analysts may not however, accept from current or potential Corporate Finance clients, the costs of travel, accommodation, or other expenses incurred by research analysts attending site visits, conferences, social events, and the like. The views attributed to third party presenters at Barrenjoey arranged conferences, including individuals from other parts of Barrenjoey, does not necessarily reflect the views of Barrenjoey’s Research department and are not an official view of Barrenjoey. Such third parties, including any salesperson, traders and other professionals or members of their household, may have positions in the products mentioned that are inconsistent with the views expressed by the research analysts named in this report. 

Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. Investors should review relevant current options and futures disclosure documents which, if relevant, are available from Barrenjoey sales representatives. Transaction costs may be significant in option strategies calling for multiple purchase and sales of options such as spreads. Barrenjoey’s research reports are intended to be disseminated and made available to all clients simultaneously through electronic publication, but dissemination can be influenced by the nature of electronic publication sources and Barrenjoey’s arrangements with third-party distributors or aggregators. Not all research content is distributed to Barrenjoey’s clients or necessarily available to third-party distributors or aggregators, nor is Barrenjoey responsible for the redistribution of our research by these third-party distributors or aggregators. Any views expressed in this research are solely those of Barrenjoey and have not been adopted or endorsed by any third-party distributor or aggregator. For research, models or other data related to one or more securities, markets, or asset classes (including related services) that may be available to you, please contact your Barrenjoey representative.

  

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DIFC (excluding UAE and ADGM): By Barrenjoey Markets to (i) a person who meets the definition of a “Professional Client” as defined in Rules 2.3.3 to 2.3.8 of the Business Module of the Rulebook published by the Dubai Financial Services Authority; or (ii) to a person in the DIFC (the “recipient”) as a result of an unsolicited request by the recipient (i.e. subject to reverse solicitation). 

 

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UAE, ADGM and DIFC: Further, this electronic communication does not constitute a public offer of securities in UAE, ADGM or DIFC and is not intended to be a public offer.

 

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