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 The previous investment rating and price target, if any, are no longer in effect for this stock and should not be relied upon.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 Barrenjoey research reports are research analysts unless otherwise indicated and are employed by a related body of Barrenjoey Markets. Barrenjoey Advisory Pty Limited, ACN 636 976 228, 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 Policy Statement 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 (, Level 19, 50 Bridge Street, Sydney NSW 2000.


Barrenjoey Markets only 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. Barrenjoey Markets does not have a place of business in any jurisdiction other than Australia nor does it hold a financial services, investment advisory, banking or similar licence in any jurisdiction outside of Australia. 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.


Barrenjoey Markets (and its related entities) is not a bank (or authorised deposit-taking institutions as that term is defined in the Banking Act 1959 (Cth) in Australia) and does not provide banking services, nor carry on a banking business.


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 Barrenjoey research are as at the date the research reports 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 our 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 our 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. Barrenjoey’s Corporate Finance division does not make decisions about any research analyst’s performance and/or compensation.


The research analysts named in a report may have had discussions from time to time about their research or companies referred to in their 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 their report, or which may impact or be directionally counter to the research analyst’s 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 Barrenjoey 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 Barrenjoey research is solely that 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.


Additional Country Specific Disclaimers and Disclosures


This research is produced by Barrenjoey Markets, and is distributed by either Barrenjoey Markets or a non-affiliated third-party distributor, as set out in the following disclaimers:


Australia, this research is distributed by Barrenjoey Markets to wholesale clients within the meaning of the Corporations Act 2001 (Cth); 


New Zealand, by Barrenjoey Markets to wholesale clients within the meaning of the Financial Markets Conduct Act 2013; 


Canada (Alberta, British Columbia, Manitoba, Ontario, and Quebec), by Barrenjoey Markets to permitted clients, in accordance with Barrenjoey Markets’ (NRD# 73250) reliance on the International Dealer and International Adviser exemptions; Hong Kong, by Barrenjoey Markets to professional investors as defined in the Hong Kong Securities and Futures Ordinance; 


Singapore, by either: (i) Barrenjoey Markets or (ii) Barclays Bank PLC Singapore Branch (“Barclays Singapore”), a non-affiliated third-party distributor, where clearly identified to you by Barclays Singapore. This research is only intended to be distributed to regulated persons or other institutional investors, or persons exempt from holding a capital markets services licence in Singapore; 


United Kingdom, by either: (i) Barrenjoey Markets or (ii) Barclays Bank PLC (“Barclays”), a non-affiliated third-party distributor, where clearly identified to you by Barclays. This research is only intended to be distributed to authorised persons, exempt persons and other investment professionals within the meaning of the Financial Services and Markets Act 2000 and related laws. This publication does not constitute Investment Research, as defined by the UK implementation of the Markets in Financial Instruments Directive 2014/65/EU (“UK MiFID 2”); 


United States, by either (i) Barrenjoey Markets or (ii) Barclays Capital Inc. (“Barclays US”), a non-affiliated third-party distributor, where clearly identified to you by Barclays US. This research is only intended to be distributed to persons that qualify as a Major U.S. Institutional Investors (as defined in Securities Exchange Act Rule 15a-6). Also note with respect to the United States, Barrenjoey’s registered U.S. broker-dealer for effecting transactions in accordance with Rule 15a-6 under US Securities Exchange Act 1934 with or for major U.S. Institutional Investors (including any transactions with Barrenjoey in securities discussed in this research report) is Enclave Capital LLC. The research analysts who prepare Barrenjoey research reside outside the United States and are not registered as persons associated with a Securities Exchange Commission registered broker dealer. As a result, such analysts are not subject to FINRA Rule 2241 or to SEC Regulation AC which, among other things, restrict a research analyst’s public appearances, personal securities trading, and communications with subject companies; 


European Economic Area: This material is being distributed to any person located in a Restricted EEA Country by Barclays Bank Ireland PLC (“Barclays Europe”), a non-affiliated third-party distributor. The Restricted EEA Countries are Austria, Bulgaria, Estonia, Finland, Hungary, Iceland, Liechtenstein, Lithuania, Luxembourg, Malta, Portugal, Romania, Slovakia and Slovenia; For any other person located in a country of the European Economic Area that is not a Restricted EEA Country, this material is being distributed by Barclays Bank PLC (“Barclays”), a non-affiliated third-party distributor. This publication does not constitute “Investment Research” as defined in the Markets in Financial Instruments Directive 2014/65/EU (“MiFID 2”); 


France: Barrenjoey Markets is not authorised as a credit institution or an investment firm in France; and


Switzerland: This publication, which may contain Advertising as defined in Art. 95 para. 1 of the Financial Services Ordinance, is distributed by Barrenjoey Markets to institutional or professional clients as defined in the Financial Services Act. Where applicable, structured products are not issued, guaranteed or secured by a Swiss bank, insurance company or securities firm, or a foreign institution that is subject to equivalent prudential supervision. 


China: By Barrenjoey Markets to Qualified Domestic Institutional Investors regulated by the National Administration of Financial Regulation or the China Securities Regulatory Commission, and other institutional investors which Barrenjoey determines has the capacity to invest in offshore financial instruments pursuant to a specific regime in the People’s Republic of China (PRC) only. No securities are being offered or sold by means of this document, which is not published nor distributed in the PRC. This document (in whole or in part) must not be forwarded, copied or re-distributed in the PRC.



Japan: By Barrenjoey Markets only to persons in Japan on condition that such distribution will not amount to licensable investment advisory services in Japan. Barrenjoey will not receive any compensation for the distribution of research to persons in Japan. This document is provided for information purposes only and is not intended to solicit any order for securities transactions or commodities futures contracts.


© Copyright Barrenjoey (2024). All rights reserved. No part of this publication may be reproduced or redistributed in any manner without the prior written permission of Barrenjoey.

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AA An Analyst attended a site visit and accepted reimbursement for travel expenses from: [Subject Company[s]]