This communication is prepared by an equity research analyst at Mediobanca - Banca di Credito Finanziario S.p.A. (“Mediobanca S.p.A.”). Mediobanca S.p.A. is authorized and supervised by Bank of Italy and Consob and subject to limited regulation in the UK by the Financial Conduct Authority to provide financial services. Mediobanca S.p.A. is compliant with the relevant European Directive provisions on investment and ancillary services (MiFID Directive) and with the implementing law.
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This communication may contain an investment recommendation within the meaning of MAR and it is produced by an equity research analyst at Mediobanca S.p.A. The date and time of the completion of the production of this communication coincide with the date and time indicated in the communication first distributed in whatsoever form by the analyst who originally produced it.
The recipient acknowledges that, to the extent permitted by applicable securities laws and regulations, Mediobanca S.p.A. disclaims all liability for providing this investment recommendation, and accepts no liability whatsoever for any direct, indirect or consequential loss arising from the use of this investment recommendation. Not all investment strategies are appropriate at all times, and past performance is not necessarily a guide to future performance. Mediobanca S.p.A. recommends that independent advice should be sought, and that investors should make their own independent decisions as to whether an investment or instrument is proper or appropriate based on their own individual judgment, their risk-tolerance, and after consulting their own investment advisers. Unless you notify Mediobanca S.p.A. otherwise, Mediobanca S.p.A. assumes that you have sufficient knowledge, experience and/or professional advice to undertake your own assessment. Any opinions or estimates expressed herein reflect the judgment of the author(s) as of the date the investment recommendation was prepared and are subject to change at any time without notice. Unless otherwise stated, the information or opinions presented, or the research or analysis upon which they are based, are valid at the point of publication, as they are not updated in real time to take account of changes in the financial markets or new news about the issuer or financial instruments. Mediobanca S.p.A. may provide hyperlinks to websites of entities mentioned in this investment recommendation, however the inclusion of a link does not imply that Mediobanca S.p.A. endorses, recommends or approves any material on the linked page or accessible from it.
To access specific regulatory disclosures related to the basis of valuation, methodology and the underlying assumptions as well as on interests and conflict of interests in relation to each financial instrument mentioned in this communication, please see the last research report issued for the specific financial instrument on the restricted access part of the «MB Securities» section of the Mediobanca S.p.A. website at www.mediobanca.com. If you are not able to see the restricted access part of the «MB Securities» section of the Mediobanca S.p.A. website, please submit a request to the following mail address (Compliance@mediobanca.com). The previous 12 months analyst’s views on financial instruments and issuers are provided to the following link. The complete and up to date disclosure on Mediobanca’s interests and conflict of interests on issuers covered by Mediobanca Securities is provided to the following link.