The report or the recommendations/views to which this communication refers (“Report”) is prepared by an independent analyst within Research Department at Mediobanca - Banca di Credito Finanziario S.p.A. (“Mediobanca S.p.A.”), authorized and supervised by Bank of Italy and Consob to provide financial services, and is compliant with the relevant European Directive provisions on investment and ancillary services (MiFID Directive) and with the implementing law.
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Mediobanca S.p.A. does and seeks to do business with companies covered in its reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of the Report. Mediobanca S.p.A. or its affiliates or its employees may effect transactions in the securities described herein for their own account or for the account of others, may have long or short positions with the issuer thereof, or any of its affiliates, or may perform or seek to perform securities, investment banking or other services for such issuer or its affiliates. The organizational and administrative arrangements established by Mediobanca S.p.A. for the management of conflicts of interest are consistent with rules, regulations or codes applicable to the securities industry. The compensation of the analyst who prepared the Report is determined exclusively by research management and senior management (not including investment banking). Analyst compensation is not based on investment banking revenues, however, compensation may relate to the revenues of Mediobanca S.p.A. as a whole, of which investment banking, sales and trading are a part.
Unless otherwise stated in the text of the Report, the fundamental credit view of an issuer may be based on criteria such as the company's underlying credit trends, overall creditworthiness and our opinion on whether the issuer will be able to service its debt obligations when they become due and payable, as well as potential future catalysts which may or may not verify. We may review, among other things, the company's cash flow capacity and trends and standard credit ratios, such as gross and net leverage, interest coverage and liquidity ratios. We may also review profitability, capitalization and asset quality, among other variables, when assessing financials. We can also consider management strategy, financial policy and the overall competitive landscape in relevant industries insofar as they impact credit quality, as well as market expectations, both in terms of potential profit generation, company dividends policy and other kind of indicators which may be exceeded or missed. We may also assess market technical aspects such as the likely future supply of bonds or fund flows into the broader asset class as well as charts/trends share price.
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Analysts of Mediobanca S.p.A. may have had many, varied views over the past 12 months including contrary views, and that there are large number of views being generated at all times, the previous 12 months views on financial instruments are provided upon written request submitted to the following mail address (Compliance@mediobanca.com).
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