Sberbank CIB equity research ratings are driven by upside/downside to a fundamentals-based target price. The "BUY", "HOLD" or "SELL" rating is for reference purposes only, and represents a positive, neutral or negative view by Sberbank CIB with respect to potential total return, inclusive of anticipated dividends, for a period of twelve months from the moment of their introduction. They remain valid until they are changed or revoked. During changes to an analyst model, the rating will revert to "UR" (under review).
Sberbank CIB Investment Research analytical reviews are prepared jointly by JSC Sberbank CIB and Sberbank CIB (UK) and/or any of their affiliated persons (collectively – "Sberbank CIB").
These analytical reviews accurately reflect analysts' personal opinions about the company (companies) analyzed and its (their) securities. Analysts' compensation is not in any way, directly or indirectly, related to the specific recommendations and opinions expressed in these analytical reviews. The personal views of analysts may differ from one another. Sberbank CIB may have issued or may issue Sberbank CIB Investment Research analytical reviews that are inconsistent with, and/or reach different conclusions from, the information presented in them.
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UNITED KINGDOM. For Professional and/or Eligible Counterparties (not to be used with or passed on to retail clients). The research and analysis included in these documents has been produced and approved for distribution in the United Kingdom by Sberbank CIB for its own investment management activities. Sberbank (CIB) UK Limited is registered in England and Wales under No. 4783112 at 85 Fleet Street, London, EC4Y 1AE, United Kingdom and is authorised and regulated in the UK by the Financial Conduct Authority.
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