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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.
These analytical reviews may be used as general information only and are based on current public information that Sberbank CIB considers reliable, but Sberbank CIB does not represent it as accurate or complete, and it should not be relied on as such. Neither the information nor any opinion expressed constitutes a recommendation, an offer or an invitation to make an offer, to buy or sell any securities or other investment or any options, futures or any other financial instruments. These analytical reviews do not constitute investment advice and do not take into account any special or individual investment objectives, financial situations or particular needs of any particular person who may receive these analyticals reviews. The services, securities and investments discussed in these analytical reviews may be neither available to nor suitable for all investors. Investors should seek financial advice regarding the appropriateness of investing in any security or other investment and the investment strategies discussed or recommended in these analytical reviews and should understand that statements regarding future prospects may not be realized.
Investors should note that income from such securities or other investments, if any, may fluctuate and that the price or value of such securities and investments may rise or fall. Accordingly, investors may receive back less than was originally invested. Past performance is not necessarily a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Sberbank CIB accepts no liability whatsoever for any direct and indirect losses, damage, or other consequences of any kind that may arise out of the partial or full usage of the materials from Sberbank CIB Investment Research analytical reviews. Investors should conduct their own evaluation of risks and should not rely solely on the information presented in Sberbank CIB Investment Research analytical reviews. Investors should obtain individual legal, tax, financial, accounting or other professional advice based on their particular circumstances. Any information relating to the tax status of financial instruments discussed herein is not intended to provide tax advice or to be used by anyone to provide tax advice.
Sberbank CIB is not committed to update the information or to correct any inaccuracies contained in Sberbank CIB Investment Research analytical reviews.
Any estimates in these reports for issuers not covered by Sberbank CIB Investment Research (including but not limited to PJSC Sberbank) have been taken from the sources cited. Sberbank CIB Investment Research provides neither analysis of nor stock recommendations for these issuers, and accepts no responsibility for the accuracy of this data.
From time to time, Sberbank CIB or the principals or employees and their connected persons of Sberbank CIB may have or have had positions in the securities or other instruments referred to herein or may conduct or may have conducted market-making activities or otherwise act or have acted as principal in transactions in any of these securities or instruments or may provide or have provided investment banking or consulting services to or serve or have served as a director or a supervisory board member of a company referred to in these analytical reviews. Sberbank CIB's sales managers, traders, and other professionals may provide oral or written market commentary or trading strategies to Sberbank CIB's clients, as well as its proprietary trading desks, where transactions are entered into at the expense and in the interest of Sberbank CIB, and such commentary may reflect opinions that are contrary to the opinions expressed in analytical reviews of Sberbank CIB Investment Research. Sberbank CIB's asset management, proprietary trading and investment banking business units may make investment decisions that are inconsistent with the recommendations or views expressed in these analytical reviews. Sberbank CIB maintains internal policies that are designed to manage any actual or potential conflicts of interest.
Other than certain industry specific analytical reviews published on a regular basis, Sberbank CIB Investment Research analytical reviews are published at irregular intervals as appropriate in the analyst's judgment.
Further information on the securities referred to herein may be obtained from Sberbank CIB upon request. These analytical reviews may not be reproduced or copied in whole or in any part without written consent of Sberbank CIB.
These analytical reviews do not constitute or contain legal advice. Further, Sberbank CIB should not in any way be viewed as soliciting, facilitating, brokering or causing any persons within any country to invest in or otherwise engage in transactions that may be prohibited to those persons under relevant law. Sberbank CIB Investment Research analytical reviews are provided in respect of entities or investments in both Russian domestic and international financial markets (as applicable in each case) and are intended for eligible investors in compliance with the legal requirements and trading rules of the relevant markets. Sberbank CIB Investment Research analytical reviews received by such eligible investors concerning entities or investments that may be sanctioned in other jurisdictions are not directed to, and should not be considered as investment advice in respect of, any transaction that implicates such sanctions or that involves persons within the jurisdiction of such sanctions, including but not limited to U.S., Canadian, Australian, Japanese, Swiss, European or EU investors. Sberbank CIB Investment Research analytical reviews are never to be used for unlawful activity, including activity that is contrary to or that circumvents economic sanctions requirements. After having read this analytical review, investors should determine the legality of any planned transactions in consultation with their legal advisers in respect of their compliance with the legal requirements and trading rules applicable to their activities.
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.
EUROPEAN UNION. Unless otherwise specified herein, these analytical reviews are intended for persons who are qualified as eligible counterparties or professional clients only and not for distribution to retail clients, as defined by the EU Markets in Financial Instruments Directive – 2004/39/EC. These documents are distributed in the EU by Sberbank (CIB) UK Limited and are authorised and regulated in the UK by the Financial Conduct Authority.
For investors outside of the EU and Switzerland these analytical reviews are disseminated to either eligible or professional investors as regulated in the respective jurisdiction. If these analytical reviews are obtained by a person who is not considered to be an eligible or professional investor under applicable local laws in the respective jurisdiction, this person should not review them, should disregard and/or immediately delete them and undertake their best effort to inform Sberbank CIB about having received these analytical reviews by mistake.
FOR RESIDENTS OF THE UNITED STATES. Under Rule 15a-6 under the Securities Exchange Act of 1934, these research reports are available solely for distribution from JSC Sberbank CIB, to major U.S. institutional investors, and are not subject to all of the independence and disclosure standards applicable to debt research reports prepared for retail investors. All major U.S. institutional investors or persons outside the United States that have received these analytical reviews shall neither distribute the original nor a copy hereof to any other person in the United States. These analytical reviews have been prepared and reviewed by research analysts who are neither employed by Sberbank CIB USA, Inc., nor registered or qualified as research analysts with FINRA, and are not subject to the rules of FINRA. Sberbank CIB USA, Inc. accepts responsibility for the contents hereof.
These analytical reviews, however, may also be redistributed in the United States by Sberbank CIB USA, Inc., a U.S. registered broker and dealer and a member of FINRA, to both major and non major institutional investors under FINRA Rules for the redistribution of research. All transactions in any security or financial instrument mentioned herein with or for any U.S. institutional investor or major U.S. institutional investor must be effected through Sberbank CIB USA, Inc. Please contact a registered representative of Sberbank CIB USA, Inc., by phone at 212.300.9600 or by mail at Carnegie Hall Tower 152 W 57th Street 46th Floor New York, NY 10019.
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