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The contents of this site are for information purposes only. Any information or opinions contained herein have been produced by Danske Bank Markets' research departments based on information obtained from sources believed to be reliable but which it has not independently verified. Danske Bank A/S makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy and completeness. Neither the information nor any opinion expressed herein constitutes an offer to buy or sell any investment. Such information and opinions are subject to change without notice. Danske Bank A/S, its directors, officers or employees accept no liability for any damages or losses arising from the use of this site or its contents. Clients should be aware that the regulatory regimes and compensation arrangements in overseas locations will be different in each jurisdiction. Readers should not rely on any material contained herein and should seek independent advice wherever necessary. Disclosure of interest
Danske Bank A/S, its affiliates, and any of their directors, officers or employees may, to the extent permitted by law, have a position or otherwise be interested in (including purchasing or selling to their clients on a principal basis) any transaction, in any investment (including derivatives) mentioned at this site. Danske Bank Markets' equities research analysts are not permitted to invest in Equities under coverage in their research sector. Danske Bank A/S, or any of its affiliates, may provide, or have provided, significant advice or investment services (including, acting as underwriter, placement agent, adviser or lender) to any issuer mentioned herein. Price information
Prices, rates and values are provided for information purposes only and are indicative unless otherwise stated. Such prices, rates and values do not necessarily represent the terms on which a new transaction could be entered into or an existing position could be liquidated. United Kingdom
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Danske Bank A/S accepts no responsibility for, and makes no warranty that, functions contained at this site will be uninterrupted or error-free, or that errors will be corrected. Neither Danske Bank A/S nor any of its officers and employees accepts any liability for any direct or consequential loss arising from any use of this site or its contents, including any harm or defect caused to your computer as a result of access and use of the server that makes this site available. Danske Bank Markets recommendation structure
The Danske Bank Markets recommendation system is absolute. It means that each stock is rated on the basis of a total return, measured by the upside potential (including dividends and capital reimbursement) over a 12-month time horizon.
The Danske Bank Markets spectrum of recommendations (or ratings) for each stock comprises three categories: Buy, Hold, Sell (in short B, H, S). In specific cases and for a limited period of time, analysts may have to rate stocks as Rating Suspended (RS) or Not Rated (NR), as explained below.Meaning of each rating or recommendation
we expect the stock to generate a total return of more than 10% over the next 12 months.
we expect the stock to generate a total return of 0% to 10% over the next 12 months.
we expect the stock to generate a total return below 0% over the next 12 months.
the rating is suspended due to a capital operation (e.g. takeover bid, share issue) where the issuer or a related party of the issuer is or could be involved or to a change of analyst covering the stock.
Danske Bank Markets produces investment research on Danske Bank but does not have an investment recommendation to buy, hold or sell or any target price on the stock. Research disclosures in alphabetical order Disclosures A-B in EnglishDisclosures C-D in EnglishDisclosures E-F in EnglishDisclosures G-H in EnglishDisclosures I-K in EnglishDisclosures L-M in EnglishDisclosures N-O in EnglishDisclosures P-R in EnglishDisclosures S-T in EnglishDisclosures U-Z in English
DCM Research recommendation historyRecommendation history
Research disclosures for Debt Capital Markets Research
Trade recommendation overview
Trade recommendation overview
Credit Research Methodology