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No offer for financial instruments
The contents of this site are for information purposes only. Any information or opinions contained herein have been produced by Danske Bank 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 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
The contents of this site have been approved for publication in the United Kingdom by Danske Bank A/S, which is regulated in the conduct of designated investment business in the UK by the Financial Conduct Authority and the Prudential Regulation Authority.

Linked sites
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No warranty
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 Equity Research recommendation structure
The Danske Bank 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 Equity Research 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

Buy: 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.

Rating Suspended:
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.

Not Rated:
Danske Bank Equity Research 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.
- Danske Bank Equity Research has removed the rating for this security due to there being insufficient fundamental basis on which to assess the stock’s total return.
- Danske Bank Equity Research has terminated coverage on a company.

Equity Research disclosures
All disclosures

Commissioned Research disclosures
All disclosures

Credit Research recommendation history
Credit Research Recommendation History

Credit Portfolios Recommendation History
Recommendation History

Research disclosures for Debt Capital Markets Research
All dis​closures​​

Trade recommendation overview
Trade recommendation overview

International credit portfolios
All covered credit portfolio companies​
Fixed Income Research Methodology
Fixed Income Research Methodology​

Fixed Income Trade Recommendation History
Fixed Income Trade Recommendation History​

Foreign Exchange Research Methodology
Foreign Exchange Research Methodology

Credit Research Methodology
Research disclosures for Nordic Covered Bond Handbook credit research
Nordic Covered Bond Handbook disclosures

Research disclosures for Danish Covered Bond Handbook
Danish Covered Bond Handbook disclosures


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