Important disclosures

NOTE: Prior to July 2024, rating and price target histories were based on UTC time.

Important disclosures

Barrenjoey Research is produced by Barrenjoey Markets Pty Limited, ABN 66 636 976 059 (“Barrenjoey Markets”). All authors contributing to this research report are research analysts unless otherwise indicated and are employed by a related body of Barrenjoey Markets. Barrenjoey Advisory Pty Limited, provides corporate finance services and is a related body of Barrenjoey Markets (collectively and each entity individually are referred to as “Barrenjoey”, “we” or “our”).

Barrenjoey’s policy is to only publish research that is objective, independent and clear. Please see the Research Policy Statement for an overview of Barrenjoey’s research practices, including the scope and nature of Barrenjoey’s research services and expertise; how research coverage decisions are made; how research analyst compensation decisions are made; and Barrenjoey’s research ratings and associated methodology. Additionally, to view Barrenjoey’s Conflicts of Interest Policy please click here. Research related disclosure information is also available from Research Compliance (conflictsmanagement@barrenjoey.com), Quay Quarter Tower, Level 19, 50 Bridge Street, Sydney, NSW, 2000.

Barrenjoey Markets carries on a financial services business in Australia and is the holder of Australian financial services licence (AFSL) no.521800. As such Barrenjoey Markets is regulated by the Australian Securities and Investments Commission. In relation to its fixed income business, Barrenjoey Markets has a branch, Barrenjoey Markets Pty Limited, ADGM Branch, in the Abu Dhabi Global Market (“ADGM”) jurisdiction within Abu Dhabi, United Arab Emirates, which is regulated by the ADGM Financial Services Regulatory Authority ("FSRA") under Financial Services Permission Number 240006. Barrenjoey Markets does not have a place of business in any jurisdiction other than Australia and ADGM nor does it hold a financial services, investment advisory, banking or similar licence in any jurisdiction outside of Australia and ADGM. Barrenjoey research is not directed to, or intended for distribution to or use by, any person who is a citizen or resident of, or entity located in, any locality, territory, state, country, or other jurisdiction where such distribution, publication, availability, or use would be contrary to or restricted by law or regulation. Persons or entities into whose possession our research comes should inform themselves about and observe such restrictions.

Barrenjoey Markets (and its related entities) is not a bank (or authorised deposit-taking institutions as that term is defined in the Banking Act 1959 (Cth) in Australia) and does not provide banking services, nor carry on a banking business.

Ratings and methodology

Barrenjoey uses a relative rating system where analysts rate stocks as Overweight, Neutral or Underweight relative to other companies covered by that analyst.

Overweight (OW) - The stock is expected to outperform the unweighted expected total return of the analyst coverage universe over a 12-month investment horizon.

Neutral (N) - The stock is expected to perform in line with the unweighted expected total return of the analyst coverage universe over a 12-month investment horizon.

Underweight (UW) - The stock is expected to underperform the unweighted expected total return of the analyst coverage universe over a 12-month investment horizon.

Under Review (UR) - The rating and PT have been temporarily suppressed due to market events or some other short-term reason so that the analyst can more fully consider his or her view.

Restricted (R) - The rating, PT (and in some cases forecasts) are suppressed, to comply with applicable regulations and/or firm policies in certain circumstances including where the Corporate Finance division of Barrenjoey is acting in an advisory capacity in a merger or strategic transaction involving the company.

Suspended (S) - Coverage of the stock has been suspended due to market events or some other reason that make coverage impracticable. The previous rating, PT, and prior published research and forecasts should no longer be relied upon.

Not Covered (NC) – Barrenjoey Research does not cover this company and provides no investment view

Expected total return represents the upside or downside differential between the current share price and the price target, plus the expected next 12 month dividend yield for the company. Price targets are based on a 12 month time frame. Valuation methods used to determine price targets may include, but are not limited to, discounted cash flow, sum-of-the-parts, relative valuation such as price to earnings, dividend discount model, gordon growth model or net asset value.

Barrenjoey assigns stocks as Overweight, Neutral or Underweight which equate to Buy, Hold and Sell for the purposes of regulatory disclosures.

General disclaimers and regulatory disclosures

This research report is provided for information purposes only and should not in any way be construed as an offer to issue or sell, or the solicitation of an offer to buy, any securities mentioned in this report, including in any jurisdiction where such an offer or solicitation would be illegal. This research report is not produced for general marketing purposes and is not intended for the general public or retail persons, but is only intended for Barrenjoey’s clients and professional investors and other like persons who subscribe to receive Barrenjoey research from Barrenjoey or another authorised third-party research report distributor or aggregator. Other than disclosures relating to Barrenjoey, information contained in this report has been obtained from public information believed to be reliable, and Barrenjoey makes no representation as to its accuracy and completeness. Advice included in this research is general in nature and is not tailored to, and does not consider, any person’s individual objectives, financial situation, needs or other circumstances, but is provided on a standalone basis. This research is not intended as a recommendation of particular securities, financial instruments or strategies to any particular person, and this research and the securities discussed in this research may not be suitable for all investors. Investors should make their own investment decisions based on their financial situation and investment objectives, and seek professional advice, including tax advice, as appropriate. Investors should also consider referring to any available applicable disclosure document before making any decision about whether to acquire any security referred to in this research.

The information, opinions, estimates, and forecasts contained in this research are as at the date of this report and subject to change without prior notice. We seek to update our research at regular intervals as considered appropriate in the research analyst’s judgement, but various regulations and conflicts of interest can prevent us from doing so. The value of income or returns from an investment may vary because of changes in interest rates, foreign exchange rates, changes in the financial and operating conditions of relevant companies and other factors. Investors should be aware that the market price of securities discussed in this research may be volatile. Due to these and other factors a security’s current price and our investment rating may not correspond to a stated price target. Investment carries risk, past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original investment capital may occur.

Barrenjoey conducts a full-service, integrated Corporate Finance, Research and Equities and Fixed income broking and trading business. We may have corporate advisory and other business relationships with any number of the companies covered by our Research division, which can give rise to conflicts of interest. Research analysts receive compensation that is based in part, but not tied to Barrenjoey’s overall performance, which may include the performance of its Corporate Finance division. All of the views expressed in this research regarding any securities or companies accurately reflect the research analyst’s personal views and no part of their compensation is tied to any specific recommendation or views expressed in the research report. Barrenjoey’s Corporate Finance division does not make decisions about any research analyst’s performance and/or compensation.

The research analysts named in this report may have had discussions from time to time about this research or companies referred to in this research, with clients, Barrenjoey’s sales and trading business and others, or have discussed trading strategies that reference catalysts or events that may have a near-term impact on the market price of securities discussed in this report, or which may impact or be directionally counter to the research analyst' published price target and expectations for such securities. Any such trading strategies are distinct from and do not affect the research analyst's fundamental rating for such securities, which is intended to reflect a security’s return potential relative to the coverage universe as described herein. Barrenjoey Markets, its affiliates, officers, directors, and employees, may from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research. Barrenjoey research analysts are not permitted to hold securities or derivatives referenced to companies under their coverage.

In producing research reports, employees of Barrenjoey may attend site visits, conferences, other meetings and social events hosted by the companies and other entities which are the subject of its research reports. Barrenjoey does not accept reimbursements for the costs of such site visits or meetings from any parties including but not limited to from current or potential Corporate Finance clients. The views attributed to third party presenters at Barrenjoey arranged conferences, including individuals from other parts of Barrenjoey, does not necessarily reflect the views of Barrenjoey’s Research department and are not an official view of Barrenjoey. Such third parties, including any salesperson, traders and other professionals or members of their household, may have positions in the products mentioned that are inconsistent with the views expressed by the research analysts named in this report.

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