DISCLAIMER: This research report has been prepared and distributed by the authors under Cresce Capital. This is ‘non-independent’ research and hence a marketing communication under the Financial Conduct Authority (“FCA”) Conduct of Business Rules.  It is not investment research and has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and is also not subject to any prohibition on dealing ahead of the dissemination of investment research.  Notwithstanding this, Cresce CapitaL has procedures in place to manage conflicts of interest, arising in the production of research, including prohibiting dealing ahead and Chinese Walls.

No representation or warranty is made as to the accuracy or completeness of any information in this research report and opinions expressed herein are subject to change without notice. Any or all forward-looking statements in this research report may prove to be incorrect and such statements may be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Cresce Capital does not undertake any obligation to revise such forward-looking statements to reflect the occurrence of unanticipated events or changed circumstances. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realised. Past performance is not necessarily a guide to future performance.

This research report is designed for information purposes only. Neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives. Investors should consider this research report as only a single factor in making their investment decision. It is issued on the basis that Cresce Capital is not acting in a fiduciary capacity. Cresce Capital does not provide individually tailored investment advice in this research report and it does not constitute a ‘personnel recommendation’ as defined in the Glossary of the FCA’s Handbook. This research report is therefore, issued without regard to the recipient’s specific investment objectives and the value of any security, or the income derived from it, may fluctuate.

Certain securities and/or transactions give rise to substantial risks and are not suitable for all investors. Investors must undertake independent analysis with their own legal, tax and financial advisers and reach their own conclusions regarding the economic benefits and risks of the securities described herein and the legal, credit and tax aspects of any anticipated transaction. Where a security is denominated in a currency other than the local currency of the recipient, changes in exchange rates may have an adverse effect on the value of the security.

Cresce Capital, its officers, employees and affiliates may have a financial interest in the security or securities described in this research report or otherwise buy, make markets in, hold trade or sell any security or securities described herein or provide services to issuers discussed herein. The security or securities mentioned herein may not be eligible for sale in some jurisdictions and may not be suitable for all types of investor. This research report has not been designed for ‘Retail’ clients and is not intended for publication to ‘Retail’ clients. It is intended for issue to ‘Eligible’ counterparties and ‘Professional’ clients only (as those terms are defined by the Glossary of the FCA Handbook).  

Cresce Capital salespeople, traders, other analysts and other professionals may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed in this research report. This research report is strictly confidential and is intended for the named recipient or recipients only. It is not be circulated or copied to any other party without the express permission of Cresce Capital. All rights reserved.

DISCLAIMER: This research report has been prepared and distributed by the authors under Cresce Capital. This is ‘non-independent’ research and hence a marketing communication under the Financial Conduct Authority (“FCA”) Conduct of Business Rules.  It is not investment research and has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and is also not subject to any prohibition on dealing ahead of the dissemination of investment research.  Notwithstanding this, Cresce CapitaL has procedures in place to manage conflicts of interest, arising in the production of research, including prohibiting dealing ahead and Chinese Walls.

No representation or warranty is made as to the accuracy or completeness of any information in this research report and opinions expressed herein are subject to change without notice. Any or all forward-looking statements in this research report may prove to be incorrect and such statements may be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Cresce Capital does not undertake any obligation to revise such forward-looking statements to reflect the occurrence of unanticipated events or changed circumstances. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realised. Past performance is not necessarily a guide to future performance.

This research report is designed for information purposes only. Neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives. Investors should consider this research report as only a single factor in making their investment decision. It is issued on the basis that Cresce Capital is not acting in a fiduciary capacity. Cresce Capital does not provide individually tailored investment advice in this research report and it does not constitute a ‘personnel recommendation’ as defined in the Glossary of the FCA’s Handbook. This research report is therefore, issued without regard to the recipient’s specific investment objectives and the value of any security, or the income derived from it, may fluctuate.

Certain securities and/or transactions give rise to substantial risks and are not suitable for all investors. Investors must undertake independent analysis with their own legal, tax and financial advisers and reach their own conclusions regarding the economic benefits and risks of the securities described herein and the legal, credit and tax aspects of any anticipated transaction. Where a security is denominated in a currency other than the local currency of the recipient, changes in exchange rates may have an adverse effect on the value of the security.

Cresce Capital, its officers, employees and affiliates may have a financial interest in the security or securities described in this research report or otherwise buy, make markets in, hold trade or sell any security or securities described herein or provide services to issuers discussed herein. The security or securities mentioned herein may not be eligible for sale in some jurisdictions and may not be suitable for all types of investor. This research report has not been designed for ‘Retail’ clients and is not intended for publication to ‘Retail’ clients. It is intended for issue to ‘Eligible’ counterparties and ‘Professional’ clients only (as those terms are defined by the Glossary of the FCA Handbook).  

Cresce Capital salespeople, traders, other analysts and other professionals may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed in this research report. This research report is strictly confidential and is intended for the named recipient or recipients only. It is not be circulated or copied to any other party without the express permission of Cresce Capital. All rights reserved.

DISCLAIMER: This research report has been prepared and distributed by the authors under Cresce Capital. This is ‘non-independent’ research and hence a marketing communication under the Financial Conduct Authority (“FCA”) Conduct of Business Rules.  It is not investment research and has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and is also not subject to any prohibition on dealing ahead of the dissemination of investment research.  Notwithstanding this, Cresce CapitaL has procedures in place to manage conflicts of interest, arising in the production of research, including prohibiting dealing ahead and Chinese Walls.

No representation or warranty is made as to the accuracy or completeness of any information in this research report and opinions expressed herein are subject to change without notice. Any or all forward-looking statements in this research report may prove to be incorrect and such statements may be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Cresce Capital does not undertake any obligation to revise such forward-looking statements to reflect the occurrence of unanticipated events or changed circumstances. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realised. Past performance is not necessarily a guide to future performance.

This research report is designed for information purposes only. Neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives. Investors should consider this research report as only a single factor in making their investment decision. It is issued on the basis that Cresce Capital is not acting in a fiduciary capacity. Cresce Capital does not provide individually tailored investment advice in this research report and it does not constitute a ‘personnel recommendation’ as defined in the Glossary of the FCA’s Handbook. This research report is therefore, issued without regard to the recipient’s specific investment objectives and the value of any security, or the income derived from it, may fluctuate.

Certain securities and/or transactions give rise to substantial risks and are not suitable for all investors. Investors must undertake independent analysis with their own legal, tax and financial advisers and reach their own conclusions regarding the economic benefits and risks of the securities described herein and the legal, credit and tax aspects of any anticipated transaction. Where a security is denominated in a currency other than the local currency of the recipient, changes in exchange rates may have an adverse effect on the value of the security.

Cresce Capital, its officers, employees and affiliates may have a financial interest in the security or securities described in this research report or otherwise buy, make markets in, hold trade or sell any security or securities described herein or provide services to issuers discussed herein. The security or securities mentioned herein may not be eligible for sale in some jurisdictions and may not be suitable for all types of investor. This research report has not been designed for ‘Retail’ clients and is not intended for publication to ‘Retail’ clients. It is intended for issue to ‘Eligible’ counterparties and ‘Professional’ clients only (as those terms are defined by the Glossary of the FCA Handbook).  

Cresce Capital salespeople, traders, other analysts and other professionals may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed in this research report. This research report is strictly confidential and is intended for the named recipient or recipients only. It is not be circulated or copied to any other party without the express permission of Cresce Capital. All rights reserved.

DISCLAIMER: This research report has been prepared and distributed by the authors under Cresce Capital. This is ‘non-independent’ research and hence a marketing communication under the Financial Conduct Authority (“FCA”) Conduct of Business Rules.  It is not investment research and has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and is also not subject to any prohibition on dealing ahead of the dissemination of investment research.  Notwithstanding this, Cresce CapitaL has procedures in place to manage conflicts of interest, arising in the production of research, including prohibiting dealing ahead and Chinese Walls.

No representation or warranty is made as to the accuracy or completeness of any information in this research report and opinions expressed herein are subject to change without notice. Any or all forward-looking statements in this research report may prove to be incorrect and such statements may be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Cresce Capital does not undertake any obligation to revise such forward-looking statements to reflect the occurrence of unanticipated events or changed circumstances. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realised. Past performance is not necessarily a guide to future performance.

This research report is designed for information purposes only. Neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives. Investors should consider this research report as only a single factor in making their investment decision. It is issued on the basis that Cresce Capital is not acting in a fiduciary capacity. Cresce Capital does not provide individually tailored investment advice in this research report and it does not constitute a ‘personnel recommendation’ as defined in the Glossary of the FCA’s Handbook. This research report is therefore, issued without regard to the recipient’s specific investment objectives and the value of any security, or the income derived from it, may fluctuate.

Certain securities and/or transactions give rise to substantial risks and are not suitable for all investors. Investors must undertake independent analysis with their own legal, tax and financial advisers and reach their own conclusions regarding the economic benefits and risks of the securities described herein and the legal, credit and tax aspects of any anticipated transaction. Where a security is denominated in a currency other than the local currency of the recipient, changes in exchange rates may have an adverse effect on the value of the security.

Cresce Capital, its officers, employees and affiliates may have a financial interest in the security or securities described in this research report or otherwise buy, make markets in, hold trade or sell any security or securities described herein or provide services to issuers discussed herein. The security or securities mentioned herein may not be eligible for sale in some jurisdictions and may not be suitable for all types of investor. This research report has not been designed for ‘Retail’ clients and is not intended for publication to ‘Retail’ clients. It is intended for issue to ‘Eligible’ counterparties and ‘Professional’ clients only (as those terms are defined by the Glossary of the FCA Handbook).  

Cresce Capital salespeople, traders, other analysts and other professionals may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed in this research report. This research report is strictly confidential and is intended for the named recipient or recipients only. It is not be circulated or copied to any other party without the express permission of Cresce Capital. All rights reserved.