February 2025
Disclaimer
This communication has been issued in the UK by Panmure Liberum Limited (“Panmure Liberum”) which is authorised and regulated by the Financial Conduct Authority ("FCA") and is a member of The London Stock Exchange PLC. The registered address of Panmure Liberum is Ropemaker Place, 25 Ropemaker Street, London EC2Y 9LY. Telephone: 020 3100 2000. Panmure Liberum is a subsidiary of Panmure Liberum Group Limited (the “Group”). For more information regarding disclosures relevant to Panmure Liberum or the Group, please email [email protected].
This communication has been prepared by its author(s) as non-independent research and is a marketing communication in relation to company(ies) discussed herein (each a "Company"). Accordingly, it has not been prepared in accordance with UK legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. However, Panmure Liberum is required by the rules of the FCA to have policies in place to identify and manage the conflicts of interest which may arise in its business activities including in relation to the production of this communication, which include preventing dealing ahead. Information regarding our policies is available at www.panmureliberum.com In addition to the conflicts of interest disclosed herein, a list of items which could create a conflict of interest and other material interests in relation to research material is set out on our website. Please refer to www.panmureliberum.com/equities/regulatory-and-compliance.
The individuals who prepared this communication may be involved in providing other financial services to the Company or Companies referenced herein or to other companies who might be said to be competitors of the Company or Companies referenced herein. As a result, both Panmure Liberum and the individual employees who prepared this communication may have responsibilities that conflict with the interests of the persons who receive this communication and information may be known to Panmure Liberum or persons connected with it which is not reflected in this communication. Panmure Liberum may provide or may have provided corporate services to the Company(ies) mentioned in this communication and recipients should not therefore rely on it as being an impartial document.
This communication is provided for information purposes only and should not be regarded as an offer or solicitation to buy or sell any security or other financial instrument. This communication is provided with the understanding that Panmure Liberum is not acting in a fiduciary capacity and it is not a personal recommendation to you. This communication has no regard for the specific investment objectives, financial situation and needs of any specific person or entity. The investments discussed in this communication may not be eligible for sale in some states or countries and may not be suitable for all investors. Investors should make their own investment decisions based upon their own financial objectives and financial resources and, if in any doubt, should seek advice from an investment advisor. Panmure Liberum and/or its officers, directors and employees may have or take positions in securities of companies mentioned in this communication (or in any related investment) and may from time to time dispose of any such positions and may also provide corporate finance or underwriting services for or relating to those companies, for which it is remunerated. Panmure Liberum analysts, including the author of this communication, receive compensation based on a number of factors including the quality of research, client feedback, firm profitability and normal competitive factors. This communication is based on materials and sources that are believed to be reliable; however, they are not independently verified and are not guaranteed as being accurate. All expressions of opinions, projections, forecasts and estimates constitute a judgment and are those of the author and the research department of Panmure Liberum only, and should not be relied upon and are subject to change without notice. The content of this communication may have been disclosed to the company referenced herein prior to dissemination in order to verify factual accuracy, however the company takes no responsibility for the accuracy or otherwise of any opinion, projection, forecast or estimate contained within this communication. This report may include content generated with the assistance of AI tools. While AI may have been used to enhance efficiency and content creation, all information has been reviewed to ensure, where possible, its accuracy and reliability. While Panmure Liberum endeavours to update its research communications from time to time it is under no obligation to do so. No representation or warranty either expressed or implied, is made nor responsibility of any kind is accepted by Panmure Liberum, its directors, officers, employees, or agents either as to the accuracy or completeness of any information stated in this document nor should it be relied on as such. Panmure Liberum shall not be liable for any direct or indirect damages, including lost profits, arising in any way from use of all or any of the information contained in this communication.
Panmure Liberum may have issued other communications that are inconsistent with and reach different conclusions from, the information contained in this communication. Those communications reflect the different assumptions, views and analytical methods of the individuals that prepared them. This communication is not guaranteed to be a complete statement or summary of any securities, markets, reports, or developments referred to therein. Past performance is not necessarily a guide to future performance. The stated price of any securities mentioned herein will generally be as at the end of the business day immediately prior to the publication date on this communication unless otherwise stated and is not a representative that any transaction can be effected at this price. This communication is confidential and may not be re-distributed, retransmitted or disclosed, in whole or in part, or in any manner, without the express written consent of Panmure Liberum. For more information on models, please contact the Analyst.
In the United Kingdom
This communication is for the use of (a) Professional Clients and Eligible Counterparties (such terms are defined by the rules of the FCA) of Panmure Liberum and (b) other persons who are not clients of Panmure Liberum who have expressed interest in receiving it and who are Qualified Investors (as defined below) and either investment professionals (persons having professional experience in matters relating to investments, as defined in Article 19(5) or Article 49(2)(a) to (d) (high net worth companies, unincorporated associations etc) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (as amended) or any other persons to whom this communication for the purposes of section 21 of the Financial Services and Markets Act 2000 can otherwise lawfully be communicated).For the purpose of clarity, this communication is not intended for and should not be relied upon by Retail Clients (as defined by the rules of the Financial Conduct Authority).
The content includes data provided by FTSE International Limited (“FTSE”) © FTSE 2013. “FTSE®” is a trademark of the London Stock Exchange Group companies and is used by FTSE under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and / or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE data is permitted without FTSE’s express written consent.
Distribution outside of the UK
EU Third-Party Disclaimer
If this communication is distributed in the European Union (“EU”) by Raymond James & Associates, Inc. (“RJA”), an entity registered with the United States Securities and Exchange Commission as a broker-dealer and a member of the Financial Industry Regulatory Authority, or its independent contractors or such independent contractor’s tied agents (collectively, the “independent contractors”) or by Panmure Liberum to clients of RJA’s independent contractors, then this communication is independent third-party research prepared for and distributed in the relevant EU countries at the determination of RJA and/or the independent contractors and pursuant to an arrangement between RJA, Panmure Liberum Inc. and Panmure Liberum. Neither RJA, nor its independent contractors, nor any of their affiliates has or had any involvement in the production, content, or timing of this communication and neither Panmure Liberum Inc. nor Panmure Liberum are affiliates of RJA or its independent contractors.
This communication is distributed solely to persons who are Qualified Investors within the meaning of Article 2(e) of EU Regulation 2017/1129 (as amended or superseded), and this communication is only for such Qualified Investors whose ordinary business activities involve investing in equities, bonds, and associated securities and/or derivative securities and who have professional experience reviewing and engaging in such investments. This communication is therefore not intended to be distributed or passed on, directly or indirectly, to any other class of persons, and is not intended for private individuals or those who would not be classified as “Qualified Investors.” The delivery of this communication is not a recommendation to effect any transactions in the securities discussed herein, nor an endorsement of any opinion expressed herein. If you are receiving this communication in one of the relevant EU countries from RJA or its independent contractors, or Panmure Liberum, as a consequence of being a client of RJA’s independent contractors, RJA accepts responsibility for the distribution of the communication. Any Qualified Investor who receives this communication from RJA, its independent contractors or directly from Panmure Liberum as a consequence of being a client of RJA’s independent contractors, is receiving such communication solely as a result of its relationship with RJA or its independent contractor, as applicable, and such recipient shall not be considered as having a relationship with Panmure Liberum Inc. or Panmure Liberum. For additional disclosures about RJA, including those related to material conflicts of interest, please visit: https://www.raymondjames.com/-/media/rj/dotcom/files/legal-disclosures/Liberum-disclosures.pdf. For further information regarding the above or related to the above-mentioned securities, please contact RJA’s independent contractors.
For US Investors
This communication is a marketing communication and has been prepared and distributed by Panmure Liberum. Panmure Liberum Inc is a U.S. registered broker-dealer and an affiliate of Panmure Liberum. This communication is distributed solely to persons who qualify as “Major U.S. Institutional Investors” or “U.S. Institutional Investors” as defined in Rule 15a-6 under the Securities and Exchange Act of 1934. This communication is only for those Major U.S. Institutional Investors and U.S. Institutional Investors whose ordinary business activities involve investing in shares, bonds, and associated securities and/or derivative securities and who have professional experience in such investments. Any person who is not a U.S. Institutional Investor or Major U.S. Institutional Investor must not rely on this communication. The delivery of this research communication to any person in the United States of America is not a recommendation to affect any transactions in the securities discussed herein, nor an endorsement of any opinion expressed herein. Panmure Liberum Inc is a FINRA/SIPC member and is regulated by the Securities Exchange Commission and takes responsibility for the content of this communication. Any U.S. recipient of this communication that is not a registered broker-dealer or a bank acting in a broker or dealer capacity and that wishes further information regarding the securities or to place an order in any of the above-mentioned securities please contact a registered representative of Panmure Liberum Inc or any other FINRA registered broker-dealer.
Analyst Certification: The analyst(s) who prepared this communication hereby certifies that all of the views expressed in this communication accurately reflect his / her personal views about the subject securities or issuers. The analyst(s) is not an associated person of Panmure Liberum Inc and therefore may not be subject to FINRA Rule 2241 and restrictions on communications with the company(ies) the subject of this report and other conflicts management. No part of his/her compensation was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this communication. The analyst(s) responsible for preparing this research communication received compensation that is based upon various factors, including total revenues of Panmure Liberum Inc and its affiliates, a portion of which are or have been generated by investment banking activities of Panmure Liberum Inc and its affiliates. Save as agreed with Panmure Liberum, research analysts, and their households, are prohibited from dealing in the securities of a company which they cover in any manner.
Panmure Liberum Inc does not make a market on other securities mentioned in the communication. Panmure Liberum Inc has not managed or co-managed a public offering of any of the securities mentioned in the past 12 months. Panmure Liberum Inc has not received compensation for investment banking services from any of the companies mentioned in the past 12 months. Panmure Liberum Inc neither expects to receive nor intends to seek compensation for investment banking services from any of the companies mentioned within the next 3 months.
For Canadian Investors
This information is not, and under no circumstances is to be construed as, an advertisement or a public offering of the securities described herein in Canada or any province or territory thereof. Under no circumstances is this information to be construed as an offer to sell securities or as a solicitation of an offer to buy securities in any jurisdiction of Canada. Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and only by a dealer properly registered under applicable securities laws or, alternatively, pursuant to an exemption from the registration requirement in the relevant province or territory of Canada in which such offer or sale is made. This information is not, and under no circumstances is it to be construed as, a prospectus, an offering memorandum, an advertisement or a public offering of any securities in Canada. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon these materials, the information contained herein or the merits of the securities described herein and any representation to the contrary is an offence. If you are located in Canada, this information has been made available to you based on your representation that you are an “accredited investor” as such term is defined in National Instrument 45-106 Prospectus Exemptions and a “permitted client” as such term is defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Under no circumstances is the information contained herein to be construed as investment advice in any province or territory of Canada nor should it be construed as being tailored to the needs of the recipient. Canadian recipients are advised that Panmure Liberum Inc, its affiliates and its authorised agents are not responsible for, nor do they accept, any liability whatsoever for any direct or consequential loss arising from any use of this research communication or the information contained herein.
For Swiss Investors
This publication is intended to be distributed to professional investors in circumstances such that there is no public offer. This publication does not constitute a prospectus within the meaning of Articles 652a and 1156 of the Swiss Code of Obligations.
For Australian Investors
This communication is distributed in Australia by Panmure Liberum Limited which is exempt from the requirement to hold an Australian Financial Services Licence. This communication may only be distributed to a "Wholesale Client" (within the meaning of section 761G of the Corporations Act 2001 (Cth) (the “Act”) in reliance of subsection 6(1) of the ASIC Corporations (Foreign Financial Services Providers-Limited Connection) Instrument 2017/182. Panmure Liberum is regulated by the FCA under UK laws, which differ from Australian laws.
For South African Investors
In South Africa, Panmure Liberum Limited holds an exemption from the licensing requirement of the Financial Advisory and Intermediary Services Act, 2002 (as amended) and it is therefore not regulated in South Africa.
Other countries
Laws and regulations of other countries may also restrict the distribution of this communication. Persons in possession of this communication should inform themselves about possible legal restrictions and observe accordingly.
