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Research analysts’ statement of independence

We hereby certifies that the views expressed in any reports available on this site (each a “Report” and collectively “Reports”) reflects the research analysts’ personal views about the companies covered and the securities that are the subject to the Reports. Opinions contained in Reports represent the research analysts’ present opinion only - at the time Reports are prepared - and may be subject to change without notice. Further, new research analysts’ with different opinions could become responsible for coverage.

No part of the research analysts’ compensation are, or will be, directly or indirectly, related to the specific recommendations or views expressed by the respective research analysts in Reports. DNB Markets’ employees, including research analysts, may receive compensation that is generated by overall firm profitability.

The Reports are based on information obtained from public sources that DNB Markets believe to be reliable but which DNB Markets has not independently verified. Sources for coverage also include communication with the companies. DNB Markets makes no guarantee, representation or warranty as to its accuracy or completeness.


DNB Markets, DNB Bank ASA and the DNB Group

The Reports are being prepared by DNB Markets, a division of DNB Bank ASA (“DNB Bank”), a Norwegian bank organized under the laws of the Kingdom of Norway and under supervision by the Norwegian Financial Supervisory Authority, The Monetary Authority of Singapore, and on a limited basis by the Financial Conduct Authority and the Prudential Regulation Authority of the UK, and the Financial Supervisory Authority of Sweden. Details about the extent of our regulation by local authorities outside Norway are available from us on request.

Reports are subject to the General Business Terms for DNB Markets. Information about DNB Markets and the General Business Terms can be found at dnb.no/markets. For information regarding the General Business Terms of the Singapore Branch of DNB Bank ASA, please contact our Singapore Branch at telephone +65 6212 6144. DNB Bank ASA is a subsidiary of DNB ASA, and part of the DNB group (the “DNB Group”). Information about the DNB Group can be found at dnb.no.

The research analysts’ are not registered or qualified as research analysts, representative or associated person under the rules of FINRA, any other US regulatory organization or the laws, rules or regulations of any State in the USA.

DNB Markets is a member of the Norwegian Securities Dealers Association, which has issued recommendations and market standards for securities companies. The Association's Internet address where the recommendations and market standards can be found is: www.vpff.no/eng.


Property rights

Reports are the property of DNB Markets. DNB Markets retains all intellectual property rights (including, but not limited to, copyright) relating to the Reports. Sell-side investment firms are not allowed any commercial use (including, but not limited to, reproduction and redistribution) of the Reports contents, either partially or in full, without DNB Markets’ explicit and prior written consent. However, buy-side investment firms may use the Reports when making investment decisions, and may also base investment advice given to clients on the Reports. Such use is dependent on the buy-side investment firm citing DNB Markets as the source.



Reports are for clients only, and not for publication, and are prepared for information purposes only. Distribution of research reports is in certain jurisdictions restricted by law. Persons with access to Reports should seek further guidance regarding such restrictions. Reports are distributed out of our Oslo office.


Not for re-distribution

Reports are for clients only, and not for publication or re-distribution.  



Reports are not offers to buy or sell any security or other financial instrument or to participate in any investment strategy. No liability whatsoever is accepted for any direct or indirect (including consequential) loss or expense arising from the use of the Reports. The Reports shall not be used for any unlawful or unauthorized purposes.   


Good faith and limitations

DNB Bank, its affiliates, and any third-party providers, as well as their directors, officers, shareholders, employees or agents (individually, each a “DNB Party”; collectively, “DNB Parties”) do not guarantee the accuracy, completeness, timeliness or availability of Reports. DNB Parties are not responsible for any errors or omissions, regardless of the cause, nor for the results obtained from the use of Reports, nor for the security or maintenance of any data input by the user. Reports are provided on an “as is” basis. DNB PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT REPORTS FUNCTIONING WILL BE UNINTERRUPTED OR THAT REPORTS WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall DNB Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of Reports, even if advised of the possibility of such damages. DNB Parties assume no obligation to update the Reports in any form or format. The Reports should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. Recipients are urged to base their investment decisions upon such investigations as they deem necessary. No DNB Party is acting as fiduciary or investment advisor in connection with the dissemination of the Reports. While Reports are based on information obtained from public sources that the DNB Bank believes to be reliable, no DNB Party has performed an audit of, nor accepts any duty of due diligence or independent verification of, any information it receives.

Any use of non-DNB logos in the Reports are solely for the purpose of assisting in identifying the relevant issuer. DNB is not affiliated with any such issuer.


Prevention and avoidance of conflicts of interest

Confidentiality rules and internal rules restricting the exchange of information between different parts of DNB Markets/DNB Bank ASA or the DNB Group may prevent employees of DNB Markets who are preparing Reports from utilizing or being aware of information available in the DNB Group that may be relevant to the recipients’ decisions. DNB Markets and the DNB Group have incorporated internal rules and regulations in order to avoid any potential conflicts of interest. All Reports are produced by DNB Markets’ research department, which is separated from the rest of DNB Markets’ activities by an information barrier; as such, research reports are independent and based solely on publicly available information.


Potential conflicts of interest

DNB Markets or other companies in the DNB Group may have been giving investment-banking services or acted as financial advisor or manager/co-manager (and in such capacity received compensation), to companies subject to coverage in Reports during the last 12 months. Further, from companies covered, DNB Markets or other companies in the DNB Group may receive compensation for investment banking or other services in the next 12 months.

Furthermore, in view of DNB Markets’ position in its markets, one should assume that it may currently (or may in the coming three months and beyond) be providing or seeking to provide confidential investment banking services to the companies subject to coverage in Reports. DNB Markets may be a market maker/liquidity provider in covered companies. A member of, or an entity associated with, DNB Group or its affiliates, officers, directors, employees or shareholders of such members may from time-to-time be represented on the board of directors or similar supervisory entity of the companies covered, buy or sell the securities issued by such companies or options relating to them, or have a long or short position or holding in such securities. DNB Markets/DNB Group may have made agreements with companies to prepare and issue Reports. Reports may be disclosed to companies before distribution for facts control.

Please see DNB Markets' website (dnb.no/disclaimer/MAR) for an overview of all recommendations from DNB Markets over the past 12 months, as per Market Abuse Regulations (MAR).

Please contact DNB Markets at telephone 08940 (+47 915 08940) for further information and inquiries regarding Reports.


Recommendation structure and risk classification

Buy - indicates an expected return greater than 10% within 12 months

Hold - indicates an expected return between 0 and 10% within 12 months

Sell - indicates an expected negative return within 12 months


The return-requirement bands above may be applied with some degree of flexibility depending on the liquidity and volatility characteristics of the individual share.


High risk - Volatility above 40 percent

Medium risk - Volatility from 25 percent to 40 percent

Low risk - Volatility under 25 percent


Investing in any security is subject to substantial risk. Return on investment may vary greatly. Price targets are based on a combination of several valuation methods such as discounted cash flow, pricing based on earnings multiples, multiple on book value, net asset value and peer comparison.

Substantial material sources for coverage include historical financial figures and communication with the companies, and relevant third party information. If you would like further information on the valuation, methodology or underlying assumptions used in the Reports, please contact the analyst on front page of each note. Recommendations and historical target prices in Reports may not compile all recommendations by DNB Markets, for further information please contact DNB Markets.



In Singapore

The Information has been distributed by the Singapore Branch of DNB Bank ASA. It is intended for general circulation and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should seek advice from a financial adviser regarding the suitability of any product referred to in any attached report, taking into account your specific financial objectives, financial situation or particular needs before making a commitment to purchase any such product.

You have received a copy of this Information because you have been classified either as an accredited investor, an expert investor or as an institutional investor, as these terms have been defined under Singapore’s Financial Advisers Act (Cap. 110) (“FAA”) and/or the Financial Advisers Regulations (“FAR”). The Singapore Branch of DNB Bank ASA is a financial adviser exempt from licensing under the FAA but is otherwise subject to the legal requirements of the FAA and of the FAR. By virtue of your status as an accredited investor or as an expert investor, the Singapore Branch of DNB Bank ASA is, in respect of certain of its dealings with you or services rendered to you, exempt from having to comply with certain regulatory requirements of the FAA and FAR, including without limitation, sections 25, 27 and 36 of the FAA. Section 25 of the FAA requires a financial adviser to disclose material information concerning designated investment products which are recommended by the financial adviser to you as the client. Section 27 of the FAA requires a financial adviser to have a reasonable basis for making investment recommendations to you as the client.  Section 36 of the FAA requires a financial adviser to include, within any circular or written communications in which he makes recommendations concerning securities, a statement of the nature of any interest which the financial adviser (and any person connected or associated with the financial adviser) might have in the securities.

Please telephone the Singapore Branch of DNB Bank ASA at +65 6212 6144 in respect of any matters arising from, or in connection with, the Information.  

This Information is intended for and is to be circulated only to persons who are classified as an accredited investor, an expert investor or an institutional investor. If you are not an accredited investor, an expert investor or an institutional investor, please contact the Singapore Branch of DNB Bank ASA at +65 6212 6144.

We, the DNB group, our associates, officers and/or employees may have interests in any products referred to in the Information by acting in various roles including as distributor, holder of principal positions, adviser or lender. We, the DNB group, our associates, officers and/or employees may receive fees, brokerage or commissions for acting in those capacities. In addition, we, the DNB group, our associates, officers and/or employees may buy or sell products as principal or agent and may effect transactions which are not consistent with the information set out in the Information.


In the United States 

Each research analyst named on the front page of Reports, or at the beginning of any subsection thereof, certifies that (i) the views expressed in Reports accurately reflect that research analyst’s personal views about the companies and the securities that are subject of Reports; and (ii) no part of the research analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by that research analyst in Reports. 

The research analyst(s) named on Reports are foreign research analysts as defined by FINRA Rule 1050. The only affiliate contributing to Reports is DNB Bank through its DNB Markets division (“DNB Markets/DNB Bank”); the foreign research analysts employed by DNB Markets/DNB Bank are named on the first page; the foreign research analysts are not registered/qualified as research analysts with FINRA; foreign research analysts are not associated persons of DNB Markets, Inc. and therefore are not subject to the restrictions set forth in FINRA Rules 2241 and 2242 regarding restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

Reports are Third Party Research as defined by FINRA Rules 2241 and 2242. Any material conflict of interest that can reasonably be expected to have influenced the choice of DNB Markets/DNB Bank as a research provider or the subject company of a DNB Markets/DNB Bank research report, including the disclosures required by FINRA Rules 2241 and 2242 can be found in Reports.

Reports are being furnished solely to Major U.S. Institutional Investors within the meaning of Rule 15a-6 under the U.S. Securities Exchange Act of 1934 and to such other U.S. Institutional Investors as DNB Markets, Inc. may determine. Distribution to non-Major U.S. Institutional Investors will be made only by DNB Markets, Inc., a separately incorporated subsidiary of DNB Bank that is a U.S. broker-dealer and a member of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”).

Any U.S. recipient of Reports seeking to obtain additional information or to effect any transaction in any security discussed herein or any related instrument or investment should contact DNB Markets, Inc., 30 Hudson Yards, 81st Floor, New York, NY 10001, telephone number +1 212-551-9800.


In Canada

The Information has been distributed in reliance on the International Dealer Exemption pursuant to NI 31-103 section 8.18. 

Please be advised that:

1.  DNB Bank ASA (DNB Markets) and DNB Markets, Inc. are not registered as a dealer in the local jurisdiction to make the trade. We provide our services in Canada as an exempt international dealer.

2.  The jurisdiction of DNB Bank ASA (DNB Markets) and DNB Markets, Inc.'s head office is Norway.

3.  There may be difficulty enforcing legal rights against DNB Bank ASA (DNB Markets) and DNB Markets, Inc. because all or substantially all of their assets may be situated outside of Canada.  

4.  The name and address of the agent for service of process for DNB Bank ASA (DNB Markets) and DNB Markets, Inc. in the local jurisdiction is:




Name and Address of Agent for Service


Blake, Cassels & Graydon LLP
855 - 2nd Street S.W.
Suite 3500, Bankers Hall East Tower
Calgary, AB  T2P 4J8

British Columbia

Blakes Vancouver Services Inc.
595 Burrard Street, P.O. Box 49314
Suite 2600, Three Bentall Centre
Vancouver, BC  V7X 1L3


MLT Aikins
30th Floor, Commodity Exchange Tower
360 Main Street
Winnipeg, MB  R3C 4G1

New Brunswick

Stewart McKelvey
Suite 1000, Brunswick House
44 Chipman Hill
PO Box 7289, Station A
Saint John, NB  E2L 2A9

Newfoundland and Labrador

Stewart McKelvey
Suite 1100, Cabot Place
100 New Gower Street
P.O. Box 5038
St. John's, NL  A1C 5V3

Nova Scotia

Stewart McKelvey
Purdy's Wharf Tower One
1959 Upper Water Street
Suite 900, P.O. Box 997
Halifax, NS  B3J 2X2

Northwest Territories

Field LLP  
601, 4920 52nd Street    
Yellowknife, NT  X1A 3T1


Field LLP
P.O. Box 1734
House 2436
Iqaluit, NU  X0A 0H0


Blakes Extra-Provincial Services Inc.
Suite 4000, 199 Bay Street
Toronto, ON  M5L 1A9

Prince Edward Island

Stewart McKelvey
65 Grafton Street
Charlottetown, PE  C1A 1K8


Services Blakes Québec Inc.
1 Place Ville Marie
Suite 3000
Montréal, QC  H3B 4N8


MLT Aikins
1500 Hill Centre I
1874 Scarth Street
Regina, SK  S4P 4E9


Macdonald & Company
Suite 200, Financial Plaza
204 Lambert Street
Whitehorse, YK  Y1A 3T2



In Brazil

If the analyst or any close associates serves as an officer, director or board member, or have a personal relationship with any individual that works for a company which DNB Markets publish a research note, this will be mentioned under the disclaimer in the relevant research note.

The analyst or any close associates do neither hold nor do they have any direct/indirect involvement in the acquisition, sale, or intermediation of the securities discussed in each research note.

Any financial interests, not disclosed in the relevant research notes, that the analyst or any close associates holds in the issuer discussed in the report is limited to investment funds that do not mainly invest in the issuer or industry discussed in the report and the management of which these persons cannot influence.



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