ads-beverage-black-coffee-33972

Advising brands through COVID-19 uncertainty

Ebiquity 29 May 2020 Update
Download PDF

Ebiquity

Advising brands through COVID-19 uncertainty

FY19 results

Media

29 May 2020

Price

29p

Market cap

£22m

$1.22/£

Net debt (£m) at end April 20, excluding lease liabilities

6.0

Shares in issue

75.9m

Free float

94.8

Code

EBQ

Primary exchange

AIM

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

30.4

(16.7)

(41.8)

Rel (local)

24.5

(10.9)

(32.5)

52-week high/low

58.0p

22.5p

Business description

Ebiquity is a leading independent marketing and media consultancy, working for 70 of the world’s 100 leading brands to optimise their media investments.

Next events

H1 results

September 2020

Analyst

Fiona Orford-Williams

+44 (0)20 3077 5739

Ebiquity is a research client of Edison Investment Research Limited

Ebiquity’s FY19 results (delayed by the COVID-19 lockdown) were in line with expectations. The impact of the pandemic on the advertising sector is harsh, but is far from uniform, with some verticals notably more resilient than others. Ebiquity’s leading market position equips it with the data to benchmark and advise. Careful cost management should mitigate some of the COVID-19 related trading difficulties, as reflected in our tentative FY20 forecast, with the balance sheet remaining sound. Management guidance remains withdrawn. The New CEO, Nick Waters, joins on 1 July (see our April flash note).

Year end

Revenue (£m)

PBT*
(£m)

EPS*
(p)

DPS
(p)

P/E
(x)

Yield
(%)

12/18

69.4

5.2

3.7

0.7

7.8

2.4

12/19

68.7

5.3

3.6

0.0

8.1

N/A

12/20e

59.5

3.3

2.5

0.7

11.6

2.4

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Market advantages

In an evolving, uncertain environment, advertisers’ requirement to know the efficacy of their spend is even greater. Ebiquity works with 70 of the top 100 global advertisers, giving it unique insight on spending from its pooled data. Notable FY19 client wins include Amazon and Facebook, underlining that even major tech players still need external appraisal despite their extensive internal data. Accenture’s intended withdrawal from media management audit from August is already beneficial, and the impact should be more marked in H220 and FY21. The Digital Decisions acquisition (January Flash note) bolstered the group’s capabilities in digital media monitoring. It has also added further skills in data handling and presentation that are being leveraged across the group, for example in direct data assimilation and client dashboards, which should improve efficiency for clients.

Tentative FY20 estimates

Given that there are so many current uncertainties, our FY20 estimate is highly tentative. We have assumed Media revenues dip 17% on the year, while the softening in Analytics & Tech is less severe at 10%. We have built in a slightly lower operating margin for the former (21.7% down to 20.8%), but a recovery in that for Analytics & Tech from 6.8% to 8.5%, with no drag from Stratigent, and Advanced Analytics benefiting from new client wins and its growing support centre in Spain. Net debt on this basis remains well within facilities and renegotiated covenants for now are on a simple liquidity check. As at end April, the group had £13m of cash and £19m of debt, with further facilities of £5m available.

Valuation: Awaiting developments

With so much ongoing change, it is more than usually difficult to draw conclusions on valuation. On a P/E basis, the group is trading at a premium to small marcomms peers (on 8.6x) on the current year reduced earnings, but at a discount of around 10% on EV/EBITDA, where peers are trading at around 6.0x.

FY19: A year of reorientation

The FY19 results reflect a very different trading environment, but also a year of significant change at the group post the disposal of AdIntel on 2 January 2019, which transformed the balance sheet with a net cash injection of around £20m. The business is now organised in two segments, Media (79% of FY19 revenues) and Analytics and Tech (21%).

Media performance

Exhibit 1: FY19 Media segment performance

£m / %

FY19

revenue

% change

FY19 underlying operating profit

% change

FY19 operating margin

FY18 operating margin

Media Performance & Mgmt

-1%

Contract Compliance

13%

Media segment

54.6

1%

11.8

-2%

21.7%

22.3%

Source: Ebiquity

Within Media Performance and Management, the trading patterns were varied. The UK was one of the stronger regions, with revenues up 2% benefiting from new projects from new and existing clients, including Fiat Chrysler and PepsiCo. Italy and France were also strong. Germany and Russia both had weaker results in H1, and both had new management installed, leading to improved performance in H2.

Analytics and Tech performance

Exhibit 2: FY19 Analytics and Tech segment performance

£m / %

FY19 revenue

% change

FY19 underlying operating profit

% change

FY19 operating margin

FY18 operating margin

Advanced Analytics

5%

Ad Tech

105%

MarTech

(39%)

Analytics and Tech segment

14.1

(7%)

1.0

-31%

6.8%

9.2%

Source: Ebiquity

Exhibit 2 shows the published divisional numbers, but if Stratigent (where US revenues had dropped by 46%) were to be stripped out, then segment revenues would have been up by 11%. Digital balance in Australia also struggled, with its revenues dipping 15%.

At a group level, operating costs (before highlighted items) were down 1%, despite a 3% pay increase and having to carry on with some of the costs relating to AdIntel to support its transition to Nielsen. Year-end staff numbers reduced by 3% over the prior year.

The group’s London office has been moved following the end of its previous lease, with an associated cost of £0.5m taken within the highlighted items on continuing operations of £9.9m. The largest constituent of this sum was a £6.8m impairment taken on the goodwill on loss-making US MarTech business Stratigent of £5.8m and Digital Balance of £0.9m, with a further £1.3m on severance and reorganisation (including group management) and the costs relating to winding down Stratigent in the US from August. A further £1.0m of highlighted items related to the last costs associated with the AdIntel sale.

Post the year-end the group has made two strategic investments, in Digital Decisions (see our January Flash note) and in buying in the 49% minority in its Italian business for €3.6m on the retirement of the founders.

Business in the time of COVID-19

The group works with clients globally across a range of sector verticals. Clients within them vary significantly in how they are addressing the challenges. Although the split of Ebiquity’s exposure is not disclosed, we regard fast-moving consumer goods (FMCG) to be the largest, followed by automotive. It also has significant exposure to the technology, media, and telecom (TMT), retail and fast-food, and finance sectors. Major brands have adopted different approaches to their media spend in the face of the pandemic, with the FMCG likely to have adopted the most proactive tactics. Automotive customers are likely to have been more cautious and business here tends to be lumpier. Travel and leisure and non-food retail have obviously been facing particular difficulties in adjusting their business models and, consequently, their marketing strategies.

Overall business development is complicated by the physical restrictions on pitching and cancelled trade events but has started to pick up again as clients get used to new ways of doing business. With Accenture’s exit from the media audit market, there has again been a range of responses, from traditional competitive tender processes to more direct approaches. Ebiquity could reasonably expect to pick up a good proportion of this (unquantified) business, with the main competition coming from other global consultants such as PWC and from strong players in local markets such as France and Spain.

The transition to remote working through the group has been smooth, with employees in China and in Germany now making a staged return to their offices. Client service has continued throughout.

Financial impact

The group has made sensible moves to protect its finances, with salary reductions, use of furlough schemes and pay and hiring freezes. The balance of payment for the Italian minority interest is now being spread across 10 months. Payment of the FY19 dividend has also been deferred.

It has also modified its banking covenants for a year, starting from May 2020, having refinanced its facilities in September 2019. The requirement is now a simple liquidity test, with the group needing to maintain a month-end cash position of £5m.

Year-end net debt of £5.6m comprised cash of £8.2m less debt of £13.8m. At end April 2020, Ebiquity had net debt of £6m, with cash of £13m and a further undrawn facility of £5m. These figures exclude the lease liabilities of £9.6m.

Tentative forecast reinstated

Having withdrawn our FY20 forecast as the pandemic took hold and management withdrew guidance, we now make a hesitant attempt to reinstate a current year projection. This is based on industry estimates of the impact of the situation on advertising spend, with a better performance from Analytics and Tech. Our assumptions are as follows:

Exhibit 3: Working forecast assumptions

FY20 assumptions

% change

Media revenue growth

-17%

Analytics & Tech revenue growth

-10%

Operating margin:

 

Media

20.8%

A&T

8.5%

FY20 assumptions

Media revenue growth

Analytics & Tech revenue growth

Operating margin:

Media

A&T

% change

-17%

-10%

 

20.8%

8.5%

Source: Edison Investment Research

This results in a group revenue projection of £59.5m, with operating profit of £3.8m and year-end net debt of £10.7m, comfortably within borrowing limits. We would expect that performance in H220 would be markedly improved on H120 as the market reopens and the Accenture benefit kicks in more strongly.

Exhibit 4: Financial summary

£000s

2017

2018

2019

2020e

31-December

IFRS

IFRS

IFRS

IFRS

INCOME STATEMENT

31-Dec

31-Dec

31-Dec

31-Dec

Revenue

 

 

64,228

69,368

68,733

59,454

EBITDA

 

 

10,840

7,761

9,203

5,178

Operating Profit (before amort. and except.)

 

 

8,992

6,342

6,167

3,760

Amortisation of acquired intangibles

(1,231)

(1,240)

(1,169)

(562)

Exceptionals

(3,405)

(6,233)

(9,044)

0

Share-based payments

(578)

(223)

(117)

(117)

Reported operating profit

3,778

(1,354)

(4,163)

3,081

Net Interest

(1,044)

(1,151)

(898)

(431)

Joint ventures & associates (post tax)

0

0

0

0

Exceptionals

0

0

0

0

Profit Before Tax (norm)

 

 

7,948

5,191

5,269

3,329

Profit Before Tax (reported)

 

 

2,734

(2,504)

(5,061)

2,650

Reported tax

(1,753)

(1,985)

(1,931)

(866)

Profit After Tax (norm)

5,531

3,413

3,338

2,464

Profit After Tax (reported)

981

(4,489)

(6,538)

1,785

Minority interests

(384)

(489)

(451)

(475)

Discontinued operations

1,467

(845)

(1,018)

0

Net income (normalised)

4,951

3,551

2,875

1,990

Net income (reported)

2,064

(5,334)

(7,556)

1,310

Average Number of Shares Outstanding (m)

77.9

78.6

79.5

79.5

EPS - normalised continuing (p)

 

 

6.4

3.7

3.6

2.5

EPS - normalised (p)

 

 

6.2

3.5

3.6

2.5

EPS - basic reported (p)

 

 

2.7

(7.4)

(10.1)

1.6

Dividend per share (p)

0.71

0.71

0.00

0.71

EBITDA Margin (%)

16.9

11.2

13.4

8.7

Normalised Operating Margin

14.0

9.1

9.0

6.3

BALANCE SHEET

Fixed Assets

 

 

75,771

45,400

47,060

49,573

Intangible Assets

72,440

43,251

35,172

38,579

Tangible Assets

1,829

1,170

10,902

10,008

Investments & other

1,502

979

986

986

Current Assets

 

 

37,241

65,935

35,822

29,172

Stocks

0

0

0

0

Debtors

32,509

29,408

27,586

26,062

Cash & cash equivalents

4,732

8,793

8,236

3,111

Other

0

27,734

0

0

Current Liabilities

 

 

(24,549)

(27,539)

(21,195)

(16,416)

Creditors

(20,066)

(18,150)

(14,659)

(12,342)

Tax and social security

(1,598)

(1,681)

(4,424)

(1,962)

Short term borrowings

(1,572)

(2,314)

36

36

Other

(1,313)

(5,394)

(2,148)

(2,148)

Long Term Liabilities

 

 

(35,481)

(36,282)

(23,047)

(21,047)

Long term borrowings

(32,000)

(33,965)

(13,868)

(13,868)

Other long term liabilities

(3,481)

(2,317)

(9,179)

(7,179)

Net Assets

 

 

52,982

47,514

38,640

41,283

Minority interests

1,040

992

1,179

1,179

Shareholders' equity

 

 

51,942

46,522

37,461

40,104

CASH FLOW

Op Cash Flow before WC and tax

10,840

7,761

9,203

5,178

Working capital

(2,002)

(367)

(1,302)

(793)

Exceptional & other

(890)

(6,233)

(2,244)

0

Tax

(2,207)

(1,952)

(1,345)

(2,866)

Operating Cash Flow

 

 

5,741

(791)

4,312

1,519

Capex

(2,231)

(1,784)

(3,235)

(1,800)

Acquisitions/disposals

(3,082)

(858)

23,862

(3,354)

Net interest

(921)

(1,068)

(718)

(431)

Equity financing

160

252

253

(810)

Dividends

(495)

(791)

(1,256)

(250)

Other

(46)

0

0

0

Net Cash Flow

(874)

(5,040)

23,218

(5,125)

Opening net debt/(cash)

 

 

28,024

28,840

27,486

5,596

FX

58

(91)

(204)

0

Other non-cash movements

6,485

(1,124)

Closing net debt/(cash)*

 

 

28,840

27,486

5,596

10,721

Source: Company accounts, Edison Investment Research. Note: *Net debt excludes lease liabilities.

General disclaimer and copyright

This report has been commissioned by Ebiquity and prepared and issued by Edison, in consideration of a fee payable by Ebiquity. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2019 Edison Investment Research Limited (Edison). All rights reserved FTSE International Limited (“FTSE”) © FTSE 2019. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. 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.

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the 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.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

General disclaimer and copyright

This report has been commissioned by Ebiquity and prepared and issued by Edison, in consideration of a fee payable by Ebiquity. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2019 Edison Investment Research Limited (Edison). All rights reserved FTSE International Limited (“FTSE”) © FTSE 2019. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. 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.

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the 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.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Share this with friends and colleagues

You may be interested in