Express picking up speed

Findel 3 August 2016 Update

Findel

Express picking up speed

Trading update

Retail

3 August 2016

Price

160.00p

Market cap

£138m

Net core bank debt (£m) at 25 March 2016

86

Shares in issue

86.4m

Free float

100%

Code

FDL

Primary exchange

LSE

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(20.3)

(5.9)

(20.5)

Rel (local)

(21.5)

(10.8)

(19.7)

52-week high/low

254.74p

130.00p

Business description

Findel has become a much more focused group in recent years and now comprises only two businesses: the home shopping retailer Express Gifts and education supplies business Findel Education.

Next events

Interims

November 2016

Analysts

David Stoddart

+44 (0)20 3077 5700

Paul Hickman

+44 (0)20 3681 2501

Findel is a research client of Edison Investment Research Limited

The investment case for Findel is that its largest business, Express Gifts, has substantial growth potential that should yield operational leverage benefits as it progressively reaps the rewards from investments in distribution, systems and financial services made in recent years. Given that, the strong trading performance reported at last week’s AGM is very encouraging. Despite short-term profit offsets from currency moves and continued weakness in Education, the longer-term potential appears under-appreciated.

Year
end

Revenue (£m)

PBT*
(£m)

EPS*
(p)

DPS
(p)

P/E
(x)

Yield
(%)

03/15

406.9

27.7

25.8

0.0

6.2

N/A

03/16

410.6

24.8

23.0

0.0

7.0

N/A

03/17e

435.9

25.9

25.0

0.0

6.4

N/A

03/18e

462.4

31.2

29.8

0.0

5.4

N/A

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

Strong performance within Express

Express’s plans to grow customer numbers and revenues bore fruit in the first 17 weeks of FY17. Investments in gross margin and advertising costs delivered 14.5% product sales growth. Financial Services’ revenue growth was also strong, benefiting from the product sales growth and the roll-out of risk-based pricing. Realising the substantial potential within Express requires management to continue to build its customer base and revenues. Despite the margin investment, in our model the customer growth strategy increases FY17 EBIT.

Sterling weakness affects COGS

We have taken this opportunity to adjust our forecasts to reflect the sharp fall in the value of sterling versus the dollar. Although management covered 80% of its FY17 dollar needs at $1.44/£, the effect of sterling’s fall on the remaining 20% is a c £1m reduction in profit. There is a partial offset (c £0.5m) from the benefit of lower future Libor rates on net interest.

Reduced estimate for Education

Education had a tougher start to FY17 than we had modelled. We have therefore reduced our EBIT estimate for Education by £1.6m. That more than offsets the gain from the factors mentioned above and reduces FY17e PBT by £1.1m.

Valuation: Express’s potential under-appreciated

Our sum-of-the-parts valuation of 240p per share is barely changed from the previous 238p. At 240p the FY17e and FY18e P/Es would be 9.6x and 8.0x, respectively. The group’s high absolute level of debt reflects funding for its consumer credit book. Core net bank debt, excluding credit book funding, was around 0.8x FY16 EBITDA and manageable. Nevertheless, even if one included Findel’s total debt in its EV, the FY17e and FY18e EV/EBITDA ratios of 8.3x and 7.4x do not appear especially stretched.

Encouraging trading update

Although we have trimmed our estimates for Findel, that change reflects the effect of sterling’s fall versus the dollar following the referendum vote for Brexit rather than concerns about trading performance. Indeed, although the net effect of the various changes to the structure of our FY17 estimates is that there is no material change to numbers beyond the currency effect noted a moment ago, we draw considerable encouragement from the fact that Express, by far the group’s most important (c 98% FY17e EBIT) and most powerful business, performed strongly in the first 17 weeks of FY17, providing the foundation for further progress.

Accelerating Express

Express entered FY17 with the aim of adding 100k new customers and spreading that recruitment more evenly during the year than has traditionally been the case. To that end, it has invested in discounted product offers and marketing campaigns, including TV advertising. The results in the first 17 weeks of FY17 are encouraging: Express believes it is on target to hit its recruitment goal and it increased product sales by 14.5%. Financial Services’ revenue growth was also strong, benefiting from the product sales growth and the roll-out of risk-based pricing. Of course, one of the effects of the increased number of new customers is likely to be an increase in the bad debt charge for the year. Management cautions that the rate of sales growth is likely to moderate as Express moves into its peak trading period. It further acknowledges that some gross margin and additional marketing costs have been invested to drive growth in the year to date. Nevertheless, other things being equal, the strong trading start to the year would have suggested an increase to our divisional estimates for Express. However, other things are not equal. Sterling has fallen sharply since the vote for Brexit, affecting import costs and, thereby, gross margins. This vindicates management’s decision to cover 80% of its FY17 dollar needs at $1.44/£. Unfortunately, the impact of sterling’s fall on the uncovered 20% of dollar needs is likely to knock c £1m off our previous divisional operating profit estimate. This offsets the benefits of the solid trading start to the year. We model no material change in FY17 operating profit, which we continue to estimate at £35.2m.

Education facing tough examination

Education endured difficult market conditions with increased pressure on the proportion of schools’ budgets being allocated to educational resources within schools in recent weeks. After adjusting for timing differences on the Sainsbury’s Active Kids scheme, year-to-date sales are c 8% lower than during FY16’s equivalent period, which marks a weaker performance than the -2% that we had modelled for H117. Although Education believes it is close to halting its market share decline, and its warehouse and systems integration projects remain on track for completion in CY16 and to deliver the planned benefits for FY18, its target of maintaining FY17 sales at prior year levels is unlikely to be achieved. We have therefore lowered our FY17 operating profit estimate for Education from just below £2.3m to a little over £0.6m.

Lower net interest

While Findel has suffered from the fall in sterling following the Brexit vote, it has gained from the lower interest rates and interest rate outlook that partly explain sterling’s weakness. We estimate the benefit to net finance expenses at c £0.5m.

Reduced estimates

After reflecting both the strong trading in the first 17 weeks of FY17 and the effect of sterling’s decline versus the dollar, we model no change in operating profit for Express. However, we have reduced our operating profit estimate for Education by c £1.6m. The net interest saving of £0.5m reduces the net pre-tax impact to £1.1m. Hence our FY17 PBT estimate reduces from £27.0m to £25.9m. Exhibit 1 summarises the impact of our estimate changes.

Exhibit 1: Estimate change summary

EPS (p)

PBT (£m)

EBITDA (£m)

Old

New

% chg.

Old

New

% chg.

Old

New

% chg.

03/17e

26.0

25.0

-4.0%

27.0

25.9

-3.9%

45.3

43.7

-3.5%

03/18e

30.9

29.8

-3.5%

32.4

31.2

-3.6%

50.7

49.1

-3.2%

Source: Findel, Edison Investment Research

Sports Direct interest

Sports Direct owns 29.9% of Findel. It has sought previously to put its nominee on Findel’s board, a move that shareholders defeated. Nevertheless, exploration of a satisfactory resolution to the situation between the two groups continues.

On 1 July Findel’s board announced that it was in early-stage discussions regarding a possible commercial supply agreement with Sports Direct and a proposal that Mike Ashley be appointed Findel’s chairman to replace David Sugden, who had previously indicated his intention to step down from the board at the conclusion of this year’s AGM. Findel’s board is convinced that there is merit in a commercial supply agreement with Sports Direct. There would seem to be obvious value for Sports Direct in access to Express’s customer list and its consumer credit expertise. Nevertheless, Sports Direct is unwilling to progress this until Mike Ashley’s role on Findel’s board is determined. Findel reports that discussions on both topics are ongoing.

Findel’s board has decided not to appoint Mike Ashley as chairman and is therefore seeking to appoint an independent executive chairman. As a result of the delays to this appointment, David Sugden will continue as executive chairman beyond his planned departure date until such time as a replacement has been appointed. The status of the relationship with Sports Direct seems unlikely to ease the recruitment process.

Valuation

Our sum-of-the-parts valuation of Findel, shown in Exhibit 2, is broadly unchanged, standing at 240p per share compared to the previous 238p. Following the referendum on 23 June, the rating of benchmark N Brown has fallen sharply. We have therefore reduced the rating we apply to Express from 9.5x to 8.5x. This is still higher than the FY17e P/E of 7.6x (on consensus estimates) on which N Brown trades, but Express is growing faster than N Brown and has the infrastructure to sustain superior growth for many years. On the other hand, we now value the education business on the basis of its estimated EBITDA. In a sector that seems likely to consolidate, we expect any deals to be based on EV/EBITDA multiples. The new group valuation represents 9.6x FY17e earnings and 8.0x FY18e earnings. These remain ungenerous ratings against 13.4x CY16e for the FTSE 350 General Retailers index. Although the absolute level of debt within the group is high, this reflects the substantial, high-quality consumer credit book that sits within Express. Core net bank debt is less than half of the total debt, represented c 0.8x EBITDA in FY16 and has been on a reducing trend since current management took over. Even if one ignores this fact, the EV/EBITDA ratios of 8.3x FY17e and 7.4x FY18e, including total group debt within EV, are not excessively high by retail sector standards. The FTSE 350 General Retailers index is currently trading at 7.6x CY16e and 7.3x CY17e EV/EBITDA. On our estimates, the price to book ratio is 1.4x in FY17e and 1.2x in FY18e.

Exhibit 2: Sum-of-the-parts valuation, £000s

£000s

Basis

Metric

Multiple

Value

Express (incl securitisation facility)

NOPAT FY17

27,839

8.5

236,628

Education

Estimated FY18 EBITDA

7,771

8.0

62,965

FASL

NOPAT

(261)

8.5

(2,219)

Enterprise value

297,374

Core net debt

FY16 balance sheet

(87,771)

Pension deficit

FY16 balance sheet

(2,294)

Equity value

207,309

# shares (‘000s)

86,443

SOTP value per share (p)

240p

Source: Edison Investment Research


Exhibit 3: Financial summary

£000s

2013

2014

2015

2016

2017e

2018e

Year end March

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

491,233

402,200

406,930

410,601

435,946

462,370

Cost of Sales

(254,481)

(265,468)

(215,146)

(213,479)

(223,941)

(237,607)

Gross Profit

236,752

136,732

191,784

197,122

212,005

224,763

EBITDA

 

 

31,999

43,320

45,136

41,758

43,695

49,131

Operating Profit (before amort. and except.)

 

26,787

39,224

41,686

37,264

38,485

44,071

Intangible Amortisation

(2,621)

(2,848)

(3,029)

(2,348)

(1,936)

(2,079)

Operating profit pre exc post intang amortisation

24,166

36,376

38,657

34,916

36,548

41,991

Exceptionals

(11,031)

(16,928)

(27,036)

(25,458)

0

0

Other/share based payments

(1,847)

(1,698)

(861)

(239)

(1,000)

(1,000)

Operating Profit

11,288

17,750

10,760

9,219

35,548

40,991

Net Interest

(10,523)

(9,876)

(10,097)

(9,901)

(9,608)

(9,746)

Financial exceptional items

(283)

(472)

(136)

(998)

0

0

Profit Before Tax (norm)

 

 

11,796

24,802

27,699

24,776

25,940

31,245

Profit Before Tax (FRS 3)

 

 

482

7,402

527

(1,680)

25,940

31,245

Tax

1,103

(1,857)

(5,323)

91

(5,447)

(6,562)

Profit After Tax (norm)

12,130

22,563

21,994

19,785

21,493

25,684

Profit After Tax (FRS 3)

2,890

2,219

(25,261)

(10,196)

20,493

24,684

Average Number of Shares Outstanding (m)

84.8

84.8

85.2

86.1

86.1

86.1

EPS - normalised (p)

 

 

14.3

23.7

25.8

23.0

25.0

29.8

EPS - normalised and fully diluted (p)

 

12.1

19.9

22.2

20.3

22.0

26.3

EPS - (IFRS) (p)

 

 

3.4

2.6

(29.7)

(11.8)

23.8

28.7

Dividend per share (p)

0.0

0.0

0.0

0.0

0.0

0.0

Gross Margin (%)

48.2

34.0

47.1

48.0

48.6

48.6

EBITDA Margin (%)

6.5

10.8

11.1

10.2

10.0

10.6

Operating Margin (before GW and except.) (%)

5.5

9.8

10.2

9.1

8.8

9.5

BALANCE SHEET

Fixed Assets

 

 

140,839

133,047

94,428

92,927

93,781

95,641

Intangible Assets

100,892

90,337

50,217

47,322

49,386

52,306

Tangible Assets

31,329

34,644

35,070

41,423

40,213

39,153

Investments

8,618

8,066

9,141

4,182

4,182

4,182

Current Assets

 

 

327,016

301,960

328,250

321,279

336,868

357,349

Stocks

58,896

64,406

65,405

53,472

55,312

58,869

Debtors

210,234

213,284

224,375

229,848

247,566

269,167

Cash

34,023

24,270

38,470

34,405

30,436

25,759

Other

23,863

0

0

3,554

3,554

3,554

Current Liabilities

 

 

(86,941)

(82,861)

(82,340)

(76,191)

(73,640)

(75,298)

Creditors

(86,941)

(82,861)

(82,340)

(75,673)

(73,122)

(74,780)

Short term borrowings

0

0

0

(518)

(518)

(518)

Long Term Liabilities

 

 

(280,443)

(240,498)

(257,628)

(259,140)

(255,071)

(255,903)

Long term borrowings

(259,176)

(231,223)

(245,021)

(250,569)

(250,569)

(250,569)

Other long term liabilities

(21,267)

(9,275)

(12,607)

(8,571)

(4,502)

(5,334)

Net Assets

 

 

100,471

111,648

82,710

78,875

101,937

121,789

CASH FLOW

Operating Cash Flow

 

 

26,500

26,097

19,250

8,889

17,639

20,631

Net Interest

(10,000)

(9,482)

(9,938)

(9,549)

(9,608)

(9,746)

Tax

(1,761)

(998)

(1,396)

(2,494)

(4,000)

(6,562)

Capex

(8,259)

(11,831)

(10,269)

(15,940)

(8,000)

(9,000)

Acquisitions/disposals

0

15,461

1,720

11,115

0

0

Financing

0

0

(500)

0

0

0

Dividends

0

0

0

0

0

0

Net Cash Flow

6,480

19,247

(1,133)

(7,979)

(3,969)

(4,677)

Opening net debt/(cash)

 

 

230,659

226,168

206,953

206,551

216,682

220,651

HP finance leases initiated

0

0

0

0

0

0

Other

(1,989)

(32)

1,535

(2,152)

0

(0)

Closing net debt/(cash)

 

 

226,168

206,953

206,551

216,682

220,651

225,328

Source: Findel accounts, Edison Investment Research. Note: Normalised PBT is after amortisation of intangibles. Tax for normalised EPS excludes tax on exceptionals.

Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support their capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2016 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Findel and prepared and issued by Edison for publication globally. 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. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US 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. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and 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 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. This document is provided 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.
Edison has a restrictive policy relating to personal dealing. 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. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. 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. 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 (ie 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. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2016. “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.

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US

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Level 25, Aurora Place

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Wellington +64 (0)48 948 555

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New Zealand

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

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

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Level 15, 171 Featherston St

Wellington 6011

New Zealand

Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support their capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2016 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Findel and prepared and issued by Edison for publication globally. 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. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US 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. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and 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 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. This document is provided 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.
Edison has a restrictive policy relating to personal dealing. 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. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. 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. 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 (ie 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. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2016. “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.

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

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

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

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

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