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EQS Group — Grasping the bigger opportunity

EQS Group (SCALE: EQS)

Last close As at 05/08/2026

—

— 0.00 (0.00%)

Market capitalisation

—

More on this equity

Research: TMT

EQS Group — Grasping the bigger opportunity

EQS is investing to take advantage of the opportunity it has to build a far larger enterprise and broaden its client base. The market for cloud-based tech systems to log and control aspects of corporate governance, risk and compliance is attractive and sits comfortably alongside its existing offerings in digital investor relations. The pursuit of this adapted goal, becoming a global tech B2B provider with high levels of recurring income, is costing the group short-term profitability, as shown in our reinstated forecasts, but the potential rewards are substantial. Earnings multiples are consequently high, but DCF analysis indicates a value of €86/ share.

Fiona Orford-Williams

Written by

Fiona Orford-Williams

Director, TMT

samson-ZGjbiukp_-A-unsplash

TMT

EQS Group

Grasping the bigger opportunity

Full-year results

Media

17 April 2018

Price

€71.00

Market cap

€101m

Net debt (€m) as at 31 December 2017

3.6

Shares in issue

1.43m

Free float

55%

Code

EQS

Primary exchange

Xetra

Secondary exchange

FRA

Share price performance

%

1m

3m

12m

Abs

10.1

(0.7)

47.0

Rel (local)

10.1

6.2

43.6

52-week high/low

€84.5

€48.3

Business description

EQS Group is a leading international technology provider for digital investor relations, corporate communications and compliance. It has over 8,000 client companies worldwide using its products and services to securely, efficiently, and simultaneously fulfil complex national and international information obligations to the global investment community.

Next events

Q1 results

18 May 2018

Half year results

16 August 2018

Analysts

Fiona Orford-Williams

+44 (0)20 3077 5739

Bridie Barrett

+44 (0)20 3077 5700

EQS Group is a research client of Edison Investment Research Limited

EQS is investing to take advantage of the opportunity it has to build a far larger enterprise and broaden its client base. The market for cloud-based tech systems to log and control aspects of corporate governance, risk and compliance is attractive and sits comfortably alongside its existing offerings in digital investor relations. The pursuit of this adapted goal, becoming a global tech B2B provider with high levels of recurring income, is costing the group short-term profitability, as shown in our reinstated forecasts, but the potential rewards are substantial. Earnings multiples are consequently high, but DCF analysis indicates a value of €86/ share.

Year end

Revenue (€m)

PBT*
(€m)

EPS*
(€)

DPS
(€)

P/E
(x)

EV/EBITDA (x)

Yield
(%)

12/16

26.1

2.4

0.96

0.75

73.9

32.6

1.1

12/17

30.4

0.8

0.16

0.00

N/A

45.6

N/A

12/18e

36.5

(0.2)

(0.07)

0.00

N/A

69.2

N/A

12/19e

43.5

2.4

0.93

0.20

76.3

32.5

0.2

12/20e

50.8

5.8

2.26

0.40

31.4

15.9

0.6

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

FY17 and FY18 peak investment years

In September 2017, EQS management indicated increasing investment to take advantage of new opportunities to develop and market adjacent products and services. By the time of the year-end update in February 2018, the expected extra spend had grown and guidance for FY17 adjusted EBIT reduced from €2.0-2.3m to €1.3-1.5m. The delivered figure of €1.1m reflects FY17 investment of €2.1m, mostly in personnel and freelancers to enhance its cloud-based offering, plus €0.4m on international growth. The project has highlighted further options for attractive commercial enhancements. FY18 is now therefore also to be an investment year, towards a larger and more profitable long-term goal. Our expectation is that FY19e profits should rebuild to about the levels achieved in FY16, before starting to grow organically. Management indicates a top line CAGR of 17% through to FY25e.

Market fundamentals remain attractive

Ever-increasing corporate regulation and rising penalties for failure to adhere to the rules provide a robust backdrop for EQS to increase the range of its provision. It has established a high level of trust with its IR customers that puts it in pole position to cross-sell other governance services and build the recurring revenue base.

Valuation: Revisiting development stage

At this point last year, EQS was set to be moving on from its development phase, growing its top line and EBITDA, making earnings’-based peer comparisons a sensible approach. The curtailment of earnings by the investment inevitably makes the shares look expensive against peers (trading on FY18e 18.1x EV/ EBITDA and 28.1x P/E). A DCF approach indicates a valuation per share of €101, which we then discount by 15% to reflect execution risk, giving a valuation of €86/ share.

EQS 2.0: grasping the bigger opportunity

The core business has continued to benefit from the slew of additional regulations that have been introduced and that are impending. These include MiFID II, SAPIN II in France, Market Abuse Regulation (EU) and PRIIP-Regulation (EU), all of which are fuelling the need for logging and reporting systems to ease the regulatory burden on corporate entities. EQS’s cloud-based platform approach allows extra functionality to be added with relatively modest project implementation costs. While the individual contract values can be quite small, the numbers of potential clients are substantial. The original news and disclosure product continues to open doors and is now in use by over 2,500 clients internationally. There remains good potential for growing this client base across Europe, with further extensions into new markets such as energy exchanges as the rules for information dissemination become stricter.

Enhancing the COCKPIT

The EQS COCKPIT is the group’s web-based product platform, through which its services are delivered to clients. During FY17, the group launched additional functionalities. Key developments include:

■

LEI-MANAGER. Designed to meet the requirements under MiFID II for all parties in any transaction to be uniquely identifiable by a Legal Entity Identifier, EQS is an authorised issuer. Over 10,000 LEIs have been issued to date.

■

INSIDER MANAGER. Software that keeps track of dissemination of inside information. This is already in use by over 600 clients.

■

SAFE CHANNEL. A whistle-blowing system, compliant with the requirements of France’s SAPIN II regulation and the recommendations of the German Corporate Governance Code. Integrity Line, a Zurich-based provider of a similar whistle-blowing product, was acquired in January 2018.

The next stage of additions and enhancements, with the capacity to adapt to future needs, requires an upgrade of the underlying COCKPIT platform and infrastructure, which it is anticipated will launch in Q418. Progress has already been made, with €847k spent in FY17. The total investment through to FY20e in this upgrade programme, together with the development of other Compliance solutions such as the POLICY MANAGER product, is estimated at €8m. The enhanced COCKPIT will include an integrated CRM and global investor data, designed to embed the system into its users’ workflow, increasing recurring revenues and reducing potential churn.

Additionally, ARIVA (67.5%-owned, having first been consolidated at 50%+one share in summer 2016) has developed the ARS-Workflow platform. This creates, distributes and monitors the documents required by the PRIIPs Directive (Packaged Retail and Insurance-based Investment Products), that came into force in January 2018.

Change at acquired businesses

Although the primary reason for the underachievement on earlier projections relates to the increased investment phase, there were also disappointing results from the Swiss business, Tensid, which worked on fewer website projects and a shift in direction at ARIVA to reorient it towards recurring income rather than project work. Swiss revenues were down 6% to €2.0m and a new management team was installed in Q417.

Development focus on Europe

When we first wrote on the EQS investment story in Q315, much of the growth potential was wrapped up in Asia, with a large number of corporates listing their equity or debt on public markets, with the associated need for setting up (digital) investor relations systems. In the event, the more substantial growth opportunities have opened up in Europe with the burgeoning levels of regulation. The Asian operations (7% group revenues) did breakeven in FY17, though, as had been planned. The purchase of a 10% stake in Issuer Direct in the US for €3.64m in September 2017 gives a working relationship with their news service, Accesswire, and therefore a foothold in the potentially lucrative US market. Management believes that one of the most attractive market short-term is France, where a presence was established in FY17, starting again with newswire services but with the whistle-blowing solution addressing a clear market need. Germany accounted for 81% of FY17 revenues.

Financial implications

Exhibit 1: Divisional development FY17

Regulatory Information & News

% y-o-y

Products & Services

% y-o-y

Revenue (€m)

11.62

18%

19.17

15%

EBITDA (€m)

1.62

-22%

0.73

-63%

EBITDA margin

13.9%

3.8%

Adj EBIT (€m)

1.17

-25%

-0.06

N/A

Adj EBIT margin

10.1%

-0.3%

Capitalised development costs (€m)

2.03

0.34

Forecast revenue growth FY18

35% - 40%

10% - 15%

Source: Company accounts

The impact of the investment on the financial outcome is clear from the table above. Guidance on revenue is given at a group level as well as the divisional, with a range of €36.0m - €37.6m for the group for FY18e. Our modelling gives a value of €36.5m. In the presentation materials, management has also provided their view on the potential for mid-term growth, outlining top line CAGR of 17% through to FY25.

Historically, management has guided to an adjusted (non-IFRS) EBIT, but this is now being changed to an indication of the level of EBITDA. For FY18, this is given at €1.5-2.1m for the group, from €2.35m in FY17. We have come in at the lower end of this range, at €1.6m. The additional investment has been (and will continue to be) in staff and freelance personnel, primarily developers. Personnel costs were up 32% to €17.0m in FY17, with services’ costs (feelancers) +38% to €5.7m. Other operating expenses were also markedly increased, up 40% to €8.0m, with the higher sums also associated with the investment programme.

Exhibit 2: Mid-term guidance for revenues

€m

FY18e

FY25e

FY18-25e CAGR

Group

36.8

110

17%

Governance & Compliance

19.1

70.4

20%

Investor Relations

17.7

39.6

12%

Source: Company presentation

Mid-term guidance is split between Investor Relations and Governance & Compliance, implying that management is looking at presenting the divisional split in a different (and more helpful) way in the future. It also clearly shows the attractive potential from expansion in the provision of digital services in governance, risk and compliance.

EQS raised €7.9m in a share placing in mid-December 2017, at €62.50, primarily to fund the purchase of Integrity Line in Switzerland. At the year-end, net debt stood at €3.6m. Our modelling shows this increasing to €7.6m at end FY18, before starting to drop back as margins start to build, with reducing freelancer costs and increased overheads recovery as the top line grows. We do not anticipate the reinstatement of the dividend until FY19.

Impact on valuation

Given the suppression of earnings, any peer-based comparisons need to be more forward-looking than normal, so are inevitably going to be more error-prone and of limited value. On revenue, fintech peers are trading on 4.4x EV/ FY18 revenues, which would imply a valuation per share for EQS of €105. A DCF approach with WACC of 8%, terminal growth of 2%, mid-term growth of 16% and mid-term EBITDA margin of 17% (so all more conservative than management guidance), suggests a valuation of €101/share. Discounting by 15% to reflect a degree of execution risk indicates a valuation of €86/share.

Exhibit 3: Financial summary

€'000s

2015

2016

2017

2018e

2019e

2020e

31-December

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

18,377

26,061

30,355

36,500

43,500

50,750

Cost of Sales

0

0

0

0

0

0

Gross Profit

18,377

26,061

30,355

36,500

43,500

50,750

EBITDA

 

 

3,485

4,175

2,349

1,600

4,150

7,500

Operating Profit (before amort. and except.)

2,983

3,282

1,077

175

2,675

6,025

Intangible Amortisation

(351)

(619)

(732)

(750)

(775)

(775)

Exceptionals

(268)

0

0

0

0

0

Other

165

(874)

(146)

(150)

(150)

(150)

Operating Profit

2,529

1,788

199

(725)

1,750

5,100

Net Interest

(59)

(14)

(139)

(190)

(150)

(110)

Profit Before Tax (norm)

 

 

3,090

2,393

792

(165)

2,375

5,765

Profit Before Tax (FRS 3)

 

 

2,471

1,774

60

(915)

1,600

4,990

Tax

(1,372)

(960)

(634)

62

(891)

(2,162)

Profit After Tax (norm)

1,407

1,144

215

(93)

1,336

3,243

Profit After Tax (FRS 3)

1,099

814

(574)

(853)

710

2,828

Average Number of Shares Outstanding (m)

1.17

1.19

1.31

1.43

1.43

1.43

EPS - normalised (c)

 

 

120.1

96.1

16.4

(6.5)

93.1

226.0

EPS - (IFRS) (c)

 

 

96.0

43.2

(39.3)

(58.8)

39.1

172.0

Dividend per share (c)

75.0

75.0

0.0

0.0

20.0

40.0

EBITDA Margin (%)

19.0

16.0

7.7

4.4

9.5

14.8

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

16.2

12.6

3.5

0.5

6.2

11.9

BALANCE SHEET

Fixed Assets

 

 

22,777

30,389

34,914

42,195

46,945

48,945

Intangible Assets

17,850

26,314

26,662

30,368

34,593

35,818

Tangible Assets

2,796

4,075

8,251

11,826

12,351

13,126

Investments

2,131

0

0

0

0

0

Current Assets

 

 

6,972

12,014

12,536

10,613

11,704

13,137

Stocks

0

0

0

0

0

0

Debtors

3,215

4,562

5,053

5,954

7,096

8,113

Cash

3,607

6,610

6,374

3,550

3,500

3,915

Other

150

842

1,108

1,108

1,108

1,108

Current Liabilities

 

 

(5,325)

(9,942)

(11,559)

(10,679)

(11,739)

(12,326)

Creditors

(3,359)

(5,853)

(5,574)

(6,829)

(8,139)

(9,676)

Short term borrowings

(1,967)

(4,089)

(5,986)

(3,850)

(3,600)

(2,650)

Long Term Liabilities

 

 

(7,276)

(7,237)

(6,526)

(9,881)

(8,731)

(6,581)

Long term borrowings

(6,357)

(4,761)

(3,946)

(7,300)

(6,150)

(4,000)

Other long term liabilities

(919)

(2,476)

(2,581)

(2,581)

(2,581)

(2,581)

Net Assets

 

 

17,148

25,224

29,363

32,247

38,179

43,175

CASH FLOW

Operating Cash Flow

 

 

4,688

3,827

1,850

1,745

4,100

7,800

Net Interest

(56)

(13)

35

(190)

(150)

(110)

Tax

(995)

(341)

(238)

(460)

(176)

(1,209)

Capex

(1,978)

891

(4,456)

(5,000)

(2,000)

(2,250)

Acquisitions/disposals

(1,046)

(3,731)

(3,148)

0

0

0

Equity Financing

(1,138)

2,601

6,965

(138)

(137)

(142)

Dividends

(883)

(877)

(1,939)

0

(287)

(574)

Net Cash Flow

(1,408)

2,357

(931)

(4,043)

1,350

3,515

Opening net debt/(cash)

 

 

2,821

4,716

2,240

3,557

7,600

6,250

HP finance leases initiated

0

104

0

0

0

0

Other

(487)

15

(386)

0

0

0

Closing net debt/(cash)

 

 

4,716

2,240

3,557

7,600

6,250

2,735

Source: Company accounts, Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. 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 Pty Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by EQS Group 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 Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. 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 2018. “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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Germany

London +44 (0)20 3077 5700

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United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

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

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. 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 Pty Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by EQS Group 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 Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. 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 2018. “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

295 Madison Avenue, 18th Floor

10017, New York

US

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

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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