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Independent Research

This is independent research. The analyst who has prepared this research is not aware of Shore Capital Stockbrokers Limited and/or another member of the Shore Capital group (“Shore Capital”) having a relationship with the company covered in this research report and/or a conflict of interest which is likely to impair the objectivity of the research and this report should accordingly be viewed as independent.

Non-Independent Marketing Communication:

This is a non-independent marketing communication. The analyst who has prepared this report is aware that Shore Capital Stockbrokers Limited and/or another member of Shore Capital has a relationship with the company covered in this report and/or a conflict of interest which may impair the objectivity of the research. Accordingly the report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research. 

Regulatory Disclosure

It is the policy of Shore Capital Stockbrokers Limited not to make recommendations on companies for which it acts in an advisory capacity. Where this is the case, research reports refer to “House Stock”. The reference to “Price” on the front cover of formal research reports is to the current price as at the date of the research report. The date and time when the production of the report is completed is the date and time stated on the relevant report. 

Stock Recommendation Definitions:

Buy 10%+ absolute performance within 3-months or otherwise as specified. Hold +/- 10% absolute performance on a 3-month basis or otherwise as specified. Sell -10% absolute performance on a 3-month basis or otherwise as specified. 

Valuation, Methodology and Assumptions:

For a summary of the basis of valuation, methodology and/or underlying assumptions used to evaluate the company covered in this research report, please click on the following link or contact your usual analyst or sales person at Shore Capital. For information on changes in valuation, methodology or underlying assumptions related to this research report (if any) please contact your usual analyst or sales person at Shore Capital. 

Proprietary Models:

Shore Capital analysts typically utilise proprietary models to produce research reports. Information on the specific proprietary models used for the company or companies covered in this research report is available by contacting your usual analyst or sales person at Shore Capital. Research Distribution:In the period 2nd January 2020 to 31st March 2020, Shore Capital Stockbrokers covered 182 “non-house” stocks. There is a Buy recommendation on 73 (40%) stocks, a Hold recommendation on 51 (28%) stocks, a Sell recommendation on 11 (6%) stocks. Shore Capital Stockbrokers covers 273 stocks (non-house and house). The breakdown above only applies to ‘non-house’ stocks. 

Lead Analyst:

The lead analyst with respect to each research item is the first and most prominent name. Please note that more than one analyst may work on a specific research item. 

Conflicts of Interest:

Shore Capital maintains a Conflicts Policy which explains how conflicts are managed. A summary of the Conflicts Policy is available at For details of potentially relevant conflicts of interest (if any) on a specific stock whether disclosed in this research report or not, please click on the following link or contact Shore Capital’s compliance department on 020 7408 4050. It should be assumed for the purpose of this report that Shore Capital may, primarily as a result of its market making activities, have a position or holding in any of the securities covered in this report. 

Recommendation History:

For a list of all research recommendations of Shore Capital analysts and sales persons disseminated in the previous 12 months, please click on the following link For a list of the change(s) and the date(s) of previous research recommendations during the preceding 12 months, please click on the following link:  

Planned Frequency of Updates:

Recommendations in Shore Capital research reports are kept under constant review. As such, there is no formal timetable for the review of such recommendations. 


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