Rating distribution per 20/01/2018

Rating All covered companies Investment banking clients
Buy 47% 50%
Accumulate 20% 38%
Hold 29% 6%
Reduce 4% 6%
Sell 0% 0%
  100% 100%

Methodology, rating system and distribution of ratings

Our forecasts regarding the company's profit and loss account, balance sheet and/or cash flow statement are based on subjective views of relevant future company specific developments and market developments. Important variables are among others expected market growth, company's strategy and competitive position. In addition, company guidance is taken into account. Price targets and opinions in this report are based on a combination of discounted cash flow analysis, peer group analysis and/or historical valuation analysis, whereas the previously mentioned forecasts are used as input for these analyses. In addition industrial knowledge, company specific elements and/or market technical elements could play an important role to determine our price targets and opinions.