bpcl company update 271112 uk icon - icon capital ltd - … company u… · · 2015-04-285...
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BPCLE&P @ Significant discount, Reiterate Buy
November, 2012
Jagdish [email protected]
Rohit [email protected]
ICON CAPITAL
This report is distributed by Icon Capital Limited in association with Emkay Global Financial Services Limited.
This report is classified as being a “marketing communication” for the purposes of the rules and guidance (FSA Rules) issued by the Financial Services Authority (FSA). This is principally because Icon Capital Limited cannot verify that this report has been prepared in accordance with UK legal requirements designed to promote the independence of investment research.
This report has been prepared by the research division of Emkay Global Financial Services Limited and has been reviewed by Icon Capital Limited, but no material changes have been made as a result. Emkay Global Financial Services Limited is a member of the Bombay Stock Exchange and The National Stock Exchange of India and is registered with the Securities and Exchange Board of India. Icon Capital Limited is a member of the London Stock Exchange and is authorised and regulated by the FSA.
EMKAY GLOBAL FINANCIAL SERVICES LTD.
Dhaval [email protected]
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Summary
§ Risk reward ratio entering a favorable quadrant for BPCL.
§ We see high probability of positive news flows emerging from further drilling by Anadarko in the Mozambique
block.
§ Valuation: We value BPCL on an SOTP basis at Rs.397/sh. E&P assets at Rs 100/sh which accounts for 25%
of the value and other investments contribute 21.6% or Rs 86/sh. BPCL’s core refining and marketing
business is valued at ~Rs 211/sh on 1x FY14E BV. At CMP stock trades at 1.2x FY14 P/BV and post the
correction CMP provides attractive level to enter in the stock with favorable risk reward. Hence we change our
recommendation from Accumulate to BUY with TP of Rs.397.
** FY12 Book Value for Worst case scenario
303397Fair Value
1313Less: Debt of BPRL
1111Wahoo
87102Mozzambiq
85100E&P Value Per share
8686Other Investments - Quoted/Unquoted
132211Value of R&M per Share
0.81.0Multiple
165211Core Refining BV
5555Less :- Value of Investments Quoted/Unquoted
220266Book Value FY14E **
Worst caseBase case
Risk reward ratio in Favorable Quadrant
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Investment Rationale
Source: Bloomberg, Emkay research
BPCL 1 yr Fwd P/B band BPCL 1 yr trailing P/B
0
250
500
Apr-06 Apr-07 Apr-08 Apr-09 Apr-10 Apr-11 Apr-12
Rs.
Price Avg P/B
0.5x
1 x
1.5x
2 x
0
1
2
3
4
Apr-06 Apr-07 Apr-08 Apr-09 Apr-10 Apr-11 Apr-12
P/B
(x)
BPCL at attractive level: BPCL has been one of the best performing (absolute performance) stocks this year
+32% from January 2012 on account of E&P successes and price hike/reforms in diesel/cooking fuels. Recently
stock has corrected from its high of Rs.394 to currently at Rs.315, mainly on the back of higher under recovery,
depreciation of rupee and weakening in GRM. It has outperformed HPCL 24% and IOC 30% YTD due to E&P
business valuations However at current level, we see that market/street has ignored the E&P valuation and
factored the worst case valuation (our worst Case Rs.303). We value BPCL on an SOTP basis at Rs.397/sh. E&P
assets at Rs 100/sh which accounts for 25% of the value and other investments contribute 21.6% or Rs 86/sh.
BPCL’s core refining and marketing business is valued at ~Rs 211/sh on 1x FY14E BV. At CMP stock trades at
1.2x FY14 P/BV, providing attractive level to enter in the stock with favorable risk reward. Hence we change our
recommendation from Accumulate to BUY with TP of Rs.397.
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… Investment Rationale
Expect further upside potential in BPCL's E&P business: We currently value BPCL's E&P portfolio at Rs100/sh
and believe there could be a significant upside potential as we get more clarity on the reserve size in its both
Mozambique and Brazil discoveries.
§ In Mozambique reserves accretion is llikely as further drilling is carried out at 5 locations of Linguado, Orca, Tubarao,
Barracuda and Perola Negra. Hence we believe any success in this area would increase recoverable reserves
estimate which are at 32-65tcf currently.
§ In Brazil, appraisal wells program in Campos basin (Wahoo) and Sergipe and Alagoas basin may establish
reserves by 1HCY13.
§ Hence based on the lined up exploratory and appraisal drilling for CY12/13, we expect positive news to
continue as and when these activities are carried out/complete.
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Potential upside in Mozambique…
§ Anadarko is expected to drill 5 more wells by Dec12.
§ One well will be an appraisal well for Tubarao discovery (gas discovery made in Feb 2011)
§ 4 Exploratory wells to be drilled one each for Linguado, Orca, Barracuda and Perola Negra (Black Pearl)
To note that the above drilling is outside the discovered areas of Prosperidade field and Golfinho/Atum complex and any positive result would add to the reserves of the Mozambique block
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What is the CMP factoring in?
§ The current market price factors in probably the worst case valuations for BPCL. On the E&P front market is
concerned about the pace of ramp in LNG capacity at Mozambique. On its core business of refining and
marketing, market is concerned about the uncertainty in earnings given the high subsidy under recoveries.
§ Considering a staggered ramp up in Mozambique LNG capacity over 2019-2025 similar to our Bear case
scenario and valuing core Refining & Marketing business of BPCL at 0.8x P/B (as against average of 1.3x) on its
FY12 book value we arrive at fair value of Rs303.
** FY12 Book Value for Worst case scenario
303397Fair Value
1313Less: Debt of BPRL
1111Wahoo
87102Mozzambiq
85100E&P Value Per share
8686Other Investments - Quoted/Unquoted
132211Value of R&M per Share
0.81.0Multiple
165211Core Refining BV
5555Less :- Value of Investments Quoted/Unquoted
220266Book Value FY14E **
Worst caseBase case
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7
2525
23.5
Golfinho &Atum
Prosperidade
Golfinho &Atum
48.5
0
10
20
30
40
50
60
FY19 FY21
Tcf
Base case valuation for Mozambique
§ In our base case for Mozambique, we have considered train 1 and 2 getting operational in FY20 and FY21.
Trains 3&4 and 5&6 start in FY22 and FY23
§ We also assume that Anadarko develops the Golfinho/Atum area first by FY19 and Prosperidade by FY21
Source: Company, Emkay Research
510
20
Train 3 & 4 start
Train 2 startsTrain 1 starts
Train 5 & 6 start
0
5
10
15
20
25
30
35
FY20 FY21 FY22 FY23
Mn
Ton
s
30
Cumulative LNG capacity and train start up scheduleCumulative Field Development
1.5
4.65.6
3.7 3.1
1.4 4.4 5.2
3.5 3.0
0123456789
FY15 FY16 FY17 FY18 FY19 FY20 FY21
$ bn
Golf inho/Atum Prosperidade
LNG train Capex (Total capex of US$21bn)Field development cost (Total capex of US$36bn)
0.71.4 1.4
0.71.4
1.4
1.42.8
2.8
1.42.8
2.8
0
1
2
3
4
5
6
FY17 FY18 FY19 FY20 FY21 FY22
$ bn
Train 1 Train 2 Trains 3&4 Trains 5&6
Assume Golfinho/Atum gets developed first given the dispute
on Prosperidade with ENI
Prosperidade gets developed two years later
Development cost at US$5/boe of capex to develop about 40TCF of gas reserves
6 LNG trains of 5mtpa each for a peak gas production of
120mmscmd
Assume 6 LNG trains to start over 4 years with Golfinho/Atum and
Prosperidade each supporting 3 trains
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8
10%WACC
19.8Prosperidade
21.0Golfinho/Atum
40.8Total gas production (TCF)
0.6Total ($/mmbtu)
0.35LNG terminal ($/mmbtu)
0.25Upstream ($/mmbtu)
Opex
3.5LNG terminal cost ($bn for 5mtpa train)
5.0Field Development cost ($/boe)
12.5LNG price ($/mmbtu)
Assumptions
Source: Company, Emkay Research
1.54.6
7.0 8.1 8.4
3.5 3.0
0.72.1
4.2
5.6 5.6
2.80
2
4
6
8
10
12
14
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
$ bn
Field development capex LNG train capex
Free cash flowsTotal capex
Total capex of US$57bn over 8 years to develop Golfinho/Atum
and Prosperidade
-15
-10
-5
0
5
10
15
20
FY
15
FY
18
FY
21
FY
24
FY
27
FY
30
FY
33
FY
36
FY
39
FY
42
FY
45
FY
48
FY
51
FY
54
FY
57
FY
60
$ bn
397Fair Value
13Less: Debt of BPRL
11Wahoo
102Mozzambiq
100E&P Value Per share
86Other Investments - Quoted/Unquoted
211Value of R&M per Share
1.0Multiple
211Core Refining BV
55Less :- Value of Investments Quoted/Unquoted
266Book Value FY14E **
Base case
… Base case valuation for Mozambique
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9
25 25Golf inho &Atum
23.5
Golf inho &Atum
Prosperidade
48.5
0
10
20
30
40
50
60
FY19 FY22
Tcf
0.71.4 1.4
0.71.4
1.4
0.7
1.4
1.4
0.7
1.4
1.4
0.7
1.4
1.4
0.7
1.4
1.4
00.5
11.5
22.5
33.5
4
FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
$ bn
Train 1 Train 2 Trains 3 Trains 4 Trains 5 Trains 6
Bear case valuation for Mozambique
§ In our bear case for Mozambique, we have considered staggered start up of all 6 LNG trains over FY20 to FY25 with a gap of one year
§ We also assume that Anadarko develops the Golfinho/Atum area first by FY19 and Prosperidade by FY22
510
15
Train 3
Train 2
Train 1 20
Train 4
Train 6
Train 5
25
0
5
10
15
20
25
30
35
FY20 FY21 FY22 FY23 FY24 FY25
Mn
Ton
s
30
Source: Company, Emkay Research
Cumulative LNG capacity and train start up scheduleCumulative Field Development
1.5
4.65.6
3.7 3.1
1.44.3
5.23.5 3.0
012345678
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
$ bn
Golfinho/Atum Prosperidade
LNG train CapexField development cost
Assume Golfinho/Atum gets developed first given the dispute
on Prosperidade with ENI
Prosperidade gets developed two years later
Development cost at US$5/boe of capex to develop about 40TCF of gas reserves
6 LNG trains of 5mtpa each for a peak gas production of 120mmscmd
Assume Golfinho/Atum gets developed first given the dispute
on Prosperidade with ENI
Prosperidade gets developed three years
later
Development cost at US$5/boe of capex to develop about 40TCF of gas reserves
Assume 6 LNG trains to start over 6 years with Golfinho/Atum and
Prosperidade each supporting 3 trains
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Source: Company, Emkay Research
10%WACC
19.8Prosperidade
21.0Golfinho/Atum
40.8Total gas production (TCF)
0.60Total ($/mmbtu)
0.35LNG terminal ($/mmbtu)
0.25Upstream ($/mmbtu)
Opex
3.5LNG terminal cost ($bn for 5mtpa train)
5.0Field Development cost ($/boe)
12LNG price ($/mmbtu)
Assumptions
Free cash flowsTotal capex
1.5
4.6 5.6 5.17.5
5.23.5 3.0
0.7 2.1
3.5
3.5
3.5 3.5
2.81.4
0
2
4
6
8
10
12
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
$ bn
Field development capex LNG train capex
Total capex of US$57bn over 10 years to develop Golfinho/Atum and Prosperidade
-15
-10
-5
0
5
10
15
FY15
FY18
FY21
FY24
FY27
FY30
FY33
FY36
FY39
FY42
FY45
FY48
FY51
FY54
FY57
FY60
$ bn
382Fair Value
* Considering Bear Case for Mozambique block
13Less: Debt of BPRL
11Wahoo
87Mozzambiq
85E&P Value Per share
86Other Investments - Quoted/Unquoted
211Value of R&M per Share
1.0Multiple
211Core Refining BV
55Less :- Value of Investments Quoted/Unquoted
266Book Value FY14E
Base case *
… Bear case valuation for Mozambique
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Key Concern
§ Lower than estimated LNG price - The current consumption levels of 240mmtpa as against existing export
capacities total 280mmtpa. While 84.2mmtpa of additional LNG export capacities are under-construction and
likely to be commissioned by 2017. A further 143.6mmtpa of liquefaction capacity is in planning phase which is
likely to be come online by 2023. While there are various supply sources emerging, viz. East Africa, Australia
and US, the demand for LNG would come primarily from Asia. Given the abundance of reserves and capacity
addition going ahead, LNG prices would come under pressure. However we have already factored conservative
LNG prices at $12.5/mmbtu for our estimates, considering Mozambique project is competitive compared to
other projects . (Refer Slide No. 14)
§ Delayed ramp up in LNG capacity, our NPV would affect by Rs.15/share – Currently in both Mozambique
and Brazil company is under drilling process (i.e Exploration and appraisal). We note that monetization of the
find/assets is still a few years away (first LNG train expected only by 2019). Staggered start up of all 6 LNG trains
over FY20 to FY25 with a gap of one year, results in NPV decline of Rs.15/share.
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Financial
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Annexure
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LNG pricing
§ With substantial level of liquefaction capacities coming up globally, concerns have been raised on the gas pricing
with competition expected to increase and it being a buyers market.
§ The current consumption levels is around 240mmtpa against existing export capacities total 280mmtpa. While
84.2mmtpa of additional LNG export capacities are under-construction and likely to be commissioned by 2017. A
further 143.6mmtpa of liquefaction capacity is in planning phase which is likely to be come online by 2023.
§ With mounting competition for export markets, LNG projects with high cost such as those in Australia will be the
ones which will face the most pricing pressure. We believe that cost control would be the determining factor and
LNG projects in Mozambique would be better placed to face the competition.
Source: Industry, Emkay Research
Break even LNG price to achieve 12% IRR
14
11 11 10 9 8
0
2
4
6
8
10
12
14
16
Brow se andArrow
Gorgon Wheatstone Cheneire'sSabina Pass
Mozambique PNG LNG
$/m
mbt
u
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The dispute with ENI…
§ Anadarko’s Area 1 Block off the coast of Mozambique stands adjacent to ENI’s Area 4 Block in which it has 70%
stake. Anadarko’s discovered Prosperidade field straddles with that of discoveries of ENI’s
§ ENI discoveries of Mamba/Coral are larger as compared to Anadarko’s Prosperidade field with the formers in-
place reserve estimates of about 70TCF from its 6 discoveries. As against this Anadarko’s Prosperidade field has
recoverable reserves of 17-30 TCF.
§ Under the Mozambique law the operator are required to discuss and come to unitization agreement if possible.
§ Recent news suggest that unitization of Prosperidade/Mamba complex may not be as simple as suggested
earlier.
§ ENI estimates the total potential at 70Tcf of gas in place and the resources exclusively located within Area 4 and
not subject to unitization to be at least 29Tcf. This shows the large extent to which the fields are straddled.
§ On account of the dispute, Anadarko has announced its decision to go ahead with setting up of two LNG
trains which can be supported by discoveries of Golfinho/Atum. Also to be noted that Golfinho/Atum are
located closer to the shore, while Prosperidade/Mamba lies 50-60 km offshore in deeper water than
Golfinho/Atum.
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Current Status in E&P – Mozambique
Mozambique block status
§ BPCL's upstream venture, Bharat Petro Resources (BPRL) would continue to witness robust activity going forward. In Mozambique, 8 discoveries are currently being appraised and reserve certification and FID is expected by CY13E end.
§ For Golfinho/Atum company has completed initial appraisal drilling and Integrated Testing Program underway. We believe
§ These activities would continue to bring in discovery based news flows which would have a positive impact on the stock.
92Gas12-JunAtumMozambique Offshore Area 1, Rovuma Basin11
59Gas12-MayGolfinhoMozambique Offshore Area 1, Rovuma Basin10
176Gas12-FebLagosta- 3Mozambique Offshore Area 1, Rovuma Basin9
237Gas12-JanLagosta- 2Mozambique Offshore Area 1, Rovuma Basin8
202Gas11-NovBarquentineMozambique Offshore Area 1, Rovuma Basin7
116Gas11-OctCamaraoMozambique Offshore Area 1, Rovuma Basin6
70Gas11-AugBarquentineMozambique Offshore Area 1, Rovuma Basin5
34Gas11-FebTubaraoMozambique Offshore Area 1, Rovuma Basin4
168Gas10-NovLagostaMozambique Offshore Area 1, Rovuma Basin3
127Gas10-OctBarquentineMozambique Offshore Area 1, Rovuma Basin2
145Gas10-FebWindjammerMozambique Offshore Area 1, Rovuma Basin1
PayOil/GasDateWell name/discoveriesCountryBlock NameSr. No
Details of discoveries in Mozambique blocks
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Current Status in E&P – Brazil
§ In Brazil, currently appraisal wells are under drilling in Campos basin (Wahoo) and 1 appraisal well is under
progress in Sergipe and Alagoas basin.
Proceed with well drilling and will analyze the
rocks and fluids obtained from this well with the
aim of submitting the Appraisal Plan to the ANP.
Oct-12FarfanPetrobrasSergipe and
Alagoas
Contract: BM- SEAL- 11,
Block: SEAL- M- 426
Brazil
To submit evaluation plan to Brazil’s
upstream regulator
July-12Grana PadanoPetrobrasEspirito SantoContract: BM- ES- 24,
Block: ES- M- 661
Brazil
Will continue the operations in order to confirm
the extension of the new discovery and
characterize reservoir conditions encountered.
Aug-12Barra1
Completed drilling activity and Drilled
appraisal well Barra 1
Sep-11BarraPetrobrasSergipe and
Alagoas
Contract: BM- SEAL- 11,
Block: SEAL- M- 426
Brazil
Drilled appraisal well, expected to
complete by Dec12
Nov-09Wahoo 2
Drilled appraisal well, expected to
complete by Dec12
Sep-08Wahoo 1AnadarkoCamposContract: BM-
C- 30, Block: C- M- 101
Brazil
StatusDateWell nameOperatorBasinBlockCountry
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BPCL E&P Portfolio – 28 blocks in 7 countries
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Emkay Rating Distribution
BUY Expected total return (%) (stock price appreciation and dividend yield) of over 25% within the next 12-18 months.ACCUMULATE Expected total return (%) (stock price appreciation and dividend yield) of over 10% within the next 12-18 months.HOLD Expected total return (%) (stock price appreciation and dividend yield) of upto 10% within the next 12-18 months.REDUCE Expected total return (%) (stock price depreciation) of upto (-)10% within the next 12-18 months.SELL The stock is believed to under perform the broad market indices or its related universe within the next 12-18 months.
Emkay Global Financial Services Ltd.7th Floor, The Ruby, Senapati Bapat Marg, Dadar - West, Mumbai - 400028. India
Tel: +91 22 66121212 Fax: +91 22 66121299 Web: www.emkayglobal.com
DISCLAIMER: Emkay Global Financial Services Limited and its affiliates are a full-service, brokerage, investment banking, investment management, and financing group. We along with our affiliates are participants in virtually all securities trading markets in India. Our research professionals provide important input into our investment banking and other business selection processes. Investors may assume that Emkay Global Financial Services Limited and/or its affiliates may seek investment banking or other business from the company or companies that are the subject of this material and that the research professionals who were involved in preparing this material may participate in the solicitation of such business. Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein, and our proprietary trading and investing businesses may make investment decisions that are inconsistent with the recommendations expressed herein. In reviewing these materials, you should be aware that any or all of the foregoing, among other things, may give rise to real or potential conflicts of interest. Additionally, other important information regarding our relationships with the company or companies that are the subject of this material is provided herein. This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject Emkay Global Financial Limited or its group companies to any registration or licensing requirement within such jurisdiction. Specifically, this document does not constitute an offer to or solicitation to any U.S. person for the purchase or sale of any financial instrument or as an official confirmation of any transaction to any U.S. person unless otherwise stated, this message should not be construed as official confirmation of any transaction. No part of this document may be distributed in Canada or used by private customers in United Kingdom. All material presented in this report, unless specifically indicated otherwise, is under copyright to Emkay. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written permission of Emkay. All trademarks, service marks and logos used in this report are trademarks or registered trademarks of Emkay or its Group Companies. The information contained herein is not intended for publication or distribution or circulation in any manner whatsoever and any unauthorized reading, dissemination, distribution or copying of this communication is prohibited unless otherwise expressly authorized. Please ensure that you have read “Risk Disclosure Document for Capital Market and Derivatives Segments” as prescribed by Securities and Exchange Board of India before investing in Indian Securities Market. In so far as this report includes current or historic information, it is believed to be reliable, although its accuracy and completeness cannot be guaranteed.
Web: www.emkayglobal.com
Appendix : This report has been approved by Icon Capital Limited (Icon Capital) for communication to professional clients (as defined in the FSA Rules) and to persons who, if they were clients of Icon Capital would be categorised as professional clients and is intended solely for use by such persons. This report is not intended for use by any other persons and if you are unsure, as to whether you are eligible to receive this report, please contact Icon Capital directly. Icon Capital and Emkay Global Financial Services Limited (Emkay) have entered into an arrangement pursuant to which Emkay will provide, inter alia, research and information (relating to investment opportunities in India) to Icon Capital for distribution by Icon Capital. Icon Capital has used all care and skill in fully assessing in good faith the research capability and regulatory systems and controls within Emkay. However, no representation or warranty, express or implied is made by Icon Capital as to research capability or systems or controls which exist within Emkay. This report is based on information obtained from sources Icon Capital believes in good faith to be reliable. However, Icon Capital has not prepared this report and is therefore unable to fully verify the factual accuracy, assumptions, calculations or completeness of the information within it and consequently no representation or warranty , express or implied is made by Icon Capital as to its accuracy or completeness . Expressions of opinion in this report are subject to change without notice. This report is for your information only, is not intended and should not be construed as an offer or the solicitation of an offer, to buy or sell any investments, products or interests in the same (Investments).
As this report has not been prepared in accordance with UK legal requirements, it may not be subject to any prohibition on dealing ahead of its dissemination and Icon Capital and its associated companies (including Emkay) and/or their officers, directors and employees may from time to time purchase, subscribe for, or add to or dispose of any Investments discussed in this report. Nevertheless, Icon Capital’s Conflicts of Interest Management Policy prohibits Icon Capital, its officers, directors and employees dealing ahead of research in circumstances where they have either knowledge of the timing or content of the research not available to the investment clients for whom the research was intended, except where the dealing is in the normal course of trading or to satisfy unsolicited client orders. This report may have been disseminated by Emkay, prior to the dissemination by Icon Capital to its clients.
The analysis contained in this report is based on numerous assumptions. Different assumptions could result in materially different results. Certain Investments and services referred to in this report may be subject to legal restrictions and be incapable ofbeing offered worldwide on an unrestricted basis. All information and opinions as well as any prices indicated are subject to change without notice and may differ or be contrary to the opinions expressed by other business areas or groups of Icon Capital or Emkay, as a result of using different assumptions and criteria. At any time Icon Capital, Emkay and other companies in their respective groups may have a long or short position, or deal as principal or agent, in any relevant Investments or provide advisory or other services to an issuer of relevant Investments or to a company connected with such issuer. Some investments may not be readily realisable since the market in such Investments is illiquid and therefore valuing the Investments and identifying the risk to which you are exposed may be difficult to quantify. Icon Capital relies on information barriers to control the flow of information contained in one or more areas within Icon Capital into other areas, units, groups or affiliates. Past performance of an Investment is no guarantee for its future performance. Some Investments may be subject to sudden and large falls in value and on realisation, you may receive back less than invested or may be required to pay more. Changes in foreign exchange rates may have an adverse effect on the price, value or income of an Investment. Icon Capital are out of necessity, unable to take into account the particular investment objectives, financial situation and needs of its individual clients and consequently recommends that you take financial and/or tax advice as to the implications (including tax) of investing in any of the Investments mentioned in this report.
This report may not be reproduced or copies circulated without the prior authority of Icon Capital . Icon Capital expressly prohibits the transfer of this report to third parties for any reason. Icon Capital will not be liable for any claims or lawsuits from any third parties arising from the use or distribution of this report. This document is for distribution only under such circumstances as may be permitted by applicable law.
Icon Capital Limited is registered in England Number 07191090, and its registered office is at 83 Pall Mall, London SW1Y 5ES. It is authorised and regulated by The Financial Services Authority (25 The North Colonnade, Canary Wharf, London E14 5HS).