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Legal Disclaimer

Analysts' certification

This report has been prepared by the Analysis Department at Bankinter, S.A.

All the opinions and estimates contained in this report are those of the members of the analysis team at the date of its issue and as a result may be changed without prior notification.

It is certified that the analysts have not received and will not receive, directly or indirectly, any kind of remuneration for providing a specific recommendation or opinion in this report.

The remuneration system for analysts is based on the various criteria among which feature the profit or loss obtained in Bankinter Group's financial year, but in no case is the remuneration of the analysts directly linked or indirectly to the sentiment or direction of their recommendations contained in the reports.

Important information

The entity responsible for preparing this document, along with the data, opinions, estimates forecasts and recommendations contained in it is, is Bankinter, S.A., which comes under the supervision of the competent Spanish authority (CNMV) and is entered in its official register as number 0128.

Bankinter, SA or any of the companies which comprise Bankinter Group ("Bankinter Group") do not hold a long or short position in the issuer, that is the subject of this analysis, above the threshold of 0.5% of total issued share capital, calculated in accordance with Article 3 of Regulation (EU) No. 236/2012 and Chapters III and IV of the Delegated Regulation (EU) No. 918/2012 of the European Commission, of 5 July 2012.

The issuer, that is the subject of this analysis, does not hold an investment equal to or greater than 5% in Bankinter Group's share capital.

In the last 12 months, Bankinter Group has acted as underwriter and/or placement agent and/or lead manager/co-manager in public offerings and has, therefore, received remuneration based on this work from the following companies: Netex Knowledge Factory S.A., Sociedade Independente de Comunicação S.A, NH Hotel Group and Meliá Hotels International S.A.

Bankinter Group is not party to any agreement with the issuer in relation to the preparation of the recommendation. Bankinter has signed liquidity or market creation agreements with the following companies: Atom Hotels, Alquiber Quality, Borges Agricultural, Inmobiliaria del Sur, Netex Knowledge, Olimpo Real Estate, Trivium Real Estate SOCIMI and Aeternal Mentis SA.

In the last 12 months, Bankinter Group has not received other remunerations for the provision of investment or auxiliary services of any company.

Other financial interests or conflicts of interest of Bankinter Group, or other people who are closely linked with any of the companies that may be the subject of analysis in the reports, are as follows:

  • -Mr Alfonso Botin Sanz de Sautuola y Naveda, Non executive Chairman of Línea Directa Aseguradora, S.A. Compañía de Seguros y Reaseguros.
  • -Mr Pedro Guerrero Guerrero, Chairman of Bankinter's Board of Directors, Director of Prosegur Cash, S.A.
  • -Ms Maria Dolores Dancausa Treviño, Chief Executive Officer (CEO) of Bankinter S.A, is an independent external Director of Acciona S.A.
  • -Mr Fernando María Masaveu Herrero, director of EDP España, S.A, Director dominical of Línea Directa Aseguradora, S.A. Compañía de Seguros y Reaseguros.
  • -Ms María Teresa Pulido Mendoza, member of Ferrovial?s Board of Directors.
  • -Ms María Luisa Jordá, member of Board of Directors of Merlin Properties SOCIMI, S.A, Orange España S.A and Grupo Bimbo.

The issuer has not been directly or indirectly notified of the recommendation, unless expressly indicated in the corresponding report.

The analysts' reports issued by Bankinter, S.A have been prepared in accordance with Bankinter Group policies for managing conflicts of interest. Bankinter Group has specific internal procedures, control measures and an internal code of conduct to manage, prevent and mitigate conflicts of interest, including segregated areas, and, where appropriate, it establishes measures to prevent and detect market abuse in accordance with Regulation (EU) No. 596/2014 and the requirements of Delegated Regulation (EU) 216/958 in relation to the preparation of recommendations. The information related to conflicts of interest and the internal code of conduct are available on request.

Recommendations system

The information included in this report constitutes an investment analysis in accordance with the EU Markets in Financial Instruments Directive (MiFID) and, as such, contains an objective and independent explanation of the issues contained in the recommendation. The information is provided on the basis of sources considered as reliable, although Bankinter does not guarantee the security of them.

The recommendations are final and reasoned. Three categories or types of recommendation are established: Buy: upside potential in the securities price in the given time horizon (12 months, unless otherwise indicated in the corresponding report); Sell: downside potential in the given time horizon (12 months, unless otherwise indicated in the corresponding report); Neutral: upside potential close to zero in the given time horizon (12 months, unless otherwise indicated in the corresponding report).

Legal disclaimer

The data, opinions, estimates forecasts and recommendations contained in this document are provided for information purposes only and do not constitute investment advice. It should not, therefore, be treated as a personal recommendation for the investor, and in no case as an offer to buy, sell, subscribe to or trade securities or other financial instruments.

The investor must be aware that the securities or other financial instruments referred to in this document may not be suitable for their investment targets or financial situation, for which reason the investor should make their own investment decisions.

It should be taken into account that the past performance of securities instruments and previous returns on investments do not guarantee future performances or returns.

Unless otherwise indicated, all target prices are fixed with a 12-month time horizon from the report's publication date. Target prices do not imply any commitment to increases in the value of securities nor should be understood to be indications of an investment recommendation.

Unless otherwise indicated in this report, there is no intention to update this information.

Any decision to buy or sell securities issued by the company included in this report must be made taking into account existing public information on these securities, and, where appropriate, the content of the prospectus on these securities registered with CNMV, and, therefore, available from CNMV, the corresponding stock market and the issuers of these securities.

All reports issued by the Analysis Department at Bankinter, S.A. are available to customers on the Bankinter, S.A. website (

Bankinter Group assumes no responsibility whatsoever for any direct or indirect loss suffered as a result of the use of the information contained in this report.

This document may not be (i) copied, photocopied or duplicated in any form by any means or (ii) distributed or redistributed, or (iii) may not be quoted in full or in part, without the prior written consent of Bankinter, S.A.

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