Research Disclaimer

The information presented in Inderes reports is obtained from several different public sources that Inderes considers to be reliable. Inderes aims to use reliable and comprehensive information, but Inderes does not guarantee the accuracy of the presented information. Any opinions, estimates and forecasts represent the views of the authors. Inderes is not responsible for the content or accuracy of the presented information. Inderes and its employees are also not responsible for the financial outcomes of investment decisions made based on the reports or any direct or indirect damage caused by the use of the information. The information used in producing the reports may change quickly. Inderes makes no commitment to announce any potential changes to the presented information and opinions.

The reports produced by Inderes are intended for informational use only. The reports should not be construed as offers or advice to buy, sell or subscribe investment products. Customers should also understand that past performance is not a guarantee of future results. When making investment decisions, customers must base their decisions on their own research and their estimates of the factors that influence the value of the investment and consider their objectives and financial position and use advisors as necessary. Customers are responsible for their investment decisions and their financial outcomes.

Reports produced by Inderes may not be edited, copied or made available to others in their entirety, or in part, without Inderes’ written consent. No part of this report, or the report as a whole, shall be transferred or shared in any form to the United States, Canada or Japan or the citizens of the aforementioned countries. The legislation of other countries may also lay down restrictions pertaining to the distribution of the information contained in this report. Any individuals who may be subject to such restrictions must take said restrictions into account.

Inderes issues target prices for the shares it follows. The recommendation methodology used by Inderes is based on the share’s 12-month expected total shareholder return (including the share price and dividends) and considers Inderes’ view of the risk associated with the expected returns.   The recommendation policy consists of four tiers: Sell, Reduce, Accumulate and Buy. As a rule, Inderes’ investment recommendations and target prices are reviewed at least 2–4 times per year in connection with the companies’ interim reports, but the recommendations and target prices may also be changed at other times depending on the market conditions. The issued recommendations and target prices do not guarantee that the share price will develop in line with the estimate. Inderes primarily uses the following valuation methods in determining target prices and recommendations: Cash flow analysis (DCF), valuation multiples, peer group analysis and sum of the parts analysis. The valuation methods and target price criteria used are always company-specific and they may vary significantly depending on the company and (or) industry.

Inderes’ recommendation policy is based on the following distribution relative to the 12-month risk-adjusted expected total shareholder return.

Buy - The 12-month risk-adjusted expected shareholder return of the share is very attractive

Accumulate - The 12-month risk-adjusted expected shareholder return of the share is attractive

Reduce - The 12-month risk-adjusted expected shareholder return of the share is weak

Sell - The 12-month risk-adjusted expected shareholder return of the share is very weak

The assessment of the 12-month risk-adjusted expected total shareholder return based on the above-mentioned definitions is company-specific and subjective. Consequently, similar 12-month expected total shareholder returns between different shares may result in different recommendations, and the recommendations and 12-month expected total shareholder returns between different shares should not be compared with each other. The counterpart of the expected total shareholder return is Inderes’ view of the risk taken by the investor, which varies considerably between companies and scenarios. Thus, a high expected total shareholder return does not necessarily lead to positive performance when the risks are exceptionally high and, correspondingly, a low expected total shareholder return does not necessarily lead to a negative recommendation if Inderes considers the risks to be moderate.

The analysts who produce Inderes’ research and Inderes employees cannot have 1) shareholdings that exceed the threshold of significant financial gain or 2) shareholdings exceeding 1% in any company subject to Inderes’ research activities. Inderes can only own shares in the target companies it follows to the extent shown in the company’s model portfolio investing real funds. All of Inderes’ shareholdings are presented in itemized form in the model portfolio. Inderes does not have other shareholdings in the target companies analyzed. The remuneration of the analysts who produce the analysis are not directly or indirectly linked to the issued recommendation or views. Inderes does not have investment bank operations.

Inderes or its partners whose customer relationships may have a financial impact on Inderes may, in their business operations, seek assignments with various issuers with respect to services provided by Inderes or its partners. Thus, Inderes may be in a direct or indirect contractual relationship with an issuer that is the subject of research activities. Inderes and its partners may provide investor relations services to issuers. The aim of such services is to improve communication between the company and the capital markets. These services include the organization of investor events, advisory services related to investor relations and the production of investor research reports. Inderes has made an agreement with the issuer and target of this report, which entails compiling a research report.

Inderes' corporate customers are identified by the "Corporate Customer“ ID in the Inderes.se service and can be seen in aggregate in the share comparison: https://www.inderes.fi/osakevertailu. Inderes has concluded an agreement with the following issuers, as part of which is the preparation of study reports: Pohjanmaan Arvo Sijoitusosuuskunta, Aallon Group Oyj, Aktia Pankki Oyj, Admicom Oyj, Alma Media Oyj, Alexandria Pankkiiriliike Oyj, Apetit Oyj, Aspocomp Oyj, Aspo Oyj, Basware Oyj, Bilot Oyj, Bittium Oyj, Boreo Oyj, Caverion Oyj, Capman Oyj, Cibus Nordic Real Estate AB, Consti Oyj, Detection Technology Oyj, Digia Oyj, eQ Oyj, Efecte Oyj, Enedo Oyj, Enersense International Oyj, Endomines Oyj, Etteplan Oyj, Elite Varainhoito Oyj, Evli Pankki Oyj, Exel Composites Oyj, Fellow Finance Oyj, Fiskars Oyj, F-secure Oyj, Finnair Oyj, Fondia Oyj, Fodelia Oyj, Gofore Oyj, Glaston Oyj, Heeros Oyj, Incap Oyj, Ilkka-Yhtymä Oyj, Innofactor Oyj, Investors House Oyj, Kesla Oyj, Loudspring Oyj, Lehto Group Oyj, Marimekko Oyj, Martela Oyj, Musti Group Oyj, Nightingale Health Oyj, Netum Oyj, Next Games Oyj, Reka Industrial Oyj, Nixu Oyj, Ovaro Oyj, Oriola Oyj, Panostaja Oyj, Pihlajalinna Oyj, Piippo Oyj, PunaMusta Oy, Qt Group Oyj, Rapala VMC Oyj, Raute Oyj, NoHo Partners Oyj, Revenio Group Oyj, Rush Factory oyj, Sanoma Oyj, Scanfil Oyj, Sievi Capital Oyj, Siili Solutions Oyj, Sitowise Oyj, Solteq Oyj, Soprano Oyj, Solwers Oyj, SRV Oyj, Sotkamo Silver Oyj, Relais Group Oyj, Rovio Entertainment Oyj, Suominen Oyj, Taaleri Oyj, Talenom Oyj, Tecnotree Oyj, Teleste Oyj, Terveystalo Oyj, Titanium Oyj, Tokmanni Oyj,  Toivo Group Oyj, United Bankers Oyj, Vaisala Oyj, Verkkokauppa.com Oyj, Vincit Group Oyj, Avidly Oyj, Raisio Oyj, Remedy Entertainment Oyj, Ponsse Oyj, Harvia Finland Oy, Eezy Oyj (Eezy Oyj), Wulff-Yhtiöt Oyj, Viafin Service Oyj, LeadDesk Oyj, Oma Säästöpankki Oyj, Orthex Oyj, Honkarakenne Oyj, Robit Oyj, Optomed Oyj, EcoUp Oyj, Loihde Oyj, Puuilo Oyj, Kreate Oyj, Norrhydro Oyj, Lapwall Oyj, Partnera Oyj, Duell Oyj, Tulikivi Oyj, Fifax Oyj, Purmo Group Oyj, Kamux Oyj, Lemonsoft Oyj, Nurminen Logistics Oyj, Springvest Oyj, QPR SOftware Oyj, Witted Megacorp Oyj, Nexstim Oyj, Lassija & tikanoja Oyj, Bioretec Oyj, Anora Oyj and Merus Power Oyj. Some of these companies are not necessarily currently monitored. The real-time customer companies' recommendation situation and the recommendation distribution are shown in Inderes' share comparison: https://www.inderes.fi/osakevertailu

The recommendations, target prices or key conclusions of Inderes reports are not addressed to the issuers until the report is published officially. We note that our long-term imputed values to the company, i.e. the calculated fair value or DCF value per share, may differ from the stated target price if we do not believe that the share price will reach its calculated value in the next 12 months. We also point out that not all the recommendations made are necessarily fully in line with the objectives set on a daily basis, e.g., due to the time delay in writing the report. Share price information presented in reports is always, in principle, closing price information on the previous trading day, unless otherwise stated in the report. The recommended methodology we use is also not always the most practical tool for highly volatile and (or) illiquid shares.

*The threshold of EUR 50,000 is considered to be a significant financial advantage to be disclosed. Inderes has received the following notifications of exceeding the EUR 50,000 limit. Based on a notification received on December 18, 2017, Inderes’ analyst Juha Kinnunen has a holding of over EUR 50,000 in the target company Talenom Oyj. Inderes’ analyst Mikael Rautanen has a holding of over EUR 50,000 in the target company Remedy Entertainment Oyj based on a notification received on September 9, 2020, in the target company Qt Group Oyj based on a notification received on April 22, 2020 and in the target company Revenio Group Oyj based on a notification received on May 25, 2020. Based on a notification received on July 22, 2020, Inderes’ analyst Atte Riikola has a holding of over EUR 50,000 in the target company Remedy Entertainment Oyj. Inderes’ analyst Sauli Vilen has a holding of over EUR 50,000 in the target company Sievi Capital Oyj based on a notification received on March 25, 2021. Based on a notification received on February 23, 2021, the combined holding of Inderes’ analyst Joni Grönqvist and his related parties is over EUR 50,000 in the target company Solteq Oyj. The combined holding of Inderes’ analyst Joni Grönqvist and his related parties is over EUR 50,000 in the target company Efecte Plc based on a notification received on February 18, 2021 and in the target company Qt Group Oyj based on a notification received on April 22, 2021. Inderes’ analyst Joons Korkiakoski has a holding of over EUR 50,000 in the target company Boreo Oyj based on a  notification received on April 7, 2021 and in the target company Incap Oyj based on a notification received on April 8, 2021. Based on a notification received on August 18, 2021, Inderes’ analyst Olli Vilppo has a holding of over EUR 50,000 in the target company Sievi Capital Oyj.