The Marex Equity Research desk is managed by Pierre Buon, Head of Research and Romain Dobral, Equity Research Analyst. Both have many years experience in the field.

Regularly updated SMID related research reports allow investment managers, investors and similar institutional investors to quickly understand their specificities to make better-informed investment decisions.

Reports include initiations of coverage, valuation updates, analysis of data, review of company news, and industry research. The team will also produce market commentaries and analysis on global ETF.

Disclaimer

This publication is produced by Marex SA, a company incorporated in France and registered in the Paris Trade and Companies Register under the number 352.177.141, whose registered office is at 42 rue Washington, 75008 Paris, France. Marex SA is authorized by the “Autorité de Contrôle Prudentiel et de Résolution” (ACPR) and regulated by the ACPR and the “Autorité des Marchés Financiers” (AMF). Marex SA is a company of the Marex Group comprising Marex Financial, Spectron Services Limited and all entities controlled, directly or indirectly, by Marex Group plc (Individually and collectively “MAREX”).

This publication constitutes “Investment Research” as defined in Directive 2014/65/EU of the European Parliament and the Council and Commission Delegated Directive (EU) 2017/565 ("MiFID II"). Nothing in this report constitutes (i) an offer of services, (ii) an offer to purchase or sell investments or any other product or (iii) investment, tax or legal advice.

This publication has been prepared for the general information of Marex SA’s institutional clients (eligible counterparty or professional client), is not directed at retail customers and does not take into account particular investment objectives, risk appetites, financial situations or needs. Recipients should make their own trading decisions based upon their own financial objectives and financial resources.

This publication is a summary and does not purport to contain all available information on the subjects covered. The information contained in this publication was obtained from various publicly available sources believed to be reliable but has not been independently verified by MAREX. MAREX does not warrant the completeness, accuracy, or fitness for any purpose of such information and does not accept any liability with respect to the accuracy, completeness, or fitness for any purpose of such information. MAREX is not responsible for and accepts no liability whatsoever for any direct, indirect or consequential loss or damage arising out the use of or reliance on all or any of the data or information in this report.

Please carefully read the disclaimers and important information at the end of this publication: (i) Origin of the publication / report, (ii) Regulation Analyst Certification, (iii) Sponsored research, (iv) Registration of non-US Analysts, (v) Research Analyst Compensation, (vi) Valuation methodology & Risks, (vii) History of changes in recommendations and price targets over the last 12 months, (viii) Conflicts of interest, (ix) Disclosure checklist - Potential conflicts of interest, (ix) Explanation of Equity Research Ratings, (x) Distribution of Marex’ equity recommendations, (xi) Regulators, (xii) Other Disclosures, (xiii) MIFID 2 Warning, (xiv) Validity of the publication or report, (xv) Distribution to Non-US Investors, (xvi) Distribution to US Investors, (xvii) Distribution to UK Investors, (xviii) Copyright.