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GLOBAL RESEARCH ARCHIVE

Arctic: Genova - Valuation disconnect worth keeping an eye on

Published: 2026-05-11Institution: Arctic SecuritiesPages: 17Original language: 英语Evidence page: 15

Research evidence excerpt

Arctic: Genova - Valuation disconnect worth keeping an eye on

, markets or developments referred to in the report. Arctic is under no obligation to update or keep current the information contained herein.

Only applicable for research reports issued in connection with bond issue:

This credit analysis has been commissioned and paid for by the issuer to promote the issue and is deemed to constitute an acceptable minor non-monetary benefit as defined in MIFID II. This credit research has not been prepared in accordance with legal requirements designed to promote the

independence of investment research and does not constitute an investment recommendation. This research report is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment recommendation. Arctic may trade the securities

covered in this report for its own account and on a discretionary basis on behalf of clients.

Distribution in Brazil

Arctic is represented in Brazil through its representative office Arctic Brasil Escritório de RepresentaÇÃo Ltda. Arctic is not registered with the Brazilian Securities Commission (Comissão de Valores Mobiliários, the CVM). The securities discussed herein have not been and will not be publicly issued,

placed, distributed, offered or negotiated in the Brazilian capital markets and, as a result, have not been and will not be registered with the CVM. Therefore, Arctic represents, warrants and agrees that it has not offered or sold, and will not offer or sell the securities in Brazil, except in circumstances

which do not constitute a public offer, placement, distribution or negotiation of securities under the Brazilian capital markets regulation.

The English excerpt is extracted automatically from the cited source page and may contain layout or recognition errors. It is never batch translated.

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