Banks & Asset Managers (AO) | RBI in and KBC out

Research evidence excerpt

Banks & Asset Managers (AO) | RBI in and KBC out

Restricted: A recommendation, target price and/or financial forecast is not disclosed further to compliance and/or other regulatory considerations.

Due to share prices volatility, ratings and target prices may occasionally and temporarily be inconsistent with the above definition.

Valuation methodology and risks

Unless otherwise stated in this report, target prices and investment recommendations are determined based on fundamental research methodologies and relies on commonly

used valuation methodologies such as Discounted Cash Flow (DCF), valuation multiples comparison with history and peers, Dividend Discount Model (DDM).

Valuation methodologies and models can be highly dependent on macroeconomic factors (such as the price of commodities, exchange rates and interest rates) as well as other

external factors including taxation, regulation and geopolitical changes (such as tax policy changes, strikes or war). In addition, investors’ confidence and market sentiment can

affect the valuation of companies. The valuation is also based on expectations that might change rapidly and without notice, depending on developments specific to individual

industries. Whichever valuation method is used there is a significant risk that the target price will not be achieved within the expected timeframe.

Unless otherwise stated, models used are proprietary. Additional information about the proprietary models used in this report is accessible on request.

KEPLER CHEUVREUX’ equity research policy is to update research rating when it deems appropriate in the light of new findings, markets development and any relevant

information that can impact the analyst’s view and opinion.

Regulators

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