Disclosures

Investment recommendation rating system

  • Strong Buy: Expected to provide a substantial return over the next 12 months, with a lower level of risk than comparable investments.
  • Buy: Expected to provide a reasonably positive return over the next 12 months.
  • Speculative Buy: Expected to provide a positive return over the next 12 months, but with a high level of risk, or based on a future uncertain event.
  • Hold: Expected to remain in a trading range near the current share price for the next 12 months.
  • Sell: Expected to deliver a negative return over the next 12 months.
  • Under Review: Currently available information is inadequate to provide an investment rating.
  • Tender: Investors should tender their shares to the current offer.

Distribution of ratings, iA Capital Markets, equity research, as of December 3, 2021

Rating Number Percent
Strong Buy 10 8%
Buy 71 60%
Spec Buy 9 8%
Hold 19 16%
Sell 1 1%
Under Review 0 0%
Tender 1 1%
Suspended 0 0%
Restricted* 7 6%
Total 118 100%

*Restricted refers to a Research restriction and applies only to the analyst covering the stock.

Research Dissemination Policy

iA Capital Markets makes its research available in electronic and printed formats and makes every effort to disseminate research simultaneously to all eligible clients. Research is available to our institutional clients via Bloomberg, Capital IQ, FactSet, Thomson Reuters as well as through our sales representatives via email. Electronic versions are distributed in PDF format. Additionally, the research is only intended to be distributed in jurisdictions where iA Capital Markets is licensed.

For Canadian Residents: This report has been approved by iA Capital Markets which accepts responsibility for this report and its dissemination in Canada. Canadian clients wishing to effect transactions in any such issuer discussed should do so through a qualified salesperson of iA Capital Markets in their particular jurisdiction.

For US Residents: iA Private Wealth Inc. is not a US broker-dealer and therefore is not governed by US laws, rules or regulations applicable to US broker-dealers. Consequently, the persons responsible for the content of this publication are not licensed in the US as research analysts in accordance with applicable rules promulgated by the US self-regulatory organizations. Any US institutional investor wishing to effect trades in any security referred to herein should contact Industrial Alliance Securities Inc. (USA) Inc., a US broker-dealer affiliate of iA Private Wealth Inc.

Research Objectivity Policy

iA Capital Markets Research Analysts confirm their independence and objectivity in their research reports, recommendations, and target prices, and by following the policies, procedures and principles detailed below. Our analysts also confirm on an annual basis that they are complying to the CFA Institute Code of Ethics and Standards of Professional Conduct, regardless of if they are a CFA charter holder or not.

iA Capital Markets maintains policies and procedures aligned with IIROC’s Dealer Member Rules and within the framework of Research Objectivity Standards provided by the CFA Institute. These policies and procedures assist us in identifying and avoiding potential conflicts of interest that might otherwise influence or appear to influence the objectivity of our research. In adhering to these rules, we ensure that our analysts display and act with the utmost integrity, dignity and in an ethical manner.

Analyst remuneration is determined by a number of factors but include a significant weighting towards recommendation performance and quality of research, which aligns their own interests with that of our clients. Analyst compensation may not be directly linked to investment banking or other corporate finance activities on which the analyst collaborated (either individually or in the aggregate).

Supervision and approval of research is governed by a formal process that includes duly qualified and registered professionals.

Analysts are permitted to personally own individual securities, including those of companies that they cover. All such positions and trading activity is monitored and must be approved in advance by Compliance, and are disclosed in research reports. No analyst is permitted to trade contrary to a published recommendation.

Overall, iA Capital Markets analysts must act with integrity, competence, dignity, and in an ethical manner, and use reasonable care and exercise independent judgement.