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 September 30, 2021

Rating Number Percent
Strong Buy 9 7%
Buy 79 64%
Spec Buy 11 9%
Hold 21 17%
Sell 1 1%
Under Review 0 0%
Tender 1 1%
Suspended 0 0%
Restricted* 1 1%
Total 123 100%

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

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.