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[null,null,"Equity Research coverage universe"]
[null,null,"Select company name [from drop down menu below]:"]
[null,null,"A. P. Moller - Maersk"]
[null,null,"Last updated 16 June 2025"]
[null,null,"Share holding 1% "]
[null,null,"On the date of this report, Danske Bank A/S , its affiliates and subsidiaries, in the aggregate, beneficially own 1% or more of a class of financial instruments issued by the issuer."]
[null,null,{"$f":"IFERROR(IF(VLOOKUP(C7, Datasheet!B9:C311, 2, FALSE) = \" \", \"n.a.\", VLOOKUP(C7, Datasheet!B9:C311, 2, FALSE)), \"n.a.\")","v":"n.a."}]
[]
[null,null,"Share holding 5% "]
[null,null,"On the date of this report, Danske Bank A/S , its affiliates and subsidiaries, in the aggregate, beneficially own 5% or more of a class of financial instruments issued by the issuer."]
[null,null,{"$f":"IFERROR(IF(VLOOKUP(C7, Datasheet!B9:D311, 3, FALSE) = \" \", \"n.a.\", VLOOKUP(C7, Datasheet!B9:D311, 3, FALSE)), \"n.a.\")","v":"n.a."}]
[]
[null,null,"Long position 0.5% "]
[null,null,"On the date of this report, Danske Bank A/S, its affiliates and subsidiaries, in the aggregate, beneficially owned a net long position exceeding 0.5% of the total issued share capital of the issuer."]
[null,null,{"$f":"IFERROR(IF(VLOOKUP(C7, Datasheet!B9:E311, 4, FALSE) = \" \", \"n.a.\", VLOOKUP(C7, Datasheet!B9:E311, 4, FALSE)), \"n.a.\")","v":"Y"}]
[]
[null,null,"Short position 0.5% "]
[null,null,"On the date of this report, Danske Bank A/S, its affiliates and subsidiaries, in the aggregate, beneficially owned a net short position exceeding 0.5% of the total issued share capital of the issuer."]
[null,null,"n.a."]
[]
[null,null,"Danske Bank A/S is a market maker and a liquidity provider and may hold positions in the financial instruments of the issuer(s) mentioned in this research report"]
[null,null,"As an investment bank, Danske Bank A/S, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. "]
[null,null,{"$f":"\"It is possible that Danske Bank A/S and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to \"&C7&\" in the next three months.\"","v":"It is possible that Danske Bank A/S and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to A. P. Moller - Maersk in the next three months."}]
[null,null,{"$f":"\"Danske Bank A/S has made no agreement with \" & C7 & \" to write this research report. No parts of this research report have been disclosed to \" & C7 & \". No recommendations or opinions have been disclosed to \" & C7 & \" and no amendments have accordingly been made to the same before dissemination of the research report.\"","v":"Danske Bank A/S has made no agreement with A. P. Moller - Maersk to write this research report. No parts of this research report have been disclosed to A. P. Moller - Maersk. No recommendations or opinions have been disclosed to A. P. Moller - Maersk and no amendments have accordingly been made to the same before dissemination of the research report."}]
[]
[null,null,"Manager text"]
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[null,null,"Relations may conflict"]
[null,null,{"$f":"IF(ISBLANK($C$7),\"\",IFERROR(IF(VLOOKUP($C$7, Datasheet!$B$9:$G$302, 6, FALSE) = \" \", \"n.a\", VLOOKUP($C$7, Datasheet!$B$9:$G$302, 6, FALSE)),\"n.a\"))","v":"On the date of the latest calculation, [add date], A.P. Møller Holding owns in excess of 20% of Danske Bank shares. "}]
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[null,null,"Y","Y","Y"]

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[" ","Name","Share holding 1% (Y/N)","Share holding 5% (Y/N)","Long position 0.5% (Y/N)","Manager text","Relations may conflict","Relations conflict"]
["C01000","A. P. Moller - Maersk"," "," ","Y","Within the previous 12 months, Danske Bank has acted as Financial Adviser to APMM in the demerger and separate listing of Svitzer Group A/S and has acted as Financial advisor (to buyer) of a public offer of M&A (acquisition of Concentric AB) for A.P. Møller Holding A/S.  Danske Bank is acting as Financial Advisor to APMH in connection with the offering puchase of all shares (Public to Private) in Svitzer Group.","On the date of the latest calculation, [add date], A.P. Møller Holding owns in excess of 20% of Danske Bank shares. ","A representative of A.P. Møller Holding currently serves on the Board of Directors of Danske Bank A/S and has held a position on the Board since 7 December 2018."]
["C01408","AAK"," "," "," "," "," "," "]
["C01002","ABB"," "," "," "," "," "," "]
["C01771","Addtech"," "," "," "," "," "," "]
["C70435","Admicom","Y"," "," "," "," "," "]
["C01268","AFRY"," "," "," "," "," "," "]
["C70076","Aker"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Bookrunner of a public offer of credit bonds for Aker ASA and has acted as Joint Lead Bookrunner of a public offer of senior unsecured green bond for Aker Horizons ASA."," "," "]
["C01082","Aker BP","Y"," "," ","Within the previous 12 months, Danske Bank has acted as Joint Bookrunner of a public offer of credit bonds for Aker ASA and has acted as Joint Lead Bookrunner of a public offer of senior unsecured green bond for Aker Horizons ASA."," "," "]
["C70554","Aker Horizons","Y"," "," ","Within the previous 12 months, Danske Bank has acted as Joint Bookrunner of a public offer of credit bonds for Aker ASA and has acted as Joint Lead Bookrunner of a public offer of senior unsecured green bond for Aker Horizons ASA."," "," "]
["C01006","Aker Solutions"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Bookrunner of a public offer of credit bonds for Aker ASA and has acted as Joint Lead Bookrunner of a public offer of senior unsecured green bond for Aker Horizons ASA."," "," "]
["C01008","Alfa Laval"," "," "," "," "," "," "]
["C70687","Alleima"," "," "," "," "," "," "]
["C70492","Alligo Group"," "," "," "," "," "," "]
["C01012","Alm. Brand","Y"," "," ","Danske Bank Corporate Finance is acting as Financial Advisor to Alm. Brand in connection with the divestment of the Energy & Marine business. "," "," "]
["C01016","Ambu"," "," ","Y"," "," "," "]
["C70055","Arjo"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager of a public offer of credit bonds for Arjo AB."," "," "]
["C70865","Asker Healthcare"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Bookrunner in connection with the IPO of Asker Healthcare Group AB."," "," "]
["C70833","Asmodee"," "," "," "," "," "," "]
["C01020","Assa Abloy"," "," "," ","Within the previous 12 months, Danske Bank has acted as Sole Lead Manager of a public offer of credit bonds for Assa Abloy AB."," "," "]
["C01022","AstraZeneca"," "," "," "," "," "," "]
["C01026","Atlas Copco"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager of a public offer of credit bonds for Atlas Copco Finance. "," "," "]
["C01855","Austevoll Seafood"," "," "," "," "," "," "]
["C01032","Autoliv"," "," "," "," "," "," "]
["C70394","Avanza"," "," "," "," "," "," "]
["C01034","Axfood"," "," "," "," "," "," "]
["C01853","Bakkafrost"," "," "," "," "," "," "]
["C01648","Balder"," "," "," ","Within the previous 12 months, Danske Bank has acted as Sole Lead Manager of a public offer of credit bonds for Fastighets AB Balder,  as Joint Lead Manager of a public offer of credit bonds for Fastighets AB Balder and as Joint Bookrunner of a public offer of credit bonds for Fastighets AB Balder."," "," "]
["C01036","Bang & Olufsen"," "," "," "," "," "," "]
["C01040","Beijer Alma","Y"," "," "," "," "," "]
["C01772","Beijer Ref"," "," "," "," "," "," "]
["C70124","Bergman & Beving","Y"," "," "," "," "," "]
["C70745","Better Collective"," ","Y","Y"," "," "," "]
["C70568","BHG Group"," "," "," "," "," "," "]
["C01575","Billerud"," "," "," "," "," "," "]
["C70682","Bioretec","Y"," "," ","Within the previous 12 months, Danske Bank has acted as Sole Global Coordinator and Sole Bookrunner on Directed issue, new shares  for Bioretec Oyj (Bioretec LTD)."," "," "]
["C70019","Biotage"," "," "," "," "," "," "]
["C70799","BlueNord"," "," "," "," "," "," "]
["C01652","Boliden"," "," "," "," "," "," "]
["C70742","BONESUPPORT"," "," "," "," "," "," "]
["C60504","Boozt"," "," "," "," "," "," "]
["C70696","Cadeler","Y"," ","Y"," "," "," "]
["C70808","Canatu"," "," "," ","Within the previous 12 months, Danske Bank has acted as Financial Advisor in a transaction for  Canatu Oy."," "," "]
["C01058","Carlsberg"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Bookrunner of a public offer of credit bonds for Carlsberg Breweries A/S."," "," "]
["C01412","Castellum"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager of a public offer of credit bonds for Castellum AB."," "," "]
["C70550","ChemoMetec","Y"," "," "," "," "," "]
["C70480","Cint Group"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Global Coordinators and Joint Bookrunners in the Rights Issue for Cint Group AB."," "," "]
["C01068","Coloplast"," "," "," "," "," "," "]
["C01078","Danske Bank","Y"," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager of a public offer of covered bonds for Danske Bank A/S, as Joint Bookrunner of a public offer of credit bonds for Danske Bank A/S, twice as Joint Lead Manager of a public offer of credit bonds for Danske Bank A/S and has acted as Joint Lead Manager of a public offer of covered bonds for Danske Mortgage Bank Plc."," ","Danske Hypotek is a wholly-owned subsidiary of Danske Bank A/S and was established for the purpose of managing Danske Bank Group’s issuance of covered bonds under the Swedish Covered Bonds Act."]
["C01402","Demant"," "," "," ","Within the previous 12 months, Danske Bank has acted as Finance Provider for Demant A/S in the acquisition of KIND Group."," "," "]
["C70667","Detection Technology"," "," "," "," "," "," "]
["C01084","DFDS"," "," "," "," "," "," "]
["C70640","Digital Workforce","Y"," "," "," "," "," "]
["C70560","Diös Fastigheter"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager of a public offer of credit bonds for Dios Fastigheter and as Sole Lead Manager of a public offer of credit bonds for Diös Fastigheter AB."," "," "]
["C01086","DNB"," "," "," ","Within the previous 12 months, Danske Bank has acted twice as Joint Lead Manager of a public offer of covered bonds for DNB Boligkreditt and as Joint Lead Manager of a public offer of credit bonds for DNB Boligkreditt and  as Sole Lead Manager of a public offer of covered bonds for DNB Boligkreditt."," "," "]
["C70839","DOF Group ASA"," "," "," "," "," "," "]
["C70145","Dometic"," "," "," "," "," "," "]
["C01088","DSV"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Bookrunner of a public offer of credit bonds for DSV Finance B.V. and has acted as part of the syndicated banks financing DSV A/S acquisition of Schenker AG."," "," "]
["C70872","Dynavox"," "," "," "," "," "," "]
["C01094","Electrolux"," "," "," "," "," "," "]
["C01096","Elekta"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager of a public offer of credit bonds for Elekta AB."," "," "]
["C01098","Elisa"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Bookrunner of a public offer of credit bonds for Elisa Oyj. "," "," "]
["C01638","Embla Medical"," "," "," "," "," "," "]
["C70626","Embracer"," "," "," "," "," "," "]
["C70819","Endur"," "," "," ","Within the previous 12 months, Danske Bank has acted as financial advisor to Endúr ASA with regards to a potential equity raise and  has acted as Joint Bookrunners of a Private Placement for Endúr ASA."," "," "]
["C01947","Enento Group"," "," "," "," "," "," "]
["C70756","Envipco Holdings"," "," "," "," "," "," "]
["C70117","Epiroc"," "," "," "," "," "," "]
["C01332","Equinor"," "," "," "," "," "," "]
["C01102","Ericsson"," "," "," "," "," "," "]
["C60513","Essity"," "," "," "," "," "," "]
["C70827","Exel Composites"," ","Y"," "," "," "," "]
["C01416","Fabege"," "," "," "," "," "," "]
["C70803","Fiskars"," "," "," "," "," "," "]
["C01108","FLSmidth & Co","Y"," ","Y"," "," "," "]
["C01112","Fortum"," "," "," ","Danske Bank is acting as Financial Advisor to Fortum in connection with the divestment of the recycling and waste business.","Danske Bank is currently acting as advisor in connection with Fortum’s divestment of its waste & recycling business"," "]
["C70674","F-Secure"," "," "," "," "," "," "]
["C70273","Genovis","Y"," "," "," "," "," "]
["C01120","Getinge"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager of a public offer of credit bonds for Getinge AB."," "," "]
["C01435","Gjensidige"," "," "," "," "," "," "]
["C70266","Glaston"," "," "," "," "," "," "]
["C01122","GN Store Nord","Y"," ","Y"," "," "," "]
["C70398","Gofore","Y"," "," "," "," "," "]
["C01916","Gränges"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager of a public offer of credit bonds for Gränges AB."," "," "]
["C01857","Grieg Seafood"," "," "," "," "," "," "]
["C01126","H+H International"," "," "," "," "," "," "]
["C70103","Harvia","Y"," "," "," "," "," "]
["C01134","Hennes & Mauritz"," "," "," "," "," "," "]
["C01136","Hexagon"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager of a public offer of credit bonds for Hexagon AB."," "," "]
["C02021","Hexagon Composites"," "," "," "," "," "," "]
["C70522","Hexagon Purus"," "," "," "," "," "," "]
["C70578","Hexatronic"," "," "," "," "," "," "]
["C01566","Hexpol"," "," "," "," "," "," "]
["C01056","Hiab"," "," "," ","Within the previous 12 months, Danske Bank has received compensation for investment banking services from Kalmar or one of its affiliates (local Financial Advisor to Cargotec in the demerger and separate listing of Kalmar)."," "," "]
["C60052","HMS Networks"," "," "," "," "," "," "]
["C01579","Holmen"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint  Lead  Manager of a public offer of credit bonds for Holmen AB."," "," "]
["C01418","Hufvudstaden"," "," "," "," "," "," "]
["C01144","Huhtamaki"," "," "," "," "," "," "]
["C70423","HusCompagniet"," ","Y","Y"," "," "," "]
["C01146","Husqvarna"," "," "," "," "," "," "]
["C01152","Industrivärden"," "," "," "," "," "," "]
["C01768","Indutrade"," "," "," "," "," "," "]
["C70378","Instalco"," "," "," "," "," "," "]
["C01154","Investor"," "," "," "," "," "," "]
["C70781","Invisio","Y"," "," "," "," "," "]
["C01156","JM"," "," "," "," "," "," "]
["C01158","Jyske Bank","Y"," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager of a public offer of credit bonds for Jyske Bank and  has acted as Joint Lead Manager of a public offer of covered bonds for Jyske Realkredit A / S"," "," "]
["C70795","Kalmar"," "," "," ","Within the previous 12 months, Danske Bank has received compensation for investment banking services from Kalmar or one of its affiliates (local Financial Advisor to Cargotec in the demerger and separate listing of Kalmar)."," "," "]
["C01901","Kambi"," "," "," "," "," "," "]
["C70329","Kamux","Y"," "," "," "," "," "]
["C01162","Kemira"," "," "," "," "," "," "]
["C70685","Kempower"," "," "," "," "," "," "]
["C01164","Kesko"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager of a public offer of credit bonds for Kesko."," "," "]
["C01751","Kinnevik"," "," "," "," "," "," "]
["C70636","KlaraBo"," "," "," "," "," "," "]
["C70843","Knowit"," "," "," "," "," "," "]
["C60496","Kojamo"," "," "," "," "," "," "]
["C01168","Kone"," "," "," "," "," "," "]
["C01170","Konecranes"," "," "," "," "," "," "]
["C01904","Kongsberg Gruppen"," "," "," "," "," "," "]
["C70482","Kreate Group"," "," "," "," "," "," "]
["C01770","Lagercrantz Group"," "," "," "," "," "," "]
["C70638","Lamor"," "," "," "," "," "," "]
["C70632","Lemonsoft"," "," "," ","Within the previous 12 months, Danske Bank has acted as sole bookrunner in the Reverse Accelerated Book Building for Lemonsoft Oyj  ."," "," "]
["C01849","Lerøy Seafood"," "," "," "," "," "," "]
["C60252","LINK Mobility"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager of a public offer of covered bonds for Link Mobility Group Holding ASA."," "," "]
["C01180","Loomis"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager of a public offer of credit bonds for Loomis AB."," "," "]
["C01182","Lundbeck"," "," "," "," "," "," "]
["C70484","Lyko"," "," "," "," "," "," "]
["C70410","Magnora"," "," "," "," "," "," "]
["C70732","Mandatum"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager of a public offer of credit bonds for Mandatum Life Insurance."," "," "]
["C70734","Marimekko"," "," "," "," "," "," "]
["C01785","Matas"," ","Y","Y"," "," "," "]
["C70406","Medistim","Y"," "," "," "," "," "]
["C01202","Metsä Board"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager of a public offer of credit bonds for Metsa Board Corporation."," "," "]
["C01252","Metso"," "," "," "," "," "," "]
["C70035","Micro Systemation"," "," "," "," "," "," "]
["C70701","MilDef Group"," "," "," "," "," "," "]
["C70624","Mips","Y"," "," "," "," "," "]
["C01194","Modern Times Group"," "," "," "," "," "," "]
["C70604","Modulight"," "," "," "," "," "," "]
["C70659","Momentum Group","Y"," "," "," "," "," "]
["C01836","Mowi"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager of a public offer of credit bonds for Mowi ASA."," "," "]
["C70367","Nanoform","Y"," "," "," "," "," "]
["C70765","NCAB Group"," "," "," "," "," "," "]
["C01204","NCC"," "," "," "," "," "," "]
["C70665","Nel"," "," "," "," "," "," "]
["C01206","Neste"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager of a public offer of credit bonds for Neste Oyi."," "," "]
["C70130","Netcompany","Y"," ","Y","Within the previous 12 months, Danske Bank has acted as financial advisor to Netcompany Group A/S with regards to acquisition of SDC A/S."," "," "]
["C01214","New Wave Group"," "," "," "," "," "," "]
["C01216","NIBE"," "," "," ","Within the previous 12 months, Danske Bank has acted as Arranger and Joint Lead Manager of a public offer of credit bonds for Nibe Industrier AB."," "," "]
["C70015","Nilfisk"," ","Y","Y"," "," "," "]
["C70630","Nivika Fastigheter"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager in High Yield Bonds for Nivika Fastigheter AB."," "," "]
["C01220","NKT","Y"," ","Y"," "," "," "]
["C01944","NNIT","Y"," "," "," "," "," "]
["C01224","Nokia"," "," "," "," "," "," "]
["C01226","Nokian Tyres"," "," ","Y"," "," "," "]
["C01228","Nordea"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Bookrunner of a public offer of credit bonds for Nordea Bank Abp, as Joint Lead Manager of a public offer of credit bonds for Nordea Bank Abp, as Sole Lead Manager of a public offer of credit bonds for Nordea Eiendomskreditt AS, and as Joint Lead Manager of a public offer of covered bonds for Nordea Eiendomskreditt AS and as Sole Lead Manager of a public offer of covered bonds for Nordea Eiendomskreditt AS."," "," "]
["C70305","Nordic Transport Group","Y"," "," "," "," "," "]
["C70615","Nordnet"," "," "," "," "," "," "]
["C01865","Norsk Hydro"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager of a public offer of credit bonds for Norsk Hydro ASA."," "," "]
["C70634","Norva24"," "," "," "," "," "," "]
["C01234","Novo Nordisk"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager of a public offer of credit bonds for Novo Nordisk Finance."," "," "]
["C01236","Novonesis"," "," "," "," "," "," "]
["C70628","Odfjell Technology"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Bookrunner of a public offer of credit bonds for Odfjell Technology Ltd."," "," "]
["C70722","OKEA"," "," "," "," "," "," "]
["C70728","Olvi"," "," "," "," "," "," "]
["C70213","Oma Savings Bank"," "," "," ","Within the previous 12 months, Danske Bank has acted as Sole Lead Manager of a public offer of Covered bonds for Oma Savings Bank,   as Sole Lead Manager of a public offer of credit bonds for Oma Savings Bank Plc and as Joint Lead Manager of a public offer of credit bonds for Oma Savings Bank Plc."," "," "]
["C70661","Oneflow"," "," "," ","Danske Bank acted as Sole Global Coordinator and Bookrunner in connection with the direct share issue of c. SEK 90 million. "," "," "]
["C01248","Orion"," "," "," "," "," "," "]
["C60130","Ørsted"," "," "," "," "," "," "]
["C01250","Outokumpu"," "," ","Y"," "," "," "]
["C01469","Pandora","Y"," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager of a public offer of credit bonds for Pandora A/S."," "," "]
["C70543","Panoro Energy"," "," "," "," "," "," "]
["C60530","Paradox Interactive"," "," "," "," "," "," "]
["C01254","Peab"," "," "," "," "," "," "]
["C01256","Per Aarsleff","Y"," "," "," "," "," "]
["C01976","Pihlajalinna","Y"," "," "," "," "," "]
["C70785","Public Property Invest"," "," "," "," Within the previous 12 months, Danske Bank has acted as Joint Global Coordinators and Joint Bookrunners in the IPO of Public Property Invest AS and has acted as Joint Lead Manager of a public offer of credit bonds for Public Property Invest ASA."," "," "]
["C70566","Puuilo"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Global Coordinator of a Secondary Sell-down (ABB) for Puuilo Oyj."," "," "]
["C70676","Qt Group"," "," "," "," "," "," "]
["C70408","Rejlers"," "," "," "," "," "," "]
["C70670","Relais Group","Y"," "," "," "," "," "]
["C70241","Revenio"," "," "," "," "," "," "]
["C01278","Ringkjøbing Landbobank"," "," "," "," "," "," "]
["C01280","Rockwool"," "," "," "," "," "," "]
["C70863","Röko"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Bookrunner in connection with the IPO of  Röko AB."," "," "]
["C01284","Royal Unibrew","Y"," ","Y"," "," "," "]
["C01286","RTX"," ","Y","Y"," "," "," "]
["C70586","RugVista Group"," "," "," "," "," "," "]
["C70762","Rusta"," "," "," "," "," "," "]
["C70584","RVRC Holding"," "," "," "," "," "," "]
["C01350","SAAB"," "," "," "," "," "," "]
["C01851","SalMar","Y"," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager of a public offer of credit bonds for Salmar ASA."," "," "]
["C01290","Sampo"," "," "," "," "," "," "]
["C01292","Sandvik"," "," "," "," "," "," "]
["C01294","Sanoma"," "," "," ","Within the previous 12 months, Danske Bank has acted as Financial Advisor to Sanoma Oyj in the sale of shares in Netwheels Oyj."," "," "]
["C70849","SATS"," "," "," "," "," "," "]
["C01573","SCA"," "," "," "," "," "," "]
["C01887","Scandi Standard"," "," "," "," "," "," "]
["C70526","Scatec","Y"," "," "," "," "," "]
["C70061","Schouw & Co"," "," "," "," "," "," "]
["C01306","SEB"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager of a public offer of credit bonds for Skandinaviska Enskilda Banken AB."," "," "]
["C60128","Sinch"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager of a public offer of credit bonds for Sinch AB."," "," "]
["C70500","Sitowise Group"," "," "," "," "," "," "]
["C01318","Skanska"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager of a public offer of credit bonds for Skanska Financial Services AB."," "," "]
["C01320","SKF"," "," "," "," "," "," "]
["C01581","Sparebank 1 Sør-Norge"," "," "," ","Within the previous 12 months, Danske Bank has acted as Sole Lead Manager of a public offer of credit bonds for Sparebank 1 Sør-Norge"," "," "]
["C70270","Sparekassen Sjælland-Fyn","Y"," "," "," "," "," "]
["C70797","Spinnova"," "," "," "," "," "," "]
["C01330","SSAB"," "," "," "," "," "," "]
["C01336","Stora Enso"," "," "," "," "," "," "]
["C01874","Storebrand","Y"," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager of a public offer of credit bonds for Storebrand Bank ASA and has acted as Joint Lead Manager of a public offer of credit bonds for Storebrand Livsforsikring AS."," "," "]
["C70487","Storskogen Group"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager of a public offer of High Yield bonds for Storskogen Group AB and as Joint Bookrunner of a public offer of credit bonds for Storskogen Group AB."," "," "]
["C01338","Subsea 7"," "," "," "," "," "," "]
["C70312","Surgical Science"," "," "," "," "," "," "]
["C70770","Sveafastigheter"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Bookrunner in connection with the IPO of Sveafastigheter AB."," "," "]
["C01340","Svenska Handelsbanken"," "," "," "," "," "," "]
["C70223","Sweco"," "," "," "," "," "," "]
["C01344","Swedbank"," "," "," ","Within the previous 12 months, Danske Bank has acted as Sole Lead Manager of a public offer of credit bonds for Swedbank AB.."," "," "]
["C70730","Swedish Logistic Property"," "," "," "," "," "," "]
["C01475","Swedish Orphan Biovitrum"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Lead Manager of a public offer of credit bonds for Swedish Orphan Biovitrum AB"," "," "]
["C01348","Sydbank","Y"," "," "," "," "," "]
["C70617","Synsam"," "," "," "," "," "," "]
["C70053","SyntheticMR"," "," "," "," "," "," "]
["C70281","Talenom"," ","Y"," "," "," "," "]
["C70046","TCM Group"," "," "," "," "," "," "]
["C01354","Tele2"," "," "," "," "," "," "]
["C01358","Telia Company"," "," "," "," "," "," "]
["C70048","Terveystalo"," "," "," "," "," "," "]
["C01360","TGS"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Bookrunner of a public offer of credit bonds for TGS ASA."," "," "]
["C01931","Thule Group"," "," "," "," "," "," "]
["C01364","Tietoevry"," "," "," "," "," "," "]
["C70473","Titania"," "," "," "," "," "," "]
["C60283","Tokmanni"," "," "," "," "," "," "]
["C01368","Tomra Systems"," "," "," "," "," "," "]
["C01378","Trelleborg"," "," "," "," "," "," "]
["C70545","Trifork"," "," "," "," "," "," "]
["C70705","Troax Group"," "," "," "," "," "," "]
["C70825","Truecaller"," "," "," "," "," "," "]
["C70498","Trustpilot"," "," "," "," "," "," "]
["C01380","Tryg"," "," "," "," "," "," "]
["C01384","UPM-Kymmene"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Bookrunner of a public offer of credit bonds for UPM-Kymmene Corporation."," "," "]
["C70740","Vaisala"," "," "," "," "," "," "]
["C01828","Valmet"," "," "," "," "," "," "]
["C70716","Vår Energi"," "," "," "," "," "," "]
["C70372","Verkkokauppa.com"," "," "," "," "," "," "]
["C01390","Vestas Wind Systems","Y"," "," "," "," "," "]
["C70649","Vestum"," "," "," "," "," "," "]
["C70845","Vicore Pharma"," "," "," "," "," "," "]
["C70703","Vitec Software","Y"," "," "," "," "," "]
["C01394","Volvo"," "," "," ","Within the previous 12 months, Danske Bank has as Sole Lead Manager of a public offer of credit bonds for Volvo Treasury AB"," "," "]
["C70063","Wallenstam"," "," "," "," "," "," "]
["C01404","Wärtsilä"," "," "," "," "," "," "]
["C01398","Wihlborgs"," "," "," "," "," "," "]
["C70672","WithSecure"," "," "," "," "," "," "]
["C70001","Xvivo Perfusion"," "," "," "," "," "," "]
["C01623","Yara International"," "," "," ","Within the previous 12 months, Danske Bank has acted as Sole Lead Manager of a public offer of Credit bonds for Yara International ASA."," "," "]
["C01406","YIT"," "," "," ","Within the previous 12 months, Danske Bank has acted as Joint Bookrunner of a public offer of credit bonds for YIT Oyj and has acted as Joint Lead Manager of a public offer of credit bonds for YIT Oyj."," "," "]
["C01447","Zealand Pharma","Y"," "," "," "," "," "]

{"sheet":"Equity Research disc text","index":2,"n_rows":60,"n_cols":1,"rows_kept":60,"cut":false,"hidden":false,"merged":[]}
["Standard disclosure text used in equity research reports"]
["Disclosures "]
["This research report has been prepared by Equity Research, a division of Danske Bank A/S (‘Danske Bank’). The author of this research report is [Analyst(s)]."]
["Analyst certification"]
["Each research analyst responsible for the content of this research report certifies that the views expressed in the research report accurately reflect the research analyst’s personal view about the financial instruments and issuers covered by the research report. Each responsible research analyst further certifies that no part of the compensation of the research analyst was, is or will be, directly or indirectly, related to the specific recommendations expressed in the research report."]
["Regulation"]
["Danske Bank is authorised and regulated by the Danish Financial Services Authority (Finanstilsynet). Danske Bank is authorised by the Prudential Regulation Authority in the UK and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request."]
["Danske Bank’s research reports are prepared in accordance with the recommendations of the Danish Securities Dealers Association."]
["Conflicts of interest"]
["Danske Bank has established procedures to prevent conflicts of interest and to ensure the provision of high-quality research based on research objectivity and independence. These procedures are documented in Danske Bank’s research policies. Employees within Danske Bank’s Research Departments have been instructed that any request that might impair the objectivity and independence of research shall be referred to Research Management and the Compliance Department. Danske Bank’s Research Departments are physically separated from other business areas within Danske Bank and surrounded by arrangements (Chinese Walls) to restrict the flows of sensitive information."]
["Research analysts are remunerated in part based on the overall profitability of Danske Bank, which includes investment banking revenues, but do not receive bonuses or other remuneration linked to specific corporate finance or debt capital transactions."]
["Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from [CompanyName] and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and persons in other departments of Danske Bank with which the relevant analysts have close links are not permitted to invest in 1) financial instruments that are covered by the relevant Equity or Corporate Bonds analyst and 2) the research sector within the geographical area (the Nordics) to which the analyst is linked."]
["Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to [CompanyName] and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding [CompanyName] that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report."]
["Find individual company disclosures from 'Company disclosures' tab"]
["Financial models and/or methodology used in this research report"]
["Recommendations and opinions in this research report are formed on the basis of a combined selection of discounted cash flow analysis, industry knowledge, peer group analysis and company-specific and market technical elements (events affecting both the financial and operational profile of the company). Forecasting of company sales and earnings is based on segmented bottom-up models using subjective views of relevant future market developments. In addition, the expected macroeconomic environment is taken into account. The output is aggregated into models for group profit and loss, balance sheets and cash flow estimates – all taking into account the recent development in historical research reports."]
["More information about the valuation and/or methodology and the underlying assumptions is accessible via www.danskebank.com/equityresearch."]
["Risk warning"]
["Major risks connected with recommendations or opinions in this research report, including a sensitivity analysis of relevant assumptions, are stated throughout the text."]
["Expected updates"]
["This research product will be updated on a semi-annual basis as a minimum."]
["Completion and first dissemination"]
["The completion date and time in this research report mean the date and time when the author hands over the final version of the research report to Danske Bank’s editing function for legal review and editing."]
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["Recommendation structure"]
["The Danske Bank Equity Research recommendation system is absolute. It means that each stock is rated on the basis of a total return, measured by the upside potential (including dividends and capital reimbursement) over a 12-month time horizon."]
["The Danske Bank Equity Research spectrum of recommendations (or ratings) for each stock comprises three categories: Buy, Hold, Sell (in short B, H, S). In specific cases and for a limited period of time, analysts may have to rate stocks as Rating Suspended (RS) or Not Rated (NR), as explained below."]
["Meaning of each rating or recommendation"]
["Buy: we expect the stock to generate a total return of more than 10% over the next 12 months."]
["Hold: we expect the stock to generate a total return of 0% to 10% over the next 12 months."]
["Sell: we expect the stock to generate a total return below 0% over the next 12 months."]
["Rating Suspended: the rating is suspended due to a capital operation (e.g. takeover bid, share issue) where the issuer or a related party of the issuer is or could be involved or to a change of analyst covering the stock."]
["Not Rated:"]
["­    Danske Bank Equity Research produces investment research on Danske Bank but does not have an investment recommendation to buy, hold or sell or any target price on the stock."]
["­    Danske Bank Equity Research has removed the rating for this security due to there being insufficient fundamental basis on which to assess the stock’s total return."]
["­    Danske Bank Equity Research has terminated coverage on a company."]
["Note: Percentages do not take into account Commissioned Research and not rated stocks within the coverage universe"]
["Validity time period"]
["This communication as well as previous communications referred to below are valid until the earlier of (a) dissemination of a superseding communication by the author, or (b) significant changes in circumstances following its dissemination, including events relating to the market or the issuer, which can influence the price of the issuer or financial instrument."]
["Investment recommendations disseminated in the preceding 12-month period"]
["A list of previous investment recommendations disseminated by the lead analyst(s) of this research report in the preceding 12-month period can be found in Danske Banks’ equity research database at http://www.danskebank.com/equityresearch."]
["Other previous investment recommendations disseminated by Danske Bank Equity Research are also available in the database."]
["General disclaimer"]
["This research has been prepared by Danske Bank A/S. It is provided for informational purposes only and should not be considered investment, legal or tax advice. It does not constitute or form part of, and shall under no circumstances be considered as, an offer to sell or a solicitation of an offer to purchase or sell any relevant financial instruments (i.e. financial instruments mentioned herein or other financial instruments of any issuer mentioned herein and/or options, warrants, rights or other interests with respect to any such financial instruments) (‘Relevant Financial Instruments’)."]
["This research report has been prepared independently and solely on the basis of publicly available information that Danske Bank A/S considers to be reliable but Danske Bank A/S has not independently verified the contents hereof. While reasonable care has been taken to ensure that its contents are not untrue or misleading, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or reasonableness of the information, opinions and projections contained in this research report and Danske Bank A/S, its affiliates and subsidiaries accept no liability whatsoever for any direct or consequential loss, including without limitation any loss of profits, arising from reliance on this research report."]
["The opinions expressed herein are the opinions of the research analysts and reflect their opinion as of the date hereof. These opinions are subject to change and Danske Bank A/S does not undertake to notify any recipient of this research report of any such change nor of any other changes related to the information provided in this research report."]
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["Disclaimer related to distribution in the United States"]
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["Danske Bank A/S is not subject to U.S. rules with regard to the preparation of research reports and the independence of research analysts. In addition, the research analysts of Danske Bank A/S who have prepared this research report are not registered or qualified as research analysts with the New York Stock Exchange or Financial Industry Regulatory Authority but satisfy the applicable requirements of a non-U.S. jurisdiction."]
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["Disclaimer related to distribution in the United Kingdom"]
["In the United Kingdom, this document is for distribution only to (I) persons who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the ‘Order’); (II) high net worth entities falling within article 49(2)(a) to (d) of the Order; or (III) persons who are an elective professional client or a per se professional client under Chapter 3 of the FCA Conduct of Business Sourcebook (all such persons together being referred to as ‘Relevant Persons’). In the United Kingdom, this document is directed only at Relevant Persons, and other persons should not act or rely on this document or any of its contents."]
["Disclaimer related to distribution in the European Economic Area"]
["This document is being distributed to and is directed only at persons in member states of the European Economic Area (‘EEA’) who are ‘Qualified Investors’ within the meaning of Article 2(e) of the Prospectus Regulation (Regulation (EU) 2017/1129) (‘Qualified Investors’). Any person in the EEA who receives this document will be deemed to have represented and agreed that it is a Qualified Investor. Any such recipient will also be deemed to have represented and agreed that it has not received this document on behalf of persons in the EEA other than Qualified Investors or persons in the UK and member states (where equivalent legislation exists) for whom the investor has authority to make decisions on a wholly discretionary basis. Danske Bank A/S will rely on the truth and accuracy of the foregoing representations and agreements. Any person in the EEA who is not a Qualified Investor should not act or rely on this document or any of its contents."]
[]
["Report completed: [applicable date] at [applicable time] CET"]
["Report disseminated:  [applicable date] at [applicable time] CET"]

{"sheet":"Commissioned Research disc text","index":3,"n_rows":45,"n_cols":3,"rows_kept":45,"cut":false,"hidden":false,"merged":[[4,2,14,2]]}
["Standard disclosure text used in commssioned research reports"]
["Commissioned Research is NOT FOR DISTRIBUTION INTO THE US"]
["Disclosures",null,"The following companies are part of the"]
["This commissioned research report has been prepared by Equity Research, a division of Danske Bank A/S (‘Danske Bank’). The author of this research report is [analyst name].",null," commissioned research covearge universe:"]
["This commissioned research report should be considered marketing material, as it has been requested and paid for by [COMPANY NAME] and has therefore not been prepared in accordance with the legal requirements designed to promote the independence of investment research. However, the report is still subject to prohibition on dealing ahead of the dissemination of the report.",null,"Bioretec\nExel Composites\nFiskars\nGlaston\nKreate Group\nLamor\nOma Savings Bank\nPharma Equity Group\nPihlajalinna\nRTX\nSparekassen Sjælland-Fyn\nSpinnova\nTalenom\nVerkkokauppa.com"]
["Analyst certification"]
["Each research analyst responsible for the content of this commissioned research report certifies that the views expressed in the research report accurately reflect the research analyst’s personal view about the financial instruments and issuers covered by the research report. "]
["Regulation"]
["Danske Bank is authorised and regulated by the Danish Financial Services Authority (Finanstilsynet). Danske Bank is authorised by the Prudential Regulation Authority in the UK and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request."]
["Danske Bank’s commissioned research reports are prepared in accordance with the recommendations of Capital Market Denmark."]
["Conflicts of interest"]
["Danske Bank has established procedures to prevent conflicts of interest and to ensure the provision of high-quality research based on research objectivity and independence from outside influences. These procedures are documented in Danske Bank’s research policies. Employees within Danske Bank’s Research Departments have been instructed that any request that might impair the objectivity of research and independence from outside influence of research shall be referred to Research Management and the Compliance Department. Danske Bank’s Research Departments are physically separated from other business areas within Danske Bank and surrounded by arrangements (Chinese Walls) to restrict the flows of sensitive information."]
["Research analysts are remunerated in part based on the overall profitability of Danske Bank, which includes investment banking revenues, but do not receive bonuses or other remuneration linked to specific corporate finance or debt capital transactions."]
["Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from [COMPANY NAME] and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and persons in other departments of Danske Bank with which the relevant analysts have close links are not permitted to invest in 1) financial instruments that are covered by the relevant Equity or Corporate Bonds analyst and 2) the research sector within the geographical area (the Nordics) to which the analyst is linked."]
["Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to [COMPANY NAME] and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding [COMPANY NAME] that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report."]
["Find individual company disclosures from 'Company disclosures' tab"]
["Danske Bank is a market maker and a liquidity provider and may hold positions in the financial instruments of the issuer(s) mentioned in this research report."]
["Parts/No Parts of this research report have been disclosed to [COMPANY NAME] for factual check."]
["As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to [COMPANY NAME] in the next three months."]
["Financial models and/or methodology used in this research report"]
["Investment views and opinions in this research report are formed on the basis of a combined selection of discounted cash flow analysis, industry knowledge, peer group analysis and company-specific and market technical elements (events affecting both the financial and operational profile of the company). Forecasting of company sales and earnings is based on segmented bottom-up models using subjective views of relevant future market developments. In addition, the expected macroeconomic environment is taken into account. The output is aggregated into models for group profit and loss, balance sheets and cash flow estimates – all taking into account the recent development in historical research reports."]
["More information about the valuation and/or methodology and the underlying assumptions is accessible via www.danskebank.com/equityresearch."]
["Risk warning"]
["Major risks connected with investment views or opinions in this research report, including a sensitivity analysis of relevant assumptions, are stated throughout the text."]
["Expected updates"]
["This research product will be updated on a semi-annual basis as a minimum."]
["Completion and first dissemination"]
["The completion date and time in this research report mean the date and time when the author hands over the final version of the research report to Danske Bank’s editing function for legal review and editing."]
["The date and time of first dissemination mean the date and estimated time of the first dissemination of this research report. The estimated time may deviate up to 15 minutes from the effective dissemination time due to technical limitations."]
["See the back page of this research report for the date and time of first dissemination."]
["Recommendation structure"]
["This report does not have a target price or a buy/sell recommendation but it does include a valuation discussion and a suggested valuation range."]
["Validity time period"]
["This communication as well as previous communications referred to below are valid until the earlier of (a) dissemination of a superseding communication by the author, or (b) significant changes in circumstances following its dissemination, including events relating to the market or the issuer, which can influence the price of the issuer or financial instrument."]
[]
["General disclaimer"]
["This commissioned research report has been prepared by Danske Bank A/S. It is provided for informational purposes only and should not be considered investment, legal or tax advice. It does not constitute or form part of, and shall under no circumstances be considered as, an offer to sell or a solicitation of an offer to purchase or sell any relevant financial instruments (i.e. financial instruments mentioned herein or other financial instruments of any issuer mentioned herein and/or options, warrants, rights or other interests with respect to any such financial instruments) (‘Relevant Financial Instruments’)."]
["This commissioned research report has been prepared independently and solely on the basis of publicly available information that Danske Bank A/S considers to be reliable but Danske Bank A/S has not independently verified the contents hereof. While reasonable care has been taken to ensure that its contents are not untrue or misleading, no representation or warranty, express or implied, is made as to and no reliance should be placed on the fairness, accuracy, completeness or reasonableness of the information, opinions and projections contained in this commissioned research report and Danske Bank A/S, its affiliates and subsidiaries accept no liability whatsoever for any direct or consequential loss, including without limitation any loss of profits, arising from reliance on this commissioned research report."]
["The opinions expressed herein are the opinions of the research analysts and reflect their opinion as of the date hereof. These opinions are subject to change and Danske Bank A/S does not undertake to notify any recipient of this research report of any such change nor of any other changes related to the information provided in this commissioned research report."]
["This commissioned research is not intended for, and may not be redistributed to, retail customers in the United Kingdom and may under no circumstances be distributed in the United States."]
["This research report is protected by copyright and is intended solely for the designated addressee. It may not be reproduced or distributed, in whole or in part, by any recipient for any purpose without Danske Bank A/S’s prior written consent."]
["Disclaimer related to distribution in the United Kingdom"]
["In the United Kingdom, this document is for distribution only to (I) persons who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the ‘Order’); (II) high net worth entities falling within article 49(2)(a) to (d) of the Order; or (III) persons who are an elective professional client or a per se professional client under Chapter 3 of the FCA Conduct of Business Sourcebook (all such persons together being referred to as ‘Relevant Persons’). In the United Kingdom, this document is directed only at Relevant Persons, and other persons should not act or rely on this document or any of its contents."]
["Disclaimer related to distribution in the European Economic Area"]
["This document is being distributed to and is directed only at persons in member states of the European Economic Area (‘EEA’) who are ‘Qualified Investors’ within the meaning of Article 2(e) of the Prospectus Regulation (Regulation (EU) 2017/1129) (‘Qualified Investors’). Any person in the EEA who receives this document will be deemed to have represented and agreed that it is a Qualified Investor. Any such recipient will also be deemed to have represented and agreed that it has not received this document on behalf of persons in the EEA other than Qualified Investors or persons in the UK and member states (where equivalent legislation exists) for whom the investor has authority to make decisions on a wholly discretionary basis. Danske Bank A/S will rely on the truth and accuracy of the foregoing representations and agreements. Any person in the EEA who is not a Qualified Investor should not act or rely on this document or any of its contents."]

{"sheet":"Danske Bank self research disc","index":4,"n_rows":56,"n_cols":1,"rows_kept":56,"cut":false,"hidden":false,"merged":[]}
["Standard disclosure and disclaimer text used in Danske Bank self research reports"]
["Danske Bank self research: MAY NOT BE DISTRIBUTED IN THE UNITED STATES, CANADA OR SINGAPORE"]
["We do not  have recommendation or target price for Danske Bank self research."]
["Each research analyst responsible for the content of this research report certifies that the views expressed in the research report accurately reflect the research analyst’s personal view about the financial instruments and issuers covered by the research report. Each responsible research analyst further certifies that no part of the compensation of the research analyst was, is or will be, directly or indirectly, related to the specific recommendations expressed in the research report."]
["Regulation"]
["Danske Bank A/S is authorised and regulated by the Danish Financial Services Authority (Finanstilsynet). Danske Bank A/S is authorised by the Prudential Regulation Authority in the UK and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request."]
["Danske Bank’s research reports are prepared in accordance with the recommendations of Capital Market Denmark."]
["Conflicts of interest"]
["Danske Bank A/S has established procedures to prevent conflicts of interest and to ensure the provision of high-quality research based on research objectivity and independence. These procedures are documented in Danske Bank’s research policies. Employees within Danske Bank’s Research Departments have been instructed that any request that might impair the objectivity and independence of research shall be referred to Research Management and the Compliance Department. Danske Bank’s Research Departments are physically separated from other business areas within Danske Bank A/S and surrounded by arrangements (Information Barriers) to restrict the flow of sensitive information."]
["Research analysts are remunerated in part based on the overall profitability of Danske Bank A/S, which includes investment banking revenues, but do not receive bonuses or other remuneration linked to specific corporate finance or equity/debt capital transactions."]
["Danske Bank A/S, its affiliates, subsidiaries and staff may perform services for or solicit business on behalf of Danske Bank A/S and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The analyst of Equity Research and persons in other departments of Danske Bank A/S with which the relevant analysts have close links are not permitted to invest in 1) financial instruments that are covered by the relevant Equity Research analyst and 2) the research sector within the geographical area (the Nordics) to which the Equity Research analyst is linked."]
["Danske Bank A/S, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial activities and have whatever rights as are available to a creditor or debtor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank A/S’ affiliates, subsidiaries, departments and staff members may have credit or other information regarding Danske Bank A/S that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report."]
["Find specific company disclosures from 'Company disclosures' tab"]
["Danske Bank A/S is a market maker and a liquidity provider and may hold positions in the financial instruments of the issuer(s) mentioned in this research report."]
["No parts of this research report, no opinions or recommendations have been disclosed to other business departments or staff members outside Equity Research within Danske Bank A/S except for the Compliance Department, and no amendments have accordingly been made to the same before dissemination of the research report."]
["Financial models and/or methodology used in this research report"]
["Recommendations and opinions in this research report are formed on the basis of a combined selection of discounted cash flow analysis, industry knowledge, peer group analysis and company-specific and market technical elements (events affecting both the financial and operational profile of the company). Forecasting of company sales and earnings is based on segmented bottom-up models using subjective views of relevant future market developments. In addition, the expected macroeconomic environment is taken into account. The output is aggregated into models for group profit and loss, balance sheets and cash flow estimates – all taking into account the recent development in historical research reports."]
["More information about the valuation and/or methodology and the underlying assumptions is accessible via www.danskebank.com/equityresearch."]
["Risk warning"]
["Major risks connected with recommendations or opinions in this research report, including a sensitivity analysis of relevant assumptions, are stated throughout the text."]
["Expected updates"]
["This research product will be updated on a semi-annual basis as a minimum."]
["Completion and first dissemination"]
["The completion date and time in this research report mean the date and time when the author hands over the final version of the research report to Danske Bank’s editing function for legal review and editing."]
["The date and time of first dissemination mean the date and estimated time of the first dissemination of this research report. The estimated time may deviate up to 15 minutes from the effective dissemination time due to technical limitations."]
["See the back page of this research report for the date and time of first dissemination."]
["Recommendation structure"]
["The Danske Bank Equity Research recommendation system is absolute. It means that each stock is rated on the basis of a total return, measured by the upside potential (including dividends and capital reimbursement) over a 12-month time horizon."]
["The Danske Bank Equity Research spectrum of recommendations (or ratings) for each stock comprises three categories: Buy, Hold, Sell (in short B, H, S). In specific cases and for a limited period of time, analysts may have to rate stocks as Rating Suspended (RS) or Not Rated (NR), as explained below."]
["Meaning of each rating or recommendation"]
["Buy: we expect the stock to generate a total return of more than 10% over the next 12 months."]
["Hold: we expect the stock to generate a total return of 0% to 10% over the next 12 months."]
["Sell: we expect the stock to generate a total return below 0% over the next 12 months."]
["Rating Suspended: the rating is suspended due to a capital operation (e.g. takeover bid, share issue) where the issuer or a related party of the issuer is or could be involved or to a change of analyst covering the stock."]
["Not Rated:"]
["­    Danske Bank Equity Research produces investment research on Danske Bank but does not have an investment recommendation to buy, hold or sell or any target price on the stock."]
["­    Danske Bank Equity Research has removed the rating for this security due to there being insufficient fundamental basis on which to assess the stock’s total return."]
["­    Danske Bank Equity Research has terminated coverage on a company."]
["Note: Percentages do not take into account Commissioned Research and not rated stocks within the coverage universe"]
["Validity time period"]
["This communication as well as previous communications referred to below are valid until the earlier of (a) dissemination of a superseding communication by the author, or (b) significant changes in circumstances following its dissemination, including events relating to the market or the issuer, which can influence the price of the issuer or financial instrument."]
["Investment recommendations disseminated in the preceding 12-month period"]
["A list of previous investment recommendations disseminated by the lead analyst(s) of this research report in the preceding 12-month period can be found in Danske Banks’ equity research database at http://www.danskebank.com/equityresearch."]
["Other previous investment recommendations disseminated by Danske Bank Equity Research are also available in the database."]
["General disclaimer"]
["This research has been prepared by Danske Bank A/S. It is provided for informational purposes only and should not be considered investment, legal or tax advice. It does not constitute or form part of, and shall under no circumstances be considered as, an offer to sell or a solicitation of an offer to purchase or sell any relevant financial instruments (i.e. financial instruments mentioned herein or other financial instruments of any issuer mentioned herein and/or options, warrants, rights or other interests with respect to any such financial instruments) (‘Relevant Financial Instruments’)."]
["This research report has been prepared independently and solely on the basis of publicly available information that Danske Bank Equity Research considers to be reliable but Danske Bank Equity Research has not independently verified the contents hereof. While reasonable care has been taken to ensure that its contents are not untrue or misleading, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or reasonableness of the information, opinions and projections contained in this research report and Danske Bank A/S, its affiliates and subsidiaries accept no liability whatsoever for any direct or consequential loss, including without limitation any loss of profits, arising from reliance on this research report."]
["The opinions expressed herein are the opinions of the research analysts and reflect their opinion as of the date hereof. These opinions are subject to change and Danske Bank A/S does not undertake to notify any recipient of this research report of any such change nor of any other changes related to the information provided in this research report."]
["This research report is not intended for, and may not be redistributed to, retail customers in the United Kingdom (see separate disclaimer below) and retail customers in the European Economic Area as defined by Directive 2014/65/EU."]
["This research report is protected by copyright and is intended solely for the designated addressee. It may not be reproduced or distributed, in whole or in part, by any recipient for any purpose without Danske Bank A/S’s prior written consent."]
["Danske Bank A/S is not subject to U.S. rules with regard to the preparation of research reports and the independence of research analysts. In addition, the research analysts of Danske Bank A/S who have prepared this research report are not registered or qualified as research analysts with the New York Stock Exchange or Financial Industry Regulatory Authority but satisfy the applicable requirements of a non-U.S. jurisdiction."]
["Any U.S. investor recipient of this research report who wishes to purchase or sell any Relevant Financial Instrument may do so only by contacting Danske Markets Inc. directly and should be aware that investing in non-U.S. financial instruments may entail certain risks. Financial instruments of non-U.S. issuers may not be registered with the U.S. Securities and Exchange Commission and may not be subject to the reporting and auditing standards of the U.S. Securities and Exchange Commission."]
["Disclaimer related to distribution in the United Kingdom"]
["In the United Kingdom, this document is for distribution only to (I) persons who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the ‘Order’); (II) high net worth entities falling within article 49(2)(a) to (d) of the Order; or (III) persons who are an elective professional client or a per se professional client under Chapter 3 of the FCA Conduct of Business Sourcebook (all such persons together being referred to as ‘Relevant Persons’). In the United Kingdom, this document is directed only at Relevant Persons, and other persons should not act or rely on this document or any of its contents."]
["Disclaimer related to distribution in the European Economic Area"]
["This document is being distributed to and is directed only at persons in member states of the European Economic Area (‘EEA’) who are ‘Qualified Investors’ within the meaning of Article 2(e) of the Prospectus Regulation (Regulation (EU) 2017/1129) (‘Qualified Investors’). Any person in the EEA who receives this document will be deemed to have represented and agreed that it is a Qualified Investor. Any such recipient will also be deemed to have represented and agreed that it has not received this document on behalf of persons in the EEA other than Qualified Investors or persons in the UK and member states (where equivalent legislation exists) for whom the investor has authority to make decisions on a wholly discretionary basis. Danske Bank A/S will rely on the truth and accuracy of the foregoing representations and agreements. Any person in the EEA who is not a Qualified Investor should not act or rely on this document or any of its contents."]