Faurecia. Fair Value EUR62 vs. EUR57 (price EUR60.51) NEUTRAL vs. BUY. An impressive year so far: To date, the new management team has delivered

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1 INDEPENDENT RESEARCH 27th October 2017 Automotive Faurecia The rerating effect is not enough anymore! Fair Value EUR62 vs. EUR57 (price EUR60.51) NEUTRAL vs. BUY Bloomberg Reuters EO FP EPED.PA 12-month High / Low (EUR) 62.3 / 30.7 Market capitalisation (EURm) 8,353 Enterprise Value (BG estimates EURm) 9,828 Avg. 6m daily volume ('000 shares) Free Float 48.5% 3y EPS CAGR 21.5% Gearing (12/16) 11% Dividend yields (12/17e) 2.04% YE December 12/16 12/17e 12/18e 12/19e Revenue (EURm) 18,711 16,611 17,752 18,757 EBIT(EURm) ,142 1,296 1,420 Basic EPS (EUR) Diluted EPS (EUR) EV/Sales 0.51x 0.59x 0.53x 0.49x EV/EBITDA 5.8x 5.3x 4.4x 3.9x EV/EBIT 9.8x 8.6x 7.3x 6.4x P/E 18.6x 13.7x 11.6x 10.4x ROCE /04/16 26/07/16 26/10/16 26/01/17 26/04/17 26/07/17 26/10/17 FAURECIA SXX EUROPE 600 Previously seen as a non-strategic automotive supplier with investors affording the new management team with its strategy of increasing margins closer to those of the peers and competitors little credit, the recent impressive share price performance has prompted a change of heart. While, in our view, this change is not a surprise, it has nonetheless driven the share price to new highs, leaving little upside for new investors. While some catalysts may continue to support outperf. vs. peers in the short term, we assume it is now time to start taking profits. We downgrade our Rating from Buy to Neutral given the limited upside left we have on last share price. An impressive year so far: To date, the new management team has delivered on its promises. Since the arrival of Patrick Koller as the group s CEO in 2016, the sales growth and margin targets have been respected. The transformation of the group, initiated during the Delabrière era, has forged ahead. Recent 2017 guidance upgrade on sales and margin drove the share to a record high of on October 11, helped by a powerful rerating effect. We still see a favourable EPS adjustment over the short term: While we assume consensus is well positioned on 2017 earnings 4.46 vs for BG), we believe that it is still some 3-4% short on 2018e EPS at We anticipate an upgrade to the group s 2018 Ambition target, notably on the back of the margin (>7% vs. 7% today), our forecast standing some 5% above group s current ambition (BG at 5.24 vs. ambition at 5). As well as positive potential catalysts: 1/more aggressive 2018 financial targets than previously announced by the group during its strategic program unveiled in April /a potential M&A announcement aimed at transforming the group into a new automotive business (potential 6/share positive impact on our new FV) and 3/possible placement by PSA (albeit limited impact on Faurecia s valuation) of its 47% stake in Faurecia. We nonetheless have difficulty in finding any upside so downgrade our rating: In our view, the substantial rerating effect seen over the past 18 months, linked to the group s transformation into a structure generating higher growth potential and higher margins, is coming to an end, as with Valeo (Sell, 57) and Plastic Omnium (Neutral, 38). Although our FV is increased from Analyst: Xavier Caroen 33(0) xcaroen@bryangarnier.com Research Assistant: Jean-David Bruwier r r

2 ,00 5,00 4,00 3,00 2,00 1,00 0,00 Sales Restated EPS EBITDA Pay-out Company description Faurecia is a France-based automotive equipment supplier. The Company is active in three key business areas: Automotive Seating, Interior Systems and Emissions Control Technologies. The group designs and manufactures instrument panels, and center consoles providing comfort, perceived quality, safety and weight reduction. It also designs vehicle interiors for peak acoustic performance. The Company produces seat components as frames, adjustment mechanisms, foam, covers and others. It is also involved in the emissions control with the acquisition of Emcon Technologies, the group takes care of vehicles' environmental performance against the backdrop of ever stricter legislation. Faurecia SA creates seat blueprints and designs solutions combining safety, new functionalities and weight reduction. 0 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Simplified Profit & Loss Account (EURm) e 2018e 2019e Revenues 18,829 18,770 18,711 16,611 17,752 18,757 Change (%) 4.4% -0.3% -0.3% -11.2% 6.9% 5.7% Adjusted EBITDA 1,232 1,442 1,630 1,837 2,143 2,314 EBIT ,142 1,296 1,420 Change (%) 25.1% 23.3% 16.9% 17.7% 13.4% 9.6% Financial results (244) (207) (162) (146) (128) (126) Pre-Tax profits ,129 1,257 Exceptional (81.2) (65.3) (106) (60.0) (70.0) (70.0) Tax (115) (186) (189) (272) (318) (355) Profits from associates Minority interests (63.2) (74.1) (83.0) (87.2) (91.9) (97.0) Net profit Restated net profit Change (%) 89.2% 124% 17.8% 38.8% 18.3% 12.0% Cash Flow Statement (EURm) Operating cash flows 1,037 1,249 1,297 1,558 1,631 1,753 Change in working capital 263 (932) Capex, net (932) (932) (1,045) (1,191) (1,231) (1,287) Financial investments, net (33.3) (30.9) Dividends (57.0) (77.3) (88.8) (124) (169) (200) Other 300 (294) 467 (289) Net debt 1, (122) Free Cash flow Balance Sheet (EURm) Tangible fixed assets 2,230 2,247 2,468 3,029 3,207 3,387 Intangibles assets ,108 1,336 1,540 1,753 Cash & equivalents 1, ,562 1,517 1,754 2,028 current assets 4,284 4,312 5,177 5,883 6,345 6,821 Other assets (190) Total assets 9,100 9,153 10,544 12,053 12,916 13,799 L & ST Debt 2,412 1,885 1,906 1,906 1,906 1,906 Others liabilities 4,812 4,896 5,481 6,515 6,835 7,119 Shareholders' funds 1,717 2,398 2,942 3,374 3,870 4,420 Total Liabilities 9,100 9,390 10,544 12,053 12,916 13,799 Capital employed 4,543 4,548 4,983 5,739 6,104 6,480 Ratios Operating margin Tax rate Net margin ROE (after tax) ROCE (after tax) Gearing (2.56) Pay-out ratio Number of shares, diluted Data per Share (EUR) EPS Restated EPS % change 78.8% 98.1% 25.1% 35.2% 18.3% 12.0% EPS bef. GDW BVPS Operating cash flows FCF Net dividend Source: Company Data; Bryan, Garnier & Co ests. 2

3 Investment Case The reason for writing now We are revisiting the investment case following the group s Q3-17 sales report and, most importantly, following the impressive YTD share price performance relative to the automotive sector (+61% vs. +9.8% respectively). The stock has risen by 64% since our initiation of coverage back in September 2016 thanks to both favourable earnings adjustments and a rerating effect. We now find it difficult to identify any compelling upside. Valuation Our Faurecia valuation continues to use the multiple (EV/sales, EV/EBIT, P/E) and DCF-based methodologies. Since our initiation of coverage, we have increased our EV/sales and P/E valuation multiples several times (from 35% and 13x respectively back in Sept to 65% and 13.5x currently). In this report, we increase our FV from 57 to 62/share, the latter pointing to less than 5% upside. We are therefore downgrade the stock from Buy to Neutral. te that, since October 16, our FV on Faurecia has been Under Review. Catalysts M&A deals, 2018 ambition targets upward revision in February Difference from consensus We are in line with the consensus on 2017 earnings but are 5% above on 2018e earnings and 11% on 2019e earnings. Risks to our investment case Possible announcements on potential M&A deals could affect our rating as well as any placement from the Peugeot family reducing its stake in Faurecia. A stronger-than-expected downturn in the rth American automotive market could also pose a risk to the investment case given the company s significant sales exposure to this market (23%). 3

4 Table of contents Investment Case An impressive year so far Further favourable adjustments to the consensus? Potential for positive short-term catalysts More aggressive 2018 targets to be unveiled on February 16? Possible M&A announcement? Potential disposal from Peugeot? However, valuation wise we doubt Faurecia has more to offer in the short term We downgrade our rating to Neutral, while revising up our FV to Price Chart and Rating History Bryan Garnier stock rating system

5 1. An impressive year so far To date, the new management team has delivered on its promises. The appointment of Patrick Koller as the group s new CEO in July 2016 was accompanied by the announcement of a new strategic plan aiming at returning the group s margin closer to those of its peers (6%-7%) while continuing to outperform the global market by several pp. While Yann Delabrière (CEO of the group between 2008 and 2016) had managed to steer the group safely through the financial crisis and negotiated the disposal of FAE to Plastic Omnium, allowing Patrick Koller to inherit a brand-new Faurecia, the latter nonetheless unveiled an even more aggressive set of financial targets to the financial community. The strategic plan, unveiled in April, 19 th, aims to drive the group s profitability to new highs, while continuing to outperform the global automotive market by 400bp. After the first and second phases (margin recovery and disposal of non-core assets) engineered by Yann Delabrière, this is the third phase. To date, this third phase appears to be well on track with the group having generated 4.3% LfL sales growth on value-added sales while increasing its EBIT margin by 80bp to 6.2% (on value-added sales) in Over first six months of 2017, Faurecia continued to perform better than the market and its peers, posting 8.5% H1 LfL sales growth while further raising its margin by 60bp to 6.8% on valueadded sales thanks, notably, to an improvement in the gross margin and strict control over R&D expenses. This strong start to the year effectively obliged management to revise up its annual guidance on both sales and margin by respectively 100bp (from a+6% LfL sales growth target to +7% for 2017) and 20bp (from a 6.4%-6.8% margin on value-added sales to 6.6%-7%) during the H1-17 earnings report on July 21. Faurecia was the only automotive stock under our coverage to revise up its annual targets at the first half stage. This solid start to the year was welcomed by investors, driving the stock to a new record high of 62.25/share (closing price) on October 11, reflecting a +61% YTD performance after a flat performance in % of the share price performance was driven by increase in EPS and 40% by rerating in P/E used by investors. Fig. 1: A strong start of the year, from both an operational and a market perspective Faurecia EBIT margin trend since 2013 Faurecia YTD share price performance vs. peers (rebased 100) 8,0% 7,0% 6,0% 5,0% 4,0% 3,0% 2,0% 1,0% 0,0% H1-16 H2-16 H1-17 % of sales - BG def. % of sales - Value added sales (Faurecia def.) Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Faurecia Hella Plastic Omnium Valeo Source: Faurecia; Bryan, Garnier & Co ests. 5

6 2. Further favourable adjustments to the consensus? We see the consensus as fairly well positioned on 2017 earnings with an EPS forecast of 4.46 vs. the current guidance at > 4/share (BG at 4.43e). This implies 36% growth relative to last year and 47% growth compared with restated 2015 EPS of 3/share whereas the automotive market (in volumes) grew by only 7% in volume terms over the same period. However, in our view, the consensus remains too cautious on 2018 and 2019 estimates with respective EPS of 5.08e and 5.50e, while the group s current ambition is to reach 5 per share by 2018 (note that this is not the official guidance). The group s recent 2017 sales and EBIT margin upgrades during the H1-17 earnings report combined with still-solid sales growth observed during the third quarter, makes us believe that management could revise up its 2018 targets. te that, the group currently aims to post LfL sales growth some 400bp above the market growth while generating a 7% EBIT margin (on value-added sales) and 5 per share by Bryan Garnier forecasts are in line with the group s sales target as we currently factor 6% LfL sales growth into our Faurecia model for the 2018 fiscal year, yet are more optimistic on the 2018 EBIT margin which stands at 7.3%. We thus assume that Faurecia could unveil a 7%-7.5% EBIT margin target for 2018 vs. its previous 7% ambition. This upgrade could lead to a 3%-4% upwards revision to the 2018e consensus EPS in the short term, only. Fig. 2: We remain 5%-6% above the EPS consensus for 2018e Faurecia 2018e EPS BG vs. consensus ( /sh) 5,5 BGe Latest cons. 5 4,5 4 3,5 3 6,5 6 5,5 5 4,5 4 3,5 3 Faurecia 2019e EPS BG vs. consensus ( /sh) Latest cons. BGe Source: Company Data; Bryan, Garnier & Co ests. 6

7 3. Potential for positive short-term catalysts 3.1. More aggressive 2018 targets to be unveiled on February 16? As argued above, in the short term, we see room for the management to unveil more aggressive 2018 margin targets compared with the current 2018 ambition margin during its 2017 earnings presentation next February. Given that Faurecia will almost certainly be the only stock in BG s Automotive & Parts universe to make an upwards revision to its short-term margin/profit targets, we would not be surprised to see a positive market reaction to the 2017 earnings report Possible M&A announcement? The stock could also be impacted by a favourable catalyst on the M&A side given that management has already mentioned, on several occasions, that it is ready to make major strategic acquisitions either to 1/ reinforce its positioning in the three existing businesses (emission control, seating and interior parts), or 2/ develop a fourth line of business. further details have been given on the potential size of the target although the CEO has mentioned that the company would require a tech advantage/value added. Remember that, following the disposal of FAE to Plastic Omnium in 2016, the group received EUR665m in cash to the benefit of net debt reduction. At end H1 2017, Faurecia reported net debt of EUR414m and we expect this to fall further to EUR161m by the year-end thanks to solid FCF generation (5.5% gearing). Based on our assumptions and on the group s target of maintaining its net debt/ebitda ratio at close to 1.0x, we calculate maximum financial leeway of EUR bn. The group could cash out up to EUR2bn assuming the targeted leverage ratio is temporarily exceeded (1.5/1.7x). Based on the valuation metrics for automotive suppliers (60%-80% EV/sales), we see Faurecia potentially purchasing auto targets amounting to up to EUR2.2-3bn in sales but, based on semiconductor group multiples/technologies (3x EV/sales FY1), the targets would be limited to EUR600m of potential sales. Faurecia's difficulty will be in identifying a perfect target within a context of high multiples and a high level of cash inflows from private/public companies/funds in the sector. te that, back in 2016, the group had already indicated that it had encountered difficulty in finding potential targets when acquiring Parrot, the French tech company specialised in the design and development of infotainment products for PC. We expect the group to focus its research efforts on tech companies with expertise in the cockpit of the future and in connected/infotainment applications, or on companies exposed to clean technologies. Any new deal announcement from the group could therefore have a positive impact on the share price in the short term. Based on our initial assumptions outlined above (EUR bn sales for the potential target, a 7% EBIT margin and an acquisition price of EUR1.9bn) we estimate a potential >14% impact to our 2019e EPS and a 6/share impact on our new FV (+10%). This would imply only 14% upside relative to current share price levels. 7

8 3.3. Potential disposal from Peugeot? Faurecia is no longer seen as a core business for Peugeot but this is by no means new news. While the automotive supplier has made a positive contribution to the Peugeot group s margin improvement in recent years, this was no longer the case in 2016 and H1-17 due, notably, to the impressive margin growth generated by Peugeot s Automotive business in recent years, particularly since the arrival of Carlos Tavarez. While the accretive effect from Faurecia to the PSA entity s metrics will be reinstated during H2-17 and beyond, as the automotive business s margin is diluted by the integration of Opel (through to at least 2026 if we integrate the PSA/Opel targets), we see the timing of a placement from Peugeot as well-nigh perfect: 1/PSA needs cash to finance both restructuring at Opel (potential site closures in Germany or the UK) and support higher R&D spending to adapt to market transformations (electrification and developing self-driving vehicles) within the context of a market slowdown in Europe and China, the two biggest sources of volumes for the group; and 2/Faurecia s share price is currently trading close to its all-time high of > 60/share. At current share price levels, Faurecia now accounts for EUR3.8bn of PSA s SOTP or around EUR4.3 per Peugeot share (<21% of Peugeot s latest share price). The current yield on this asset is 2.6% (calculated on latest MV of Faurecia). This amount represents approximatively one year of capex and capitalized R&D for the group, excluding Faurecia s own investments. While selling Peugeot s entire stake in Faurecia (46.7%) in the market could prove complex, in our view Peugeot s exit from Faurecia could potentially take place via a larger-than-anticipated acquisition that would require the issuance of Faurecia shares to raise part of the financing needed to acquire the potential target. While it is hard to estimate the real impact of a total exit by Peugeot on Faurecia s share price and valuation given that the stock has already enjoyed a significant rerating, we do see this proving positive as it would reduce the stock s liquidity/free float discount while making it more attractive/less risky for non-french investors who are less familiar with the investment case and have continued to view Faurecia as closely linked to PSA even though the latter has no longer been its number one customer since It is worth noting that at current share price levels, Peugeot s stake in Faurecia represents 21% of PSA s market value, which is 7pp above the 17-year historical average, and 50% below the high observed in 2013 when PSA was looking for cash from new investors. 8

9 Fig. 3: Peugeot is no longer Faurecia s largest client PSA group is now Faurecia s no.3 client % % % % 10% % % VW PSA Ford Source: Faurecia, Peugeot, Bryan, Garnier & Co ests. Fig. 4: The perfect time to sell its stake in Faurecia? EV/Sales FY1 trend since Oct. 11 Faurecia MV trend since 2000 ( m) 50% % % % % % % % % % % 0 Oct-00 Oct-01 Oct-02 Oct-03 Oct-04 Oct-05 Oct-06 Oct-07 Oct-08 Oct-09 Oct-10 Oct-11 Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 Oct-17 Source: Datastream; Bryan, Garnier & Co ests. 9

10 4. However, valuation wise we doubt Faurecia has more to offer in the short term When we initiated coverage of Faurecia back in September 2016 (Buy rating with FV at 47), the stock was trading at 32% its 2017e sales, 6.3x its 2017e EBIT and 10.2x its 2017e EPS. At this point, our estimates stood 2% below the 2017 EPS guidance ( 4/share) and around 10% below 2018 EPS guidance ( 5/share), and slightly above market consensus. Back then, Faurecia was still seen as a non-strategic automotive supplier with investors affording the new management team, with its strategy of raising the margin closer to those of its peers and competitors, little credit. The disposal of the FAE unit had been announced some months previously (December 2015) while, six months later, Patrick Koller was to be officially appointed as the new CEO (July 1). The positive results reported by the group for the end of 2016 and, more importantly, during 2017, combined with the still-strong interest from investors for the automotive supplier subsector, lifted the stock above 50 and then above 60/share. As outlined above, the solid sales growth generated by the Faurecia offering in the first months of 2017, which led the group to revise up its 2017 sales and margin targets, drove a positive upwards revision in the consensus 2017/18 estimates. This effect has explained >60% of the share gain since our initiation of coverage, the remainder being explained by a multiple-based re-rating. After the impressive rally in recent months (+61% YTD vs. only +3% for SXAP, and most importantly vs. +18% for Plastic Omnium, +12% for Valeo and +46% for Hella), we expect the base comparison to become more difficult for Faurecia compared with peers. A detailed announcement on mid-term margin (at around 8%) could, however, lead to further earnings adjustments beyond 2018 and a prevailing rerating effect. We nonetheless deem it too early for management to communicate on any such further margin improvement especially as we are entering a more complex environment, at least in rth America and Europe where the group still generates 65% of its sales. We thus see the significant rerating effect witnessed over the past 18 months, linked to the group s transformation into a structure generating higher growth potential and higher margin, as approaching its end, as with Valeo (Sell, 57) and Plastic Omnium (Neutral, 38). 10

11 Fig. 5: EV/sales FY1 for EO, Hella, POM & Valeo rebased in Oct EV/Sales FY1 trend since Oct. 11 EV/Sales FY1 trend rebased 100 in Oct % 100% 80% 60% 40% 20% 350% 300% 250% 200% 150% 100% 50% The "no more upside left" zone? 0% Oct-11 Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 Oct-17 Faurecia Hella Plastic Omnium Valeo 0% Oct-11 Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 Oct-17 Faurecia Hella Plastic Omnium Valeo Source: Datastream; Bryan, Garnier & Co ests. Fig. 6: EV/sales FY2 for EO, Hella, POM & Valeo rebased in Oct EV/Sales FY2 trend since Oct. 11 EV/Sales FY2 trend rebased 100 in Oct % 100% 80% 60% 40% 20% 350% 300% 250% 200% 150% 100% 50% The "no more upside left" zone? 0% Oct-11 Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 Oct-17 Faurecia Hella Plastic Omnium Valeo 0% Oct-11 Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 Oct-17 Faurecia Hella Plastic Omnium Valeo Source: Datastream; Bryan, Garnier & Co ests. te that we downgraded Valeo from Neutral to Sell on March 1 (A stock now fairly valued, with no real positive catalyst in the short term) due notably to valuation reasons, and downgraded our rating on Plastic Omnium on May 10 (The perfect time to take a rest?). Faurecia was the obvious next automotive supplier on the list, especially after its recent outperformance vs. peers. 11

12 5. We downgrade our rating to Neutral, while revising up our FV to 62 We continue to value Faurecia through multiple (EV/sales, EV/EBIT, P/E) and DCF-based methodologies. Since our initiation of coverage, have increased our EV/sales and P/E valuation multiples on several occasions (from 35% and 13x respectively back in Sept to 65% and 13.5x currently). In this report we increase our FV from 57 to 62/share, pointing to less than 5% upside. We thus downgrade the stock from Buy to Neutral. te that, since October 16, our FV on Faurecia has been Under Review. The 5/share positive adjustment to our FV comes mainly from a slight increase in EV/Sales multiples (60% to 65%) and from a higher LT EBIT margin in our DCF (5% to 6%) to reflect the group s stronger ability to post a margin in the 6%-8% range. Despite this change, our new FV points to less than 3% upside relative to the current share price. Fig. 7: Faurecia 62 Faurecia - FV sum-up Multiples FV EV/Sales ( ) - 25% 65% 64 EV/EBITDA ( ) - 25% 7.0x 50 P/E ( ) - 25% 13.5x 58 DCF model ( ) - 25% 75 o/w WACC 9.6% o/w LTG 2.0% o/w Average EBIT margin 5.9% o/w LT EBIT margin 6.0% Implied FV 62.0 Current price 60.3 Upside 2.9% Source: Bryan, Garnier & Co ests. 12

13 Price Chart and Rating History Faurecia /04/16 26/07/16 26/10/16 26/01/17 26/04/17 26/07/17 26/10/17 FAURECIA Fair Value Achat Neutre Vente Ratings Date Ratings Price 14/09/16 BUY EUR36.29 Target Price Date Target price 13/10/17 Under review 12/09/17 EUR57 10/05/17 EUR50 25/01/17 EUR48 14/09/16 EUR47 13

14 Intentionally left blank 14

15 BUY NEUTRAL SELL Bryan Garnier stock rating system For the purposes of this Report, the Bryan Garnier stock rating system is defined as follows: Stock rating Positive opinion for a stock where we expect a favourable performance in absolute terms over a period of 6 months from the publication of a recommendation. This opinion is based not only on the FV (the potential upside based on valuation), but also takes into account a number of elements that could include a SWOT analysis, momentum, technical aspects or the sector backdrop. Every subsequent published update on the stock will feature an introduction outlining the key reasons behind the opinion. Opinion recommending not to trade in a stock short-term, neither as a BUYER or a SELLER, due to a specific set of factors. This view is intended to be temporary. It may reflect different situations, but in particular those where a fair value shows no significant potential or where an upcoming binary event constitutes a high-risk that is difficult to quantify. Every subsequent published update on the stock will feature an introduction outlining the key reasons behind the opinion. Negative opinion for a stock where we expect an unfavourable performance in absolute terms over a period of 6 months from the publication of a recommendation. This opinion is based not only on the FV (the potential downside based on valuation), but also takes into account a number of elements that could include a SWOT analysis, momentum, technical aspects or the sector backdrop. Every subsequent published update on the stock will feature an introduction outlining the key reasons behind the opinion. 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The name of such person or persons is disclosed above. 14 Analyst disclosure The analyst hereby certifies that neither the views expressed in the research, nor the timing of the publication of the research has been influenced by any knowledge of clients positions and that the views expressed in the report accurately reflect his/her personal views about the investment and issuer to which the report relates and that no part of his/her remuneration was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report. 15 Other disclosures Other specific disclosures: Report sent to Issuer to verify factual accuracy (with the recommendation/rating, price target/spread and summary of conclusions removed). A copy of the Bryan Garnier & Co Limited conflicts policy in relation to the production of research is available at Yes 15

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