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                    Berenberg Equity Research
                
Endeavour Mining Corporation, Metals & Mining, PT CAD 22.55

We built this Ity
Software & IT Services, Software & IT Services

What we took away from RSA
Yext, Inc., Software & IT Services, PT USD 29.00 (25.00)

Guidance seems conservative; raising PT to $29
Learning Technologies Group plc, Software & IT Services, PT GBp 125 (no change)

2018 results reaffirm our positive view
John Wood Group plc, Oil & Gas, PT GBp 575

Solid results and outlook; cash delivery still key
Team17 plc, Media, PT GBp 300 (290)

Upgrading to the next level
JPJ Group plc, Leisure, PT GBp 1,040

2018 performance ahead of consensus
Sixt SE, Business Services, PT EUR 90.00 (no change)

Significant rental growth expected in 2019
ProSiebenSat.1 Media SE, Media, PT EUR 24.00 (no change)

Stand and deliver
Volution Group plc, Construction, PT GBp 180 (170)

UK tailwinds but cautious elsewhere
Technogym SpA, Sporting Goods, PT EUR 12.00 (no change)

Robust end to the year
Provident Financial plc, Diversified Financials, PT GBp 540 (590)

Progress being made

                News: Berenberg
            
                News: Economics | recent reports

Our Departments

Around 1,600 employees assist our clients with first-class services and profound know-how in four business divisions.

WEALTH MANAGEMENT

What is excellent wealth management? To us it means providing comprehensive support to you as a high-net-worth individual and your relatives – in all areas which directly or indirectly impact your financial situation.

Asset Management

Berenberg Asset Management offers private and institutional investors innovative concepts and professional risk management strategies. Our experts develop solutions that are specifically configured for your needs and address your return, risk and liquidity goals, focussing preferentially on selected areas where we have especially deep knowledge.

Investment Banking

Berenberg’s investment banking activities cover a broad range of services.

Corporate Banking

Berenberg embodies high-quality and independent advice, mutual trust as well as fast and reliable decision-making.

Real Estate

Berenberg Funds

Financial Partners

Equity funds in the spotlight

Equity investments offer return opportunities, but are also subject to higher fluctuations. Our experienced fund managers for German and European stocks and small caps pursue a clear investment philosophy. They epitomise fundamental equity analysis, a long-term investment horizon and continuous risk management.

Know-how and experience – the Berenberg flagship fund combines these two factors for success. The fund bears the signature of “Mr Stock” Henning Gebhardt and builds on the expertise of Germany’s oldest private bank.

Berenberg Aktien-Strategie Deutschland

The Berenberg European Focus Fund and the Berenberg Eurozone Focus Fund are managed by Matthias Born. The specialist for European stocks is well-known for his long-term investment horizon and his highly active approach going beyond benchmarks.

European funds

Peter Kraus invests in hidden champions and companies with high growth potential. He applies his long-term investment approach to the Berenberg European Small Cap and the Berenberg European Micro Cap funds.

Small cap funds

Founded in 1590 – Berenberg is the second-oldest bank in the world

Private bank Berenberg traces its roots back to the year 1590. It is thus not only one of the oldest banks in the world, it has also seen a highly dynamic development in the past few years.

Cornelius Berenberg – A mischievous character with vision

Cornelius Berenberg started to work in his father’s trading company at the tender age of 16, and soon proved to be a visionary businessman. Thanks to his ideas and energy, within a few years the Berenberg company had become one of the highest-earning in the City of Hamburg. In an interesting note, he was the first in our ancestral line to be immortalized in oil.

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Keeping the Berenberg name

After 175 years the fifth generation of the Berenberg was the first to lack a male heir. Only the daughter Elisabeth can ensure that the business stays in the family, by marrying the accomplished businessman Johann Hinrich Gossler. Fortunately, he is someone who appreciates tradition.

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A man for trying times

Another Berenberg who stood by Hamburg: Cornelius Berenberg, son of John B., helped soldiers at the front with “charitable gifts.” He played a major part in getting Hamburg back onto a growth course after the war. Cornelius also had political courage, supporting Jewish businessmen and helping some to flee.

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The Berenbergs help Hamburg get ahead

In 1882 Hamburg started to surge ahead in what would be an exceptional boom period, as the city joined the German customs union and got a duty-free port. This became the engine of the city’s economic development, thanks to John Berenberg-Gossler, who now wasn’t just a “von” but was also ennobled as a baron.

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Twitter

@Berenberg_Econ - 19.03.2019 08:33

UK HEADING FOR LONG BREXIT DELAY AFTER SPEAKER INTERVENTION? #macro #economics #Brexit https://t.co/FJN0B52oZd

@Berenberg_Econ - 15.03.2019 14:52

CHART OF THE WEEK - EUROZONE CONSTRUCTION: A STABILISING FACTOR #macro #economics #Eurozone… https://t.co/ZPwXjCBvbE https://t.co/ZSjQlzou4u

@Berenberg_Econ - 14.03.2019 07:33

BREXIT: PROGRESS IN THE WEEK THAT MATTERS #macro #economics #Brexit https://t.co/XCZ0wDcHTB

@Berenberg_Econ - 13.03.2019 08:54

BREXIT MESS: THE EU ANGLE #macro #economics #Brexit #EU https://t.co/psZN6i80Zl

@Berenberg_Econ - 12.03.2019 08:43

A RAY OF HOPE FOR MAY'S DEAL? #macro #economics #Brexit https://t.co/mDIauTTv3W

@Berenberg_Econ - 11.03.2019 08:00

BREXIT VOTE TRILOGY: PREDICTIONS AND OBSERVATIONS #macro #economics #Brexit https://t.co/OHwzABIop3

@Berenberg_Econ - 08.03.2019 11:05

CHART OF THE WEEK - UK CONFIDENCE GAP: CONSUMERS VERSUS MARKETS #macro #economics #Brexit https://t.co/muNenGas6F

@Berenberg_Econ - 08.03.2019 08:30

GERMAN ORDERS: HOW BAD IS THE JANUARY PLUNGE? #macro #economics https://t.co/YxrD5zdnx0

@Berenberg_Econ - 07.03.2019 15:56

ECB GETS REAL AND LEAPFROGS AHEAD OF THE CURVE #macro #economics #Eurozone #ECB #MPC https://t.co/Oa2yT05DNr

@Berenberg_Econ - 05.03.2019 08:47

POLITICAL UPDATE: FRANCE, ITALY, SPAIN, EU ELECTIONS #macro #economics #France #Italy… https://t.co/COPaWo42NI https://t.co/cJLN6Gmum0

@Berenberg_Econ - 04.03.2019 13:01

RISK UPDATE: FIRST SIGNS OF SPRING? #macro #economics #China #Eurozone #US #UK https://t.co/EFaU3vJTTs

@Berenberg_Econ - 04.03.2019 11:37

ECB PREVIEW: A LITTLE LESS CONVERSATION, A LITTLE MORE ACTION? #macro #economics #ECB https://t.co/Dd1Vn8ThnE

@Berenberg_Econ - 01.03.2019 13:31

CHART OF THE WEEK - ITALY: THE RISE AND FALL OF THE 5STARS #macro #economics #Italy #5stars https://t.co/yS91csaM6L

@Berenberg_Econ - 27.02.2019 14:16

GERMAN FISCAL STIMULUS? DO NOT EXPECT A BIG BOOST #macro #economics #Germany https://t.co/HooMooouF1

@Berenberg_Econ - 26.02.2019 16:24

HARD BREXIT RISK DOWN, DELAY LIKELY: KEY IMPLICATIONS #macro #economics #UK #Brexit https://t.co/xzuN4XmPDk

@Berenberg_Econ - 25.02.2019 10:59

POLITICAL UPDATE - BREXIT DELAYS, TRADE PROGRESS #macro #economics #UK #Brexit #US #China #trade https://t.co/2VrpwYLTOn

@Berenberg_Econ - 22.02.2019 14:23

CHART OF THE WEEK - FRANCE: MACRON SEEMS TO BE TURNING THE TIDE #macro #economics #France https://t.co/pqqmtxJXC9

@Berenberg_Econ - 22.02.2019 10:38

HOW WEAK IS THE GERMAN ECONOMY? #macro #economics #Germany https://t.co/cZKGvpMtLT

@Berenberg_Econ - 21.02.2019 17:12

EUROZONE PMIS: BOTTOMING OUT? #macro #economics #Eurozone #PMIs https://t.co/sF16hw8EWf

@Berenberg_Econ - 20.02.2019 16:05

UK: POLITICAL RESIGNATIONS REDUCE HARD BREXIT RISK #macro #economics #UK #Brexit https://t.co/vPk9OBbVhU

@Berenberg_Econ - 18.02.2019 07:43

US-EU TRADE: UPPING THE ANTE? #macro #economics #US #EU https://t.co/jXmuve8rZX

@Berenberg_Econ - 15.02.2019 15:30

CHART OF THE WEEK - SPAIN: THE PAIN WAS NOT IN VAIN #economics #macro #Spain https://t.co/FgeEzfm7DT

@Berenberg_Econ - 15.02.2019 07:09

BREXIT: MAY LOSES PARLIAMENT’S BACKING - IMPLICATIONS #macro #economics #uk #Brexit https://t.co/ibVRZHQR7w

@Berenberg_Econ - 14.02.2019 09:42

BREXIT IMPACT ON INVESTMENT - WHAT IS AT STAKE? #macro #brexit #uk #economics https://t.co/s4ZhQ6KkQj

@Berenberg_Econ - 14.02.2019 08:26

GERMAN UPDATE: ECONOMY STAGNATES, POLITICS TURN A LITTLE NOISIER #macro #economics https://t.co/hhLYsGI8Mk

Investor Warning

We have been made aware that certain members of the public have been approached by fraudsters and scammers purporting to work for Berenberg, to try to convince people to make bogus Investments (Clone firm). Under false pretences, these criminals obtain personal data for opening an account and request that investors transfer money in advance to secure their purchase. Please note that Berenberg does not deal with people solely via email, telephone or social media. Thus, please note that Berenberg can only be reached through the contact data that are stored on this homepage. In the light of recent developments we would like to point out that there is no relation between Berenberg and “berenberg-loyal“. If in doubt, please contact ComplianceAML@berenberg.de.

US Residents

Our services are not available to US persons that Berenberg cannot serve through its US broker-dealer affiliate Berenberg Capital Markets LLC, Boston, MA under the Rule 15a-6 of the US Securities Exchange Act of 1934.

Locations

USA EUROPE

STAMMHAUS HAMBURG

Amelie Eichblatt

Telefon +49 40 350 60-8182

amelie.eichblatt@berenberg.de

London

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London EC2R 8HP
Phone +44 20 3207-7800

Hamburg

Neuer Jungfernstieg 20
20354 Hamburg
Phone +49 40 350 60-0

Münster

Am Mittelhafen 14
48155 Münster
Phone +49 251 98 29 56-0

Boston

255 State Street
Boston MA 02109
Phone +1 617 292-8200

Chicago

330 North Wabash, 39th Floor
Chicago, IL 60611
Phone +1 312-754-6050

Düsseldorf

Cecilienallee 10
40474 Düsseldorf

Frankfurt

Bockenheimer Landstraße 25
60325 Frankfurt am Main
Phone +49 69 91 30 90-0

Luxembourg

17, Rue de Flaxweiler
6776 Grevenmacher
Phone +352 46 63 80-1

Munich

Maximilianstraße 30
80539 Munich
Phone +49 89 25 55 12-0

New York

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New York, NY 10020
Phone +1 646 949-9000

Paris

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75116 Paris
Phone +33 1 58 44 95-00

San Francisco

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San Francisco, CA 94105
Phone +1 415-802-2520

Stuttgart

Bolzstraße 8
70173 Stuttgart
Phone +49 711 490 44 90-30

Zurich

Freischützgasse 10
8004 Zurich
Phone +41 44 283-2020

Geneva

14, place de la Fusterie
1204 Genève
Phone +41 22 317106-0