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Unique criteria for issuance of stock market recommendation (rating) and risk classification are defined as follows:
„Buy“: for stocks which have an expected total return at least 10% (15% for stocks with high volatility risk) and represent the most attractive stocks among all stocks we analyze and valuate over next 12 months
„Hold“: for stocks for which we expect a positive return up to 10% (up to 15% for stocks with high volatility risk) over next 12 months.
„Reduce“: expected negative return up to -10% over next 12 months.
„Sell“: for stock with expected negative return by more than -10% u over next 12 months.
Target prices are based on calculated fair value which is derived by applying relative valuation tools (peer group analysis) or discounted cash flow DCF method. Detailed information on specific valuation methods applied is available at:
When publishing the analyses, ratings are determined by applying above mentioned ranges. Temporary deviations from the aforementioned ranges will not automatically result in the alteration of a recommendation, and the respective recommendation will be placed under review instead.
Opinions concerning Croatian money market rates and price fluctuations of government bonds issued in the Republic of Croatia are based on the analysis of market ratio movements.
This publication is not an offer or a personal recommendation to buy or sell a financial instrument. Information presented here does not constitute a comprehensive analysis of all material facts related to issuer, industry or financial instrument. This publication may contain expectations and forward-looking representations, which involves risks and uncertainties, however, they are not a warranty or indication of future results whatsoever and are therefore subject to change. Therefore, no warranty or representation, whether express or implied is made and no reliance should be placed on the fairness, accuracy, completeness or truth of information and views provided in this publication.
RBA analysts are involved in production of recommendations published and distributed by RCB, regarding the companies listed below along with the date of initial recommendation:
- Adris Grupa d.d. (21.01.2005.), Atlantic Grupa d.d. (8.6.2015.), Ericsson Nikola Tesla d.d. (18.01.2005.), Hrvatski Telekom d.d. (11.12.2007.), Ledo d.d. (13.10.2015.), Podravka d.d. (3.3.2003.) i Valamar Riviera d.d. (17.12.2015.).
Overview of Raiffeisen recommendations:
No. of recommendations
% of all recommendations
Investment banking services
% all IB services
A list of all historic recommendations for stock coverage, local money market rates in the Republic of Croatia, Croatian government bonds issued in the local markets and other recommendations is available at:
Please note that RBA, its related companies, employees, executives and other persons who participated in the preparation of this publication, and their related persons, may hold or trade in financial instruments in excess of 0.5% of the issuer's equity stake or deal with entities from the industries discussed in this publication. However, by applying confidentiality protection and conflict of interest prevention measures RBA has ensured to a reasonable extent that this circumstance has not in any way affected anything that is mentioned in this publication.
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Potential conflicts of interest listed below will apply to financial instruments discussed in the analysis if their respective numbers are indicated at the end of the chapter:
1. RBA or any related company or any private individual involved in the publication of this document owns a net long or short position exceeding the threshold of 0,5 % of the total issued share capital of the issuer.
2. Holdings of the issuer in the total issued share capital of the RBA or any related company exceed 5 %.
3. RBA or any related company or any individuals involved in the publication of this document hold significant financial interests in relation to the issuer.
4. RBA or any related company act as market maker or liquidity provider in the financial instruments of the issuer, where applicable.
5. RBA or any related company has been lead manager or co-lead manager over the previous 12 months of any publicly disclosed offer of financial instruments of the issuer, in terms of underwriting the offer or sale of financial instruments of the issuer with or without repurchase, where applicable.
6. RBA or any related company is party to any other agreement with the issuer relating to the provision of investment banking services, provided that this would not entail the disclosure of any confidential commercial information and that the agreement has been in effect over the previous 12 months or has given rise during the same period to the payment of a compensation or to the promise to get a compensation paid, where applicable.
7. RBA or any related company or any individuals involved in the publication of this document is party to an agreement with the issuer relating to the production of the recommendation, where applicable.
8. Analysts or any individuals involved in the publication of this document hold the financial instruments of the issuer which he or she has analyzed.
9. Analysts or any individuals involved in the publication of this document sit on the Supervisory Board/Board of Directors of the issuer analyzed by him or her.
10. Analyst or any individuals involved in the publication of this document have received or acquired the financial instrument of the issuer prior to the public offering of the issue. In this case the transaction has to be pre-approved at a disclosed date and buy or sell price.
11. The remuneration of analysts or any individual involved in the publication of this document is tied to the provision of investment banking service by RBA or any related company.
Applicable notes: Note 3, 4 and 5.
Portfolios of analysts and other individuals who participated in the creation of this analysis are available at: http://www.rba.hr/istrazivanja/portfelj-rba-analiticara
Analyst statement: Remuneration of the analyst is and shall not be tied, directly or directly, to the recommendations or views presented in this publication, nor shall it depend on executed transactions.
RBA employee who has not been involved in the preparation of this publication, but had access to it, prior to its distribution, has no significant financial interest in one or more financial instruments of the issuers discussed in the publication. RBA employee who has not been involved in the preparation of this publication, but had access to it, prior to its distribution, is not deemed to be in the conflict of interest in relation to the issuer discussed in the publication.
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EU REGULATION NO 833/2014 CONCERNING RESTRICTIVE MEASURES IN VIEW OF RUSSIA’S ACTIONS DESTABILISING THE SITUATION IN UKRAINE
Please note that research is done and recommendations are given only in respect of financial instruments which are not affected by the sanctions under EU regulation no 833/2014 concerning restrictive measures in view of Russia's actions destabilising the situation in Ukraine, as amended from time to time, i.e. financial instruments which have been issued before 1 August 2014.
We wish to call to your attention that the acquisition of financial instruments with a term exceeding 30 days issued after 31 July 2014 is prohibited under EU regulation no 833/2014 concerning restrictive measures in view of Russia's actions destabilising the situation in Ukraine, as amended from time to time. No opinion is given with respect to such prohibited financial instruments.
INFORMATION REGARDING THE PRINCIPALITY OF LIECHTENSTEIN: COMMISSION DIRECTIVE 2003/125/EC of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards the fair presentation of investment recommendations and the disclosure of conflicts of interest has been incorporated into national law in the Principality of Liechtenstein by the Finanzanalyse-Marktmissbrauchs-Verordnung.
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