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Liberum 10.12.13 Plene

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Liberum 10.12.13 Plene

  1. 1. This document is a marketing communication and is not independent research prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to a prohibition on dealing ahead of the dissemination of investment research. For Reg-AC certification, see the end of the text. Liberum Capital does and seeks to do business with companies covered in this communication. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Hold 10 December 2013 Syngenta Elatus to Elevate; Plene in Purgatory PRICE: CHF346 | SWITZERLAND | AGRICULTURE | SYNN | SYNN VX Syngenta’s Investor visit to Brazil brought both good and bad news. On the positive front, Brazil offers strong growth potential: the Crop Protection and Seeds market is the 2nd biggest in the world and Syngenta has a 20% share. Soybean is the biggest crop and here Syngenta raised its 2020 sales target by $0.5bn to $4bn. The main negative was that Plene has hit technical delays and so the 2015 sugarcane sales target was reduced to $0.65bn from $1bn. The visit confirmed our view that Syngenta is well-positioned for long-term even if weaker crop prices, product delays and high seed production costs threaten to temper progress in 2014, as described in our report of 21st November. Hold.  Investor visit to Brazil: Syngenta hosted a four day visit to Brazil focusing on Soybean, Specialty Crops and Sugarcane. Brazil has driven c.25% of Syngenta’s growth in the last ten years and these three crops accounted for 1/3 of Syngenta’s 2012 sales.  Soybean 2015 sales target lifted $0.5bn to $3bn (and to $4bn in 2020). Syngenta showed that its SDHI solatenol product (Elatus) drives higher yields than Bayer’s product. It also targets strong growth in seeds where its Brazilian share is growing sharply and the shift to insect-resistant Intacta seeds will drive margin growth.  Sugarcane 2015 sales target reduced by $0.35bn to $0.65bn. Shelf-life and production problems for Plene forced Syngenta to cancel the c.$350m contracts signed in 2011/12. That said, Syngenta has launched some interim Plene products and the end to the burning of sugarcane fields is driving increases in crop protection demand.  Specialty Crops 2015 sales targets unchanged: A doubling to $4bn sales by 2020. This is a high margin part of Syngenta’s portfolio. We saw how Syngenta is promoting ‘farm-to-fork’ integration, offering traceability and other services to enhance customer relationships and product quality.  Hold rating: Overall we came away with our view intact that Sygnenta’s integrated strategy is helping its position in a structurally growing market. Our rating is currently Hold since the valuation at 18x 2014E PER is relatively full and we believe recently delayed product launches (Elatus & Plene), weaker crop prices and high seed production costs will temper growth in 2014. We reduced our 2014E EPS by 11% on 21st November and remain 10% below consensus. Sophie Jourdier +44 (0)20 3100 2072 sophie.jourdier@liberumcapital.com Adam Collins +44 (0)20 3100 2075 adam.collins@liberumcapital.com Daryl Smith +44 (0)20 3100 2092 daryl.smith@liberumcapital.com European Equity Research Stock Data Target price 400 52-Week Range 416-343 Current price 347.80 Shares Outstanding (m) 93.13 Free Float (%) 100% Market Cap 32,389 Net Debt (Cash) / Market Cap 0.03x *E=Liberum Capital Estimates Stock Performance 340 360 380 400 420 440 460 480 Dec 12 M ar 13 Jun 13 Sep 13 Dec 13 SYNGENTA AG-REG SWISS M ARKET INDEX Price Performance 1M 3M 12M Price 362 372 375 Absolute -4% -6% -7% Rel. to SWISS MARKET -2% -8% -20% Rel. to FTSEUROFIRST 300 -2% -10% -17% Source: Bloomberg Valuation & Financial Summary Valuation (Dec y/e) 2012 2013 2014 2015 P/E (x) 17.5 20.5 17.8 15.2 Div Yield (%) 2.7 3.0 3.3 3.7 EV/Sales (x) 2.6 2.6 2.4 2.2 EV/EBITDA (x) 11.8 12.6 11.4 9.9 EV/EBIT (x) 14.5 15.9 14.1 12.0 FCF Yield (%) 2.0 1.8 3.4 4.0 Price / book (x) 4.2 4.1 4.0 3.8 Financials (Dec. y/e) 2012 2013 2014 2015 Sales ($m) 14,202 14,647 15,456 16,591 Adj. EBITDA ($m) 3,150 2,963 3,282 3,735 EBITDA margin (%) 22.2% 20.2% 21.2% 22.5% Adj. EBIT ($m) 2,557 2,352 2,652 3,087 EBIT margin (%) 18.0% 16.1% 17.2% 18.6% Adj. PBT ($m) 2,417 2,144 2,470 2,925 Adj. EPS ($) 22.26 19.05 21.95 25.68 DPS (CHF) 9.50 10.50 11.50 12.75 Net debt ($m) 1,706 1,973 1,783 1,481 EV ($m) 37,185 37,455 37,268 36,970 Source: Liberum Capital This report is prepared solely for the use of Lars Oestergaard of Syngenta
  2. 2. 10 December 2013 Syngenta 2 www.liberumcapital.com Four Days in Brazil Nearly three years into Syngenta’s integrated product strategy, the visit showed both some of the successes Syngenta has had in establishing stronger customer relationships and market share gains (Soybean seeds and Coffee) but also some of the challenges (Plene in sugarcane). In comparison to the investor visit to India just over twelve months ago when Syngenta raised its 2020 sales target from $22bn to $25bn, the message of the Brazil visit was more balanced. In India last year an environment of rising crop prices and the experience of early wins from the new integrated strategy allowed for the Group targets to be increased. This year there was no less confidence in the ability to achieve the 8% Sales CAGR implicit in the 2020 sales target, but the shorter term outlook has been tempered somewhat by a likelihood of lower crop prices in 2014 and the delay to some key product introductions (Plene and Elatus). The visit focused on the Brazilian Agricultural industry and three crop groups for Syngenta: Soybeans, Sugarcane and Specialty Crops. At $12.5bn, Brazil has the second largest crop protection and seeds industry in the world after the US (at $19bn). Syngenta has a strong position with 2012 sales of $2.4bn (20% market share) up from less than $0.5bn in 2002 (CAGR of 18.7%). The country has driven about 25% of Syngenta’s overall revenue growth over the last ten years and management targets continued double digit growth from the region. Figure 1: Syngenta Brazil Sales, 2002-2012, $bn Source: Company Data The visit illustrated the continuing strong growth potential of the Brazilian industry. Farming is carried out on a massive scale with a very high level of technology adoption. It is one of the few regions where acreage for crop production is still growing as under-utilised pastureland is developed and opportunities for double- cropping (harvesting two crops p.a. on the same land) expand the scope for Brazil’s agriculture even further. By 2020, 17% of the world’s grain production is expected to come from Brazil, up from 12.5% in 2010. Syngenta targets continued double digit sales growth from Brazil out until 2020 This report is prepared solely for the use of Lars Oestergaard of Syngenta
  3. 3. 10 December 2013 Syngenta www.liberumcapital.com 3 Soybean Sales Target Raised by $0.5bn This was the most significant new positive communication by Syngenta during the investor visit. From a base of $2.3bn sales in 2012, Syngenta lifted its 2015 sales target from $2.5bn to $3.0bn and its 2020 sales target from $3.5bn to $4.0bn. The two main reasons for this target increase were:  Better than expected sales growth in 2011-2013, particularly in seeds where Syngenta has lifted its market share to 9% in the last few years. We expect Syngenta already to achieve $2.5bn sales in 2013E (its original 2015E sales target for the crop).  Confidence that Syngenta’s new SDHI, solatenol, (to be launched as Elatus) in Brazil will enable the company to regain lost market share in fungicides Soybeans accounted for $2.3bn or 16% of Syngenta’s sales in 2012 (up from c.$1bn in 2007). Syngenta is global # 1 in soybean crop protection and seed care (with 24% and 28% market shares respectively) and global # 3 in soybean seeds (with a 9% share). Soybeans are one of the four most widely planted crops (alongside corn, wheat and rice) with the US and Brazil accounting for over 60% of global production. Figure 2: Syngenta Soybean Sales by Region, 2006-2012, $bn Figure 3: Syngenta Soybean Sales by product type, 2006- 2012, $bn Source: Company Data Source: Company Data Elatus to regain Syngenta’s #1 position in fungicides Syngenta provided compelling reasons as to why Elatus, its new fungicide awaiting registration in Brazil, should drive a regain of its fungicide market share from 2014. Syngenta showed independent trials had concluded that Syngenta’s Elatus generated c.15% higher soybean yields than those generated when Bayer’s competing SDHI was used (3.2T/Ha for Elatus vs. 2.8T/Ha for Bayer’s product). Syngenta’s management were unanimous in their confidence that Elatus would reverse the recent market share loss in fungicides. It targets a c.25% share for the product and plans to price the product at a premium to Bayer’s SDHI offering. The product will also add resilience to Syngenta’s azoxystrobin sales (azoxystrobin is Syngenta’s largest crop protection product which has recently gone off patent) since azoxystrobin is used alongside solatenol in the patented Elatus formulation. This report is prepared solely for the use of Lars Oestergaard of Syngenta
  4. 4. 10 December 2013 Syngenta 4 www.liberumcapital.com Elatus still requires registration in Brazil but it has already been registered in Bolivia and Paraguay where it is meeting strong demand. This would not be the first time Syngenta comes from behind to achieve the number one position in a product class. The combination of Syngenta’s strong distribution network and compelling data proving yield superiority provide good reason to believe that Syngenta will be able to regain lost market share in fungicides in 2014 and 2015. Intacta to drive profit growth in Soybean Seeds We have historically been rather uncertain of Syngenta’s soybean seed position given both its relatively low market share (9%) and also its low margins vs. corn seed due to the fact that Syngenta has developed no GM traits of its own, rather it is an in-licenser of Monsanto’s traits, Round up Ready 1 and 2 (RR1 and RR2). That said, we came away from the investor visit more encouraged for two reasons. 1) Syngenta is gaining share in soybean seeds, particularly in Brazil. In 2007 the company had just 1% share of the market. It now has a c.15% share and management said that soybean seed sales had almost doubled again just in 2013. One of the methods by which Syngenta is gaining this share is via profit sharing agreements with distributors. Here, previous multipliers of Syngenta seed varieties (which had been selling under their own brands) become “integrated business partners” of Syngenta and sell the seed under Syngenta’s brand for a higher price. The profits are shared between Syngenta and the multiplier. 2) The shift to Intacta soy will boost margins for Syngenta. Intacta is Monsanto’s new GM trait providing Lepidoptera (caterpillar) resistance in soy seeds. It is the first insect resistant trait for the soybean seed market. It is being launched this year and is expected to be a major profit driver for Monsanto. It should also be a profit driver for Syngenta who are a licensee of the trait. We believe that that the Intacta licence agreement between Monsanto and Syngenta is more profitable for Syngenta than the existing RR2 agreement between the two companies. As Syngenta introduces Intacta across its varieties, profitability will be increased. Stinkbugs to offset fewer Caterpillars in Crop Protection The obvious negative for Syngenta from Monsanto’s Intacta is a cannibalisation of crop protection products protecting against caterpillar damage to soybeans. The overall market for soybean foliar protection products against caterpillars is expected to fall from c.$850m in 2015E to c.$200m by 2020 as a result of the Intacta trait. That said, the overall crop protection market for soybeans is expected to remain roughly flat at c.$3bn over this period with the decline in caterpillar poisons offset by growth in the fungicide market for rust control (e.g. Elatus) and the growth in products to treat stinkbugs, which are sucking pests not controlled by Intacta. Syngenta expects the stinkbug insecticide market in soybeans to grow from $800m in 2012 to $1.3bn by 2020 partly because a lower caterpillar population is likely to allow a greater infestation of stinkbugs. Syngenta is the market leader in stinkbug insecticides with a 35% market share. This report is prepared solely for the use of Lars Oestergaard of Syngenta
  5. 5. 10 December 2013 Syngenta www.liberumcapital.com 5 Sugarcane Sales Target Reduced by $0.3bn Sugarcane as a crop generates only $0.26bn (<2%) Syngenta sales today but the target is to grow this to $2bn by 2020. It is therefore the second most important growth driver for Syngenta after corn. Syngenta, however, revealed on the investor visit that its Plene technology had hit some major hurdles. It is in the process of redesigning the offering but as such has reduced its 2015 sugarcane sales target from $1bn to $650m (but left its 2020 $2bn target unchanged). In the past we have written in depth on this sugarcane target which was expected to be achieved primarily through a mechanised sugarcane planting technology called Plene which promised a 15% reduction in planting costs. When this was first commercialised in 2011, Syngenta announced that it had signed contracts worth $350m sales in the first year covering less than 1m sugarcane acres. With Syngenta targeting 30% of the Brazilian sugarcane acreage (11m acres, growing to 28m acres) the maths appeared to suggest a product with peak sales of well over $1bn. Plene delayed with contracts cancelled The major revelation on the investor visit was that this Plene offering had hit significant challenges upon scaling up the technology. These forced Syngenta to cancel the $350m contracts it had entered into with customers, no doubt causing a fair amount of disruption in the marketplace. The essence of Plene in lay-man’s terms was that Syngenta would cut ‘nodules’ of sugarcane for commercial planting, treat them with seed care products and distribute to farmers for mechanised planting with a specially designed John Deere machine. There were however two main problems. First, the nodules had a limited shelf-life of 4-5 days which was not long enough to ensure distribution to the customers ahead of planting. Second, the cutting machines tended to damage the ‘bud’ in the nodule which would develop into a new sugarcane plant. Syngenta hopes it has now solved these technical problems and that it will be able to relaunch “New Plene” in due course. It expects to receive results from tests on the refined technology in 1Q14. Of the $2bn 2020 sales target, “New Plene’s” contribution has been reduced to $500m. We believe this reflects continued uncertainty as to the viability of the technology and the opportunity the delay has given Syngenta’s competitors to develop competing offerings. Introducing Plene Evolve & Plene PB The delayed Plene technology had required Syngenta to develop high quality, disease free sugarcane germplasm. Even if Plene had hit problems, the germplasm still had commercial value, especially since 75% of the sugarcane market replants using old cane from the previous crop which is diseased without any genetic advances. Plus, Syngenta had already invested in scaling up its production. Syngenta has therefore launched Plene Evolve and Plene PB with a combined sales target of $500m by 2020. Both offer superior yields through advances in germplasm. This report is prepared solely for the use of Lars Oestergaard of Syngenta
  6. 6. 10 December 2013 Syngenta 6 www.liberumcapital.com  Plene Evolve is an offering supplying superior germplasm to nurseries. Syngenta will sell young plants to nurseries and these can be multiplied by the customer to provide sugarcane with 15-20% higher yields than those achieved from planting old cane. (75% of the sugarcane market does not use nurseries for new planting).  Plene PB also provides enhanced genetics, but it is a pre-germinated seed cane. As well as an offering for nurseries, Plene PB can be used to fill ‘planting gaps’ in sugarcane fields – 20% of sugarcane fields have significant planting gaps. Banning Burning drives Crop Protection Demand The real success, so far, in sugarcane has been in Syngenta’s main area of strength – crop protection. Since 2008 Syngenta has grown its Brazilian sugarcane crop protection sales from c.$50m (8% share, #7) to c.$160m sales (15% share, #2). It believes it will end 2013 with the #1 position in the market. Syngenta now targets half of its 2020 $2bn sales target to come through its crop protection platform. There have been two major drivers. Figure 4: Syngenta Brazilian Sugarcane Sales, 2008-2012, $m Source: Company Data 1) Banning of burning sugarcane fields: Traditionally, sugarcane fields are harvested through burning the fields. This removes the leaves leaving the charred sugarcanes which can be harvested by hand. Advances in mechanical harvesting and environmental pollution factors are leading to this method of sugarcane harvesting being banned. By 2017 the practice will be banned across Brazil and the Sao Paolo state has banned burning from 2015. As a result 70% of sugarcane in Brazil is already harvested mechanically. The newer process leaves the leaves on the ground after harvest, thus creating a perfect environment for pest pressure to build in comparison to burning which was a very effective weapon against pests. 2) Increasing technification of sugarcane production: The sugarcane industry has been late to adopt advances in agricultural technology but a shift towards larger scale growers is changing this. Syngenta has set up a sugarcane council comprising mills/agricultural producers representing 40% of the Brazilian sugarcane industry. There is huge scope to increase yields through better use of crop production products – for example, only 10% of production uses fungicides yet their use drives significant yield increases as part of an integrated solution. This report is prepared solely for the use of Lars Oestergaard of Syngenta
  7. 7. 10 December 2013 Syngenta www.liberumcapital.com 7 Specialty Crops: Targets unchanged Finally Syngenta’s Investor visit focused on Specialty Crops. Although the lack of any target change created fewer headlines than in Soybeans and Sugarcane, Specialty Crops is an important sub-segment for Syngenta, accounting for c.15% sales but with considerably higher margins than the group average. The target is to double sales to $4bn by 2020 while maintaining the above average margins. The segment contains over 40 different crops but all have the common characteristics that 1) consumers are willing to pay premium prices for quality and 2) that pest management is a significant challenge. Syngenta is #1 in the $13.5bn Crop Chemical and Seeds market for Specialty crops with four crops accounting for >80% of sales: Figure 5: 2012 Global Market Size for four largest Specialty Crop markets and Syngenta’s market position Source: Company Data; *Fruits include pome, citrus, grapes; ** Plantations include coffee, cocoa, oil palm, banana The strategy is to leverage Syngenta’s blockbuster chemistries across the diverse crop markets, to expand into new geographies and, importantly, to offer integrated solutions to farmers which improve product quality to the customer and drive higher returns to the farmers. Two compelling examples were given of the latter.  Fruit quality contracts: Here Syngenta creates integrated solutions to farmers designed to tailor the product quality to specific buyers (e.g. tailoring fruit to Waitrose, Lidl etc). Syngenta provides a guarantee to farmers that if they follow the integrated program that they will be able to sell to their target market. The program is understandingly meeting strong demand and is running 1.5 years ahead of schedule with Syngenta having now launched it across eight countries and four crops in just 18 months.  Nucoffee: In coffee ($120m sales in 2012), Syngenta has launched a programme connecting the entire coffee chain from producers, cooperatives to roasters. It provides traceability services and supports producers in improving yield, product quality and agricultural practices. The program eliminates traders between the growers and roasters and thus can substantially improve returns for growers. The improved quality and traceability guarantees drive premium prices for the end coffee product. Again, the program has met strong demand with 70% of Syngenta’s Brazilian coffee business now in the nucoffee programme (which accounts for 15% of all brazilian coffee). Syngenta is looking at rolling out the platform across new geographies and crops. This report is prepared solely for the use of Lars Oestergaard of Syngenta
  8. 8. 10 December 2013 Syngenta 8 www.liberumcapital.com P&L Summary Figure 6: Syngenta P&L Summary, 2008-2015E, $millions P&L Summary 2008 2009 2010 2011 2012 2013 2014 2015 EAME 0 0 3423 3982 3974 4187 4434 4682 North America 0 0 2969 3273 3931 3799 4122 4482 Latin America 0 0 2763 3305 3713 4056 4150 4462 Asia Pacific 0 0 1707 1887 1827 1905 2036 2237 Lawn & Garden 0 0 779 821 757 701 715 729 Revenues 11624 10992 11641 13268 14202 14647 15456 16591 Growth 25.8% -5.4% 5.9% 14.0% 7.0% 3.1% 5.5% 7.3% Adjusted EBITDA 2494 2374 2505 2905 3150 2963 3282 3735 Growth 34.7% -4.8% 5.5% 16.0% 8.4% -5.9% 10.8% 13.8% Margin 21.5% 21.6% 21.5% 21.9% 22.2% 20.2% 21.2% 22.5% EAME 0 0 1079 1333 1305 1377 1462 1546 North America 0 0 732 963 1371 887 1152 1416 Latin America 0 0 739 873 1007 1207 1232 1350 Asia Pacific 0 0 492 565 505 521 556 635 Lawn & Garden 0 0 81 72 78 100 111 118 Non Regional 0 0 -1153 -1510 -1709 -1741 -1862 -1978 Adjusted Operating Profit 2063 1913 1970 2296 2557 2352 2652 3087 Growth 41.9% -7.3% 3.0% 16.5% 11.4% -8.0% 12.8% 16.4% Margin 17.7% 17.4% 16.9% 17.3% 18.0% 16.1% 17.2% 18.6% Associate Income 3 -3 25 15 7 7 8 8 Financial Costs -169 -120 -141 -165 -147 -215 -190 -170 PBT 1897 1790 1855 2146 2417 2144 2470 2925 Taxes -357 -309 -317 -356 -360 -386 -445 -556 Tax Rate 18.8% 17.3% 17.1% 16.6% 14.9% 18.0% 18.0% 19.0% Minorities 0 -3 -5 -1 -3 -3 -3 -4 Adjusted Net Income 1540 1478 1533 1789 2054 1755 2022 2366 Adjusted EPS 16.3 15.8 16.4 19.4 22.3 19.1 22.0 25.7 Growth 45.1% -4.0% 3.7% 16.7% 14.8% -14.5% 15.2% 17.0% Net Income After Exceptionals 1385 1371 1397 1599 1872 1654 1966 2329 EPS after exceptionals 14.7 14.6 15.0 17.3 20.3 18.0 21.3 25.3 DPS (CHF) 6.0 6.0 7.0 8.0 9.5 10.5 11.5 12.8 Growth 25.0% 0.0% 16.7% 14.3% 18.8% 10.5% 9.5% 10.9% Source: Company Data and Liberum Capital Estimates This report is prepared solely for the use of Lars Oestergaard of Syngenta
  9. 9. 10 December 2013 Syngenta www.liberumcapital.com 9 Disclaimer The circumstances in which this communication have been produced are such that it is inappropriate to characterise it as independent investment research, as it has not been prepared in accordance with UK legal requirements designed to promote the independence of investment research. Therefore, even if it contains a research recommendation, it should be treated as a marketing communication. The individuals who prepared this communication may be involved in providing other financial services to the company or companies referenced herein or to other companies who might be said to be competitors of the company or companies referenced herein. 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This report is prepared solely for the use of Lars Oestergaard of Syngenta
  10. 10. Research Agriculture & Chemicals Sophie Jourdier +44 (0)20 3100 2072 sophie.jourdier@liberumcapital.com Daryl Smith +44 (0)20 3100 2092 daryl.smith@liberumcapital.com Aerospace & Capital Goods Ben Bourne +44 (0)20 3100 2275 ben.bourne@liberumcapital.com Jack O'Brien +44 (0)20 3100 2273 jack.obrien@liberumcapital.com Banks & Other Financials Cormac Leech +44 (0)20 3100 2264 cormac.leech@liberumcapital.com Karen Lucey +44 (0)20 3100 2183 karen.lucey@liberumcapital.com Minh Tran +44 (0)20 3100 2184 minh.tran@liberumcapital.com Building Materials & Housebuilders Charlie Campbell +44 (0)20 3100 2090 charlie.campbell@liberumcapital.com Consumer Goods Pablo Zuanic +1 212 596 4814 pablo.zuanic@liberumcapital.com Media Ian Whittaker +44 (0)20 3100 2089 ian.whittaker@liberumcapital.com Lisa Hau +44 (0)20 3100 2098 lisa.hau@liberumcapital.com Mining, Metals Richard Knights +44 (0)20 3100 2087 richard.knights@liberumcapital.com Kate Craig +44 (0)20 3100 2077 kate.craig@liberumcapital.com Ben Davis +44 (0)20 3100 2083 ben.davis@liberumcapital.com Charlie Bendon (Specialist Sales) +44 (0)20 3100 2078 charles.bendon@liberumcapital.com Oil & Gas Andrew Whittock +44 (0)20 3100 2073 andrew.whittock@liberumcapital.com Kate Sloan +44 (0)20 3100 2217 kate.sloan@liberumcapital.com Jean-Pierre Dmirdjian +44 (0)20 3100 2074 jean-pierre.dmirdjian@liberum.com Fergus Marcroft (Specialist Sales) +44 (0)20 3100 2242 fergus.marcroft@liberumcapital.com Pharmaceuticals Naresh Chouhan +44 (0)20 3100 2095 naresh.chouhan@liberumcapital.com Real Estate Michael Burt +44 (0)20 3100 2082 michael.burt@liberum.com Jon Stewart +44 (0)20 3100 2081 jon.stewart@liberum.com Alison Watson +44 (0)20 3100 2276 alison.watson@liberumcapital.com Retail Sanjay Vidyarthi +44 (0)20 3100 2173 sanjay.vidyarthi@liberum.com Adam Tomlinson +44 (0)20 3100 2174 adam.tomlinson@liberum.com Specialty Chemicals & Materials Adam Collins +44 (0)20 3100 2075 adam.collins@liberumcapital.com Sophie Jourdier +44 (0)20 3100 2072 sophie.jourdier@liberumcapital.com Support Services & Special Situations Joe Brent +44 (0)20 3100 2272 joe.brent@liberumcapital.com William Shirley +44 (0)20 3100 2271 william.shirley@liberumcapital.com David Brockton +44 (0)20 3100 2243 david.brockton@liberum.com Sebastian Jory +44 (0)20 3100 2192 sebastian.jory@liberumcapital.com Ben Eaton +44 (0)20 3100 2269 ben.eaton@liberum.com Transport & Leisure Gerald Khoo +44 (0)20 3100 2195 gerald.khoo@liberum.com Technology Janardan Menon +44 (0)20 3100 2076 janardan.menon@liberumcapital.com Eoin Lambe +44 (0)20 3100 2191 eoin.lambe@liberumcapital.com Utilities Peter Atherton +44 (0)20 3100 2088 peter.atherton@liberumcapital.com Mulu Sun +44 (0)20 3100 2193 mulu.sun@liberumcapital.com Alternative Funds Conor Finn +44 (0)20 3100 2257 conor.finn@liberumcapital.com Rob Jones +44 (0)20 3100 2252 rob.jones@liberumcapital.com Nicole Kwan (Specialist Sales) +44 (0)20 3100 2259 nicole.kwan@liberumcapital.com James Bouverat (Specialist Sales) +44 (0)20 3100 2253 james.bouverat@liberumcapital.com Equity Sales – London Richard Mawer (Head of Sales) +44 (0)20 3100 2114 richard.mawer@liberumcapital.com Edward Blair +44 (0)20 3100 2117 edward.blair@liberumcapital.com Sean Dixon +44 (0)20 3100 2124 sean.dixon@liberumcapital.com Tim Mayo +44 (0) 20 3100 2127 tim.mayo@liberumcapital.com John Mozley +44 (0) 20 3100 2115 john.mozley@liberum.com David Parsons +44 (0)20 3100 2125 david.parsons@liberumcapital.com Tajender Sandhu +44 (0)20 3100 2238 tajender.sandhu@liberumcapital.com Iain Whiteley +44 (0)20 3100 2126 iain.whiteley@liberumcapital.com Tom Saunders +44 (0)20 3100 2249 tom.saunders@liberum.com UK Small & Mid Cap Jeremy McKeown +44 (0)20 3100 2248 jeremy.mckeown@liberumcapital.com Steve Tredget +44 (0)20 3100 2236 steve.tredget@liberumcapital.com Julian Collett +44 (0)20 3100 2113 julian.collett@liberumcapital.com Jeremy Smith +44 (0) 20 3100 2237 jeremy.smith@liberum.com Equity Sales – New York Mark Godridge +1 212 596 4823 mark.godridge@liberumcapital.com Julian Plant +1 212 596 4824 julian.plant@liberumcapital.com Harry Jaffe +1 212 596 4811 harry.jaffe@liberumcapital.com Larry Stevens +1 212 596 4812 lawrence.stevens@liberumcapital.com Sarah Port +1 212 596 4818 sarah.port@liberumcapital.com Sales Trading – London Nina Dixon +44 (0)20 3100 2109 nina.dixon@liberumcapital.com Nick Worthington +44 (0)20 3100 2106 nick.worthington@liberumcapital.com David Thompson +44 (0)20 3100 2062 david.thompson@liberumcapital.com Mark J. Edwards +44 (0)20 3100 2061 mark.j.edwards@liberumcapital.com Harry Preece +44 (0)20 3100 2118 harry.preece@liberumcapital.com Keith Raulli +1 212 596 4813 keith.raulli@liberumcapital.com Trading Jonathan Plant +44 (0)20 3100 2102 jonathan.plant@liberumcapital.com Dominic Lowres +44 (0)20 3100 2103 dominic.lowres@liberumcapital.com Simon Warrener +44 (0)20 3100 2105 simon.warrener@liberumcapital.com Peter Turner +44 (0)20 3100 2170 peter.turner@liberumcapital.com Michael Wackar +44 (0)20 3100 2104 michael.wackar@liberumcapital.com Convertibles Simon Smith +44 (0)20 3100 2171 simon.smith@liberumcapital.com Richard Tomblin +44 (0)20 3100 2172 richard.tomblin@liberumcapital.com Market Making STX 77440 +44 (0)20 3100 2200 Liberum Capital Limited Ropemaker Place, Level 12, 25 Ropemaker Street, London, EC2Y 9LY Tel: +44 (0)20 3100 2000 Fax: +44 (0)20 3100 2299 www.liberumcapital.com Authorised and regulated by the Financial Conduct Authority Registered in England & Wales No. 5912554 This report is prepared solely for the use of Lars Oestergaard of Syngenta

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