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Dowgate Capital Stockbrokers “Dowgate” is authorised and regulated by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 146274) and is a member of the London Stock Exchange. Dowgate’s research is for information only purposes and should not be regarded as an offer or solicitation to buy or sell securities or other instruments mentioned in it. The cost of Dowgate’s research on individual companies is paid for by our corporate clients. This research is for publication only to UK persons who are authorised persons under the Financial Services and Markets Act 2000 and to Professional customers. This research is not for Retail customers.