We are required by the Financial Services Authority to provide a split of our research recommendations, based on all recommendations made over the past calendar quarter for all companies under coverage. We are also separately required to provide the same information for clients with whom we have had a corporate relationship in the past 12 months.
This information for the period 01 October 2011 to 31 December 2011 is provided in the table below:
| Recommendation | Numbers | % | Proportion of Clients that we have had a Corporate relationship with in previous 12 months % |
|---|---|---|---|
| Buy 1 | 219 | 71% | 34% |
| Sell 2 | 10 | 3% | 0% |
| Hold | 81 | 26% | 10% |
| Total | 310 | 100% | 44% |
An archive of the historical distribution of research recommendations is provided here.
* Includes AIM and Official List companies.
Ratings Key
Please note that prior to 1st February 2012 NPlus1 Brewin LLP (“N+1 Brewin”) was formerly the Corporate Advisory and Broking division of Brewin Dolphin Ltd. As from 1st February N+1 Brewin has adopted a different recommendation structure which is detailed below. The recommendation structure used prior to 1st February 2012 was based on the upside to the 12m Price Target; Buy (>20% upside), Add (10% to 20% upside), Hold (-10% to 10% upside), Reduce (10% to 20% downside) and Sell (>20% downside).
N+1 Brewin Research – Current Recommendation Definition: Recommendations are a function of N+1 Brewin’s expectation of total return (forecast price appreciation and dividend yield within the next 12 months)
Buy – Expected total return of 20% or more
Add – Expected total return of between 10% and 20%
Hold – Expected total return of between 0% and 10%
Reduce – Expected negative total return of between 0% and 10%
Sell – Expected negative total return of 10% or more
1 “Buy includes “Strong Buy”, “Add” and “Buy” recommendations.
2 “Sell” includes “Take Profits”, “Reduce” and “Sell” recommendations.