covered fixed costs.
• So much is self-evident but a number of significant businesses (Panmure, Peel Hunt,
Stifel/Oriel, Liberum) seem unable to face up to this harsh reality and structure ... corporate client base (built over 2Y2 decades) that it can withstand the external
pressures.
• Panmure is the most interesting opportunity because of the strength of the brand but the
model ... cash.
• In the same way that Westhouse has done on a smaller scale, Panmure needs to focus solely
on activities which serve its corporate clients whilst maintaining its integrity
https://www.justice.gov/epstein/files/DataSet%209/EFTA01115244.pdf
EFTA00370946Set 9
2014-04-176p1,714w
upgrades ELPE GA (buy)
• Citi upgrades BKIA SM/CABK SM (buy) & cuts KIO SJ (sell), Panmure upgrades PDG LN (buy)
• DB downgrades PKN PW, GS upgrades CHR DC (buy), Kepler downgrades ... CSGN SW
• JPM downgrades KNIN SW/GJF NO & upgrades ETE GA, Panmure upgrades PDG LN (buy)
• Natixis upgrades WPP LN (buy), Nomura upgrades AKZA NA & downgrades AKE FP
• Equinet upgrades
https://www.justice.gov/epstein/files/DataSet%209/EFTA00370946.pdf
EFTA02135450Set 10
2013-06-247p1,582w
upgrades SKAB SS, JPM upgrades YKBNK TI and downgrades GARAN TI, Panmure positive
BPTY LN
Natixis positive SGO FP and upgrades ATL IM, DNB upgrades Nordic construction & house builder
sector ... Oriel initiates ITV LN (hold), Akros upgrades BZU IM, Nordea downgrades MTGB SS, Panmure
upgrades DVO LN
Peel Hunt upgrades AND LN and downgrades SGRO LN
Reporting Post-Close: ARPI
https://www.justice.gov/epstein/files/DataSet%2010/EFTA02135450.pdf
EFTA02137076Set 10
2013-06-108p1,997w
downgrade YAR NO
• Numis downgrade NAV LN, CGL LN, AML LN, upgrade LRE LN, Panmure upgrade GEM LN, PDL
LN
Reporting Pre-Open: ANFI, KMG, TPLM
Reporting Post-Close: BNNY
https://www.justice.gov/epstein/files/DataSet%2010/EFTA02137076.pdf
EFTA02112117Set 10
2014-03-118p2,090w
HSBC upgrades SY1 GY
• Espirito upgrades SON PL & downgrades WEIR LN, Panmure upgrades CCC LN, ABN downgrades
USG NA
Reporting Pre-Open: AEO, AFAM, ARCO, BONT, BPI, CBLI
https://www.justice.gov/epstein/files/DataSet%2010/EFTA02112117.pdf
EFTA02106578Set 10
2014-04-298p2,307w
Europe Super 10 list, Barclays upgrades ABG LN
Kepler upgrades AZN LN, Panmure upgrades AZN LN, MS downgrades BNP FP & upgrades GLE FP
Mirabaud upgrades LOGN VX, Numis upgrades FOXT
https://www.justice.gov/epstein/files/DataSet%2010/EFTA02106578.pdf
EFTA00396305Set 9
2013-02-057p2,340w
initiate ASML NA (op)
Investec downgrade PFD LN, SXS LN, Numis downgrade TATE LN, Panmure downgrade Sn/ LN
Reporting Pre-Open: ADM, ADP, AGN, BDX, CAH, CSC, DLPH
https://www.justice.gov/epstein/files/DataSet%209/EFTA00396305.pdf
EFTA00403751Set 9
2012-10-045p1,632w
Axiom downgrades PWER
(sell), Baird cuts S
Key Research: SocGen downgrades REE SM, Panmure downgrades AZN LN, MainFirst upgrades MAN GY
Key Research: MainFirst upgrades SKYD GY, JPM cuts
https://www.justice.gov/epstein/files/DataSet%209/EFTA00403751.pdf
EFTA00388343Set 9
2013-06-267p2,067w
List, UBS upgrades CRDA LN, ELM LN, LMI LN, UL NA, VCT LN
• Panmure upgrades CCC LN, BofA initiates DLG GY (up), Barclays initiates PA/ LN (ow)
•• Citi initiates
https://www.justice.gov/epstein/files/DataSet%209/EFTA00388343.pdf
EFTA00355869Set 9
2014-12-226p1,618w
HSBC downgrades SSE LN, RBC upgrades HOME LN
• Bofa upgrades SDR LN, Panmure downgrades CWD LN, Helvea downgrades ROG VX, Natixis downgrades SOI FP
Reporting Pre-Open: BASI, JYNT
Reporting
https://www.justice.gov/epstein/files/DataSet%209/EFTA00355869.pdf
EFTA00379407Set 9
2013-11-216p1,983w
downgrades PXD
Europe Key Research:
•• JEFF +ve AC FP, Berenberg reit buy ZONO PL, Panmure +ve IN LN
• KepChev upgrade MEC CY, SRN IM, Oddo downgrade ITRK LN, upgrade
https://www.justice.gov/epstein/files/DataSet%209/EFTA00379407.pdf
EFTA00390701Set 9
2013-05-088p2,645w
Chev downgrade FRA GY, upgrade G1AGY
MAQ downgrade NEOJ GY, Oriel downgrade HSX LN, Panmure downgrade SBRY LN, upgrade CMS LN
Reporting Pre-Open: CTSH, LINTA, ALE, AOL, ARQL, ATRS
https://www.justice.gov/epstein/files/DataSet%209/EFTA00390701.pdf
EFTA02154412Set 10
2012-11-167p1,814w
line) and HFC (op)
Key Research: GS downgrade EXO IM, Liberum upgrade PRO LN, Panmure upgrade SRP LN
Key Research: RBC downgrade XTA LN, BofAML downgrade PNN LN, BofAML upgrade
https://www.justice.gov/epstein/files/DataSet%2010/EFTA02154412.pdf
EFTA02122294Set 10
2013-11-139p2,367w
upgrade JEN GY, downgrade EVT GY
• Akros downgrade BP IM, Swed upgrade NHY NO, Panmure downgrade AZN LN
• Bryan Gamier downgrade GRF SM, Equinet downgrade LEO GY
Reporting Pre-Open
https://www.justice.gov/epstein/files/DataSet%2010/EFTA02122294.pdf
EFTA02128810Set 10
2013-09-099p2,106w
VONN SW (op)
KepChev upgrade TEN IM, VK FP, Libr upgrade CSR LN, Panmure upgrade BDEV LN
Mainfirst upgrade LONN SW, MUV2 GY, NOK1V FH
Reporting Pre-Open: HITK
https://www.justice.gov/epstein/files/DataSet%2010/EFTA02128810.pdf