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Beringer Finance AS is a registered Norwegian Company under supervision of the Norwegian Financial Supervisory Authority (“Finanstilsynet”). Company registration no. is 917 362 238. In order to see the licenses held by the company, please refer to link to Finanstilsynet to below.


Disclaimer and disclosures for equity recommendations

Beringer Finance AS is licensed by, and under the supervision of, The Financial Supervisory Authority of Norway and complies with the standards for recommendations issued by The Norwegian Securities Dealers Association.


Definitions of ratings


Buy: When price target is more than 10 % above market price.Percent
Hold: When price target is within plus/minus 10 % of market price.
Sell: When price target is more than 10 % below market price.
Target price: Our valuation as of today.
Time frame of target: Target price is our valuation of the share as of today.


General disclosures

Beringer Finance AS has no fixed schedule for updating research material.

Our investment recommendation is elaborated in accordance with “The Norwegian Securities Dealers Associations” standards.

Unless clearly stated in the report, this report has not been sent to the company for correction of any factual errors.

Beringer Finance AS is organized with Chinese walls between the Corporate Department and the Research/Broking Department. In addition, Beringer Finance AS has internal instructions and guidelines for handling sensitive information.

The analyst receives compensation that is impacted by overall firm profitability, including investment banking activities.

Beringer Finance AS is under supervision of The Financial Supervisory Authority of Norway.


Disclosure requirements pursuant to the Norwegian Securities Trading Regulations section 3-10 (2) and section 3-11 (1), letters a-b

Beringer Finance AS may hold financial instruments in companies where a recommendation has been produced by Beringer Finance AS as a result of daily trading/market making. Information on such holdings is not given when of non-significant value.
Please click here for an overview of material interest, i.e. value exceeding NOK 100.000, held by Beringer Finance AS, employees and related companies and persons, in companies where a recommendation has been produced by Beringer Finance AS.


Disclosure requirements pursuant to the Norwegian Securities Trading Regulation § 3-11, letters d-f, ref the Securities Trading Act Section 3-10

Please click here for a list of companies where a recommendation has been produced by Beringer Finance AS, and Beringer Finance AS is market maker or has acted as corporate adviser, lead manager in IPO etc. during the past 12 months. Agreements that are still subject to confidentiality are excluded.


Disclosure requirements pursuant to the Norwegian Securities Trading Regulation § 3-11 (4)

Please click here for an overview of the ratio of “Buy”, “Hold” and “Sell” recommendations for all companies where a recommendation has been produced by Beringer Finance AS and an equivalent ratio for companies where Beringer Finance AS has acted as corporate adviser, lead manager in IPO etc. during the past 12 months.


Previous recommendations

Please send a request to if you would like to receive an overview of the research material that Beringer Finance AS has provided during the last 12 months for a specific company. Please be aware that certain informal recommendations may be excluded.



All reports are provided for information purposes only. They should not be used or considered as an offer to sell or a solicitation of an offer to buy any securities. Any opinions expressed are subject to change without prior notice. The reports are based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that the information herein is not misleading, Beringer Finance AS makes no representation or warranty expressed or implied as to its accuracy or completeness. Neither Beringer Finance AS, its partners and employees, nor any other person connected with it, accepts any liability whatsoever for any direct or consequential loss of any kind arising out of the use or reliance on the information in these reports. The reports are prepared for general circulation and general information. They do not take into account the specific investment objectives and financial situation of any recipient. Investors seeking to buy or sell any securities discussed or recommended in the reports, should seek independent financial advice relating thereto. The reports may not be distributed, quoted from or reproduced for any purpose without written approval by Beringer Finance AS.



Beringer Finance AS is constantly seeking investment-banking mandates, and may at any time perform investment banking or other services or solicit investment banking or other mandates from the company or companies covered in the reports. Beringer Finance AS may from time to time as part of its investment services hold positions in securities covered in the reports. Under our internal regulations, our analysts are not permitted to purchase new securities in the companies they cover.



Research reports are prepared by Beringer Finance AS for information purposes only.  Beringer Finance AS and its employees are not subject to the Rules of the Financial Industry Regulatory Authority (FINRA) governing research analyst conflicts. The research reports are intended for distribution in the United States solely to “major U.S. institutional investors” as defined in Rule 15a-6 under the United States Securities Exchange Act of 1934, as amended and may not be furnished to any other person in the United States. Each major U.S. institutional investor that receives a copy of a Beringer Finance AS research report by its acceptance thereof represents and agrees that it shall not distribute or provide copies to any other person.  Reports are prepared by Beringer finance AS and distributed to major U.S. institutional investors under Rule 15a-6(a)(2). These research reports are prepared by Beringer Finance AS and distributed in the United States by Beringer Finance US, Inc. under Rule 15a-6(a)(2). Any U.S. Person receiving these reports that desires to effect transactions in any securities discussed within the report should call or write Beringer Finance US, Inc., a member of FINRA. Beringer Finance US, Inc. is located at 140 Broadway, 46th floor, New York, NY 10005 and may be contacted at +1 212 751 8522.


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