Research Firm: I/B/E/S Estimates from Refinitiv

All estimates are reviewed according to rigorous quality control measures including both pre- and post-product quality reviews. Quality checks incorporate automated algorithms such as standard deviation, percentage difference from the previous, and number of revisions in a short time period. Monthly audits show accuracy levels greater than 99.9%. Mean estimates only include estimates on the same accounting basis for comparisons across the same category (i.e., apples to apples comparison).

Refinitiv I/B/E/S Consensus Recommendation uses information gathered from contributors. For each security where there is a consensus recommendation, the number of contributors is provided with the recommendation. The Refinitiv standardized scale is as follows:

1 – Strong Buy
2 – Buy
3 – Hold
4 – Underperform
5 – Sell

Each contributor determines how their individual recommendation scale maps to Refinitiv I/B/E/S 5-point scale. While contributors may have a 3-point scale, dual-tiered scale or elaborate multi-tier scales with both company and industry/sector ratings, all points in their scale must map back to the standardized Refinitiv I/B/E/S scale of 1-5. To insure a meaningful mean calculation, contributors must map bullish ratings to a 1 or 2, neutral ratings to a 3 and bearish ratings to a 4 or 5. In cases of broker scales being greater than 5 points, multiple points in a broker's scale may map back to a single point in the Refinitiv I/B/E/S scale. Contributors are made aware that the 1-5 value will be calculated to create a straight arithmetic mean based upon the standard values above and displayed across Refinitiv products.

The mean ratings are calculated as follows:

• Strong Buy – Less than or equal to 1.5
• Outperform – Less than or equal to 2.5 but more than 1.5
• Hold – Less than or Equal to 3.5 but more than 2.5
• Underperform – Less than or equal to 4.5 but more than 3.5
• Sell – More than 4.5
• No Opinion – Rating of 0

Scale Changes
If a contributor changes its scale, stops must be applied to the database to prevent false revisions, followed directly by new recommendations applied on the same day. When scale changes occur, Refinitiv Market Specialists work closely with the contributor to outline the implications, and make decisions on how the change should be represented, based on the guidelines Refinitiv uses in mapping contributor scales to the normalized scale. Recommendation scale change requests received from contributors will be processed on a go-forward basis.

Recommendation Drops
If a contributor drops coverage of a company, a stop is applied to the recommendation field. Additionally, if a contributor is "restricted" on the stock or has suspended their recommendation, a stop would be applied to the recommendation field. When a restriction is lifted, stops will remain in effect until new initiations are received from the broker.