Common initialisms and abbreviations used in the target price method and risks disclosures*:

BPS, BVPS – book value per share; CAGR – compound annual growth rate; CFROI® – cash flow return on investment (a registered trademark of Credit Suisse Group, AG or its affiliates in the United States and other countries); DCF – discounted cash flow; DCFE – discounted cash flow to equity; DDM – dividend discount model; DPS – dividend per share; DPU – dividend per unit; EBIT – earnings before interest and tax; EBITAR – earnings before interest, taxes, amortization, and restructuring or rent costs; EBITDA – earnings before interest, tax, depreciation and amortisation; EBITDAX – earnings before interest, taxes, amortization, depreciation, and exploration; EBT – earnings before tax; EPS – earnings per share; ERP – equity risk premium; EV – enterprise value; EVA – economic value added; EVE – economic value of equity; FCF – free cash flow; FFO – funds from operations; GAAP – generally accepted accounting principles; HOLT – Credit Suisse HOLT™ is an analytical tool that involves use of a set of proprietary quantitative algorithms and warranted value calculations (trademark of Credit Suisse Group, AG or its affiliates in the United States and other countries); IRR – internal rate of return; LT – long term; MRP – market risk premium; NAV – net asset value; NOI – net operating income; NOL – net operating loss; NOPAT – net operating profit after tax; NPAT – net profit after tax; NPV – net present value; NTM – next 12 months; P/B, PB, PBR – price to book ratio or multiple; P/CF, PCF – price to cash flow; P/E, PE, PER – price to earnings ratio or multiple (expressed as a multiple, often with the symbol “x” for times); PBT – profit before tax; PE Rel – price/earnings relative to an index, usually the broader market (expressed in %); PEG – price/earnings growth; RFR – risk-free rate; RNAV – reappraised net asset value; ROA – return on assets; ROCE – return on capital employed; ROE – return on equity; ROGIC – return on gross invested capital; ROIC – return on invested capital; SOTP, SOP – sum of the parts; TP – target price; WACC – weighted average cost of capital

* This list of initialisms and abbreviations, while encompassing those most commonly used within equity research, may not be complete nor accurate under all situations. Initialisms may be shown in ALL CAPS, sentence case or lower case.