');height:10px;width:16px;content:"";position:absolute;top:5px;right:0;display:block;transition:rotate .3s;rotate:0deg}.sn-navbar-links a.sn-has-panel.sn-open:after,.sn-navbar-links button.sn-has-panel.sn-has-panel.sn-open:after{rotate:180deg}.sn-navbar-links a,.sn-navbar-links button.sn-has-panel,.sn-navbar .sn-search-button{padding-bottom:18px;margin-bottom:0;position:relative}.sn-navbar-links a:before,.sn-navbar-links button.sn-has-panel:before,.sn-navbar .sn-search-button:before{content:"";display:block;position:absolute;bottom:0px;left:0;right:0;height:4px;background:#071d49;opacity:0;outline:0 !important;pointer-events:none}.sn-navbar-links a:hover:before,.sn-navbar-links a.sn-active:before,.sn-navbar-links a.sn-open:before,.sn-navbar-links button.sn-has-panel:hover:before,.sn-navbar-links button.sn-has-panel.sn-active:before,.sn-navbar-links button.sn-has-panel.sn-open:before,.sn-navbar .sn-search-button:hover:before,.sn-navbar .sn-search-button.sn-active:before,.sn-navbar .sn-search-button.sn-open:before{opacity:1}.sn-navbar-actions{display:flex;gap:14px;align-items:center;padding-bottom:10px}@media all and (max-width: 1150px){.sn-navbar-actions{gap:6px}}.sn-navbar-actions .sn-vsep{height:25px;width:1px;margin:0 10px}@media all and (max-width: 1150px){.sn-navbar-actions .sn-vsep{margin:0 5px}}.sn-navbar-actions .sn-vsep{background:#c4c4c4}.sn-navbar-actions .sn-search-button{position:relative;top:10px;color:#071d49;padding-left:25px}.sn-navbar-actions .sn-search-button::after{content:"";background-image:url('data:image/svg+xml, ');width:20px;height:20px;display:block;position:absolute;top:0;left:0}.sn-reset .sn-button{border-radius:2px;background:#0a70dc;border:2px solid #0a70dc;color:#fff !important;padding:7px 11px;font-weight:600;white-space:nowrap}.sn-reset .sn-button:hover{background:#0857ab;border-color:#0857ab}.sn-reset .sn-button-outline{background:#fff;color:#0a70dc !important;border:2px solid #0a70dc}.sn-reset .sn-button-outline:hover{color:#0857ab !important;background:#ebf4fe;border-color:#0857ab}.sn-sr{position:absolute;left:-10000px;top:auto;width:1px;height:1px;overflow:hidden}@media all and (max-width: 980px){.sn-desktop{display:none}}@media all and (min-width: 981px){.sn-mobile{display:none}}.sn-mobile-bar.sn-container{padding-top:12px;padding-bottom:12px;display:flex;align-items:center}.sn-mobile-bar.sn-container a,.sn-mobile-bar.sn-container button{font-weight:500;margin-left:16px;font-size:1rem}.sn-mobile-bar.sn-container button.with-icon{font-size:0.875rem}.sn-mobile-logo{margin-left:0 !important;margin-right:auto}.sn-mobile-logo svg{height:28px}.sn-mobile-nav{display:none;border-top:1px solid #c4c4c4;overflow:hidden}.sn-mobile-nav.sn-open{display:block}.sn-mobile-areas{padding:6px 15px 10px;font-size:0.875rem;font-weight:500;gap:20px;margin:0 auto}.sn-mobile-areas a{display:block;margin:7px 0;padding:8px 0}.sn-mobile-areas a.sn-active{text-decoration:underline;text-decoration-thickness:2px;text-underline-offset:5px}.sn-mobile-extra{background:#ebf4fe;padding:20px 15px;margin:0 auto}.sn-mobile-links{max-width:400px;font-size:0.875rem;font-weight:500;display:flex;justify-content:space-between;gap:8px;flex-wrap:wrap}.sn-mobile-links a{display:block}.sn-mobile-links #sn-header-button-log-out{display:none !important}.sn-mobile-actions{padding:0 15px 30px;display:flex;flex-direction:column;gap:18px;align-items:center;margin:0 auto}.sn-mobile-actions a:not(.sn-mobile-visible),.sn-mobile-actions button:not(.sn-mobile-visible){display:none !important}.sn-mobile-actions .sn-mobile-visible{width:100%;text-align:center}.sn-mobile-actions .sn-mobile-logout{font-weight:500;color:#0a70dc;text-decoration:underline;text-underline-offset:4px}.sn-mobile-nav .sn-panel-savings{margin-top:24px}.sn-mobile .sn-panel-disclaimer{margin-bottom:12px}.sn-mobile .sn-mobile-title{padding:24px 0 18px;border-bottom:1px solid #c4c4c4;font-size:1.25rem;font-weight:700}.sn-mobile-list{display:flex;flex-direction:column;overflow:hidden;padding:6px 15px 20px;margin:0 auto}.sn-mobile-list a,.sn-mobile-list button.sn-has-panel,.sn-mobile-list button.has-list{font-size:1rem;width:100%;text-align:left;padding:16px 0;font-weight:500}.sn-mobile-list a.sn-has-panel,.sn-mobile-list a.has-list,.sn-mobile-list button.sn-has-panel.sn-has-panel,.sn-mobile-list button.sn-has-panel.has-list,.sn-mobile-list button.has-list.sn-has-panel,.sn-mobile-list button.has-list.has-list{position:relative}.sn-mobile-list a.sn-has-panel:after,.sn-mobile-list a.has-list:after,.sn-mobile-list button.sn-has-panel.sn-has-panel:after,.sn-mobile-list button.sn-has-panel.has-list:after,.sn-mobile-list button.has-list.sn-has-panel:after,.sn-mobile-list button.has-list.has-list:after{background-image:url('data:image/svg+xml, ');height:12px;width:7px;content:"";position:absolute;top:19px;right:0px;display:block}.sn-mobile-list a.sn-search-button,.sn-mobile-list button.sn-has-panel.sn-search-button,.sn-mobile-list button.has-list.sn-search-button{padding-right:30px}.sn-mobile-list a.sn-search-button:after,.sn-mobile-list button.sn-has-panel.sn-search-button:after,.sn-mobile-list button.has-list.sn-search-button:after{background-image:url('data:image/svg+xml, ');bottom:0px;top:14px;height:20px;width:20px}.sn-mobile-list .sn-link{display:flex;flex-direction:column;gap:4px}.sn-mobile-list .sn-link .sn-link-text{font-weight:500}.sn-mobile-list .sn-link .sn-link-description{color:#4d4d4d;font-size:14px;font-style:normal;font-weight:400}.sn-mobile-list .sn-subtitle{width:fit-content;border:none;padding:0}.sn-mobile-list li{border-bottom:1px solid #c4c4c4}.sn-mobile .sn-panel-buttons{margin-top:16px}.sn-mobile-nav .sn-search-input{min-width:100px}.sn-mobile-nav .sn-search .sn-panel-title{font-size:1.25rem;padding:20px 0}.sn-mobile-nav .sn-search .sn-search-results{margin-bottom:16px}.sn-mobile-nav .sn-search .sn-search-results a{font-weight:400}.sn-mobile-nav .sn-search .sn-entry-title{font-weight:400}.sn-mobile-nav .sn-search .sn-price-listing .sn-entry-title{font-weight:500}.sn-mobile-nav .sn-search .sn-entry-title .sn-search-nav a{margin:6px 0}.sn-mobile-nav .sn-search .sn-search-nav-research,.sn-mobile-nav .sn-search .sn-search-nav-news{display:flex;flex-wrap:wrap;align-items:start}.sn-mobile-nav .sn-search .sn-search-nav-research>a,.sn-mobile-nav .sn-search .sn-search-nav-news>a{margin-top:0;width:calc(100% - 110px)}.sn-mobile-nav .sn-search .sn-search-nav-research>p,.sn-mobile-nav .sn-search .sn-search-nav-news>p{width:110px;padding:8px;font-size:14px}.sn-mobile-nav .sn-search .sn-entry-title+.sn-price{color:#1a1a1a}.sn-mobile-nav .sn-search .sn-search-link{border:0px}.sn-mobile .sn-mobile-back{width:fit-content;border:0px;padding-bottom:0px;color:#0a70dc;font-size:1rem;font-weight:600;position:relative;padding-left:15px;padding-top:16px}.sn-mobile .sn-mobile-back:before{background-image:url('data:image/svg+xml, ');height:12px;width:7px;content:"";position:absolute;bottom:3.5px;left:0;display:block;transform:rotate(180deg)}.sn-mobile-header-search{height:38px;width:48px}.sn-mobile-button{height:38px;width:44px;text-align:center}.sn-mobile-button .sn-mobile-close{display:none;position:relative;top:2px}.sn-mobile-button.sn-open .sn-mobile-close{display:block}.sn-mobile-button.sn-open .sn-mobile-open{display:none}.sn-mobile-inner,.sn-mobile-inner-sub{transition:transform .25s,opacity .35s;transform:translateY(-15px);opacity:.35}.sn-mobile-inner-sub{transform:translateX(15px);padding-bottom:15px}.sn-mobile-nav.sn-animated .sn-mobile-inner,.sn-mobile-nav.sn-animated .sn-mobile-inner-sub{transform:translateY(0);opacity:1}.sn-mobile-nav.sn-animated .sn-mobile-inner-sub{transform:translateX(0)}.sn-mobile .sn-panel-close{display:none}.sn-panel{display:none;overflow:hidden}.sn-panel.sn-open{display:block}.sn-panel .sn-panel-intro{transition:transform .45s,opacity .25s;opacity:1;transform:translateY(0px)}.sn-panel.sn-animated .sn-panel-intro{opacity:1;transform:translateY(0px)}.sn-panel-main{transition:0s;opacity:1;transform:translateX(0px)}.sn-panel-main.sn-animated{opacity:1;transform:translateX(0px);transition:transform .45s,opacity .25s}.sn-panel{border-top:1px solid #c4c4c4;padding-top:25px;font-size:1rem;font-weight:400}.sn-panel .sn-panel-title{font-size:1.25rem;font-weight:600;border-bottom:1px solid #c4c4c4;padding-bottom:5px;margin-bottom:20px}.sn-panel-columns,.sn-panel-main>.sn-panel-list{position:relative;display:flex;gap:40px}.sn-panel-columns:after,.sn-panel-main>.sn-panel-list:after{position:absolute;content:"";top:0;left:31%;margin-left:19px;bottom:-30px;width:1px;background:#c4c4c4}.sn-panel-main>.sn-panel-list:after{left:50%;height:1000px;margin-left:-0.5px}.sn-panel-intro{width:31%}.sn-panel-nav,.sn-panel-subcontent,.sn-panel-main{flex:1}.sn-panel-intro,.sn-panel-main{padding-bottom:65px}.sn-panel-header{position:relative}.sn-panel-close{font-size:1rem;position:absolute;z-index:2;top:0;right:0;transition:opacity .25s}.sn-panel-close:hover{text-decoration:underline}.sn-panel-close:after{background-image:url('data:image/svg+xml, ');height:12px;width:13px;margin-left:8px;top:.5px;content:"";display:inline-block;position:relative}.sn-panel-nav a,.sn-panel-nav button.has-list{width:100%;text-align:left;font-size:1rem;border-radius:0px;display:block;padding:12px 14px;padding-right:30px;margin-bottom:6px;background:#fff;position:relative;font-weight:500}.sn-panel-nav a.has-list:after,.sn-panel-nav button.has-list.has-list:after{background-image:url('data:image/svg+xml, ');height:12px;width:7px;content:"";position:absolute;top:15px;right:17px;display:block}.sn-panel-nav a.sn-open,.sn-panel-nav a:hover,.sn-panel-nav button.has-list.sn-open,.sn-panel-nav button.has-list:hover{background:#071d49;color:#fff}.sn-panel-nav a.sn-open:after,.sn-panel-nav a:hover:after,.sn-panel-nav button.has-list.sn-open:after,.sn-panel-nav button.has-list:hover:after{background-image:url('data:image/svg+xml, ')}.sn-panel-nav .sn-link{display:flex;flex-direction:column;gap:4px}.sn-panel-nav .sn-link .sn-link-text{font-weight:500}.sn-panel-nav .sn-link .sn-link-description{color:#4d4d4d;font-size:14px;font-style:normal;font-weight:400}.sn-panel-nav .sn-link:hover .sn-link-description{color:#fff}.sn-panel-back{font-size:1rem;font-weight:500;margin-bottom:15px;text-decoration:underline !important;margin-left:14px}.sn-panel-back:hover{text-decoration:none !important}.sn-panel-buttons a{border-radius:0px;border:1px solid #c4c4c4;display:block;padding:12px 16px;margin-bottom:16px;font-weight:500;display:flex;align-items:center;gap:10px}.sn-panel-buttons a:hover{background:#ecf2fd;border-color:#071d49}.sn-panel-buttons a:hover span{text-decoration:underline;text-underline-offset:2px}.sn-panel-buttons a.sn-panel-featured{background:#fff;border:2px solid #0a6bd2;color:#0a70dc}.sn-panel-buttons a.sn-panel-featured:hover{background:#ebf4fe;color:#0a6bd2}.sn-panel-icon{display:flex;flex-direction:column;align-items:center;justify-items:center;width:40px;height:45px}.sn-panel-icon img,.sn-panel-icon svg{max-width:100%;margin:auto}.sn-panel .sn-panel-disclaimer{font-size:0.875rem;padding:0 0 24px}.sn-panel-accordion{margin-top:0px}.sn-panel-accordion-title{width:100%;text-align:left;border-radius:0 !important;position:relative;display:block !important;cursor:pointer;font-size:0.875rem;font-weight:600;padding:0 20px 6px 0 !important;border-bottom:1px solid #071d49 !important}.sn-panel-accordion-title:after{background-image:url('data:image/svg+xml, ');height:10px;width:16px;content:"";position:absolute;bottom:7px;right:0;display:block;transition:rotate .3s;rotate:0deg}.sn-panel-accordion-title:hover{opacity:.75}.sn-panel-accordion-content{padding-top:12px;font-size:0.875rem;line-height:18px;display:none;white-space:pre-line}.sn-panel-accordion.sn-open .sn-panel-accordion-content{display:block}.sn-panel-accordion.sn-open .sn-panel-accordion-title::after{rotate:180deg}.sn-panel-saving h3{font-weight:600}.sn-panel-rates{padding:10px 0 18px;display:grid;grid-template-columns:repeat(2, 1fr);gap:8px}.sn-panel-rates>a{border-radius:0;padding:8px 8px;border:1px solid #c4c4c4;display:block;transition:background .35s,border-color .35s}.sn-panel-rates>a:hover{background:#ecf2fd;border-color:#071d49}.sn-panel-rate{font-size:1.125rem;padding:4px 0;font-weight:700}.sn-panel-rate-title{font-weight:600;font-size:0.875rem !important;line-height:1.1em}.sn-panel-rate-suffix{font-weight:400;font-size:0.875rem;white-space:pre-line;opacity:.9}.sn-panel-main>.sn-panel-list{display:none}.sn-panel-main>.sn-panel-list.sn-open{display:flex}.sn-panel-header{display:none}.sn-panel-header.sn-open{display:block}.sn-panel-subcontent>.sn-panel-board,.sn-panel-subcontent>.sn-panel-list,.sn-panel-buttons{display:none}.sn-panel-subcontent>.sn-panel-board.sn-open,.sn-panel-subcontent>.sn-panel-list.sn-open,.sn-panel-buttons.sn-open{display:block}.sn-search{display:flex;gap:40px;position:relative}.sn-search:not(.sn-mobile-inner-sub):after{position:absolute;content:"";top:0;left:50%;margin-left:-0.5px;bottom:-30px;width:1px;background:#c4c4c4}.sn-search>*{flex:1}.sn-search .sn-subtitle{font-size:1.0625rem;font-weight:600}.sn-search .sn-panel-main{padding-top:28px}.sn-search-panel{padding:16px;margin-bottom:14px;background:#fdfaf0;display:flex;gap:6px;flex-direction:row;flex-wrap:wrap;justify-content:space-between}.sn-search-panel .sn-view-all{font-size:1rem}.sn-search-panel .sn-view-all:hover{text-underline-offset:2px;text-decoration:underline}.sn-search-panel div{width:100%}.sn-search .sn-sep{margin:22px 0;opacity:.3}.sn-search .sn-positive,.sn-search .sn-negative{border-radius:5px;padding:3px 5px;white-space:pre;min-width:85px;text-align:right;padding-left:25px;position:relative}.sn-search .sn-positive::before,.sn-search .sn-negative::before{content:"";position:absolute;display:block;top:6px;left:6px;width:13px;height:14px}.sn-search .sn-positive{background:#e5fbec;color:#137333}.sn-search .sn-positive::before{background-image:url('data:image/svg+xml, ')}.sn-search .sn-negative{background:#ffebeb;color:#cf0f0f}.sn-search .sn-negative::before{background-image:url('data:image/svg+xml, ')}.sn-search .sn-price-listing{color:#1a1a1a;font-weight:500;padding:8px 0;border-bottom:1px solid rgba(0,0,0,.1);display:flex;align-items:center;gap:6px}.sn-search .sn-price-listing:first-child{margin-top:6px;border-top:1px solid rgba(0,0,0,.1)}.sn-search .sn-price-listing:hover span:first-child{text-decoration:underline}@media(max-width: 380px){.sn-search .sn-price-listing{font-size:0.875rem}}.sn-search .sn-price{margin-left:auto;margin-right:4px}.sn-search-note{color:rgba(0,0,0,.7)}.sn-search-form{display:flex;gap:8px}.sn-search-input{flex:1;border-radius:2px;font-size:1rem;padding:9px 12px;border:1px solid rgba(0,0,0,.7)}.sn-search-submit{cursor:pointer;border:0px;background:#0a70dc;color:#fff;font-weight:500;font-size:1rem;border-radius:2px;position:relative;padding:10px 18px 10px 35px !important}.sn-search-submit::before{content:"";background-image:url('data:image/svg+xml, ');width:15px;height:15px;margin-right:8px;position:absolute;top:12px;left:12px}.sn-search-nav .sn-search-share{display:flex;gap:6px}.sn-search-nav .sn-search-share:last-child{margin-left:auto}.sn-search-preset{padding-bottom:0 !important}.sn-search-result-hidden{display:none}.sn-search-result{padding:28px 0;border-bottom:1px solid #c4c4c4}.sn-search-result.-hidden{display:none}.sn-search-result.-show{display:block}.sn-search .sn-search-title{font-size:1.125rem;font-weight:600}.sn-search .sn-search-results-recent a{padding-left:8px}.sn-search .sn-search-results-recent a:before{display:none}.sn-search .sn-search-compare,.sn-search .sn-subtitle{color:#071d49;font-family:Inter;font-size:1rem;font-style:normal;font-weight:600;line-height:normal;text-decoration-line:underline}.sn-search .sn-search-compare-invest{display:none}@media(min-width: 981px){.sn-search .sn-search-compare-invest{display:block}}.sn-search .sn-search-compare-bottom{display:block;padding-bottom:0;padding-top:24px}@media(min-width: 981px){.sn-search .sn-search-compare-bottom{display:none}}.sn-search .sn-search-accounts{display:grid;grid-template-columns:1fr;grid-gap:24px}@media(min-width: 768px){.sn-search .sn-search-accounts{grid-template-columns:1fr 1fr}}@media(min-width: 981px){.sn-search .sn-search-accounts{grid-template-columns:1fr}}@media(min-width: 1024px){.sn-search .sn-search-accounts{grid-template-columns:1fr 1fr}}.sn-search .-hidden{display:none}.sn-search .sn-search-account{border:1px solid #c4c4c4;background:#fff;padding:16px;position:relative}.sn-search .sn-search-account h4{padding-bottom:8px;font-weight:600}.sn-search .sn-search-account:hover{background-color:#f6fafe;border:1px solid #071d49}.sn-search .sn-search-account:active{background-color:#eff7ff;border:1px solid #071d49}.sn-search .sn-search-account .sn-search-account-heading{display:flex;justify-content:space-between;font-weight:600;color:#071d49;font-size:1rem}@media(min-width: 981px){.sn-search .sn-search-account .sn-search-account-heading{font-size:1.125rem}}.sn-search .sn-search-account .sn-search-account-chevron{margin-left:6px}.sn-search .sn-search-account .sn-search-account-content{color:#4d4d4d;font-weight:400}.sn-search .sn-search-account .sn-search-account-flare{position:absolute;bottom:0;right:0}.sn-search .sn-search-headings{display:flex;justify-content:space-between;align-items:center;margin-bottom:16px}.sn-search-nav{padding:12px 0px}.sn-search-nav a{display:block;padding:8px}.sn-search-nav a:hover{text-decoration:underline;text-underline-offset:2px;background:#f7f7f7}.sn-search-nav em{font-weight:600;font-style:normal}.sn-search .sn-search-link{font-weight:600;text-decoration:underline;text-underline-offset:2px}.sn-search .sn-search-link:hover{text-decoration:none}.sn-search #sn-search-news-container .sn-search-link,.sn-search #sn-search-research-container .sn-search-link{display:none}.sn-search .sn-search-nav-research,.sn-search .sn-search-nav-news{display:flex;flex-wrap:wrap;align-items:start}.sn-search .sn-search-nav-research>a,.sn-search .sn-search-nav-news>a{margin-top:0;width:calc(100% - 110px)}.sn-search .sn-search-nav-research>p,.sn-search .sn-search-nav-news>p{width:110px;padding:8px;font-size:14px}.sn-search-radio{border-style:none;display:flex;flex-wrap:wrap;gap:8px;align-items:center;padding:20px 0 0 0}.sn-search-radio-toggle label{display:inline-block;padding:8px 16px;border-radius:20px;background-color:#bddeff;color:#00366b;font-size:14px;text-align:center;cursor:pointer}.sn-search-radio-toggle label:hover{background-color:#00366b;color:#fff}.sn-search-radio-toggle input{position:absolute;opacity:0;width:0;height:0}.sn-search-radio-toggle input:checked+label{background-color:#00366b;color:#fff}.sn-search-radio-toggle input:focus+label,.sn-search-radio-toggle input:focus-visible+label{outline:2px solid #0a6bd2;outline-offset:2px}.sn-header-skip{background:#fee942;display:block !important;overflow:hidden;height:0px;outline:0px !important;font-size:0.875rem;font-weight:500}.sn-header-skip .sn-container{padding-top:7px;padding-bottom:3px}.sn-header-skip span{display:inline-block;padding:9px 0 11px;text-underline-offset:2px;text-decoration:underline}.sn-header-skip:focus-visible{height:auto}.sn-is-slim .sn-topbar-area,.sn-is-slim .sn-topbar-links,.sn-is-slim .sn-navbar-links{display:none;color:#071d49}.sn-is-slim .sn-navbar-actions{position:relative;top:2px;padding-bottom:0px}.sn-is-slim .sn-navbar-actions a:not(.sn-slim-visible),.sn-is-slim .sn-navbar-actions button:not(.sn-slim-visible),.sn-is-slim .sn-navbar-actions .sn-vsep{display:none !important}.sn-is-slim .sn-desktop>.sn-container{display:flex;align-items:center;justify-content:space-between}.sn-header-promo{width:100%;padding:14px 0;background:#071d49}.sn-header-promo .sn-container{display:flex;gap:12px;justify-content:space-between;margin:0 auto}.sn-header-promo p.sn-header-promo-body{color:#fff;font-size:0.875rem}.sn-header-promo a{color:#fff;text-decoration:underline;font-weight:500;text-underline-offset:2px}.sn-header-promo a:hover{text-decoration:none}.sn-header-promo button.sn-header-promo-button{margin-top:0px;color:#fff;font-weight:500;display:flex;align-items:center;font-size:0.875rem;text-underline-offset:2px}.sn-header-promo button.sn-header-promo-button:hover{text-decoration:underline}.sn-header-promo button.sn-header-promo-button::after{content:"";width:12px;height:12px;margin-left:7px;display:block;background-repeat:no-repeat;background:url('data:image/svg+xml, ')}.sn-loader div{border-radius:4px;overflow:hidden;margin-bottom:10px;background:rgba(0,0,0,.2);position:relative}.sn-loader div:after{display:block;position:absolute;top:0;left:0;right:0;bottom:0;content:"";animation-duration:1.25s;animation-fill-mode:forwards;animation-iteration-count:infinite;animation-name:snShimmer;animation-timing-function:linear;background:#a9a9a9;background:linear-gradient(to right, #eee 10%, #fff 18%, #eee 33%);background-size:1600px 100%;height:100%;opacity:.9}.sn-loader div:last-child{margin-bottom:0px}.sn-loader-a{height:20px;margin-bottom:12px}.sn-loader-b{height:80px;margin-bottom:12px}@keyframes snShimmer{0%{background-position:100% 0}100%{background-position:-100% 0}}.sn-hide-variant{display:none !important}.sn-only-personal{display:none !important}.sn-is-personal .sn-hide-personal:not(.sn-only-workplace){display:none !important}.sn-is-personal .sn-only-personal{display:block !important}.sn-mobile-nav .sn-hide-mobile{display:none !important}.sn-only-auth{display:none !important}.sn-is-auth .sn-hide-auth{display:none !important}.sn-is-auth .sn-only-auth{display:block !important}.sn-only-unauth{display:none !important}.sn-is-unauth .sn-hide-unauth{display:none !important}.sn-is-unauth .sn-only-unauth{display:block !important}.sn-only-guest{display:none !important}.sn-is-guest .sn-only-guest{display:block !important}.sn-only-client{display:none !important}.sn-is-client:not(.sn-is-workplace) .sn-only-client{display:block !important}.sn-is-client:not(.sn-is-workplace) .sn-only-guest{display:none !important}.sn-is-client:not(.sn-is-workplace) .sn-mobile-nav .sn-mobile-only-guest{display:none !important}.sn-is-client:not(.sn-is-workplace).sn-is-auth .sn-only-client.sn-hide-auth{display:none !important}.sn-is-client:not(.sn-is-workplace).sn-is-unauth .sn-only-client.sn-hide-unauth{display:none !important}.sn-only-workplace{display:none !important}.sn-is-workplace .sn-hide-workplace{display:none !important}.sn-is-workplace .sn-only-workplace{display:block !important}.sn-is-invisible{height:0;overflow:hidden}.cookieSettingsModal{display:none}.cookieSettingsModal__section{margin:20px 0}.cookieSettingsModal{background:#fff;padding:30px;margin:32px;max-height:90%}@media only screen and (min-width: 460px)and (max-height: 600px){.cookieSettingsModal{margin:0}}.cookieSettingsModal{overflow-y:scroll;border-radius:4px}@media only screen and (max-height: 768px){.cookieSettingsModal{margin:32px;overflow-y:scroll}}.cookieBanner{background:rgba(0,0,0,.6);position:fixed;top:0;right:0;bottom:0;left:0;width:100%;height:100%;z-index:950;overflow:hidden;overflow-y:auto;font-size:16px;line-height:28px}.cookieBanner .show{display:block}.cookieBanner .hide{display:none}.cookieBanner *+p,.cookieBanner p+*{margin-top:1.5625rem}@media only screen and (min-width: 460px){.cookieBanner{font-size:18px}}@media only screen and (min-width: 460px)and (min-height: 600px){.cookieBanner{display:flex;flex-direction:column;justify-content:center;align-items:center}}.cookieBanner__inner{max-height:calc(100% - 64px);position:relative;text-align:left;font-family:Inter,Arial,Helvetica,sans-serif}@media only screen and (min-width: 460px)and (min-height: 600px){.cookieBanner__inner{max-width:600px;width:90%}}.cookieBanner__inner h4{font-weight:600}.cookieBanner__modalContent{position:fixed;top:50%;transform:translateY(-50%);background:#fff;padding:30px;margin:32px;border-radius:4px}@media only screen and (max-width: 375px){.cookieBanner__modalContent{margin-top:8px}}@media only screen and (min-width: 460px)and (min-height: 600px){.cookieBanner__modalContent{position:relative;top:auto;transform:none}}@media only screen and (min-width: 460px){.cookieBanner__modalContent{margin:auto}}@media only screen and (max-width: 280px){.cookieBanner__modalContent{position:relative;transform:none}}@media only screen and (max-height: 460px){.cookieBanner__modalContent{margin:8px 32px;max-height:80%;overflow-y:scroll}}.cookieBanner__text{margin-bottom:30px;font-family:Inter,Arial,Helvetica,sans-serif}.cookieBanner__buttons{display:flex;flex-direction:column-reverse}@media only screen and (min-width: 768px){.cookieBanner__buttons{flex-direction:row;align-items:center}}.cookieBanner__settingsAccept{display:block}.cookieBanner__accept{display:block;margin:0}@media only screen and (min-width: 768px){.cookieBanner__accept{margin:0 0 0 30px}}.cookieBanner__settings{position:relative;display:block;text-align:center;font-weight:500;font-size:1rem;line-height:1.5rem;text-transform:uppercase}.cookieBanner__link{border:0;position:relative;vertical-align:text-bottom}.cookieBanner__settingsIcon{margin-right:30px}.cookieBanner__settingsIcon:before{background:url("data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0idXRmLTgiPz4KPCEtLSBHZW5lcmF0b3I6IEFkb2JlIElsbHVzdHJhdG9yIDIzLjAuMywgU1ZHIEV4cG9ydCBQbHVnLUluIC4gU1ZHIFZlcnNpb246IDYuMDAgQnVpbGQgMCkgIC0tPgo8c3ZnIHZlcnNpb249IjEuMSIgeG1sbnM9Imh0dHA6Ly93d3cudzMub3JnLzIwMDAvc3ZnIiB4bWxuczp4bGluaz0iaHR0cDovL3d3dy53My5vcmcvMTk5OS94bGluayIgeD0iMHB4IiB5PSIwcHgiCgkgdmlld0JveD0iMCAwIDQ4IDQ4IiBzdHlsZT0iZW5hYmxlLWJhY2tncm91bmQ6bmV3IDAgMCA0OCA0ODsiIHhtbDpzcGFjZT0icHJlc2VydmUiPgo8c3R5bGUgdHlwZT0idGV4dC9jc3MiPgoJLnN0MHtkaXNwbGF5Om5vbmU7fQoJLnN0MXtkaXNwbGF5OmlubGluZTtmaWxsOiMwQUFCRjM7fQoJLnN0MntmaWxsOiMwMDA7fQo8L3N0eWxlPgo8ZyBpZD0iTGF5ZXJfMSIgY2xhc3M9InN0MCI+Cgk8cG9seWdvbiBjbGFzcz0ic3QxIiBwb2ludHM9IjQyLjI3LDYuMzggMTUuMzgsMzQuMzQgNC42MSwyMy4xNiA0LjYxLDIzLjE2IDQuNjEsMjMuMTYgMi44OCwyOC42NyAxNS4zOCw0MS41OCA0NCwxMS44MSAJIi8+CjwvZz4KPGcgaWQ9IkxheWVyXzIiPgoJPGc+CgkJPHBhdGggY2xhc3M9InN0MiIgZD0iTTQ1LjYxLDI4LjEzbC0xLjYyLTEuNjRjMC4yLTEuNjksMC4yLTMuMzksMC01LjA5bDEuNjItMS42NGMwLjg2LTAuODYsMS4xNi0yLjEyLDAuNzgtMy4yOAoJCQljLTAuNTItMS41OS0xLjE5LTMuMS0yLjAxLTQuNTFjLTAuODMtMS40My0xLjgtMi43Ny0yLjg5LTMuOTljLTAuODItMC45My0yLjA4LTEuMy0zLjI3LTAuOThsLTIuMiwwLjYKCQkJYy0xLjM3LTEuMDQtMi44NS0xLjkxLTQuNDItMi41N2wtMC41OC0yLjE5Yy0wLjMyLTEuMTgtMS4yNy0yLjA4LTIuNDYtMi4zM2MtMy4yNi0wLjY5LTYuNy0wLjY3LTkuODQtMC4wMmgtMC4wMQoJCQljLTEuMjEsMC4yNi0yLjE2LDEuMTctMi40NiwyLjM0bC0wLjU4LDIuMThjLTEuNjEsMC42OC0zLjEzLDEuNTUtNC41MSwyLjYyYy00LjQtMC43Ni00LjktMC4yLTUuMzcsMC4zMwoJCQljLTEuMDksMS4yMi0yLjA3LDIuNTctMi45LDRjLTAuOCwxLjQxLTEuNDksMi45Mi0yLjAxLDQuNTJjLTAuMzcsMS4xNS0wLjA3LDIuNDEsMC43OCwzLjI3bDEuNiwxLjYyYy0wLjIsMS43LTAuMiwzLjQyLDAsNS4xMgoJCQlsLTEuNiwxLjYxYy0wLjg2LDAuODctMS4xNywyLjE0LTAuNzgsMy4zYzAuNTEsMS41NCwxLjE5LDMuMDcsMi4wMiw0LjUxYzAuODQsMS40NiwxLjgxLDIuOCwyLjg4LDQKCQkJYzAuODEsMC45MiwyLjA2LDEuMjksMy4yMywwLjk4bDIuMjEtMC41OWMxLjM2LDEuMDMsMi44NSwxLjksNC40NCwyLjU2bDAuNTgsMi4xOWMwLjMyLDEuMTgsMS4yNywyLjA3LDIuNDYsMi4zMwoJCQljMS42MiwwLjMzLDMuMjgsMC41MSw0LjkxLDAuNTFjMS42NiwwLDMuMzEtMC4xOCw0Ljk0LTAuNTJjMS4xOS0wLjI1LDIuMTQtMS4xNCwyLjQ2LTIuMzNsMC41OC0yLjE4CgkJCWMxLjU3LTAuNjcsMy4wNS0xLjUyLDQuNDItMi41N2wyLjIsMC42YzEuMTksMC4zMSwyLjQ1LTAuMDUsMy4yNi0wLjk4YzEuMDgtMS4yLDIuMDQtMi41NCwyLjg4LTMuOTkKCQkJYzAuODQtMS40NSwxLjUyLTIuOTgsMi4wMi00LjUxQzQ2Ljc4LDMwLjI2LDQ2LjQ4LDI4Ljk5LDQ1LjYxLDI4LjEzeiBNNDAuMywyMS4xMmMwLjMyLDEuODgsMC4zMiwzLjc4LDAsNS42NmwtMC4xNCwwLjg2CgkJCWwyLjc3LDIuNjRjLTAuNDMsMS4zMS0xLjAxLDIuNTktMS43MiwzLjgzYy0wLjcxLDEuMjMtMS41MywyLjM4LTIuMjUsMy4zM2wtMy44NS0xLjA0bC0wLjY4LDAuNTZjLTEuNDksMS4yNC0zLjE1LDIuMi00LjkyLDIuODYKCQkJbC0wLjgzLDAuM2wtMC44NiwzLjY5Yy0yLjcyLDAuNTctNS43MiwwLjQ0LTguMTksMC4xNWwtMS4wMi0zLjg0bC0wLjgzLTAuM2MtMS43OS0wLjY3LTMuNDUtMS42Mi00LjkzLTIuODRsLTAuNjgtMC41Nkw4LjUzLDM3LjUKCQkJYy0wLjktMS4wMS0xLjczLTIuMTYtMi40NC0zLjM5Yy0wLjctMS4yNC0xLjI5LTIuNTItMS43Ni0zLjY0bDIuODEtMi44Mkw2Ljk4LDI2LjhjLTAuMzEtMS44OS0wLjMxLTMuODEsMC01LjY5bDAuMTUtMC44NgoJCQlsLTIuNzYtMi42MUM0LjgyLDE2LjI4LDUuNCwxNSw2LjA4LDEzLjgxYzAuNjEtMS4wNCwxLjI5LTIuMDMsMi4wNy0yLjk0YzAuNywwLjAzLDIuMDYsMC4yLDMuMzEsMC40NGwwLjc4LDAuMTRsMC42MS0wLjUxCgkJCWMxLjQ4LTEuMjIsMy4xMy0yLjE3LDQuOTMtMi44NGwwLjgzLTAuM2wxLTMuNzNjMi42MS0wLjUzLDUuNjQtMC4zOCw4LjA2LTAuMTFsMS4wMiwzLjg0bDAuODMsMC4zYzEuNzcsMC42NiwzLjQzLDEuNjIsNC45MiwyLjg2CgkJCWwwLjY4LDAuNTZsMy42NS0xLjFjMC45NCwxLjAzLDEuNzYsMi4xOCwyLjQ2LDMuMzljMC42OSwxLjE5LDEuMjYsMi40OCwxLjc1LDMuNjJsLTIuODIsMi44NEw0MC4zLDIxLjEyeiIvPgoJCTxwYXRoIGNsYXNzPSJzdDIiIGQ9Ik0yMy42OCwxNC4xN2MtNS4yOCwwLTkuNTgsNC4zLTkuNTgsOS41OHM0LjMsOS41OCw5LjU4LDkuNThzOS41OC00LjMsOS41OC05LjU4UzI4Ljk2LDE0LjE3LDIzLjY4LDE0LjE3egoJCQkgTTIzLjY4LDI5Ljg1Yy0zLjM2LDAtNi4xLTIuNzQtNi4xLTYuMXMyLjc0LTYuMSw2LjEtNi4xczYuMSwyLjc0LDYuMSw2LjFTMjcuMDQsMjkuODUsMjMuNjgsMjkuODV6Ii8+Cgk8L2c+CjwvZz4KPC9zdmc+Cg==") no-repeat;position:absolute;content:"";height:24px;width:24px;transform:translate(5px, 5px);top:-5px;left:-5px;background-size:24px 24px}.cookieBanner h2{display:block;font-size:24px;margin-block-start:13px;margin-block-end:13px;margin-inline-start:0px;margin-inline-end:0px;font-weight:bold}.cookieBanner body.-cb-open{height:100vh;overflow-y:hidden}.cookieBanner .cookieDecisionRadioGroup_wrapper{display:flex;flex-direction:row;align-items:flex-start;padding:0px;gap:24px;margin-top:16px;border:none}.cookieBanner .radio{position:relative;cursor:pointer;display:flex}.cookieBanner .radio__text{padding-top:8px}.cookieBanner .radio__label{display:block;margin-left:12px;font-size:16px;font-weight:500;line-height:24px;letter-spacing:-0.32px;cursor:pointer;color:#071d49}.cookieBanner .radio__input{appearance:none;background-color:rgba(0,0,0,0);margin:0;cursor:pointer;max-height:40px}.cookieBanner .radio__input::before{content:"";display:inline-block;color:#c4c4c4;width:40px;height:40px;box-shadow:inset 0 0 0 2px #c4c4c4;border-radius:22px;transition:all 150ms linear}.cookieBanner .radio__input::before{content:"";display:inline-block;color:#8a8a8a;width:40px;height:40px;box-shadow:inset 0 0 0 2px #8a8a8a;border-radius:22px;background-color:#fff;transition:all 150ms linear}.cookieBanner .radio__input:focus{outline:0}.cookieBanner .radio__input:focus::before{box-shadow:inset 0 0 0 4px #071d49;outline:2px solid #00deb2}@media only screen and (min-width: 768px){.cookieBanner .radio__label{font-size:18px;line-height:28px}}.cookieBanner .radio__input__bgiTh::before{content:"";display:inline-block;width:28px;height:28px;box-shadow:inset 0 0 0 2px #c4c4c4;border-radius:22px;transition:all 150ms linear}.cookieBanner .radio__input__bgiTh:checked::before{background:url("data:image/svg+xml;base64,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") no-repeat 0 0;box-shadow:inset 0 0 0 2px #071d49}.cookieBanner .radio__input__bgiTh:hover::before{box-shadow:inset 0 0 0 2px #071d49}.cookieBanner .button-module_button{cursor:pointer;font-family:Inter,sans-serif;font-size:16px;line-height:24px;padding:12px 24px;border:0;font-weight:600;transition:all 150ms linear;width:auto;display:block;margin:0}.cookieBanner .cookieBanner__modalContent .cookieBanner__buttons .button-module_button{width:100%;height:auto}@media only screen and (min-width: 768px){.cookieBanner .cookieBanner__modalContent .cookieBanner__buttons .button-module_button{width:231px;height:62px}}.cookieBanner .cookieBanner__modalContent .cookieBanner__buttons .button-module_button-primary{margin:0 0 24px 0}@media only screen and (min-width: 768px){.cookieBanner .cookieBanner__modalContent .cookieBanner__buttons .button-module_button-primary{margin:0 0 0 30px;padding:0}}.cookieBanner .button-module_button:hover,.cookieBanner .button-module_button:active{background-color:#0857aa;border:1px solid #0a70dc;color:#fff}.cookieBanner .button-module_button-primary{background:#0a70dc;border:1px solid #0a70dc;color:#fff}@media only screen and (min-width: 460px){.cookieBanner .button-module_button-primary{margin-bottom:0px}}.cookieBanner .button-module_button-secondary{background:#fff;border:1px solid #0a70dc;color:#0a70dc}.cookieBanner .button-module_button-secondary:focus{border:1px solid #00deb2}.cookieBanner .button-module_button-secondary:hover{border:.0625rem solid var(#0857aa);background-color:var(#0857aa)}.cookieBanner .button-module_button:focus{background-color:#00deb2;border:1px solid #00deb2;box-shadow:inset 0 -2px 0 0 #071d49;outline:0;color:#071d49}@media only screen and (min-width: 768px){.cookieBanner .button-module_button{padding:16px 32px;font-size:18px;line-height:28px;width:auto}}.cookieBanner .link-module_link-body{color:#0a70dc;text-decoration:underline;text-underline-offset:4px;text-decoration-color:currentcolor}.cookieBanner .link-module_link:focus{outline:0;color:#071d49;text-decoration-thickness:2px}.cookieBanner .link-module_link:hover{color:#0857aa;text-decoration:none}.cookieBanner .link-module_link:focus .link-module_link-span{background-color:#00deb2}.cookieBanner .sr-only:not(:focus):not(:active){clip:rect(0 0 0 0);clip-path:inset(50%);height:1px;overflow:hidden;position:absolute;white-space:nowrap;width:1px}.notificationStripContainer{display:flex;flex-wrap:wrap;justify-content:center;align-items:center;text-align:center;background-color:#071d49;padding:14px;font-size:1.125rem;line-height:24px;color:#fff;gap:10px}.notificationContent{display:flex;flex-wrap:wrap;justify-content:center;align-items:center;gap:10px}.notificationStripText{width:100%}.notificationStripInner{display:flex;justify-content:center;align-items:center}.notificationStripDays{display:flex;gap:4px;margin-right:10px}.notificationStripDigit{font-family:"HLOswald","Oswald",Impact,Franklin Gothic Bold,sans-serif;background-color:#fff;font-weight:800;border-radius:4px;min-width:20px;min-height:28px;color:#162c57;font-size:24px;align-items:center;text-align:center;padding-top:1px}@media(max-width: 389px){.notificationContent{flex-direction:column;align-items:flex-start;text-align:left}.notificationStripInner{justify-content:flex-start}}@media(min-width: 390px){.notificationContent{flex-direction:row;align-items:center;text-align:center}.notificationStripText{width:auto}.notificationStripInner{justify-content:center}}.notificationStripSlash{display:none}@media(min-width: 580px){.notificationStripSlash{display:block;margin:0 10px;color:#fff}}.notificationStripTitle{font-weight:700}.notificationStripLastDayMessage strong{font-weight:700}
Share research Volvo: Q3 sales and profits fall Volvo’s Q3 sales stall, but service revenue helps to soften the blow.
No recommendation - No news or research item is a personal recommendation to deal. All investments can fall as well as rise in value so you could get back less than you invest.
Prices delayed by at least 15 minutes
Volvo’s third-quarter net sales fell 7% to SEK 117.0bn (Swedish Kroner), ignoring currency impacts. An 11% decline in Vehicle sales was partly offset by 4% higher Service sales.
Underlying operating profit fell more than markets expected, down 26.9% to SEK 14.1bn. This was driven by lower volumes and an unfavourable product mix which more than offset higher sales prices and easing material costs.
Free cash flow improved from an outflow of SEK 1.5bn to an inflow of SEK 5.2bn, largely due to favourable timing of payments from customers. Net debt at period-end was SEK 173.9bn.
CEO Martin Lundstedt referred to some macroeconomic “uncertainty” in the near term. He also pointed out that the industry is poised for long-term growth and Volvo is in a good position to support customers.
The shares fell 1.6% in early trading.
Our view Volvo’s third-quarter numbers showed it’s not firing on all cylinders after global freight and construction activity normalised from the heights of last year. The group’s getting some relief from high demand in its buses division, but it wasn’t enough to keep group profits from falling sharply this quarter.
It’s worth pointing out that this isn’t the car maker – that part was sold off a while ago. This Volvo is an industrial giant that manufactures trucks, buses, diesel engines, and construction equipment.
The group not only produces these vehicles but also services them. If your truckload of goods gets stuck somewhere, a 24/7 global servicing support network is on hand to get you up and running ASAP. It’s a win-win situation. Customers get peace of mind, and Volvo gets a reliable recurring revenue stream to help smooth out the ups and downs of economic cycles.
That’s proving to be a big benefit, as recent vehicle sales have pulled back overall. With the current level of macroeconomic uncertainty, end-markets are expected to remain subdued this year. Given Volvo’s exposure to global economic activity, we can’t rule out things getting worse before they get better.
While truck orders may have stalled, there’s been a small bounce in orders for buses and construction equipment. These take some time to convert into sales, but the latter can often be seen as a leading indicator of where the economy’s heading. Companies only tend to order construction equipment if they’re confident that more work is on the horizon. We’re hopeful that momentum can build further, but remember, nothing is guaranteed.
Looking further out, transportation and infrastructure are vital and exciting industries with long-term growth drivers, and we think Volvo’s in a good position to meet this demand. There are significant barriers to entry in this field as well. The group's vast manufacturing and supply chains play a crucial role in safeguarding its market share.
It’s also a leader in the electrification of trucks and buses. Volvo wants over 35% of its vehicle sales to be electric by 2030, but that target looks increasingly challenging.
The balance sheet remains in good shape, and there’s currently a prospective 5.9% dividend yield on offer. Please remember nothing is guaranteed. Overseas dividends can be subject to withholding tax which might not be reclaimable.
The valuation’s sitting below the long-term average, reflecting the slowdown in activity. There’s no telling when things will pick up, but in the long term, we see growth potential at Volvo. Ups and downs along the way can’t be ruled out.
Environmental, social and governance (ESG) risk General Industrial companies are medium risk in terms of ESG but can trend up to the higher end of the spectrum depending on subindustry. The primary risks can include labour relations, emissions (either product or production-based), business ethics and product governance. Other concerns are waste and health & safety.
According to Sustainalytics, Volvo’s management of ESG risk is strong.
Volvo is addressing its substantial risks related to greenhouse gas emissions by investing in electric and hybrid vehicle technology. The group has also committed to net zero emissions by 2040. However, Volvo is facing consumer lawsuits throughout Europe relating to its previous involvement in a price-fixing scheme in the region.
Volvo key facts Forward price/earnings ratio (next 12 months): 10.4
Ten year average forward price/earnings ratio: 12.6
Prospective dividend yield (next 12 months): 5.9%
Ten year average prospective dividend yield: 4.0%
All ratios are sourced from Refinitiv, based on previous day’s closing values. Please remember yields are variable and not a reliable indicator of future income. Keep in mind key figures shouldn’t be looked at on their own – it’s important to understand the big picture.
This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by Refinitiv. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
This article is not advice or a recommendation to buy, sell or hold any investment.No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment.This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication.Non - independent research is not subject to FCA rules prohibiting dealing ahead of research, however HL has put controls in place(including dealing restrictions, physical and information barriers) to manage potential conflicts of interest presented by such dealing.Please see our full non - independent research
disclosure for more information.
Latest from Share research
Sign up for Share Insight. Get our Share research team’s key takeaways from the week’s news and articles direct to your inbox every Friday.
Written by
Aarin Chiekrie
Equity Analyst
Aarin is a member of the Equity Research team. Alongside our other analysts, he provides regular research and analysis on individual companies and wider sectors. Having a keen interest in global economics, he knows how macro-events can impact individual companies.
Our content review process
The aim of Hargreaves Lansdown's financial content review process is to ensure accuracy, clarity, and comprehensiveness of all published materials
Published: 18th October 2024
This website uses cookies
To help personalise your experience with HL and show you relevant content and adverts, we use cookies.
By clicking "Accept All Cookies", you consent to our use of cookies. You can change this at any time. If you want to know more, read our cookie policy .
Cookie Settings
Accept All Cookies
You have accepted all cookies
Cookie settings
To make sure you get the most from our website, we use cookies.
Accept All Cookies
You have accepted all cookies
Essential Cookies
These allow our website to work properly and gives us anonymous
information about how the website is used.
Functional cookies
The website will remember you (for example, for faster login) and help
us understand how you use the site.
Marketing cookies
You'll see tailored adverts. If you turn these off, you will still see
adverts but they may not be relevant to your interests.
Save preferences
Find out more about how we use cookies