Disclaimer for The Motley Fool GmbH research publications Note: On these pages you will find legal information and the publications in accordance with Section 34b (1) WpHG and MAR (Market Abuse Regulation (EU) No. 596/2014) for all securities analyzes and recommendations from The Motley Fool Fool GmbH (“The Fool” below) regarding any business currently tracked by it.
These pages were last updated on April 18, 2017.
Legal Notice / Disclaimer The investment recommendations of The Fool contain selected information and do not claim to be complete. The analyzes are based on publicly available information and data (the “information”) which are considered reliable. However, The Fool has not reviewed the information for accuracy or completeness and assumes no responsibility for the accuracy or completeness of the information. Any incomplete or inaccurate information shall not cause The Fool to be liable for any damages and The Fool shall not be liable for any indirect and/or direct and/or consequential damages. In particular, The Fool assumes no responsibility for any statements, plans or other details contained in these analyzes regarding the investigated companies, their affiliates, strategies, financial, market and/or competitive situation, legal framework conditions, etc. Although the analyzes have been prepared with all due care, errors or incompleteness cannot be ruled out. The Fool, its shareholders and employees do not guarantee the accuracy or completeness of any statements, estimates, recommendations or conclusions derived from information contained in the research. If essential information has been omitted, The Fool is liable for simple negligence. The Fool’s liability is limited to compensation for typical and foreseeable damages. The investment recommendations do not constitute an offer or a solicitation of an offer to buy or sell a security. It is possible that shareholders, management or employees of The Fool have a responsible position, e.g. as a member of the board, in companies that are mentioned in the analyses, operate or have an investment position therein. Statements contained in investment recommendations are subject to change without notice. All rights reserved.
Additional information for US clients The investment recommendations are a product of The Fool. The Fool is the employer or principal of the research analyst who prepared the report. The research analyst is not affiliated with any US regulated broker-dealer and therefore is not subject to the supervision of any US regulated broker-dealer.
Declaration in accordance with section 34b, subsection 1, WpHG and MAR as well as delegated regulation (EU) no. 2016/958 (“DelVO”) Valuation The valuation on which the investment recommendation for the company analyzed here is based is based on generally recognized and widespread methods Fundamental analysis, such as discounted cash flow (DCF) model, terminal multiple valuation, peer group comparison, “sum of the parts” model or a similar, common and widespread fundamental valuation method.
The result of this basic assessment forms the basis of the recommendation, although it is also adjusted by the analyst’s assessment of possible industry changes, alternative possible futures, company strategy results, competitive pressure, etc. The analyst’s final opinion should not be seen as the only point of the model, but rather the most likely considered outcome of the many possible future implications.
Regardless of the valuation method used, there is a risk that the investment result will not be achieved, e.g. due to unforeseen changes in the demand for the company’s products, changes in management, technology, economic development, interest rate development, operational and/or material development. costs, competitive pressures, regulatory legislation, exchange rates, taxation, etc. There are other risks associated with investing in foreign markets and instruments, such as those resulting from changes in exchange rates or changes in political and social conditions.
This analysis reflects the opinion of the respective author at the time of its creation. A change in the fundamental factors underlying the valuation may subsequently mean that the valuation is no longer correct. It has not been determined in advance whether and at what intervals this elaboration will be updated.
Additional internal and organizational precautions have been taken to prevent or manage conflicts of interest.
The results of the analyzes and the analysts’ opinions are not published until they are published on the analyzed companies.
All prices of financial instruments indicated in this financial analysis are closing prices on the trading day prior to the respective published publication date, unless otherwise expressly stated.
Significance of the presented investment recommendations Investment recommendation: Expected development of the price of the financial instrument up to the stated price target, according to the opinion of the analyst responsible for this financial instrument.
Buy: The share price is expected to rise more than the matching index over the next 3 to 5 years. Hold: The price of the stock is expected to either rise less than the relevant index or remain stable over the next 3 to 5 years. Sell: The price of the stock is expected to decline over the next 3 to 5 years.
Trading Rules and Analysts and Third Party Information Related to Motley Fool GmbH When a Motley Fool analyst writes about a stock in which he or she holds a position or otherwise distributes, this fact will be noted at the end of an article or report.
We have stock recommendations in our paid newsletters and we also disclose these recommendations when we write about them on our free website (Fool.de). To be fair to our paying members, we do not disclose these recommendations in our free content for at least 30 days from the time the recommendation was first published. After this 30-day period, we will also publish these recommendations.
The US parent company, The Motley Fool, LLC (abbreviated as “Fool US”) may also hold positions in the securities mentioned in our articles. Because we have no non-public knowledge of our parent company’s positions, Fool US’s positions are also not published in our free or premium content. Fool US has its own disclosure policy.
In addition to the above requirements, we are subject to additional trade restrictions and policies. These restrictions require Motley Fool employees to:
– each share they own must have at least 10 full trading days. (Day trading is not allowed – as if we would!) – Can’t write about that stock for 2 full trading days before and after they buy or sell a stock. – Must notify our Compliance department if they buy or sell any shares, regardless of whether they have written about it or not.
We also work with freelance writers who:
– every stock you own and write about on Motley Fool must have at least 10 free trading days. – may not write about this share for a period of 2 full trading days before and after they have bought or sold a share.