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 by The Motley Fool GmbH ( “The Fool” below) regarding any company currently being tracked by it.
These pages were last updated on Apr 18, 2017.
Legal Notice / Disclaimer The investment recommendations from The Fool contain selected information and do not claim to be complete. The analyzes are based on generally available information and data (“the information”), which are considered to be reliable. However, The Fool has not reviewed the information for accuracy or completeness and accepts no liability for the accuracy or completeness of the information. Any incomplete or inaccurate information shall not cause The Fool to be liable for any damages of any kind, and The Fool shall not be liable for any indirect and/or direct and/or consequential damages. In particular, The Fool assumes no liability for statements, plans or other details contained in these analyzes regarding the companies examined, their affiliated companies, strategies, economic, market and/or competitive situation, legal framework conditions, etc. Although the analyzes have been compiled with all due care, errors may occur or incompleteness cannot be ruled out. The Fool, its shareholders and employees do not warrant 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 are liable for simple negligence. The liability of The Fool 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 hold a position of responsibility, e.g. as a member of the supervisory board, in the companies named in the analyses operate or have an investment position therein. Opinions 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 is therefore not subject to the supervision of any US regulated broker-dealer.
Declaration in accordance with Section 34b (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 widely used 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 widely used fundamental valuation method.
The result of this fundamental assessment is used as the basis of the recommendation, although it is also adjusted by the analyst’s assessment of possible industry changes, alternative possible futures, corporate strategy outcomes, competitive pressures, etc. The analyst’s final opinion should not be viewed as the sole 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 demand for the company’s products, changes in management, technology, economic development, interest rate developments, operational and/or material costs, competitive pressures, regulatory law, exchange rates, taxation, etc. There are other risks associated with investments in foreign markets and instruments, such as those due to 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 on which the valuation is based can subsequently result in the valuation no longer being correct. It has not been determined in advance whether and at what time intervals this elaboration will be updated.
Additional internal and organizational precautions have been taken to prevent or deal with conflicts of interest.
The results of the analyzes and the opinions of the analysts are not disclosed before they are published on the analyzed companies.
All prices of financial instruments stated in this financial analysis are closing prices on the stock exchange trading day preceding the respective published publication date, unless a different time is expressly stated.
Significance of the investment recommendations presented Investment recommendation: Expected development of the price of the financial instrument up to the specified price target, according to the opinion of the analyst responsible for this financial instrument.
Buy: The stock’s 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 increase less than the appropriate index or remain stable over the next 3 to 5 years. Sell: The price of the stock is expected to fall over the next 3 to 5 years.
Trading Rules and Analyst and Third-Party Disclosures Related to the Motley Fool GmbH When a Motley Fool analyst writes about a stock in which he or she owns a position or otherwise benefits, that fact will be noted at the end of an article or report .
We have stock recommendations in our paid newsletters, and we also disclose those 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 disclose these recommendations.
The US parent company, The Motley Fool, LLC (referred to as “Fool US” for short) may also have 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 trading restrictions and policies. These restrictions require Motley Fool employees to:
– each stock they own must have at least 10 full trading days. (Day trading isn’t allowed – as if we wanted to!) – Can’t write about that stock for 2 full trading days before and after they’ve bought or sold a stock. – Must notify our Compliance Department if they buy or sell any stock, whether they have written about it or not.
We also work with freelance writers who:
– each stock you own and write about on the Motley Fool must have at least 10 clear trading days. – are not allowed to write about this share for a period of 2 full trading days before and after they have bought or sold a share.