Disclaimer for The Motley Fool GmbH research publications recommendations of The Motley Fool GmbH (“The Fool” below) regarding any company currently followed by it.
These pages were last updated on April 18, 2017.
Imprint / Disclaimer The Fool’s investment recommendations contain selected information and do not claim to be complete. The analyzes are based on generally available information and data (“the information”), which are believed to be reliable. However, The Fool has not verified the accuracy or completeness of the information and accepts no responsibility for the accuracy or completeness of the information. Any incomplete or inaccurate information will not result in The Fool being liable for any damages of any kind, and The Fool will not be liable for any indirect and/or direct and/or consequential damages. In particular, The Fool does not assume any responsibility for the statements, plans or other details contained in these analyzes concerning the companies examined, their affiliated companies, their strategies, their economic, market and/or competitive situation, the legal framework conditions , etc. Although the analyzes have been compiled with the greatest care, errors may occur or incompleteness cannot be excluded. The Fool, its shareholders and employees do not warrant the accuracy or completeness of any statements, estimates, recommendations or conclusions drawn from the 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 any security. It is possible that shareholders, officers or employees of The Fool hold a position of responsibility, for example as a member of the supervisory board, in the companies mentioned in the analyzes operate there or hold an investment position there. . The opinions contained in the investment recommendations are subject to change without notice. All rights reserved.
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Declaration in accordance with Article 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 analyzed company is based here is based on widely used and methods Fundamental Analysis, such as the discounted cash flow (DCF) model, terminal multiple valuation, peer group comparison, the “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 for the recommendation, although it is also adjusted by the analyst’s assessment of possible industry changes, possible alternative futures, corporate strategy results , competitive pressures, etc. The analyst’s final opinion should not be viewed as the only point in the model, but rather as the most likely outcome among many possible future implications.
Irrespective of the valuation method used, there is a risk that the investment result will not be achieved, for example due to unforeseen changes in demand for the company’s products, changes in management, technology , economic development, changes in interest rates, operational and/or material cost changes, competitive pressures, regulatory legislation, exchange rates, taxation, etc. There are other risks associated with investing in foreign markets and instruments, such as those due to fluctuations 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 may subsequently result in the valuation no longer being correct. It has not been determined in advance if 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 communicated before their publication on the companies analysed.
All prices of financial instruments shown in this financial analysis are the closing prices of the trading day preceding the respective publication date published, unless a different time is expressly indicated.
Meaning of the investment recommendations presented Investment recommendation: Expected evolution 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 price is expected to rise more than the corresponding index over the next 3-5 years. Hold: The stock price is expected to either rise less than the appropriate index or remain stable over the next 3-5 years. Sell: The stock price is expected to fall over the next 3-5 years.
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