Risk warning and terms of usage

The material published in this report is part of a website that is a personal blog. Most of the investments dis-cussed on this website are part of the personal portfolio of the author. This website is not issuing any buy or sell recommendations.

All information contained in this report and its corresponding website, www.stock-market-research.com, are for information purposes only.

Information from external sources are indicated appropriately. The author does not assume any liability or responsibility for the correctness, accuracy and completeness of this information, even though he deems it to be reliable.

My full-time job is as a buy-side analyst for Paladin Asset Management InvAG based in Hanover (Germany). I would like to point out that I run Stock-Market-Research privately in my spare time. There is no overlap between the investment universe of Paladin Asset Management and Stock-Market-Research. Furthermore, this blog is not a publication of the Paladin Group and I am responsible for the ideas and content presented here. In this respect, there will be no conflict of interest betwee Paladin and Stock Market Research.

The reference to the analyzed company within this presentation is neither an offer nor a request to subscribe to shares of this company. The information provided is for information gathering only and is not considered as a recommendation for investment. Before making use of the contents you must extensively assess, if the information is suitable for your purpose and is compatible with your individual goals. The opinions presented are those of the author at the time of publishing and may not agree with information provided at a later time. This blog and its articles, research reports, social media postings, media appearances and any related con-tent serve purely to inform and inspire readers to look out for new investment opportunities and research them themselves; a process for which any reader should then also consult a variety of other sources and never base any decisions on this report or the content of its corresponding website.

This report is not a solicitation or inducement to buy, sell, subscribe or underwrite securities. The author does not make investment recommendations. Any valuation given in this report is the theoretical result of a study of a range of possible outcomes and not a forecast of a likely share price. The author does not undertake to provide updates to any opinions or views expressed in this document.

The performance in the past does not necessarily provide any indication of future performance. The value of investments and their possible returns are not guaranteed and may increase as well as decrease. Potential investors or interested persons are strongly advised to consult their personal professional advisor for the evaluation of the investment risk and the investment strategy in order to determine the appropriateness of an investment based on their personal situation.

The author is not paid or otherwise compensated by any of the companies discussed in these reports. The author is likely to be himself invested in the investments discussed in these reports. The author is under no obligation to update readers about any purchases or sales of his investments. He commits himself not to sell privately any shares of the companies concerned in the temporal context of (positive) blog posts.

Using any of the information contained in this report or on the corresponding website www.stock-market-research.com is at the reader's own risk. There is no advisory relationship between the user and the author. It is prohibited to re-publish the content of this website or reports without the express written permission of the author.