Securities purchases are always associated with risks, which in extreme cases can result in a total loss of the funds invested. Special risks could arise, among other things, from the narrowness of the market for some of the securities described. Purchases on credit are extremely risky, especially in the case of small caps with a narrow market.
The documents of Montega AG constitute neither an offer nor a solicitation to buy or sell any securities. They are for information purposes only. The documents merely contain a non-binding expression of opinion on the investment instruments addressed and the market conditions at the time of publication of the respective document. Due to their content, which serves to provide general information, the documents are not a substitute for personal advice appropriate to the investor and the property when making investment decisions and do not convey the information that is fundamental to an investment decision, which is formulated in other sources, in particular in duly approved prospectuses.
All data used in the documents and the statements made are based on sources that we believe to be reliable. However, we assume no liability for their accuracy or completeness. Opinion statements contained herein reflect the personal assessment of the author at a specific point in time. These opinions are subject to change at any time without notice. Any liability of the analyst or the institutions commissioning him for direct or indirect damages is excluded. The confidential reports are made available to a limited circle of recipients. Forwarding or distribution to third parties is only permitted with the approval of Montega. All applicable capital market regulations concerning the preparation, content and distribution of research in the various national jurisdictions must be applied and complied with by both the supplier and the recipient.
Distribution in the United Kingdom: The documents are for distribution only to persons who are eligible persons or exempt persons within the meaning of the Financial Services Act 1986 or any order made under it or to persons described in Article 11(3) of the Financial Act 1986 (Investments Advertisements) (Exemptions) Order 1996 (as amended) and it is not intended that they will be distributed, directly or indirectly, to any other person. Neither the documents nor any copy thereof may be taken, transferred or distributed into the United States of America, Canada, Japan or any of their territories or possessions.
Sources of information: The main sources of information for the preparation of this analysis are publications by the issuer and publicly available information from domestic and foreign media that Montega considers to be reliable. In addition, discussions were held with members of the management or the investor relations department of the company concerned in order to prepare the analysis.
Key principles and benchmarks of the value judgments contained in the documents: The valuations on which Montega AG's investment assessments are based are based on generally recognized and widely used methods of fundamental analysis, such as the DCF model, peer group comparisons and, where appropriate, a sum-of-the-parts model.
Significance of the investment judgment:
Buy: In the opinion of the Montega AG analyst, the share price will rise within the next twelve months, unless a different time horizon is explicitly stated in the text.
Hold: In the opinion of the Montega AG analyst, the share price will remain stable within the next twelve months, unless a different time horizon is explicitly stated in the text.
Sell: In the opinion of the Montega AG analyst, the share price will fall within the next twelve months, unless a different time horizon is explicitly stated in the text.
Supervisory authority:
Montega AG is supervised by BaFin with regard to compliance with the provisions of Section 85 WpHG and Art. 20 Regulation (EU) No. 596/2014 in conjunction with Delegated Regulation 2016/958 applicable to companies active in the field of financial analysis. Delegated Regulation 2016/958 and the Financial Analysis Regulation.
Contact us
Montega AG
Schauenburgerstrasse 10
20095 Hamburg
Management Board: Alexander Braun, Pierre Gröning
Supervisory Board: Wais Samadzada, Markus Barth (CFA), Christoph Alexander Petri
HR Hamburg: HRB 111052