Research published by AKKUR constitutes investment recommendations within the meaning of Article 3(1)(35) of Regulation (EU) 596/2014 (MAR). A report containing a price target with a stated difference to the market price is an investment recommendation regardless of whether a BUY, HOLD or SELL label is shown.
Fair value estimates use at least two independent methods. Methods, weights, key assumptions and data sources are documented in each report. Discount rates are built from observable market inputs appropriate to the company and its reporting currency.
Ratings measure the difference between market price and AKKUR's estimate of intrinsic value at the time of publication. They are not a forecast of returns over any horizon. AKKUR makes no claim that price will reach fair value within any particular period, or at all. Ratings and target prices change only when a new valuation or rating action is published; the discount or premium displayed on this website is recalculated against the last published target price and is not itself a rating action.
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Personal holdings of the analyst and of AKKUR in covered issuers are disclosed in each report where they meet or exceed the applicable threshold. AKKUR does not conduct corporate finance business, does not act as market maker or liquidity provider in any covered security, and holds no position taken with a view to short-term price movement.
Research is first disseminated to paying subscribers and subsequently made public. The public version carries the first-dissemination timestamp of the original release, together with the date and time of completion of production and the price and price date on which the recommendation is based.
Prices shown on this website are sourced from TradingView, are delayed by at least 15 minutes, and are provided for information only. They are not a basis for execution and AKKUR gives no warranty as to their accuracy or timeliness.
This website and the research published on it are for information purposes only and do not constitute a personal recommendation, an offer, or a solicitation to buy or sell any security. They do not take account of the individual circumstances, objectives or financial situation of any recipient. Past performance is not a reliable indicator of future results. Any forward-looking statements, forecasts and assumptions are inherently uncertain and may not be realised. Recipients should form their own view and, where appropriate, seek independent advice.
Proportion of AKKUR's current recommendations in each category, as required by CDR 2016/958 Article 6.
A 12-month history of AKKUR's recommendations, including each change of rating and target price with its date, is required under CDR 2016/958 Article 6(1)(c).