Disclosures
Please read these before using anything published on this site.
Not investment advice
ABiS Capital Research is the research imprint of ABiS Capital. Everything on this site is published for information only. It is not investment advice, a personal recommendation, or an offer or solicitation to buy or sell any security. It does not take into account the objectives, financial situation or needs of any reader. Readers are responsible for their own investment decisions and should consider seeking advice from a licensed professional.
Independence and compensation
ABiS Capital receives no compensation from the companies it covers and does no investment banking, advisory or consulting work for them. No company reviews our research before publication.
Ratings and labels
Our value view (Cheap, Fair, Expensive) follows a fixed rule that is set before the work starts: Cheap below 85% of the low end of our fair value range, Expensive above 115% of the high end, Fair in between. "Watch" and "Avoid" mean we do not recommend a position; neither is a recommendation to sell short. Event studies describe past price reactions and carry no rating, price target or recommendation.
Accuracy
Figures are sourced and dated in each report and are believed to be accurate at the time of publication, but we do not guarantee them. Estimates, forecasts and judgments are ours and can be wrong. Reports are not updated after publication unless marked as an update. Past price reactions and past performance do not predict future results.
Positions
Any position held by ABiS Capital or its members in a covered security at the time of publication is disclosed in the report concerned.
Copyright
© ABiS Capital. Reports may be quoted briefly with attribution. Please do not republish them in full without permission.