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The information was prepared by our employees using information sources which we consider to be reliable. Although we exercise the greatest possible care in preparing documents, we cannot provide any guarantee or assurance regarding the completeness, topicality or accuracy of the publications’ contents. In particular, the information and details contained herein shall neither constitute an offer nor represent an invitation to submit an offer or a public advertisement inviting transactions or other business activities with the products and/or services described.
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Wiener Privatbank SE submits information from financial analysis which originate from a third party. Possible conflict of interest regarding financial instruments or issuer with regard to any financial analysis will be disclosed publicly by Wiener Privatbank SE according to Commission Delegated Regulation (EU) 2016/958:
Wiener Privatbank SE is a shareholder of Matejka & Partner Asset Management GmbH.
In general, well established analysis methods of the investment industry are used to assess companies, i.e. multiplicator based models (PER, P/CF, EV/Sales, EV/EBITA, EV/EBIT, et al) peer group comparisons, historic comparisons, economic profit models as well as discounted cash flow methods (DCF, DVMA, DDM). These analytical models have been elaborately described, discussed and valued by specialist literature. We would like to point out that the various assessment models can produce differentiating results. Assessment models and their results depend on macroeconomic input factors such as interest rates, exchange and bond rates, commodity prices, and general assumptions about the economic development. In addition, the atmosphere on the stock market can have an impact on the assessment of companies. Furthermore, the assessment, which is based on certain expectations that can suddenly change, may also change considerably at short notice. We only give indirect recommendations, i.e. no explicit investment recommendation, but calculate a fair value/share (in EUR) for the respective company. This fair value primarily relates to a 12-month period from publication. This fair value is heavily dependent on the respective assumptions that may in certain cases vary considerably.
In the context of research and analysis, Wiener Privatbank SE’s analysts primarily use the data source Bloomberg as well as information provided by the analysed companies. These include annual reports, company presentations, interviews with IR management, press reports, ad hoc announcements, information provided on companies’ websites and other publicly available information deemed as reliable. Wiener Privatbank SE however assumes no liability for such information in terms of completeness and accuracy.
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