Disclaimer / General Terms of Use / Legal Notice
Right of usage to the content and layout:
The content and layout of these websites, including the underlying software, are protected by copyright and otherwise. The (complete or partial) reproduction, transmission, modification, linking, or use of these websites for public or commercial purposes shall only be permitted with the written consent I.C.M. InvestmentBank AG. This document is not geared towards people who have their place of residence and/or business abroad, especially in the U.S., Canada, the UK or Japan.
No offer, no solicitation for purchase:
The websites’ only purpose is to provide the authorized user with information; they neither constitute a solicitation nor an offer to purchase or sell securities.
Consultation/investment recommendation:
The publications on the I.C.M. InvestmentBank AG websites shall constitute no customized investment advice and, thus, neither a recommendation to purchase or sell a security, nor a futures contract or any other financial instrument. Depending on specific investment goals, the investment horizon and individual financial standing, the publications are not or only to a limited extent useful to individual investors. I.C.M. InvestmentBank AG gave the recommendations and opinions in this document by the best of its ability and judgment; they correspond to the status at the time the document was produced and can be subject to change due to future events and developments. This document is an independent evaluation of the relevant issuer or financial instruments by I.C.M. InvestmentBank AG; all evaluations, statements and declarations stem from the author of the document and do not necessarily correspond to those of the issuer or third parties.
Liability for contents and information:
The documents/information provided are exclusively intended for information purposes and shall be no substitute for an individual consultation. An investment decision regarding any securities, futures contracts or other financial instruments should only be made on the basis of a consultation and on no account on the basis of these documents/information. Given current developments, the documents/information may not be up to date anymore because the documents/information provided may not have been modified accordingly. I.C.M. InvestmentBank AG takes the information this document is based on from sources it considers reliable; however, it cannot verify all the information itself. Accordingly, I.C.M. InvestmentBank AG and/or its branch offices cannot provide any guarantees or assurances regarding the completeness or correctness of the information and opinions given in this document. Moreover, I.C.M. InvestmentBank AG cannot assume any liability for losses that result from or are related to the dissemination and/or use of this document.
Risks:
The purchase of securities, a futures contract or any other financial instrument bears certain financial risks. Any upside targets indicated in this study for the companies analyzed may not be reached owing to different risk factors, including (but not exclusively) market volatility, sector volatility, steps taken by the company, the economic climate, non-fulfillment of earnings and sales forecasts, lack of complete and accurate information and/or a future event which has an impact on the underlying assumptions of I.C.M. InvestmentBank AG or other sources I.C.M. InvestmentBank AG relies on in this document. In the analysis period, I.C.M. InvestmentBank AG also has the right to publish other studies about the company which do not state any upside targets but discuss evaluation problems. The indicated upside targets should be considered in the context of all studies and developments that were previously published and that refer to the company as well as the sector and financial markets in which the company operates. By recognizing this document, you accept the above-mentioned limitations as binding.
Applicable law and court of jurisdiction:
The Terms of Use of the I.C.M. websites shall be subject to the law of the Federal Republic of Germany with the exclusion of the private international law. Court of jurisdiction is Berlin.
