Legal Notice HAL
Hauck Aufhäuser Lampe Privatbank regularly reviews and updates the information on its website. However, despite our best efforts, the information may have changed in the meantime. We therefore cannot assume any liability or guarantee the timeliness, accuracy, or completeness of the information provided. The same applies to all other websites linked to via hyperlinks.
Allgemein
(1) Terms and Conditions
In the event that a contract or individual transactions are concluded between you and our bank via the Internet, our Terms and Conditions (T&C) shall apply.
ALLGEMEINE GESCHÄFTSBEDINGUNGEN – Hauck Aufhäuser Lampe Privatbank AG (deutsch)
ALLGEMEINE GESCHÄFTSBEDINGUNGEN – Hauck Aufhäuser Lampe Privatbank AG (englisch)
ALLGEMEINE GESCHÄFTSBEDINGUNGEN – Hauck Aufhäuser Lampe Privatbank AG, Niederlassung Luxemburg (deutsch)
ALLGEMEINE GESCHÄFTSBEDINGUNGEN – Hauck Aufhäuser Lampe Privatbank AG, Niederlassung Luxemburg (englisch)
(2) Disclaimer
The information provided on our website is based on sources we believe to be reliable. However, we make no warranty—neither as to the accuracy, completeness, or timeliness of this information or any recommendations, nor as to their economic or tax implications. These publications are intended solely for general informational purposes and in no way replace investor- or product-specific advice. In particular, information regarding securities does not constitute an offer to buy or sell. The public offering and sale of securities are subject to national laws and other legal regulations in each respective country.
All information published on this website is updated and reviewed by Hauck Aufhäuser Lampe Privatbank AG in a timely manner with due care. Nevertheless, Hauck Aufhäuser Lampe Privatbank AG assumes no liability for the completeness, accuracy, or timeliness of the information. Hauck Aufhäuser Lampe Privatbank AG cannot be held liable in the event of inaccurate, incomplete, or outdated data, or in the event of data falsification.
(3) Governing Law
To the extent that legal relationships arise between you and our bank, they are governed exclusively by German law. Please note that our website is intended solely for persons who are subject to a legal system in which such a choice-of-law clause is permissible. To the extent permitted by law, the agreed place of jurisdiction is Frankfurt am Main, Munich, or Luxembourg City.
(4) Limitations of Liability
Hauck Aufhäuser Lampe Privatbank AG cannot guarantee the error-free functioning of this website. Under no circumstances shall Hauck Aufhäuser Lampe Privatbank AG be liable for losses or damages of any kind. This disclaimer of liability includes direct, indirect, and consequential damages that may arise from or in connection with accessing, using, or querying the Hauck Aufhäuser Lampe website, or through linking to other websites, even if Hauck Aufhäuser Lampe Privatbank AG has not been made aware of the possibility of such damages.
(5) No Orders via Email
Please note that we do not accept legally binding orders or instructions via email. For this purpose, we offer our online banking service. Please contact your account manager for more information.
(6) Linked Websites
If you click on certain links on the Hauck Aufhäuser Lampe website, you may leave the Hauck Aufhäuser Lampe website. Hauck Aufhäuser Lampe Privatbank AG has not reviewed the other websites linked to the Hauck Aufhäuser Lampe website and assumes no responsibility whatsoever for their content, in particular the products or services offered thereon or other offers and information.
(7) Copyright
The content and structure of this website are protected by copyright. The reproduction of information or data, in particular the use of texts, text excerpts, or images, requires the prior consent of Hauck Aufhäuser Lampe Privatbank AG.
(8) Orders Without Consultation on Non-Federal Holidays
On non-federal holidays when the branch where you are served is closed, you may still place orders without consultation. Please contact your Hauck Aufhäuser Lampe location, as your call will be automatically forwarded from there to a substitute branch.
(9) European Online Dispute Resolution Platform
Consumers may use the ODR platform for the out-of-court resolution of disputes arising from online contracts with a company established in the EU. For further information, please visit Here.
(10) Out-of-Court Dispute Resolution
The Bank participates in the dispute resolution procedure of the consumer arbitration board “Ombudsman for Private Banks” (www.bankenombudsmann.de (external link)). Consumers may contact the Ombudsman for Private Banks to resolve a dispute with the Bank. If the subject of the complaint concerns a dispute over a payment services contract (Section 675f of the German Civil Code), customers who are not consumers may also contact the Ombudsman for Private Banks. Further details are set forth in the “Rules of Procedure for the Mediation of Customer Complaints in the German Banking Industry,” which are available upon request or can be accessed online at www.bankenverband.de.
The complaint must be submitted in writing (e.g., by letter, fax, or email) to the Customer Complaints Office at the Federal Association of German Banks (Bundesverband deutscher Banken e. V.), P.O. Box 04 03 07, 10062 Berlin, Fax: (030) 1663-3169, Email: ombudsmann@bdb.de.
(11) Certification pursuant to § 2(1)(18b) of the AnlV (eligible credit institution)
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(12) Special Terms and Conditions for Securities Transactions
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(13) Use of email solely for the purpose of sending information
Hauck Aufhäuser Lampe does not accept email orders for the conclusion of contracts, agreements, and declarations of consent; wire transfers and securities orders; account and card blocks; or changes to personal or master data. Hauck Aufhäuser Lampe points out that unsecured emails entail a variety of risks, such as a lack of confidentiality, the possibility of content manipulation, spoofing of the sender, transmission errors and disruptions, as well as viruses, Trojans, worms, spam, etc. Hauck Aufhäuser Lampe assumes no liability for damages resulting from such risks. Due to the risks associated with unsecured email, Hauck Aufhäuser Lampe excludes all liability for damages, unless such damages were culpably caused by employees of Hauck Aufhäuser Lampe. Temporary interruptions in email service due to technical, maintenance, or security reasons cannot be prevented. Liability for damages resulting from interruptions or overloads in IT systems is therefore excluded.
(14) Fees and Costs
Investor protection
List of Sub-Custodians of Hauck Aufhäuser Lampe Privatbank AG, Luxembourg Branch
As of: December 2025
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Execution Policy for Financial Instruments, Lampe Asset Management GmbH
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2022 Quality Report on the Execution of Client Orders (Best Execution)
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2023 Quality Report on the Execution of Client Orders (Best Execution), Lampe Asset Management GmbH
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Policy on Handling Conflicts of Interest, Lampe Asset Management GmbH
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Remuneration Policy of Hauck & Aufhäuser Innovative Capital Kapitalverwaltungsgesellschaft mbH (HAIC)
As of: September 2025
Principles for Handling Conflicts of Interest of Hauck & Aufhäuser Innovative Capital Kapitalverwaltungsgesellschaft mbH (HAIC)
As of: October 2025
Execution Policy (Best Execution Policy) of Hauck & Aufhäuser Innovative Capital Kapitalverwaltungsgesellschaft mbH (HAIC)
As of: July 2024
Privacy Policy of Hauck & Aufhäuser Innovative Capital Kapitalverwaltungsgesellschaft mbH (HAIC)
As of: January 2026
Information on the Handling of Conflicts of Interest at Hauck Aufhäuser Digital Custody GmbH (HADC)
As of: July 2025
Bank Resolution Directive
In response to the lessons learned from the 2008 financial crisis, many countries have enacted regulations that will allow banks at risk of failure to be wound up in an orderly manner in the future without taxpayer involvement. For your further information, we have compiled a detailed information document for you: Download
Complaint Management
Ensuring the ongoing satisfaction of our business partners with the services we provide is our top priority. It is our fundamental business philosophy to provide our business partners with continuous value creation throughout the entire duration of our business relationship and to resolve any issues promptly and to the best of our ability. To ensure we meet this standard, we have implemented detailed guidelines and procedures for handling complaints, the key points of which we would like to outline for you below.
Hauck Aufhäuser Lampe Privatbank AG:
Deutschland:
Beschwerdepolitik: Download
Beschwerdeformular: Download
Kontakt:
If you have any questions, please contact us by email: Beschwerden@hal-privatbank.com
Niederlassung Luxemburg:
Beschwerdepolitik: Download
Beschwerdeformular: Download
Kontakt:
If you have any questions, please contact us by email: BeschwerdenHANL@hal-privatbank.com
Lampe Asset Management GmbH:
Hauck & Aufhäuser Innovative Capital Kapitalverwaltungsgesellschaft mbH (HAIC):
Hauck Aufhäuser Digital Custody GmbH
Fee Information
This document provides information about the fees associated with using the main services linked to your payment account, so that you can compare them with other accounts.
(Updated April 2026)
Information on fee transparency for consumer payment accounts
Provision of comparison criteria to operators of comparison websites (Section 17(2) and (3) of the ZKG)
Glossary of Services Linked to a Payment Account
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Whistleblower system
The Hauck Aufhäuser Lampe Group aims to “set an example together.” This means taking a leading role. Hauck Aufhäuser Lampe Privatbank AG @WARD was implemented as an independent whistleblower system to prevent and uncover illegal and unethical conduct.
Investment Banking
Services
Sales
Our sales approach combines a local presence with a global reach spanning France, the United Kingdom, Germany, Switzerland, the Nordic countries (Sweden, Finland, and Denmark), and the Benelux region (Belgium, the Netherlands, and Luxembourg). Close, long-term relationships with the relevant investor groups for our mid-cap niche undoubtedly make us the ideal partner in both the primary and secondary markets. We are based in key financial centers alongside our most important target investors and have consistently been ranked as the No. 1 broker in prestigious industry surveys.
Sales Trading
Our experienced, client-focused trading team executes the purchase and sale of shares based on orders from institutional clients. A key feature of the mid-cap niche is the reduction of volatility in illiquid shares coupled with low transaction costs, achieved through the perfect matching of buyers and sellers and the creation of previously unavailable trading opportunities. Our long-standing relationships with interested investors and access to company shareholders allow us to trade high market volumes and enable us to develop a keen sense of the movements in the German mid-cap capital market.
Disclaimer
1. General Information/Disclaimer
This financial analysis is intended solely for the information of institutional investors and should not be construed as a recommendation, offer, or solicitation to buy or sell the financial instruments mentioned herein. The document is confidential and is made available by Hauck Aufhäuser Lampe Privatbank AG exclusively to selected recipients (in Germany, the UK, France, Switzerland, the U.S., Scandinavia, the Benelux countries, or, in individual cases, other countries). Distribution to retail clients as defined by the German Securities Trading Act (WpHG) is prohibited. It is not permitted to forward the financial analysis to persons other than the intended recipients without the consent of Hauck Aufhäuser Lampe Privatbank AG. Reproduction of this document, in whole or in part, is not permitted without the consent of Hauck Aufhäuser Lampe Privatbank AG. All rights reserved.
Any errors or omissions in the information contained in the financial analysis do not give rise to any warranty claims against the employees involved in its preparation or against Hauck Aufhäuser Lampe Privatbank AG—neither with respect to indirect or direct damages nor to consequential damages. Liability for damages arising directly or as a consequence of the use of information, opinions, and forecasts is also excluded.
The historical performance of a financial instrument is not necessarily indicative of its future performance.
2. Responsibility
This financial analysis was prepared by the analyst (the “Author”) of Hauck Aufhäuser Lampe Privatbank AG named on the title page. The Author is solely responsible for the opinions and forecasts contained herein. This analysis was prepared independently.
The content of the financial analysis was not influenced at any time by the issuer of the financial instrument analyzed. Portions of the financial analysis may have been provided to the issuer for informational purposes prior to publication, without any subsequent material changes being made.
3. Organizational Requirements
Hauck Aufhäuser Lampe Privatbank AG has implemented internal organizational and regulatory measures to prevent potential conflicts of interest in connection with the preparation and distribution of the financial analysis and to disclose such conflicts, if any. All employees of Hauck Aufhäuser Lampe Privatbank AG who were involved in the preparation of the financial analysis are subject to internal compliance regulations.
The author’s compensation is not directly or indirectly related to the preparation of this financial analysis. In the event that an analyst or a person closely associated with him or her faces a conflict of interest, the analyst is no longer permitted to participate in the preparation of financial analyses concerning the company.
4. Information on Valuation Methods/Updates
The fair value per share—i.e., the price target and the resulting recommendation—is determined using the adjusted free cash flow (adj. FCF) method and the discounted cash flow (DCF) model. A peer group comparison is also conducted.
The adj. FCF method is based on the assumption that investors acquire assets at a price (enterprise value) at which the after-tax operating cash flow return on this investment exceeds its opportunity cost in the form of a hurdle rate of 7.5%. Operating cash flow is calculated as EBITDA minus maintenance investments and taxes.
The DCF approach involves, when determining future cash flows (free cash flows), first performing the calculation based on a hypothetical capital structure of 100% equity, i.e., interest and principal payments on debt are not initially taken into account. The adjustment to the actual capital structure is made by discounting the calculated cash flows using the weighted average cost of capital (WACC), which takes into account both equity and debt costs. After discounting, the determined total enterprise value is reduced by the interest-bearing debt to arrive at the value of equity.
Hauck Aufhäuser Lampe Privatbank AG uses the following three-tiered recommendation system for the companies it analyzes:
Buy: Sustained upside potential of more than 10% within 12 months.
Sell: Sustained downside potential of more than 10% within 12 months.
Hold: Limited upside/downside potential. No immediate catalyst in sight.
Note: The recommendations of Hauck Aufhäuser Lampe Privatbank AG are not based on expected performance relative to the market.
The decision regarding the selection of the financial instruments analyzed in this document was made solely by Hauck Aufhäuser Lampe Privatbank AG. The opinions and forecasts expressed in this financial analysis are subject to change without notice. Whether and when this financial analysis will be updated is also at the sole discretion of Hauck Aufhäuser Lampe Privatbank AG.
5. Key Sources of Information
Some of the information required for this financial analysis was provided by the issuer of the financial instrument. In addition, publicly available sources (such as Bloomberg, Reuters, VWD-Trader, and daily newspapers) that are considered reliable were consulted. Hauck Aufhäuser Lampe Privatbank AG has reviewed all information for plausibility, but not for accuracy or completeness.
6. Competent Supervisory Authority
Hauck Aufhäuser Lampe Privatbank AG is subject to supervision by BaFin – the Federal Financial Supervisory Authority, located at Graurheindorfer Straße 108, 53117 Bonn, and Marie-Curie-Straße 24–28, 60439 Frankfurt am Main.
7. Special Notes for Recipients Outside Germany
This analysis is governed by the laws of the Federal Republic of Germany. In some countries, particularly the United States, Canada, Australia, and Japan, the distribution of this information may be restricted or prohibited under applicable local laws.
Compliance
The documents prepared by the analysts at Hauck Aufhäuser Lampe Privatbank AG constitute promotional communications within the meaning of the German Securities Trading Act (WpHG). The Institutional Research analysts prepare these analyses independently and objectively and comply with the legal requirements (WpHG). Special organizational measures ensure that analysts comply with legal requirements at all times. These include, in particular:
Organizational measures ensure the independence of analysts
“Chinese walls” have been established to create information barriers that prevent the unimpeded flow of information, particularly between trading and research
Analysts and employees involved in the preparation of analyses are compensated independently of commissions and earnings
Monitoring mechanisms prevent any influence on analysts
Analysts do not perform consulting activities that could influence the preparation of analyses
Analysts are subject to special employee monitoring with regard to independence and impartiality
Analysts are prohibited from accepting gifts from third parties
Analysts are prohibited from making promises in exchange for favorable recommendations
Analysts and involved employees are prohibited from trading in the securities being analyzed
Conflicts of Interest
Pursuant to Section 85 of the German Securities Trading Act (WpHG), any investment recommendation or investment strategy recommendation must disclose potential conflicts of interest with respect to the company being analyzed. A conflict of interest is presumed in particular if Hauck Aufhäuser Lampe Privatbank AG ...
or another person belonging to the same group has been involved in the management of a syndicate that has issued financial instruments of the company by way of a public offering within the past twelve months.
or another person belonging to the same group has entered into an agreement with the company or a person closely associated with the company regarding the preparation of financial analysis.
or another person belonging to the same group has, within the past twelve months, provided services to this company in connection with investment banking transactions or received payment or a promise of payment for such services.
The analyzed company holds 5% or more of the share capital of Hauck Aufhäuser Lampe Privatbank AG.
holds a (a) net short position or (b) net long position of more than 0.5% of the issued share capital.
or another person belonging to the same group acts as a market maker or liquidity provider in the financial instruments of the analyzed company.
or the author of the report has other significant financial interests in relation to the analyzed company, such as holding positions within the analyzed company.
The report was made available to the analyzed company prior to publication. Subsequently, only factual changes were made, if any.
Account Transfer Assistance
General Information on Statutory Account Switching Assistance (Sections 20–26 of the Payment Accounts Act) and on Facilitating Cross-Border Account Opening (Sections 27–29 of the Payment Accounts Act)
Scope of Services
Pursuant to the Payment Accounts Act (ZKG), statutory requirements for support services regarding the use of statutory account switching assistance have been in effect since September 18, 2016. This support service is intended to make it easier for consumers to switch their account to another provider.
The account switching assistance allows you to authorize us, based on your written request, to carry out the account switching assistance and, as the receiving credit institution, to act as the primary point of contact for both you and the transferring credit institution.
Further details regarding the process of the statutory account switching assistance can be found in our customer information sheet. We are also happy to assist you in a personal consultation.
Downloads
- Allgemeine Informationen zur Kontenwechselhilfe nach dem Zahlungskontengesetz: Download
- Ermächtigung durch den Kontoinhaber zur Kontenwechselhilfe: Download
- Aufforderung durch den Kontoinhaber zur Vornahme von Handlungen zur Erleichterung einer grenzüberschreitenden Kontoeröffnung: Download
- Übermittlung von Listen und Informationen zur Kontenwechselhilfe: Download
Contact
If you have any questions, please contact us by email:
MiFID II
Wesentliche Kundeninformation im Bereich der Wertpapierdienstleistung der Hauck Aufhäuser Lampe Privatbank AG
Stand: Januar 2022
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Grundsätze über den Umgang mit Interessenkonflikten der Hauck Aufhäuser Lampe Privatbank AG und der Hauck Aufhäuser Lampe Privatbank AG, Niederlassung Luxemburg
Stand: Januar 2022
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Grundsätze für die Ausführung von Aufträgen in Finanzinstrumenten der Hauck Aufhäuser Lampe Privatbank AG
Stand: Oktober 2025
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Grundsätze für die Ausführung von Aufträgen in Finanzinstrumenten der Hauck Aufhäuser Lampe Privatbank AG, Niederlassung Luxemburg
Stand: Januar 2025
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Börsenplatz Reporting Top 5 nach MIFID II/RTS 28 (Privatkunden)
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Börsenplatz Reporting Top 5 nach MIFID II/RTS 28 (Institutionelle Kunden)
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Top 5 Broker Reporting nach MiFID II (Hauck Aufhäuser Lampe)
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Top 5 Reporting 2021 gemäß Delegierte Verordnung (EU) 2017/576
Bankhaus Lampe KG
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Top 5-Brokerbericht der Hauck Aufhäuser Lampe Privatbank AG (Institutionelle Kunden)
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Zusammenfassung der erreichten Ausführungsqualität ("Qualitätsbericht")
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Top 5 Auswertungen und Reportings
Lampe Asset Management GmbH:
Top 5 Auswertung 2018 HJ1
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Top 5 Auswertung 2018 HJ2
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Top 5 Auswertung 2019 HJ1
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Top 5 Auswertung 2019 HJ2 | Börsenplatz Privatkunden
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Top 5 Auswertung 2019 HJ2 | Börsenplatz Professionelle Kunden
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Top 5 Auswertung 2019 HJ2 | Broker Privatkunden
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Top 5 Auswertung 2019 HJ2 | Broker Professionelle Kunden
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Top 5 Reporting 2020 | Börsenplätze Privatkunden
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Top 5 Reporting 2020 | Börsenplätze Professionelle Kunden
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Top 5 Reporting 2020 | Broker Privatkunden
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Top 5 Reporting 2020 | Broker Professionelle Kunden
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Top 5 Reporting 2021 | Börsenplätze Privatkunden
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Top 5 Reporting 2021 | Börsenplätze Professionelle Kunden
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Top 5 Reporting 2021 | Broker Privatkunden
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Top 5 Reporting 2021 | Broker Professionelle Kunden
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Top 5 Reporting 2022 | Börsenplätze Privatkunden
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Top 5 Reporting 2022 | Börsenplätze Professionelle Kunden
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Top 5 Reporting 2022 | Broker Privatkunden
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Top 5 Reporting 2022 | Broker Professionelle Kunden
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Top 5 Reporting 2023 | Börsenplätze Privatkunden
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Top 5 Reporting 2023 | Börsenplätze Professionelle Kunden
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Top 5 Reporting 2023 | Broker Privatkunden
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Top 5 Reporting 2024 | Börsenplätze Privatkunden
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Top 5 Reporting 2024 | Börsenplätze Professionelle Kunden
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Top 5 Reporting 2024 | Broker Privatkunden
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Top 5 Reporting 2025 | Börsenplätze Privatkunden
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Top 5 Reporting 2025 | Börsenplätze Professionelle Kunden
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Top 5 Reporting 2025 | Broker Privatkunden
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Hinweise nach EMIR und MiFID II
Informationsdokument Clearing
Stand: Januar 2022
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Conditions and Pricing Guidelines
Stand: Januar 2022
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Nachhaltigkeitsbezogene Offenlegungen
Hauck Aufhäuser Lampe
Produktbezogene Offenlegungspflichten ESG gemäß Artikel 10 Offenlegungsverordnung
Erklärung zu den wichtigsten nachteiligen Auswirkungen von Investitionsentscheidungen auf Nachhaltigkeitsfaktoren nach Artikel 4 (4) der Offenlegungsverordnung (HAL-Gruppe)
Stand: April 2026
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Grundsatzerklärung zu menschenrechts- und umweltbezogenen Sorgfaltspflichten
Stand: Dezember 2025
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Vergütungsstrategie
Stand: Dezember 2024
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Remuneration Policy der Hauck Aufhäuser Lampe
Stand: Dezember 2024
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Informationen zur Berücksichtigung der wichtigsten nachteiligen Auswirkungen auf Nachhaltigkeitsfaktoren in der Anlageberatung nach Artikel 4 (5) der Offenlegungsverordnung (Hauck Aufhäuser Lampe )
Stand: April 2026
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Informationen zur Integration von Nachhaltigkeitsrisiken in der Vermögensverwaltung und in der Anlageberatung nach Artikel 3 der Offenlegungsverordnung (Hauck Aufhäuser Lampe )
Stand: April 2026
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Hauck Aufhäuser Digital Custody GmbH
Informationen zu MiCAR Sustainability Data der zur Verwahrung angebotenen Assets
Stand: Januar 2026
Lampe Asset Management
Qualitätsbericht 2024 zur Ausführung von Kundenaufträgen
Grundsätze über den Umgang mit Interessenkonflikten
Grundsätze für die Ausführung in Finanzinstrumenten
Beschwerdeverfahren in der Lampe Asset Management GmbH
Informationen zur Integration von Nachhaltigkeitsrisiken in der Vermögensverwaltung und in der Anlageberatung nach Artikel 3 der Offenlegungsverordnung (Lampe Asset Management)
Stand: April 2026
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Online Banking (Formulare/Dokumente)
Online Banking (Formulare/Dokumente)
Bedingungen für das Online Banking (deutsch)
(Hauck Aufhäuser Lampe )
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Bedingungen für das Online Banking (englisch)
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Sonderbedingungen für das eBankingPostfach (deutsch)
(Hauck Aufhäuser Lampe / Hauck Aufhäuser Lampe)
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Sonderbedingungen für das eBankingPostfach (englisch)
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Private Banking Research
Disclaimer
General
This document constitutes a financial analysis within the meaning of Article 36(1) of Delegated Regulation (EU) 2017/565. It is provided solely for informational purposes and cannot replace personalized investment advice tailored to the specific needs of an investor. It should not be construed as a recommendation, offer, or solicitation to buy or sell the financial instruments mentioned herein.
It is not permitted to forward the financial analysis to persons other than the intended recipients without the consent of Hauck Aufhäuser Lampe Privatbank AG. Reproduction of this document, in whole or in part, is not permitted without the consent of Hauck Aufhäuser Lampe Privatbank AG. All rights reserved.
All information has been carefully compiled, in part based on information from third parties. Any errors or omissions in the information contained in the financial analysis do not give rise to any warranty claims against the employees involved in its preparation or against Hauck Aufhäuser Lampe Privatbank AG—neither with respect to indirect or direct damages nor to consequential damages. Liability for damages arising directly or as a consequence of the use of information, opinions, and forecasts is also excluded.
Any statements regarding the performance of a financial instrument are merely forecasts, and no liability is assumed for their accuracy. In particular, past performance, simulations, or forecasts are not a reliable indicator of future performance.
The information is based on our assessment of the current legal and tax situation. To the extent that tax or legal matters are addressed, these should be discussed by the recipient with their tax advisor or attorney.
Responsibility
The analyses, trend statements, market reports, and other market information contained in this document are based on publicly available information and data that are considered reliable. The analyst named on the title page is solely responsible for the content of the analyses and opinions. The document was prepared independently and objectively in compliance with applicable European and national legal requirements.
Organizational Measures
Hauck Aufhäuser Lampe Privatbank AG has implemented internal organizational and regulatory measures to prevent potential conflicts of interest in connection with the preparation and distribution of the financial analysis and to disclose such conflicts, if any. All employees of Hauck Aufhäuser Lampe Privatbank AG who were involved in the preparation of the financial analysis are subject to internal compliance regulations.
The author’s compensation is not directly or indirectly related to the preparation of this financial analysis. In the event that an analyst or a person closely associated with him or her faces a conflict of interest, the analyst is no longer permitted to participate in the preparation of financial analyses concerning the company.
Further information on organizational measures and potential conflicts of interest, as well as details regarding the valuation, valuation methods, and the underlying assumptions, is published online at https://www.hal-privatbank.com/rechtliche-hinweise.
Note on the Recommendation System
For all stock recommendations, the investment horizon is 6 to 12 months. The assessments relate to the absolute price performance of a stock. The rating system is divided into “Buy,” “Hold,” and “Sell.”
Buy: In our view, the stock will show positive price performance over the next 6 to 12 months.
Hold: In our view, the stock will show largely stable price performance over the next 6 to 12 months.
Sell: In our view, the stock will show negative price performance over the next 6 to 12 months.
Recommendation History
The recommendation history for the past 12 months is available online on our website in the HAL+ section of the secure client area.
Note on Valuation Principles and Methods
The analyses by Hauck Aufhäuser Lampe Privatbank AG are based on generally accepted qualitative and quantitative valuation principles and methods. All analyses reflect the assessment at the time of publication. Whether and at what intervals analyses are updated is not determined in advance. In this regard, analysts select the analytical method they deem appropriate in each case. In general, information gathering encompasses the following inputs: analysis of published annual reports and financial statements, discussions with management, discussions with analysts, evaluation of financial databases, and review of industry literature.
Fundamental Analysis
Methods such as discounted cash flow (DCF) analysis, price-to-earnings (P/E) ratio analysis, and peer group analysis are used for company and stock valuation. The DCF method calculates a company’s income value, which represents the sum of the discounted cash flows available to the company. The value in use is thus determined by the expected future performance of the company and by the discount rate applied. In peer group analysis, publicly traded issuers are valued by comparing financial ratios (e.g., price-to-earnings ratio, price-to-book ratio, enterprise value-to-revenue, enterprise value-to-EBITDA, enterprise value-to-EBIT). The comparability of the ratios is primarily determined by the business activities and the economic outlook.
Sensitivity of the valuation parameters
The figures from the income statement, cash flow statement, and balance sheet used as the basis for the company valuation are estimates as of a specific date and are therefore subject to risk. These may change at any time without prior notice. Regardless of the valuation method used, there is a significant risk that the price target will not be reached within the expected timeframe. Risks include unforeseen changes in competitive pressure or in demand for an issuer’s products. Such fluctuations in demand may result from technological changes, changes in overall economic activity, or, in some cases, changes in societal values. Changes in tax law, exchange rates, and, in certain industries, regulations may also affect valuations. This discussion of valuation methods and risk factors is not intended to be exhaustive.
Note on the Reliability of Information and Disclosure
This publication is merely a non-binding statement regarding market conditions and the investment instruments discussed as of the date of publication. All information is derived from sources that Hauck Aufhäuser Lampe Privatbank AG considers reliable, but the bank has not verified all of this information itself. Accordingly, neither Hauck Aufhäuser Lampe Privatbank AG nor its affiliated companies assume any liability for the accuracy, completeness, or timeliness of this information. The information is date-specific and may change at any time, particularly over time, without prior notice. In particular, past performance, simulations, or forecasts are not a reliable indicator of future performance. Assets may rise as well as fall.
This publication is intended solely for general informational purposes and does not constitute investment advice, nor does it constitute an offer or a solicitation to buy or sell financial instruments. Investment decisions should not be made solely on the basis of this information. To the extent permitted by law, liability claims arising from the use of the information provided are excluded, in particular for losses, including consequential damages, resulting from the use of this publication or its content. Individual investment opportunities listed here may be unsuitable for the investor. Only a detailed, individual consultation can provide insight into which investment strategy is suitable for a specific investor, depending on their specific investment objectives, risk profile, and financial circumstances. To the extent that tax or legal issues are involved, these should be discussed by the recipient with their tax advisor or attorney.
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This document is intended exclusively for clients of Hauck Aufhäuser Lampe Privatbank AG who are professional market participants (“market counterparties”) or institutional clients (“intermediate customers”), as defined by the Financial Services Authority (FSA), and is not intended for use by any other person, in particular not for retail clients as defined by the FSA. This document does not constitute a solicitation to buy or an offer to sell securities.
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The information contained in this document is intended solely for institutional clients of Hauck Aufhäuser Lampe Privatbank AG in the United States and may not be used or relied upon by any other person for any purpose. It is provided for informational purposes only and does not constitute an offer to buy or sell securities under the U.S. Securities Act of 1933, as amended, or any other federal or state laws, regulations, or rules applicable in the United States.
The investment opportunities mentioned in this document may be unsuitable for certain investors, depending on their specific investment objectives, risk tolerance, and financial circumstances.
Reference to detailed information on the website
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Compliance
This document constitutes a financial analysis within the meaning of Art. 36(1) of Delegated Regulation (EU) 2017/565. Notwithstanding this, the investment management analysts prepare these analyses independently and objectively and comply with legal requirements. Specific organizational measures ensure that analysts comply with legal requirements at all times. These include, in particular:
- Organizational measures ensure the independence of analysts
“Chinese walls” have been established to create information barriers that prevent the unimpeded flow of information, particularly between trading and research
Analysts’ compensation is independent of commissions and earnings
Monitoring mechanisms prevent any influence on analysts
Analysts do not perform consulting activities that could influence the preparation of analyses
Analysts are subject to special employee monitoring with regard to independence and impartiality
Analysts are prohibited from accepting gifts from third parties
Analysts are prohibited from making promises of favorable recommendations
Issuers do not receive an advance copy of the analysis prior to publication
Analysts and relevant employees are prohibited from trading in the securities being analyzed
Conflicts of Interest
Pursuant to Section 85 of the German Securities Trading Act (WpHG), any investment recommendation or investment strategy recommendation must disclose potential conflicts of interest with respect to the company being analyzed. A conflict of interest is presumed to exist, in particular, if Hauck Aufhäuser Lampe Privatbank AG
or any other person belonging to the same group as that person (as part of a consortium) has, within the last twelve months, been a member of a consortium that underwrote the securities of the analyzed company.
or any other person belonging to the same group as that person has entered into an agreement with the analyzed company regarding the preparation of the financial analysis.
has provided investment banking services to the analyzed company in the past twelve months under an existing contract that resulted in a service or a promise of service.
or, together with its affiliated companies, holds a stake of more than 5% in the share capital of the analyzed company.
holds a net position of more than 0.5% of the issued share capital:
a) Net long position
b) Net short position
or any other person belonging to the same group as this person is a market maker or liquidity provider in the financial instruments of the analyzed company.
or the author has other significant financial interests in relation to the analyzed company, such as the exercise of mandates at the analyzed company.
The study was made available to the companies prior to publication. Subsequently, only factual details were modified.Potential conflicts of interest are indicated in the analysis next to the issuer’s name with the respective number.
Research
Institutional Sell-Side Research
Institutional research—also known as sell-side research—is aimed exclusively at institutional clients. These analyses and assessments of companies are available to clients through various information providers (Bloomberg, Thomson Reuters, etc.). We primarily produce analyses of German and Austrian companies. These are also available in a separate geschlossenen Kundenbereich des Institutional Research can be downloaded.
Buy-Side Research by Our Investment Management Team
The buy-side research conducted by our investment management team primarily produces analyses of companies in the DAX30, Stoxx50, and EuroStoxx50 indices for internal use. These assessments are used by portfolio managers and investment advisors. In our Research News, we present you with company news each morning as well as developments in the most important markets and indices. The report is supplemented by current news from the economic and political spheres.
You can download the analyses and Research News in the secure client area.
Quarterly Overview
To ensure the highest possible transparency, Hauck Aufhäuser Lampe Privatbank AG prepares the following overview once a quarter in accordance with Article 6(3) of Delegated Regulation (EU) 2016/958. It provides information on the overall analyst ratings issued and relates them to the companies for which investment banking services were provided in the past twelve months. You can download the current quarterly overview:
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