Disclaimer for Warburg Research publications
M.M.Warburg & CO

Note: On these pages you will find the Legal Disclaimer and the Statement according to Section 34b of the German Securities Trading Act, FinAnV and MAR incl. COMMISSION DELEGATED REGULATION (EU) 2016/95 for all studies and investment recommendations published by the Warburg Research GmbH, a fully owned subsidiary of M.M.Warburg & CO (AG & Co.) KGaA, on all the companies currently on their coverage. You should be aware of the fact that all information on this and the following pages is regularly being updated, while any study and/or recommendation you might have before you has been completed on the date noted therein.

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These pages were last updated on 05 Dec 2016.

Legal Disclaimer

Research reports prepared by the Warburg Research GmbH contain selected information and do not purport to be complete. The reports base on publicly available information and data ("the Information") believed to be accurate and complete. Warburg Research GmbH neither do examine the Information to be accurate and complete, nor guarantee its accuracy and completeness. Possible errors or incompleteness of the Information do not constitute grounds for liability, neither with regard to indirect nor to direct or consequential damages. In particular, neither M.M.Warburg & CO (AG & Co.) KGaA nor the Warburg Research GmbH are liable for the statements, plans or other details contained in the Information concerning the examined companies, their associated companies, strategies, economic situations, market and competitive situations, regulatory environment, etc. Although due care has been taken in compiling the research reports, it cannot be excluded that they are incomplete or contain errors. M.M.Warburg & CO (AG & Co.) KGaA and Warburg Research GmbH, their shareholders and employees are not liable for the accuracy and completeness of the statements, estimations and the conclusions derived from the Information contained in these documents. Provided any research report is being transmitted in connection with an existing contractual relationship, i.e. financial advisory or similar services, the liability of M.M.Warburg & CO (AG & Co.) KGaA and Warburg Research GmbH shall be restricted to gross negligence and willful misconduct. Only in case of failure in essential tasks, M.M.Warburg & CO (AG & Co.) KGaA and Warburg Research GmbH are liable for normal negligence. In any case, the liability of M.M.Warburg & CO (AG & Co.) KGaA and Warburg Research GmbH is limited to typical, expectable damages and the liability for any indirect damages is excluded. Our research reports do not constitute an offer or a solicitation of an offer for the purchase or sale of any security. Partners, directors or employees of M.M.Warburg & CO (AG & Co.) KGaA or Warburg Research GmbH may serve on the board of directors of companies mentioned in a report. Opinions expressed in a report are subject to change without notice. All rights reserved.

Additional information for clients in the United States

  1. All research reports ("investment recommendation" or "recommendation") are a product of Warburg Research GmbH, Germany, a fully owned subsidiary of M.M.Warburg & CO (AG & Co.) KGaA, Germany (in the following collectively "Warburg"). Warburg is the employer of the research analyst(s), who have prepared the Reports. The research analyst(s) reside outside the United States and are not associated persons of any U.S. regulated broker-dealer and therefore are not subject to the supervision of any U.S. regulated broker-dealer.
  2. The Reports are provided in the United States for distribution solely to "major U.S. institutional investors" under Rule 15a-6 of the U.S. Securities Exchange Act of 1934.
  3. Any recipient of a Report should effect transactions in the securities discussed in the Report only through J.P.P. Euro-Securities, Inc., Delaware.
  4. J.P.P. Euro-Securities, Inc. does not accept or receive any compensation of any kind for the dissemination of the research reports from Warburg.


DISCLOSURE ACCORDING TO §34B (1) OF THE GERMAN SECURITIES TRADING ACT (WHPG), THE ORDINANCE ON THE ANALYSIS OF FINANCIAL INSTRUMENTS (FINANV), AND MAR INCL. COMMISSION DELEGATED REGULATION (EU) 2016/958

The valuation underlying the investment recommendation for the company analysed here is based on generally accepted and widely used methods of fundamental analysis, such as e.g. DCF Model, Free Cash Flow Potential, Peer Group Comparison or Sum of the Parts Model. The result of this fundamental valuation is modified to take into consideration the analyst's assessment as regards the expected development of investor sentiment and its impact on the share price.

Independent of the applied valuation methods, there is the risk that the price target will not be met, for instance because of unforeseen changes in demand for the company's products, changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rate etc. For investments in foreign markets and instruments there are further risks, generally based on exchange rate changes or changes in political and social conditions.

This commentary reflects the opinion of the relevant author at the point in time of its compilation. A change in the fundamental factors underlying the valuation can mean that the valuation is subsequently no longer accurate. Whether, or in what time frame, an update of this commentary follows is not determined in advance.

Additional internal and organisational arrangements have been implemented to prevent or to deal with conflicts of interest. Among these are the spatial separation of Warburg Research GmbH from M.M.Warburg & CO (AG & Co.) KGaA and the creation of areas of confidentiality. This prevents the exchange of information, which could form the basis of conflicts of interest for Warburg Research in terms of the analysed issuers or their financial instruments.

The analysts of Warburg Research GmbH do not receive a gratuity - directly or indirectly - from the investment banking activities of M.M.Warburg & CO (AG & Co.) KGaA or of any company within the Warburg Group.

All prices of financial instruments given in this nvestment recommendation are the closing prices on the last stock-market trading day before the publication date stated, unless another point in time is explicitly stated.

M.M.Warburg & CO (AG & Co.) KGaA and Warburg Research GmbH are subject to the supervision of the Federal Financial Supervisory Authority, BaFin. M.M.Warburg & CO (AG & Co.) KGaA is additionally subject to the supervision of the European Central Bank (ECB).


Investment recommendation: expected direction of the share price development for equity security up to the given Target price in the opinion of the analyst who covers the issue.
B -  Buy: The price of the analysed equity security is expected to rise over the next 12 months.
H -  Hold: The price of the analysed equity security is expected to remain mostly flat over the next 12 months.
S -  Sell: The price of the analysed equity security is expected to fall over the next 12 months.
"-" -  Rating suspended: The available information does not currently permit an evaluation of the company.

WARBURG RESEARCH GMBH - ANALYSED RESEARCH UNIVERSE BY RATING
Rating Number of stocks % of universe
Buy 125 64%
Hold 64 33%
Sell 4 2%
Rating suspended 1 1%
Total 194


WARBURG RESEARCH GMBH - ANALYSED RESEARCH UNIVERSE BY RATING taking into account only those companies which were provided with major investment services in the last twelve months.
Rating Number of stocks % of universe
Buy 27 71%
Hold 10 26%
Sell 0 0%
Rating suspended 1 3%
Total 38

Reference in accordance with section 34b of the German Securities Trading Act (WpHG), MAR and Commission Delegated Regulation (EU) regarding possible conflicts of interest with the analysed companies:

By clicking on a company name below, you may gather to what extent this is the case in regard to the companies that are part of the current research universe of Warburg Research GmbH.

Companies, for which specific disclosures according to sec. 34b para. 1 German Securities Trading Act and Art. 20 MAR are available:

2G Energy AG
aap Implantate AG
Aareal Bank AG
ABO Invest AG
adesso AG
Adidas AG
Adler Modemärkte AG
AIXTRON SE
ALNO AG
alstria office REIT-AG
Amadeus FiRe AG
ANDRITZ AG
Aroundtown Property Holdings
AS Création Tapeten AG
Asian Bamboo AG
ATOSS Software AG
Aurubis AG
Axel Springer AG
B+S Banksysteme AG
BASF SE
Basler AG
Bastei Lübbe AG
Bayer AG
Bayerische Motoren Werke AG
BayWa AG
Bechtle AG
Beiersdorf AG
Bertrandt AG
bet-at-home.com AG
Bijou Brigitte AG
Blue Cap AG
Brenntag AG
BUWOG AG
CANCOM SE
Capital Stage AG
CENTROTEC Sustainable AG
CEWE Stiftung & Co. KGaA
Chorus Clean Energy AG
Clere AG
Cliq Digital AG
co.don AG
comdirect AG
Commerzbank AG
CompuGroup Medical AG
Continental AG
CTS Eventim AG
Daimler AG
Data Modul AG
DATAGROUP IT Services Holding AG
Delticom AG
Deutsche Bank AG
Deutsche Beteiligungs AG
Deutsche Börse AG
Deutsche EuroShop AG
Deutsche Post AG
Deutsche Wohnen AG
DEUTZ AG
Dr. Hönle AG
Drillisch AG
Drägerwerk AG
Dürr AG
Ecommerce Alliance plc
EDAG Engineering Group AG
Einhell Germany AG
ELMOS Semiconductor AG
ElringKlinger AG
elumeo SE
Eurokai KGaA
Fielmann AG
FinTech Group AG
First Sensor AG
Francotyp-Postalia Holding AG
Fraport AG
freenet AG
Fresenius Medical Care AG & Co.
Fresenius SE
Fuchs Petrolub SE
GBK Beteiligungen AG
GEA Group AG
Gerry Weber International AG
GFT Technologies SE
GK Software AG
Grammer AG
GRENKE AG
Hapag-Lloyd AG
Hawesko Holding
Heidelberger Druck AG
HELLA KGaA Hueck & Co.
HELMA Eigenheimbau AG
Henkel AG
HHLA AG
HolidayCheck Group AG
Hornbach Holding AG & Co. KGaA
Hornbach-Baumarkt-AG
Hugo Boss AG
Hypoport AG
INDUS Holding
Infineon Technologies AG
InVision AG
ISARIA Wohnbau AG
ISRA VISION AG
JDC GROUP AG
Jenoptik AG
Jungheinrich AG
K+S AG
KION Group
Klöckner & Co SE
Koenig & Bauer AG
Kontron AG
KROMI Logistik AG
Krones AG
KSB AG
KUKA AG
KWS SAAT AG
Lanxess AG
LEG Immobilien AG
LEONI AG
Linde AG
Lotto24 AG
MAN SE
Manz AG
MAX Automation AG
Medios AG
Merck KGaA
Metro AG
MeVis Medical Solutions AG
MPC Münchmeyer Petersen Capital AG
msg life AG
MTU Aero Engines AG
Muehlhan AG
MVV Energie AG
Nanogate AG
Nemetschek AG
Nordex SE
NORMA Group AG
Osram Licht AG
PA Power Automation AG
Pfeiffer Vacuum AG
PNE Wind AG
POLYTEC Holding AG
Porsche Automobil Holding SE
ProSiebenSat.1 Media SE
Puma SE
QIAGEN N.V.
QSC AG
Rational AG
Rheinmetall AG
Rhön-Klinikum AG
RIB Software AG
Rocket Internet SE
Rofin-Sinar AG
RTL Group S.A.
S&T AG
SAF-Holland S.A.
Salzgitter AG
SAP AG
Sartorius AG
secunet Security Networks AG
SFC Energy AG
SGL Group
Singulus Technologies AG
SinnerSchrader AG
Sixt AG
Sixt Leasing SE
SMA Solar Technology AG
Softing AG
Software AG
SolarWorld AG
STADA Arzneimittel AG
STRATEC Biomedical
SYZYGY AG
Südzucker AG
SÜSS MicroTec AG
TAG Immobilien AG
Takkt AG
Talanx Aktiengesellschaft
technotrans AG
thyssenkrupp AG
TOM TAILOR Holding AG
United Internet AG
Vectron Systems AG
VIB Vermögen AG
Volkswagen AG
Vonovia SE
Vossloh AG
VTG Aktiengesellschaft
Wacker Chemie AG
WashTec
Wincor Nixdorf AG
Wirecard AG
XING
Zalando SE
ZEAL Network SE
zooplus AG