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website research disclaimers

supplementary information for sharp equity investment research

Sharp Equity Limited (“Sharp Equity” ,”We”) is authorised and regulated by the Financial Conduct Authority (FCA) of the United Kingdom (firm reference number 751405).

All research reports (collectively and individually denoted as “Investment Research”) that are available throughout the Website “www.sharpequity.co.uk” are the copyright of Sharp Equity. They have been prepared, written and produced, unless otherwise stated, by Sharp Equity. All Investment Research issued by Sharp Equity is subject to the Important Research Information and Disclaimers specified in each report but is also subject to and must be read in conjunction with, this Supplementary Information.

 

Both this Website and the Investment Research produced by Sharp Equity is solely directed to “Professional Clients” and “Eligible Counterparties” as defined by the FCA in the FCA Handbook COBS 3.5 Professional Clients. It is not suitable for or directed to any other party, nor is it directed to you should you reside in a jurisdiction that Sharp Equity cannot provide its services to. More specifically, if you are a ‘Retail Client’ as defined by the FCA, Sharp Equity’s Investment Research is not for you and you must not rely or act on this research or any recommendation herein.  By accessing this Website, you acknowledge that you are a Professional Client as specified by the FCA.

 

Sharp Equity does not provide any advice that is personal to any individual or client. All Investment Research is provided for information purposes only and should never be considered or construed in any way whatsoever as personalised advice. Hence, the Investment Research should not be regarded by recipients as a substitute for the exercise of their own judgement and/or obtaining independent investment advice. We produce Investment Research that we believe would be of interest to our clients, which include our views that have been derived solely from publicly available information that we believe to be reliable. In this regard, whilst every effort is made to ensure the accuracy of information contained in its Investment Reports, Sharp Equity, its directors and employees provide no guarantee, representation or warranty, express or implied, regarding the completeness, accuracy or correctness of information, data, calculations or opinions contained in these Investment Reports.

 

No reliance should be placed for any purpose on the information, prices, representations, estimates or opinions, contained in Sharp Equity’s Investment Reports and no liability is accepted for any such information, representation, estimate or opinions. Any opinions, forecasts or estimates are those of the author only; any views that have been expressed in Sharp Equity’s Investment Reports are subject to change without notice.

 

In the production of its Investment Research, Sharp Equity makes numerous calculations based on various assumptions, including a diverse range of valuation methodologies including, inter alia, analysis of earnings multiples, discounted cash flow and sum-of-the-parts calculations as well as net asset value assessments, which when adjusted could result in materially different outcomes. Sharp Equity, its directors and any employees are not aware of any relationships or circumstances that could reasonably be expected to impair the impartiality or objectivity of its Investment Research, except for those stipulated in this document or the Research Disclaimers attached to each piece of Investment Research.

 

Neither the information provided in this Website nor the information in Sharp Equity’s Investment Reports or that on which such reports are based, nor the opinions expressed herein, should be considered or construed by any client or prospective client as an offer or invitation or other solicitation or recommendation to enter into or attempt to enter into a transaction to buy or sell a security.

 

All clients and prospective clients should be aware that security values and prices referred to in Sharp Equity’s Investment Research reports may fluctuate and that each security’s price or value may rise or fall. Past performance or Sharp Equity’s forecasts should not necessarily be considered as a reliable indicator or guide to future performance or results. Investors may get back less than they invested. Foreign currency rates of exchange may adversely impact the value, price or income of any security or related instrument mentioned in an Investment Research report. Sharp Equity’s Investment Reports do not contain an exhaustive statement of the risks associated with the investments or types of investments referred to herein.

 

Recipients of Investment Research should always be cautious and be prudent when making investment decisions. Sharp Equity does not represent or undertake that recipients of its Investment Research will accumulate profits, nor will it share with such recipients any investment profits, nor accept any liability for any investment loss, damage or tax consequences that they may suffer arising out of the use of all or any part of Sharp Equity’s Investment Research.

 

Sharp Equity or the author(s) of any of its Investment Reports are not compensated for any investment banking transactions undertaken by Sharp Equity or any other company or group affiliated with Sharp Equity.

 

Sharp Equity operates the following recommendation structure:

 

BUY: We expect the absolute share price of the security to rise by at least 20% over a minimum of a 12 month period, from when the first Investment Research report on a particular company is published.

SHORT: We expect the absolute share price of the security to fall by at least 20% over a minimum of a 12 month period, from when the first Investment Research report on a particular company is published.

NO RATING: We do not believe that the security represents a worthwhile investment. As such, we do not recommend the security in any way.

 

Sharp Equity generates a ‘Fair Value’ for each security is recommends, which is always considered to be Sharp Equity’s ‘Base Case’ scenario. These fair values may be based on different valuation methods as well as peer group analysis and are likely to be an important determinant of the recommendation provided. However, such fair values may or may not be realised. As such, whilst one of the above recommendations will be assigned to a security on each Investment Research report, Sharp Equity reserves the right to change the recommendation at any time. Clients will always be notified of the change in recommendation of any security recommended by Sharp Equity.

 

Sharp Equity, its directors, respective members and employees may have long or short positions in, or may buy or sell any of the securities, derivative instruments or other investments mentioned in its Investment Reports, either as an agent or as principal for their own account. However, Sharp Equity has a strict personal account dealing policy in place, in line with its Compliance Policies. This stipulates that all directors and employees of Sharp Equity:

 

a)     must have written consent from the Compliance Officer prior to dealing in any security, with authorisation to trade lasting three working days;

b)     must not undertake a transaction in a security that is contrary to Sharp Equity’s recommendation, except in exceptional circumstances;

c)     must wait at least 7 days post publication of an Investment Research report when dealing in the security to which that report relates;

d)     must adhere to a minimum holding period of 30 days.

 

In line with its compliance procedures, Sharp Equity undertakes every effort to avoid, mitigate and manage conflicts of interest, both between itself and its customers as well as between a customer and another client. Disclosure of Sharp Equity’s Conflicts of Interest policy can be found here. However, from time to time, Sharp Equity may issue Investment Research on the Financial Services sector or companies within that sector, which by the very nature of Sharp Equity business model, may be associated directly or indirectly with a past, present or future client of Sharp Equity. As such, recipients of Sharp Equity’s Investment Research should be aware that this may theoretically impact the objectivity of the research report. 

Sharp Equity’s Investment Research and any models, assumptions, workings or other supplementary data relating to the Investment Research is subject to copyright and the limited licence granted to clients. The distribution or reproduction of such materials, other than on the terms of the client’s licence or with Sharp’s Equity’s express consent, is prohibited.

 

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