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9490 Vaduz, Liechtenstein
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© 2019 Liechtensteinische Landesbank Aktiengesellschaft, 9490 Vaduz
Persons who access information published on the website of the Liechtensteinische Landesbank Aktiengesellschaft and its subsidiaries (hereinafter referred to as the LLB or the Group companies; together the LLB Group) via the World Wide Web, or who obtain publications of the LLB Group containing financial analysis by other means, hereby accept and agree to the following terms and conditions.
The LLB and its Group companies continuously review and update the information on their website. Despite all due care, the data may have changed in the meantime.
The LLB and its Group companies therefore provide no undertaking or guarantee for the currency, correctness, or completeness of the information provided. The LLB and its Group companies reserve the right to update these legal conditions at any time and without prior notice.
The information contained in the publications mentioned constitutes neither an invitation, an offer, nor a recommendation to buy or sell investment instruments or to enter into transactions or legal business of any kind. This applies in particular to persons domiciled in the USA or having US nationality. This information does not constitute an aid for the reader in making decisions. Please consult a qualified person before making investment decisions.
Local legal restrictions
The contents of the publications are not directed or meant for persons subject to a jurisdiction that prohibits the publications or access to them (due to the nationality of the persons concerned, their domicile, or any other reason). Persons who come into the possession of the above-mentioned publications must inform themselves about any possible restrictions and comply with them.
The entire content and the structure of the LLB website are protected by copyright. All rights are reserved. The reproduction (in full or in part), transmission (by electronic or other means), modification, or use of the websites for public or commercial purposes are prohibited without the prior written consent of the LLB.
Links to third-party internet content
You may be able to access the internet content of third parties via hyperlinks. The LLB Group accepts no responsibility for the contents of third-party websites or for the offers (products, services, etc.) made there. The LLB Group is not liable for the websites of third parties or for their contents that link to the LLB website or display it in frames.
No warranty or guarantee
All information has been compiled by the LLB and/or its Group companies with great care. The information and opinions presented here originate from sources which the LLB and/or its Group companies deem to be reliable. Nevertheless, the LLB Group provides no undertaking or guarantee for the accuracy, completeness, or currency of the information contained in these publications. The contents of the information contained in these publications may be changed at any time due to certain circumstances, but the LLB and its Group companies are under no obligation to update any information once it has been published.
Please note that the value of an investment may fall as well as rise. The future performance of an investment cannot be derived from its past price development. Investments in foreign currencies are subject in addition to exchange rate fluctuations. Investments involving high volatility can be subject to strong price fluctuations. These price fluctuations may equal or even exceed the value of the invested amount. The preservation of the invested capital cannot therefore be guaranteed. Further information about risks can be obtained from the Liechtensteinische Landesbank AG. In addition, this information can be obtained from the brochure Risks in securities trading issued by the Liechtenstein Bankers Association, or from the brochure "Special risks in securities trading" issued by the Swiss Bankers Association.
Exclusion of liability
To the extent allowed by law, the LLB and its Group companies exclude all liability for losses or damages of any kind (both direct and indirect damages as well as consequential damages) which arise from the use of or in connection with the LLB website.
Provided doing so is permitted under the legal and/or regulatory provisions in force, the Liechtensteinische Landesbank AG and its Group companies as well as their employees may participate in financial transactions of the securities issuer(s) mentioned in this publication, invest in their securities, provide services to these issuers, or approach them for orders and/or hold positions in their securities, options on these securities, or investments connected with them, have other substantial interests in them, or carry out transactions with them.
Important sources of information
Our publications were produced on the basis of the following information sources:
- Primary research: original sources of the companies under consideration
- Secondary research: financial analyses of specialised brokers/analysts
- Publications in domestic and foreign media such as information services (Bloomberg, Lipper, etc.) and the business press (Börsenzeitung, Handelsblatt, FAZ, Financial Times, etc.)
- Published statistics, etc.
The publications of the LLB Group and its subsidiaries are marketing messages or other information and not investment research as defined in the Market Abuse Regulation. Marketing communications and other information will not be produced in compliance with the legislation promoting independence of investment research and is not subject to the prohibition of action following dissemination of financial analysis. Investment research are decidedly designated by the LLB as investment research. Unless not stated otherwise in the publication, there is no update of the financial analysis and other publications.
Basic methodological approaches to financial analysis
The Liechtensteinische Landesbank AG and its Group companies responsible for financial analysis, particularly LLB Asset Management AG, have defined the following basic methodological approaches to financial analysis:
They produce only buy-side research for investment purposes. They do not produce or publish sell-side research. Special attention is paid to the quality of the securities. In the case of equities and bonds, a value-oriented selection process is applied. They conduct active fund and portfolio management and construct broadly diversified portfolios according to asset classes and individual securities. Foreign currencies are actively managed. In doing so, the focus is placed on the most important core markets; in fringe markets, business cooperations are entered into with qualified specialists.
Within the scope of financial analysis, quantitative and qualitative evaluation methods are applied for investment funds and individual securities. The quantitative parameters include, for example, the performance over various time periods, the volatility, and the maximum loss. The qualitative parameters take into consideration, for example, an assessment of the investment processes and of the management.
The parameters applied for the evaluation are subject to risks, and they can change at any time without prior notice.
LLB and its LLB Asset Management AG responsible for financial analysis have summarised the basic methodological principles of financial analyses on which the individual investment recommendations are founded in their white paper "Theory and Methodology of Securities Analysis by LLB Asset Management AG". This document (in German) can be accessed at the following link: www.llb.li/securities-analysis
Valuation methods for the investment recommendations
The investment recommendations for each individual financial instrument at Liechtensteinische Landesbank AG are based on analyses by LLB Asset Management AG. The analyses draw on several generally recognised and widely used basic and market-related valuation methods and models. In this context, the valuation methods and models may cover the entire spectrum ranging from the inherent individual securities approach over peer group analysis to the analysis of the entire legal structure (parent companies, subsidiaries, etc.). In addition, historical, current, estimated and adjusted data are examined in the analyses. Furthermore, the basic valuation results may be adjusted as a consequence of the researcher's assessments in order to take endogenous and/or unexpected developments into account, too.
The investment recommendations and the information sheets on the individual financial instruments reflect the point of view of the respective author at the time the analysis or recommendation was prepared. No statements about the frequency or the scale of the updating of the information and/or recommendations about the individual financial instruments are made in advance. Influencing factors that change after the date of preparation may lead to the comments on the individual financial instruments no longer being appropriate.
All prices of the financial instruments to which the individual investment recommendations refer are, in principle, the corresponding closing prices of the trading session on the day prior to the date of publication of the investment recommendation unless another date is indicated.
Investment recommendations of the previous 12 months
LLB publishes below a list of all investment recommendations made during the last 12 months. The investment recommendations do not, as a rule, contain any price objectives. Investment recommendations in conjunction with the active advisory service that may contain stop-loss information, in addition to the price objective, constitute an exception to this rule. The recommendations for the individual financial instruments are subdivided into purchase and sale recommendations. There is no time-based validation of investment recommendations. Further information on the individual investment recommendations (date of recommendation, author of the recommendation, price information about the financial instrument, etc.) is available on request. (www.llb.li/recommendations)
The recommendations are based on well-diversified portfolios.The LLB recommends the following investment horizons:
|Strategy||Investment horizon in years|
|Fixed income and Conservative||greater than 2|
|Yield||greater than 4|
|Balanced||greater than 6|
|Growth||greater than 8|
|Equities||greater than 10|
Internal organisational and regulatory measures to prevent conflicts of interest
The Liechtensteinische Landesbank and any of its Group companies concerned have implemented internal organisational measures to prevent possible conflicts of interest from arising and, if these do occur, to disclose them.
Possible conflicts of interest are indicated by the following numbers placed next to the names of issuers:
The Liechtensteinische Landesbank AG and/or its Group companies
- have more than a 5% stake in the issuer,
- have substantial financial interests in relation to the issuer,
- participated during the last twelve months in the management of a consortium which placed financial instruments of the issuer in the form of a public offering,
- act as a market-maker in the financial instruments of the issuer,
- have during the last twelve months concluded an agreement for services in connection with investment banking services with issuers who themselves or whose financial instruments are the subject of the financial analysis, or have received a performance or the promise of a performance from such an agreement,
- have concluded an agreement for the production of financial analysis with issuers who themselves or whose financial instruments are the subject of the financial analysis.
Competent regulatory authorities
Liechtensteinische Landesbank AG
Financial Market Authority (FMA) Liechtenstein
9490 Vaduz, Liechtenstein
Liechtensteinische Landesbank (Österreich) AG
Financial Market Authority (FMA) Austria
1090 Vienna, Austria