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Research Disclaimer
Last updated: August 2026
General Information
Research, analysis, reports, articles and other content published under the VEYREN name are provided for informational and research purposes only.
Unless expressly stated otherwise, the content reflects the analysis, estimates, assumptions and opinions of the author as of the date of publication.
Information may become outdated as market conditions, company fundamentals, economic conditions or other relevant circumstances change.
No Investment Advice
Nothing published on this website constitutes individual investment advice, financial advice, portfolio management, investment brokerage or any other personalised investment service.
VEYREN does not take into account the individual investment objectives, financial situation, knowledge, experience, risk tolerance or other circumstances of any particular user or investor.
Users remain solely responsible for evaluating investments and making their own investment decisions.
Investment Recommendations
Certain research publications may contain opinions, valuations, price targets, ratings or conclusions regarding financial instruments, issuers or investment strategies.
Where a publication constitutes an investment recommendation or other information recommending or suggesting an investment strategy within the meaning of applicable market abuse law, the publication should be read together with the disclosures and information contained in the respective research report.
Relevant interests and potential conflicts of interest will be disclosed in the respective publication where required.
Author and Responsibility
Unless otherwise stated in the respective publication, VEYREN research is produced by:
Ilias Zouboulis
Uhlandstraße 16
70771 Leinfelden-Echterdingen
Germany
The identity of the author and, where applicable, additional regulatory disclosures may also be provided directly within individual research publications.
Sources and Accuracy
Research may be based on publicly available information, including company reports, regulatory filings, investor presentations, earnings releases, conference calls, market data and other sources considered relevant at the time of publication.
Reasonable efforts are made to use information considered reliable. However, no representation or warranty is made that all information is complete, accurate or current.
Estimates, calculations, valuations and forecasts may depend on assumptions and methodologies selected by the author and may differ materially from actual outcomes.
Valuations and Forward-Looking Statements
Research publications may contain forecasts, estimates, scenarios, price targets and other forward-looking statements.
Such statements involve assumptions, uncertainties and risks and should not be interpreted as guarantees of future results.
Actual developments and investment outcomes may differ materially from estimates or expectations expressed in the research.
Investment Risks
Investing in financial instruments involves risk. The value of investments may rise or fall and investors may lose some or all of the capital invested.
Historical performance, historical valuation levels and previous investment outcomes are not reliable indicators of future performance.
Investments may also be exposed to company-specific, market, liquidity, currency, political, regulatory and other risks.
Interests and Conflicts of Interest
The author may personally hold financial instruments discussed in VEYREN research.
Relevant personal interests, positions or other circumstances that could reasonably be expected to impair the objectivity of a particular research publication will be disclosed in that publication where required by applicable law.
Users should review the conflict-of-interest disclosure contained in each research report before relying on its analysis or conclusions.
Independence
Unless expressly disclosed otherwise, VEYREN research is produced independently and is not commissioned or paid for by the issuer that is the subject of the research.
Any material relationship with an issuer or other party that may create a relevant conflict of interest will be disclosed where applicable.
No Guarantee of Performance
No statement, rating, valuation, price target or other conclusion contained in VEYREN research constitutes a guarantee that a particular investment outcome will occur.
Market prices can deviate substantially and for extended periods from valuations or estimates contained in research publications.
Updates and Changes
VEYREN is under no general obligation to continuously update previously published research solely because circumstances, market prices or information have subsequently changed, except where an update is required under applicable law.
A research publication should therefore be considered in light of its stated publication date and the information available at that time.
External Information
This website and individual research publications may refer to information, websites or materials provided by third parties.
VEYREN is not responsible for the availability, accuracy or content of third-party websites or materials solely because they are referenced or linked.
Use of Research
VEYREN research is intended for general informational use. Users should independently verify information they consider material to an investment decision and, where appropriate, seek advice from a suitably qualified professional.
Research should not be relied upon as the sole basis for an investment decision.
Changes to this Disclaimer
This Research Disclaimer may be updated to reflect changes to VEYREN's research activities, services or applicable legal requirements.
The current version is available on this website.