Investment Banking


This customer information does not meet all legal requirements to ensure the impartiality of financial analysis and is not subject to the prohibition of trading prior to the publication of financial analysis. This information is intended only for an individually determined and identifiable target group of professional or institutional investors or eligible counterparties.

Information contained in this document does not constitute investment advice or recommendation, but is for your information only. All information has been carefully compiled; partly using information from third parties. Individual details may prove to be no longer or no longer completely correct, especially due to the passage of time, as a result of legal changes, current market developments, and may change at any time without prior notice. For the accuracy, completeness and timeliness of all information no guarantee can be assumed. Forwarding the information should not give the impression that Hauck Aufhäuser Investment Banking agrees with these assessments. The forwarding of summarized communications from third parties is for your information only. Liability on the part of the third party issuing the messages as well as on our part with regard to the forwarding of the information is excluded as far as legally permissible.

We have made every effort to carefully research and compile all information. In doing so, only information from third parties (such as Bloomberg, Reuters, etc.) was used. Although the information in this document is based on carefully selected and reliable sources, no guarantee can be given for the accuracy, completeness and timeliness of all information. Insofar as statements on returns, share price gains or other capital gains are made, these merely represent forecasts for which neither the third party issuing the notices nor we assume any liability. Particular details may prove to be no longer correct, especially as a result of the passage of time or as a result of interim changes. General information on the risks associated with investing in shares can be found in the basic information on investments in securities that your advisor has ready for you.