Legal

Risk disclosure

Effective 11 September 2026.

Equities can lose some or all of their value. A short position can lose more than the amount invested, because a share price has no upper limit. Small and mid-cap shares can be illiquid, volatile and expensive or impossible to borrow.

A research note is a view at a date, built from one annual report, one closing price and stated assumptions. Base cases, bear cases and bull cases are scenarios, not predictions, and the probabilities attached to them are the desk's judgment. Break points and sensitivities hold every other input fixed. A discount rate, a growth path or a multiple that looks reasonable can still be wrong.

The research is produced largely by automated systems. Their reading of a filing can be mistaken in ways a checker cannot catch, because the software reproduces calculations, not judgment. The desk keeps a public scorecard of its calls precisely because it expects some of them to be wrong.

Nothing here accounts for your objectives, horizon, tax position, liquidity needs or ability to bear loss. Do your own work, or take advice from someone who is licensed to give it to you.