Legal

Disclaimers and Disclosures

The items published on this site have been approved and issued by Willis Welby LLP which is authorised and regulated by the Financial Conduct Authority under number 510107.

These items are intended solely for distribution to those persons classified as professional clients and eligible counterparties, as defined by the Financial Conduct Authority or any successor thereof. They are not suitable for nor directed at retail clients. Willis Welby LLP does not provide any services to retail clients.

Items published on the site have no regard to the specific investment objectives, financial situation or particular needs of any recipient. They are published solely for informational purposes and they are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. They should not be regarded by recipients as a substitute for the exercise of their own judgement.

No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained on this website, except with respect to information concerning Willis Welby, and any subsidiary and affiliate, nor are items published here intended to be a complete statement or summary of the securities, markets or developments to which they refer. Items on the site have been compiled from publicly available sources that are believed to be reliable although have not been independently verified and we therefore do not represent that they are accurate, current, complete or error free. Assumptions, estimates and opinions contained within these items are those held by Willis Welby at the time of publication and are subject to change without notice. Willis Welby is under no obligation to update or keep current the information contained therein. Any projections contained therein are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.

Willis Welby does not deal as principal or as agent and does not have any interests or long or short positions in the securities or other financial instruments referred to in items published on this site. The partners, officers, employees and consultants of Willis Welby (collectively “Staff”) may have or have had interests or long or short positions in the securities or other financial instruments referred to in items published on this site. Staff are subject to Willis Welby’s personal account dealing policy which is designed to avoid conflicts of interest and is available on request. In the unlikely event that the holdings of any individual exceeds the 0.5% threshold this will be made clear on the individual investment note.

The securities described therein may not be eligible for sale in all jurisdictions or to certain categories of investors. The law in certain jurisdictions may restrict distribution of items published here and therefore persons in to whose possession our published items come should inform themselves about and observe any such restrictions.

Willis Welby nor any of its affiliates, partners, employees, consultants or agents accepts any liability for any direct, indirect, consequential or other losses or damages including loss of profits incurred by any recipient or any third party that may arise from any reliance on items published on this site or for the reliability, accuracy, completeness or timeliness thereof.

Items published on this site may not be reproduced or redistributed, in whole or in part, without the express written consent of Willis Welby except as specifically allowed by the site copyright notice, and Willis Welby accepts no liability whatsoever for the actions of third parties in this respect.

Modelling and sensitivity analysis

Models underlying our recommendations for the stocks covered on our websites are available on our searchable WWIP investment platform. Users can test the sensitivity of any given valuation to one or a number of assumptions by using the investment platform’s flex functionality. This User Guide describes our underlying methodology and standard assumptions.

Recommendation history

Click here to see our recommendation history.

Definition of recommendations

We use our modelling to identify a stock’s value versus a number of benchmarks. We make recommendations based on our interpretation of these data and other factors. We use the recommendation ‘buy’ for stocks where we are buyers. We use the recommendation ‘sell’ for stocks where we are sellers. A ‘no recommendation’ stock is one that is neither a buy nor a sell. Recommendations are directional, without a target price or target duration.

Copyright notice

Any redistribution or reproduction of part or all of the contents in any form is prohibited other than the following:

you may print or download to a local hard disk extracts for your personal use only
you may copy the content to individual third parties within your business organisation fortheir use, but only if you acknowledge the website as the source of the material

You may not, except with our express written permission, distribute or commercially exploit the content. Nor may you transmit it or store it in any other website or other form of electronic retrieval system.

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Willis Welby LLP

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Esher
Surrey
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Email disclaimer

This communication is from Willis Welby LLP (“Willis Welby”) which is a Limited Lability Partnership registered in England & Wales under number OC349305 with its registered office at 85 Gresham Street, London, EC2V 7NQ.

Willis Welby is authorised and regulated by the Financial Conduct Authority under number 510107. Willis Welby does not provide any services to Retail Clients as defined by the Financial Conduct Authority.

Opinions, conclusions and other information in this e-mail and any attachments which do not relate to the official business of the firm are neither given nor endorsed by it.

This e-mail is for the exclusive use of the intended recipient(s). If you are not the intended recipient(s) please note that any form of disclosure, distribution, copying or use of this communication or the information in it or in any attachments is strictly prohibited and may be unlawful.

In the interest of brevity, where this email gives investment recommendations the full disclosures that accompany those recommendations including recommendation history, modelling and sensitivity analysis and definition of recommendations are available on our WWIP investment platform and our Willis Welby site.

If you have received this communication in error, we would be grateful if you would return it with the title “Received in Error” to email hidden; JavaScript is required then delete the email and destroy any copies of it.

E-mail communications cannot be guaranteed to be secure or error free. Where possible, confidential data should be sent to us in encrypted form. This e-mail will have been scanned by our anti-virus software before transmission. We cannot however, warrant that this e-mail is free from viruses. We do not accept liability for the consequences of any viruses that may be inadvertently be attached to this e-mail. Anyone who communicates with us by e-mail is taken to accept the risks in doing so.

Any opinions or advice contained in this e-mail and any attachments are subject to the terms of business in force between Willis Welby and the client.