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The contents published by DGWA are compiled with the greatest possible care. However, DGWA GmbH does not assume any liability for the correctness, completeness and topicality of the contents provided. Furthermore, the arrival of any course forecasts / course targets is not guaranteed in any way. The use of the contents of the analyses is at the user’s own risk. The offer is aimed at users residing in the Federal Republic of Germany, Switzerland or Austria. The information is not intended for users who are resident in countries other than those mentioned above or who for other reasons are subject to the regulations of other countries. DGWA GmbH does not warrant or make any representations that these analyses or the information contained in them are in accordance with the laws of countries other than the Federal Republic of Germany, Switzerland or Austria.

The subject of published financial analyses may be shares of companies with a low market capitalisation. Especially for companies with a low market capitalization, investors often have to reckon with high volatility or low market liquidity.


Published financial analyses focus on equities that are associated with high price risks and are therefore not suitable for inexperienced or risk-averse investors. This applies in particular to all over-the-counter (OTC) equities, i.e. equities traded outside a supervised stock exchange or regulated market or on the over-the-counter market. The same applies to shares traded on the Australian Stock Exchange (ASX), on Canadian stock exchanges (e.g. in Toronto or Vancouver) or on the Alternative Investment Market (AIM), a segment of the London Stock Exchange. The equities we analyse are often traded on one of these markets, which are segments of the highest risk class. Stocks traded on these markets are threatened at all times by the possibility of a total loss, high volatility and the possibility of limited tradability and, in particular, saleability due to low trading volumes. High price opportunities are offset by enormous risks.


Published financial analyses contain only a non-binding expression of opinion on the investment instruments addressed and the market conditions at the time of publication of the document. An assessment of the company, in particular of share price targets, may change without prior notice. All data and information originate from sources which the publisher considers to be trustworthy and reliable at the time of preparation. Despite all care taken in the preparation of the research documents / reports, the publisher / author assumes no liability or guarantee whatsoever for the correctness, completeness and accuracy of the information contained in the reports or for losses that may result from any errors, omissions or inaccuracies. Liability claims against the DGWA GmbH and/or the author, which refer to damages of idealistic or material kind, which result from the use or disuse of the presented information, are in principle impossible, it is deliberate or roughly negligent behavior of the author and/or the DGWA GmbH present. In particular, DGWA GmbH does not guarantee that the forecasts mentioned will be met or that price targets / possible future goodwill will be achieved. Furthermore, neither this publication nor the information contained herein forms the basis for any contract or obligation of any kind.


The DGWA GmbH does not assume any liability for provided trade suggestions, market assessments and other information. These in no way represent a call for individual or general replication. The background information, trading suggestions, market assessments and securities analyses published by DGWA GmbH in its analyses do not constitute an offer to sell or the solicitation of an offer to buy or sell any of the shares, commodities, foreign exchange, other securities or structured and derivative financial products listed on the DGWA website. The statements are based on sources which the publisher considers to be trustworthy.


Although the evaluations and statements contained in the analyses, publications and market assessments have been prepared with reasonable care, we assume no responsibility or liability for errors, omissions or misstatements. This also applies to all representations, figures and assessments made by our interlocutors in the interviews. Before making investment decisions, the client should carefully inform himself about the opportunities and risks of the investment. A positive performance of a financial product in the past can in no way be taken as an indication of future performance. The reader is urged to check all information and allegations himself. An investment in the partly highly speculative shares presented by us should not be made without first consulting the company’s latest balance sheets, asset reports and press releases.


Disclosure of interests:

Basic information on possible conflicts of interest pursuant to Section 34b WpHG and Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse – Market Abuse Regulation:

DGWA GmbH or its employees may at any time acquire or dispose of their own business in the shares of the companies presented (e.g. long or short positions). This also applies to options and derivatives based on these securities. Any resulting transactions may affect the Company’s share price. The information, recommendations, interviews and company presentations published in the DGWA GmbH analyses are paid for by the respective companies or third parties. Third parties” include, for example, investor relations, public relations, brokers or investors. DGWA GmbH could be partially remunerated directly or indirectly by the discussed companies or so-called “third parties” with an expense allowance for the preparation and electronic distribution and for other services. Even if we prepare every analysis to the best of our knowledge and belief and to professional standards, we advise you to consult other external sources, such as your house bank or a trusted advisor, with regard to your investment decisions.


DGWA – Deutsche Gesellschaft für Wertpapieranalyse GmbH

CEO: Stefan Müller

Disclaimer: Imprint
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