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Website terms of use for the website www.maerki-baumann.ch
These Website terms of use ("Terms") set out the terms of use under which you may use this Website, www.maerki-baumann.ch ("Website"). Please read these Terms carefully and ensure that you understand them. Your agreement to comply with and be bound by these Terms is deemed to occur upon your first use of the Website. If you do not agree to comply with and be bound by these Terms, you must stop using the Website.

1. Definitions
In these Terms, unless the context otherwise requires, the following expressions have the following meanings:
"Content" means any and all text, images, audio, video, scripts, code, software, data-bases and any other form of information capable of being stored on a computer that appears on or forms part of the Website; and
"Maerki Baumann" means Maerki Baumann AG, a company (bank) registered in Switzerland whose address is Dreikönigstrasse 6, 8001 Zurich.

2. Information About Us
The Website www.maerki-baumann.ch is owned and operated by Maerki Baumann.

3. Access to the Website
3.1 Access to the Website is free of charge. It is your responsibility to make any and all arrangements necessary in order to access the Website.
3.2 Access to the Website is provided "as is" and on an "as available" basis. Maerki Baumann may alter, suspend or discontinue the Website (or any part of it) at any time and without notice. Maerki Baumann will not be liable to you in any way if the Website (or any part of it) is unavailable at any time and for any period.

4. Intellectual Property Rights
4.1 All Content included on the Website and the copyright, trademarks and other intellectual property rights subsisting in that Content, unless specifically labelled otherwise, belongs to or has been licensed by Maerki Baumann. All Content is protected by applicable Swiss and international intellectual property laws and treaties.

4.2 Unless stipulated otherwise by the applicable mandatory law, you may not reproduce, copy, distribute, sell, rent, sublicence, store, or in any other manner reuse Content from the Website, unless given express written permission to do so by Maerki Baumann.

4.3 You may not use any Content saved or downloaded from the Website for commercial purposes without first obtaining a licence from Maerki Baumann (or our licensors, as appropriate) to do so.  

5. Links to Other Websites
Links to other sites may be included on the Website. Unless expressly stated these sites are not under the control of Maerki Baumann. Maerki Baumann neither assume nor accept responsibility or liability for the content of third party sites. The inclusion of a link to another site on the Website is for information only and does not imply any endorsement of the sites themselves or of those in control of them.

6. Disclaimers
6.1 Nothing on the Website constitutes advice on which you should rely. It is provided for general information purposes only.  

6.2 This Website is not directed at any person subject to laws which prohibit the publication of, or access to, the Maerki Baumann website (on account of the person's nationality, place of residence or any other reason). Persons to whom such restrictions apply are not permitted to access the Maerki Baumann website. This applies in partic-ular to persons in the United Kingdom, Japan, the United States of America and other countries in which offers for such services and products are subject to a restriction.

6.3 The future performance of the investment assets, including investment funds and investment fund strategies, cannot be derived from past price performance. In other words, the value of the investment may increase or decrease. The preservation of the invested capital cannot be guaranteed; for instance, exchange rate fluctuations may bring about changes in the value of the investment.

6.4 To the extent permitted by applicable law, Maerki Baumann make no representation, warranty, or guarantee that the Website will meet your requirements, that it will not infringe the rights of third parties, that it will be compatible with all software and hardware, or that it will be secure.

6.5 Maerki Baumann make reasonable efforts to ensure that the Content on the Website is complete, accurate, and up-to-date. Maerki Baumann do not, however, make any representations, warranties or guarantees (whether express or implied) that the Con-tent is complete, accurate, or up-to-date.

7. Liability
7.1 To the extent permitted by applicable law, Maerki Baumann accept no liability to any user for any loss or damage, whether foreseeable or otherwise, in contract, tort (including negligence), for breach of statutory duty, or otherwise, arising out of or in connection with the use of (or inability to use) the Website or the use of or reliance upon any Content included on the Website.

7.2 To the extent permitted by law, Maerki Baumann exclude all representations, warranties, and guarantees (whether express or implied) that may apply to the Website or any Content included on the Website.

7.3 Maerki Baumann exercise all reasonable skill and care to ensure that the Website is free from viruses and other malware. Maerki Baumann accept no liability for any loss or damage resulting from a virus or other malware, a distributed denial of service attack, or other harmful material or event that may adversely affect your hardware, software, data or other material that occurs as a result of your use of the Website (in-cluding the downloading of any Content from it) or any other site referred to on the Website.

7.4 Maerki Baumann neither assume nor accept responsibility or liability arising out of any disruption or non-availability of the Website resulting from external causes including, but not limited to, ISP equipment failure, host equipment failure, communications network failure, natural events, acts of war, or legal restrictions and censorship.

8. Cookies
Please refer to our Cookie Policy on our website.

9. Data Protection
Please refer to our Privacy Policy on our website.

10. No offer and no advice
The information on the MBC website is published for information purposes only and does not constitute promotion, recommendation or advice. Nor does it constitute an offer or a solicitation to buy or sell financial instruments or to effect a transaction or conclude any business of a legal nature.

11. Financial Analysis
MBC performs financial analysis on the basis of secondary research at securities level. It combines a top-down approach combined with a bottom-up approach. It draws on publicly available information (financial press, internet, financial information systems, corporate news, etc.) and on research reports from other financial institutions that are deemed to be reliable. Having gathered this information, our analysts form an independent opinion on the company in question.
The company analysis may be based on the following qualitative and quantitative fac-tors (list is not exhaustive):

• Market position of the company
• Strategy
• Assessment of competitiveness
• Product range
• Management quality
• Corporate governance
• Financial strength
• Capitalisation
• Earnings outlook
• Growth
• Valuation

Company analysis also entails a comparison with competing companies from the same sector. The process may take the following aspects into account (list is not exhaustive):

• Changes in supply and demand
• Competitive environment
• Market entry barriers
• Suppliers
• Development of political influence
• Development of legal environment
• New technologies

When assessing companies, relative valuation principles are initially applied. These may be applied based on historical comparisons or in relation to competitors or to the market as a whole. The following key ratios may be included into the valuation (the ra-tios used vary from one sector to another – list is not exhaustive):

• Price/earnings ratio (P/E)
• Price/book value ratio (P/B)
• Price/sales ratio (P/S)
• Price/cash flow ratio (P/CF)
• Dividend yield
• Payout ratio
• Price/earnings to growth ratio (PEG
• Enterprise value/EBITDA ratio (EV/EBITDA)
• Enterprise value/sales ratio (EV/sales)

To assess a company's financial strength, the following ratios may be applied (other or additional ratios may be used, depending on the company's particular features or focus – list is not exhaustive):

• Liquidity situation
• Gearing
• Net debt to EBITDA ratio

12. Changes to these Terms
Maerki Baumann may alter these Terms at any time. Any such changes will become binding on you upon your first use of the Website after the changes have been implemented. You are therefore advised to check this Website from time to time.
In the event of any conflict between the current version of these Terms and any previous version(s), the provisions current and in effect shall prevail unless it is expressly stated otherwise.

13. Law and Jurisdiction
These Terms shall be governed by and construed in accordance with Swiss law (to the exclusion of Swiss Private International Law and international treaties, in particular the Vienna Convention on the International Sale of Goods dated April 11, 1980).
Any disputes concerning these Terms shall be subject to the jurisdiction of the competent courts at the domicile of Maerki Baumann.

14. Contacting Us
To contact Maerki Baumann, please email Maerki Baumann at dataprotection@maerki-baumann.ch or using any of the methods provided on the contact page on our website.