Swiss Indirect Property Market Weekly - Bank J. Safra Sarasin - 8. Juni 2015 Montag, 08. Juni 2015 - 09:59
Swiss Indirect Property Market Weekly Real Estate Hub Switzerland
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Sehr geehrte Dame, sehr geehrter Herr,
Sie erhalten die aktuelle Ausgabe des Swiss Indirect Property Market Weekly – ein Aus- und Rückblick auf den Schweizer Markt für indirekte Immobilienanlagen.
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Freundliche Grüsse, &nb sp; Bank J. Safra Sarasin AG │ Real Estate Hub Switzerland General Guisan-Quai 26 8002 Zürich
T: +41 58 317 37 70 real-estate-hub-ch@jsafrasarasin.com
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Important notice This publication, issued by Bank J. Safra Sarasin Ltd (“Bank”) is based on publicly available information, information sources and data (“the information”) whose reliability is beyond question. Nonetheless, the Bank accepts no responsibility, either express or implied, for errors or incompleteness of the information provided. Possible errors in this information do not constitute grounds for liability, either directly or indirectly. In particular, neither the Bank nor its shareholders or employees are responsible for the accuracy or continuing accuracy of the opinions, appraisals, conclusions, plans or details of investment funds, their investment strategies, the economic environment, the market, competitive or regulatory environment, etc. Even if this publication has been issued in the context of an existing contractual relationship, the Bank’s liability is restricted to gross negligence or willful misconduct. Furthermore, the Bank accepts no liability for minor errors of fact. In any case, the liability of the Bank is limited to typical expectable damages, and liability for any indirect damages is expressly excluded.
Insofar as factual information and the opinions of third parties (interpretations and estimates) are presented, the relevant sources are indicated. Our own value judgements (projections and forecasts) which reflect the outcome of work undertaken by the Bank's Research department, are not expressly marked or indicated. The substantive principles and benchmarks underlying our own value judgements are set down in our research methodology principles.
In producing the research, the following valuation principles and methods were applied: The analysts’ investment decisions are based on an analysis of the business model of the company concerned, the market in which the company is active, and general market characteristics (Porter analysis: barriers to market entry, bargaining power of suppliers, bargaining power of customers, threat of substitute products, level of competition). The analysts compare their results with current market expectations and the corresponding data for the company’s peer group. Different valuation models are used depending on the industry. Among the most important of these are the price/earnings (P/E) ratio, price-to-book (P/B) ratio, enterprise value-to-sales (EV/sales), enterprise value to earnings before interest, tax, depreciation and amortisation (EV/EBITDA), enterprise value to earnings before interest and tax (EV/EBIT) and dividend yield (ratio of dividend to current share price). We do not set any share price targets for companies covered by our Equity Research. The present financial analysis hast been prepared in compliance with the «Directives on the independence of financial research» published by the Swiss Bankers Association in January 2008. The present financial analyses/research results have not been made available to the issuer before their disclosure or publication.
This publication is a marketing communication from the Bank, which is purely for information purposes and which does not claim to represent a comprehensive portrayal of product characteristics. This publication does not constitute a quotation, an offer or a solicitation of an offer for the purchase or sale of an investment or other specific product, and is not a substitute for obtaining advice and a risk appraisal from your personal advisor – which we expressly recommend before making any investment decision. The Bank may at any time perform services to buy, sell, subscribe to or redeem funds which are mentioned in this publication, or act as a client or authorised representative. It is possible that the Bank may receive sales commissions for portfolio management fees in respect of certain funds referred to in this publication. Such fees are for the use of the Bank sales channel and do not generally accrue to the investors. Where future price trends are presented in the context of this publication, these trends and/or the recommendations derived from them are based, amongst other things, on forecasts of future trends on the financial markets and corresponding simulations. These forecasts and simulations are in turn based primarily on past experience and concrete historical performance data. We would like to explicitly remind you that historical performance data, forecast calculations and other simulations are not a reliable indicator of future trends. We can therefore give no guarantee that the forecast values from the calculation models will actually be reflected in fact. Fees and costs are not taken into account in the performance calculation.
Although the Bank has taken steps to avoid or disclose conflicts of interest, the Bank can give no guarantees in this regard. Therefore the Bank accepts no liability for damages arising from such conflicts of interest. If the organisational or administrative measures taken by the Bank should, on the basis of reasonable judgement, be deemed to be insufficient to guarantee the avoidance of a risk of damage to client interests, then the Bank will unambiguously clarify the type and/or cause of the conflicts of interest to the client. It impossible to rule out the possibility that a business connection may exist between a company which is the subject of research and a company within the J. Safra Sarasin Group, from which a potential conflict of interest could result. As a client, you will be informed of any relevant potential conflicts of interest in financial research distributed by the Bank.
Discrepancies may emerge in respect of our own financial researches from the twelve months preceding publication, relating to the same financial instruments or issuers.
The Bank is regulated by the Swiss Financial Market Supervisory Authority (FINMA).
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