Disclosures
Methodologies used
The valuation methodologies employed in this report can include one or several of the following:
- Fundamental Research (Private Banking and Investment Banking Research)
- Technical Chart Analysis
- Analyst Forecasts
- Consensus Estimates
- Credit Suisse HOLT (applicable for Equities only)
The Credit Suisse HOLT methodology does not assign ratings to a
security. It is an analytical tool that involves use of a set of
proprietary quantitative algorithms and warranted value calculations,
collectively called the Credit Suisse HOLT valuation model, that are
consistently applied to all the companies included in its database.
Third-party data (including consensus earnings estimates) are
systematically translated into a number of default algorithms available
in the Credit Suisse HOLT valuation model. The source financial
statement, pricing, and earnings data provided by outside data vendors
are subject to quality control and may also be adjusted to more closely
measure the underlying economics of firm performance. The adjustments
provide consistency when analyzing a single company across time, or
analyzing multiple companies across industries or national borders.
The default scenario that is produced by the Credit Suisse HOLT
valuation model establishes the baseline valuation for a security, and a
user then may adjust the default variables to produce alternative
scenarios, any of which could occur. Additional information about the
Credit Suisse HOLT methodology is available on request.
CFROI®, HOLT, HOLTfolio, ValueSearch, AggreGator, Signal Flag and
“Powered by HOLT” are trademarks or service marks or registered
trademarks or registered service marks of Credit Suisse or its
affiliates in the United States and other countries. HOLT is a
corporate performance and valuation advisory service of Credit Suisse.
Further information on HOLT can be accessed on:
https://www.credit-suisse.com/sites/holt/en.html
A set of model assumptions and parameters underlie Credit Suisse’s valuation methodologies, such as:
- consensus earnings estimates
- financial statements
- pricing, and earnings data
- other proprietary factors
CS policy is to publish and update price forecasts with the
frequency it deems appropriate, based on developments and / or
alterations with the subject company, the sector or the market that may
have a material impact on the research views or opinions stated
herein.
The date and time of the first dissemination of this publication corresponds to the e-mail “sent” time-stamp.
Meaning of recommendations
The stock recommendations are BUY, SELL and HOLD and are dependent on
the expected absolute performance of the individual stocks, generally
for a 2-3 months horizon based on the following criteria:
RATING |
MEANING OF RECOMMENDATION |
BUY |
8% or greater increase in the absolute share price |
SELL |
8% or more decrease in the absolute share price |
The bond recommendations are BUY, SELL, and HOLD. The bonds are
selected according to attractiveness on a relative value basis versus
comparable bonds. The investment horizon to which the recommendation
pertains is at least 6 months.
