Disclaimer

Nature of the research

Unpriced publishes independent equity research for a general readership. It is general in nature and is not personalised investment advice. Nothing published here takes account of the objectives, financial situation, knowledge, experience or particular needs of any individual reader, and nothing here should be treated as a recommendation that any particular course of action is suitable for any particular person.

No advisory, fiduciary or client relationship arises from reading this site, from subscribing to the newsletter, or from corresponding with the author. Readers are responsible for their own investment decisions and, where appropriate, for obtaining advice from a professional authorised to give it in their own jurisdiction.

No offer or solicitation

Nothing published on this site is an offer to sell, or a solicitation of an offer to buy, any security or financial instrument. Nothing here is an offer or solicitation in any jurisdiction where such an offer or solicitation would be unlawful, or to any person to whom it would be unlawful to make it.

Unpriced does not manage money for anyone, does not accept client funds, and does not solicit clients.

Accuracy, sources and forward-looking statements

Research here is built from primary sources wherever possible: annual reports, regulatory filings, offer documents, investor presentations, earnings calls and official company announcements. Each article lists its sources with the primary ones separated out. Those sources are believed to be reliable, but their accuracy and completeness are not guaranteed, and no representation or warranty of any kind is given about them.

Fair values, scenarios, expected returns, estimated timetables and implied upside are opinions and estimates, not facts and not predictions. They rest on stated assumptions that may prove wrong, and on the further assumption that a valuation gap closes within the stated horizon, which may not happen even where the valuation is correct. Every article states its assumptions explicitly so that a reader can disagree with them.

Errors are possible. Where a published figure or statement turns out to be wrong, a dated correction is added and marked as a correction rather than silently replacing the original text.

Prices and dates

Every price published on this site is the price observed at the time of the analysis and is never updated afterwards. Each figure is shown with the date and time it was observed, and with the time zone that observation was made in. A price shown against research from a previous year is a historical record, not a current quotation, and must not be read as one.

Nothing on this site is a live market data service. There are no real-time prices, no automatic refreshes and no price alerts.

Author interests and conflicts

Each research article carries a disclosure block stating who wrote it, when the analysis was completed, when it was published, the reference price and when it was observed, and the valuation basis. For research about a real company it also states whether the author holds a position and in which direction, whether the issuer has paid or provided anything of value, and whether the issuer saw the research before publication and whether anything changed as a result. Any other material conflict is listed, and earlier research on the same issuer in the preceding twelve months is linked from the article itself.

Position direction is disclosed. Position size, cost basis and portfolio weighting are not recorded on this site in any form. The author's dealing rules are published in the project repository asTRADING_POLICY.md.

Whether additional disclosure is required of this publication, in what form, and whether the size of a position must be disclosed, are open questions for a qualified Spanish lawyer. They are recorded in LEGAL_REVIEW.mdand this section will be revised on that advice.

Advertising

Where the site carries advertising, it is served by a third-party advertising network and appears only in the outer margins of wide desktop screens. It never appears inside an article, between sections, inside a valuation or financial table, inside the sources or the disclosure, or on any legal or transactional page.

Advertisers have no influence over the research. They do not choose the companies covered, do not see anything before publication, and are not consulted on any conclusion. Advertising is sold by a network against page views, not by Unpriced against coverage, and the network has no knowledge of what a given page says.

An advertisement appearing beside a research article is not an endorsement of the advertiser by Unpriced, nor of Unpriced by the advertiser, and no relationship between the two should be inferred. Payment from a company that is the subject of research is a separate matter, is prohibited by the dealing policy, and is disclosed article by article regardless.

Reading this site never requires accepting advertising. Every article is fully readable whatever consent choice you make. See theprivacy notice.

Sample content

Fictional sample research exists in the project repository to evaluate the design of the site. Its companies, exchanges, tickers, figures and analysis are invented. It is not published here: sample articles are not built into the production site at all, so no page of fictional research is reachable on this domain. Any resemblance to a real company is unintended.

Third-party links

Where research links to a source outside this site, the destination is not controlled by Unpriced and its content is not endorsed by Unpriced.

Jurisdiction

Unpriced is published from Spain by an individual and is read internationally. It is not authorised or regulated as an investment firm, an investment adviser or a financial analyst by any authority, and it does not hold itself out as any of those things.

The applicable regime, the treatment of this publication under EU rules on investment recommendations, and the governing law and forum clauses that belong in this section, are open questions for a qualified Spanish lawyer. See LEGAL_REVIEW.md.