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Patersons believes that the information or advice (including any financial product advice) contained in this website has been obtained from sources that are accurate at the time of issue, but it has not independently checked or verified that information and as such does not warrant its accuracy or reliability. Except to the extent that liability cannot be excluded, Patersons accepts no liability or responsibility for any direct or indirect loss or damage caused by any error in or omission from this report. You should make and rely on your own independent inquiries.
If not specifically disclosed otherwise, investors should assume that Patersons is seeking or will seek corporate finance business from the companies disclosed in this report.
This website is intended to provide general securities advice, and does not purport to make any recommendation that any securities transaction is appropriate to your particular investment objectives, financial situation or particular needs. Prior to making any investment decision, you should assess, or seek advice from your adviser, on whether any relevant part of this report is appropriate to your individual financial circumstances and investment objectives.
Patersons, its director and/or employees may earn brokerage, fees, commissions and other benefits as a result of a transaction arising from any advice mentioned in this report. Patersons as principal, its directors and/or employees and their associates may hold securities in the companies the subject of this report, as at the date of publication. These interests did not influence Patersons in giving the advice contained in this report. Details of any interests may be obtained from your adviser. Patersons as principal, its directors and/or employees and their associates may trade in these securities in a manner which may be contrary to recommendations given by an authorised representative of Patersons to clients. They may sell shares the subject of a general "Buy" recommendation, or buy shares the subject of a general "Sell" recommendation.
Our recommendations are based on a 3 month (short term) and 12 month (long term) investment objective, relative to the S&P 300 benchmark. Patersons uses the following short term rating system: BUY [Stock is undervalued on all investment criteria, and likely to exceed the performance of the ASX/S&P 300 Accumulation Index by more than 7.5% in the next three months.] HOLD [Sound investment fundamentals but lacks a catalyst in the next three months.] SELL [Stock is overvalued and likely to underperform the ASX/S&P 300 Accumulation Index by at least 7.5% in the next three months.] SPECULATIVE BUY [Stock may not be of investment grade due to low market capitalisation, high levels of debt or significant risks in the business model, but appears attractively priced.] Patersons uses the following long term rating system: buy [Stock is expected to exceed the performance of the ASX/S&P 300 Accumulation Index by at least 7.5% in the next twelve months.] hold [Stock is expected to perform within –7.5%/+7.5% of the ASX/S&P 300 Accumulation Index in the next twelve months.] SELL [Stock is expected to underperform against the ASX/S&P 300 Accumulation index by at least 7.5% in the next twelve months.]