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This document should be regarded as a supplementary source of information for our clients and it is not an offer or promotion for the purchase or sale of investment instruments. It is based on the best information sources available at the time of printing. The information sources used are generally regarded as reliable, although Česká spořitelna a.s. cannot guarantee the correctness and completeness of the information contained therein. The views, forecasts and estimates presented in the material reflect our best knowledge as at the date of issuance of the publication and can be changed without giving any reason. The publication was not subject to language adaptation. The administrative office exercising supervision over Česká spořitelna, a.s. (IC 45244782, address Prague 4, Olbrachtova 1929/62, zip code 14000, file number: B 1171 registered by the Municipal Court in Prague) is the Czech National Bank.

Fair presentation of recommendation

The issuers of the analyzed investment instruments had not been informed before the distribution of this analysis of its content and the analysis has not been adjusted in any way based on their instructions. The Analysis is created based on standard financial and econometric models. In the case of share recommendation, these are different variants of the discounted cash flow and the net asset value methods. In the case of bonds and currencies, the standard methods include the closed macroeconomic models of Clarida-Gali-Gertler or QPM CNB types.

Degree of investment recommendation for equities

Target prices for the shares' 12-month horizon reflect the fair share value based on the fundamental factors and other information relevant for the share price. All verbal recommendations are based on the fundamental value of the securities and do not reflect the relative performance of the share in relation to other regional titles. Verbal recommendations reflect the relation between the target price and the share price at the time of calculating the target price, i.e. the issue of the relevant company analysis. The particular numeral values are stated in the brackets: buy (target price 20% above share price), accumulate (10% to 20% above), hold (0% to 10% above), reduce (target price ranging from -10% to 0% in relation to the share price when calculating the target price) and sell (below -10%).


Past performance of investment instruments does not guarantee any comparable future performance. Different investment instruments and investments imply different degrees of investment risk. The value of any investment can rise and fall and there is no guarantee for the return of the invested amount. Česká spořitelna, a.s. assumes no responsibility for any possible losses caused directly or indirectly by the use of the information in this document. The forecast value of the investment instrument or its target price can be endangered by various types of risks.

These include, for instance, the risks connected with supply and demand for the particular investment instrument, competition risk, input price risk or market fluctuation risk. The forecast value of the investment instrument or its target price is based on the assumptions mentioned in the analysis. Other than expected development of these assumptions represents a key risk as well.


Investment recommendations, analyses and forecasts are updated within the scope of the regular publications of Česká spořitelna, a.s. and the Erste Group Bank. The target prices of shares are updated in the company analyses of the covered companies, which are issued on an irregular basis reflecting the current events in the particular area or in the covered company. Summary of the investment recommendations issued in the past 12 months is summed up in reports "CZ Měsíční strategie - akcie".

Remuneration of the analyst

The level of remuneration of the analysts is not directly dependent on the results of the ČS financial group's trading in the covered investment instruments. The indirect relation consists in the link of the analysts' evaluation with the profit of the entire Financial Group of Česká spořitelna, which also includes to a certain extent the results of trading in investment instruments.

Conflict of interest

Česká spořitelna, a.s., Erste Group Bank, their subsidiaries and clients may have positions in the investment instruments referred to in the recommendations, may trade in the investment instruments of the companies referred to in the recommendations or may provide these companies with investment or banking services. The Department of Economic and Strategic Analyses of Česká spořitelna, a.s. is organizationally and physically separated from the departments of the Division of Financial Markets of Česká spořitelna, a.s. The interests and the possible resulting conflicts of interest of the Financial Group of Česká spořitelna in relation to the analyzed joint-stock companies in the Czech Republic (companies traded on Prime market within the Prague Stock Exchange outside Erste Group Bank) are mentioned in the table "Conflicts of interests of Česká spořitelna related to equities covered within the Prague Stock Exchange" - please, see the link below.

The relation of the respective degrees of currently effective investment recommendations of Erste Bank Group is shown in reports „CZ Měsíční strategie - akcie“. The table includes the relation of investment recommendations for covered shares traded on the Prime market within the Prague Stock Exchange.


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