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 Bank Vontobel's financial analysts use the standard methods of fundamental analysis, as described in
financial market theory. The macroeconomic assumptions are based on studies undertaken by Vontobel specialists in macro-analysis. The investment recommendations include an
assessment of the company in its entirety and of the sector to which it belongs (bottom-up approach).
The following valuation models are used in arriving at a "fair value":
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The "Discounted Free Cash Flow" model
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Key business figures and ratios (valuation and profitability) compared with the sector and in relation to the history of the company (peer group comparisons)
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"Sum of Parts" model
All of our activities in the field of financial analysis are based on the "Guidelines for Ensuring the Independence of Financial Analysis" as issued by the Swiss Bankers
Association on 24 January 2003.
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