LodeRock Research Principles and Policies

Disclosure, Disclaimer, and Wavier of Liability

The use of this report is subject to, and condition upon, the Disclosure, Disclaimer, and waiver of Liability which can be viewed here. It is suggested that you review and understand the terms of such Disclosure, Disclaimer, and Waiver of Liability terms prior to using, reading, and/or accessing any other information as contained in this report. Your use of this report shall be deemed to be your acceptance of the terms of such Disclosure, Disclaimer, and Waiver of Liability terms referred to at the end of this report, with full understanding thereof.

Much like credit rating agencies, LodeRock’s fee-based research is governed by policies designed to assure quality, integrity and objectivity in the analytical process

Core Principles

The foundation of LodeRock Research’s product and brand are credibility, insight and impact.
The value of an equity research product is a function of its independence. The key principal for LodeRock Research has built a reputation of trust with global investors for over 25 years.
LodeRock is committed to providing a product of the highest quality, focusing on rigor in the financial estimate and valuation analysis process and providing a well-thought-out investment thesis.
LodeRock seeks to be impactful to the investment process by concentrating research on the most important investment drivers. Our policy is to publish whenever an event is impactful to the investment thesis and/or changes are warranted to estimates or valuation assumptions.

Conflict of Interest and Ethics Management

LodeRock has no sales, trading or investment banking business
LodeRock Research clients have no editorial rights on the product
LodeRock analysts are members of, and/or are bound by the ethical standards of, the CFA Institute
The head of LodeRock Research has primary responsibility for regulatory compliance