Paypal, PostePay, Bitcoin? No, why cryptocurrency is not the third most popular Italian payment option! 2

Paypal, PostePay, Bitcoin? No, why cryptocurrency is not the third most popular Italian payment option!

Motley Fool GmbH – Disclaimer for Investment Recommendations

Disclaimer for Motley Fool GmbH research publications
Note: On these pages, you will find the legal notices and publications in accordance with § 34b, paragraph 1 WpHG and MAR (Market Abuse Regulation (EU) No 596/2014) for any securities analysis and recommendations of The Motley Fool GmbH (after Company which is currently supervised by it.

These pages were last updated on April 18, 2017.

Legal notice / Disclaimer
The investment recommendations of The Fool contain selected information and are not exhaustive. The analyzes are based on publicly available information and data ("information") considered reliable. However, The Fool has not verified the accuracy or completeness of the information and assumes no responsibility for its accuracy or completeness. Any incomplete or incorrect information will not be a liability of the Fool for any damages, and the Fool will not be liable for indirect and / or direct and / or consequential damages. In particular, The Fool assumes no responsibility for statements, plans or other details concerning the companies under investigation, their affiliates, their strategies, their economic, market and / or competitive situation, their legal framework, etc. Although these analyzes are carefully compiled, errors may occur or incompleteness can not be ruled out. The Fool, its shareholders and its employees assume no responsibility for the accuracy or completeness of the statements, estimates, recommendations or conclusions drawn from the information contained in the analysis. If essential information has been omitted, the fish will be responsible for ordinary fouls. In terms of amount, The Fool's liability is limited to compensation for typical and foreseeable damages. Investment recommendations do not constitute an offer or solicitation of an offer to buy or sell a security. It is possible that the partner, officer or employee of The Fool holds a position of responsibility, for example: as a member of the Supervisory Board, in the companies named in Analyzes, or hold a position of investment in these. The opinions contained in the investment recommendations are subject to change without notice. All rights reserved.

Additional information for customers in the United States
The investment recommendations are a product of The Fool. The madman is the employer or the director of the particular research analyst who created the report. The research analyst is not a person affiliated with a US regulated broker and therefore is not subject to the supervision of a US regulated dealer.

Declaration pursuant to Articles 34b (1) WpHG and MAR and Delegated Regulation (EU) No 2016/958 ("DelVO")
Evaluation
The valuation that underlies the investment recommendation for the company analyzed here is based on generally accepted and widely used fundamental analysis methods, such as: Discounted Cash Flow Model (DCF), multiple valuation endpoint, peer group comparison, "sum of parts" model or similar, common and widely used similar evaluation method.

The result of this fundamental evaluation is used as a basis for the recommendation, although it is also adjusted by the analyst's assessment of possible sector changes, possible alternatives, corporate strategy outcomes, competitive pressures etc. The final opinion of the analyst should not be considered as a single point of the model, but rather as the most likely outcome of the many possible future effects.

Whatever the valuation method used, the result of the investment may not be achieved, eg. due to unforeseen changes in demand for the Company's products, changes in management, technology, economic development, interest rate fluctuations, operational and / or material costs, competitive pressure, monitoring, exchange rates, taxation, etc. Markets and instruments carry other risks, such as changes in exchange rates or political and social conditions.

This analysis reflects the opinion of the author at the time of writing. A change in the fundamental factors underlying the valuation may subsequently result in the valuation being no longer accurate. If and when an update of this elaboration takes place has not been determined in advance.

Additional internal and organizational arrangements have been made for the prevention or treatment of conflicts of interest.

The results of the analyzes, as well as the opinions of the analysts, are not disclosed before the publication on the companies analyzed.

All prices of the financial instruments included in this financial analysis are the closing prices of the previous trading day, unless otherwise indicated.

Importance of the investment recommendations presented
Investment recommendation: expected evolution of the price of the financial instrument up to the stated price target, according to the analysts in charge of this financial instrument.

Purchase: the stock price should increase more than the corresponding index over the next 3 to 5 years.
Hold: It is expected that the price of the stock will increase less than the corresponding index over the next 3 to 5 years or will remain stable.
Sell: The stock price is expected to fall in the next 3 to 5 years.

Trading rules and information to be provided by analysts and third parties in connection with Motley Fool GmbH
If an analyst of Motley Fool writes about a title that he owns or otherwise enjoys, this fact is mentioned at the end of an article or report.

Our paid newsletters contain recommendations on actions. We also communicate them if we write them on our free website (Fool.de). To remain fair to our paying members, we will not disclose these recommendations in our free content for at least 30 days from the first publication of the recommendation. After this 30 day period, we will also disclose these recommendations.

The US parent company, The Motley Fool, LLC (also known as "Fool US") may also hold securities of the securities mentioned in our articles. As we have no non-public knowledge of our parent company's positions, US Fool's positions are also not published in our free or premium content. US Fool has its own disclosure policy.

In addition to the above requirements, we are subject to additional trade restrictions and policies. These restrictions require Motley Fool employees to:

– each share that they own must have at least 10 full trading days. (Daytrading is not allowed – as if we wanted it!)
– can not write on this stock during the 2 full trading days before and after buying or selling a stock.
– Need to inform our compliance department when buying or selling a stock, whether he wrote it or not.

We also work with freelance writers who:

– Each share they own and write to at Motley Fool must have at least 10 full trading days.
– can not write on this stock during the 2 full trading days before and after buying or selling a stock.