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Disclaimer

R40 publishes research and analysis. It is not investment advice, and no page on this site is a recommendation to buy or sell anything.

Last updated: 1 September 2026

Not advice, and not a recommendation

Everything on R40 is general information published to the world at large. It takes no account of your objectives, financial situation, tax position, or risk tolerance, and it is not a personal recommendation. If you need advice, ask a suitably qualified and, where required, authorised adviser.

Not regulated, and no client relationship

Giago Software Ltd is not a broker, dealer, investment adviser, financial adviser, or fund manager. We are not authorised or regulated by the Financial Conduct Authority or by any other financial regulator, and reading this site creates no advisory, fiduciary, or client relationship. Nothing here is an offer, invitation, or inducement to buy or sell any security, or to enter into any transaction.

Your decisions are your own

You alone are responsible for your investment decisions. Verify anything you intend to act on against the primary source — the filing, the release, the transcript — before you act on it. Past performance and historical figures do not predict future results. Investments can fall as well as rise, currency moves can amplify both, and you can lose the whole amount you invest.

What our models are

Our forward models, scenarios, and valuation cases are our own assumptions applied to public data. They are opinions about a range of outcomes, not forecasts of fact and not price targets. Change an assumption and the output changes — that is the point of them.

Where a model page marks a figure as disclosed, derived, or assumed, that label is part of the number. A disclosed figure comes from the company; a derived one is our arithmetic on disclosed figures; an assumed one is our judgement. Do not repeat an assumed figure as though the company reported it.

What our data is

We take fundamentals from company filings, investor-relations material, earnings releases, and call transcripts, and market data from third-party providers. We check what we publish and correct what we find wrong, but we do not warrant that any figure is accurate, complete, or current. Sources restate, revise, and occasionally publish errors, and so do we.

Reported figures may be GAAP or adjusted depending on what the company disclosed; the two are not interchangeable, and comparisons across companies or across time can be affected by restatements, currency, and changes in accounting basis.

Prices are delayed

Prices and market data shown on this site are delayed and are for reference only. They are not a quotation, an execution price, or a valuation, and must not be used for trading, pricing, settlement, accounting, collateral, or benchmark purposes.

Automated and AI-assisted content

Parts of this site are produced or assisted by automated tooling, including AI, under human review. Automation can misread a source or carry an error forward. Treat every figure as something to check, not as something certified.

Positions and conflicts

We, our staff, and our contributors may hold positions in the securities discussed here, and those positions may change at any time without notice. We do not accept payment for coverage, ratings, or placement. Any sponsored content, if we ever publish it, will be labelled on the page.

Links to other sites are provided for convenience. We do not control them and are not responsible for their content, data, or practices.

Corrections

If you think a figure on this site is wrong, tell us at hello@r40.io and we will check it against the source and correct the page if it is.

This disclaimer forms part of our Terms of Service and should be read with them and with our Privacy Policy. The limitations of liability in the Terms apply to everything on this page.