Using this site means accepting what follows. The important part is the first section, and it is the same thing we say on every report: this is research, not advice, and it knows nothing about you.
Sonde publishes impersonal investment research on a regular schedule, free and to everybody at once. It is not personalised advice and not a recommendation to any specific person to do anything. We are not a licensed investment adviser, we do not manage money, we have no clients, and we know nothing about your circumstances, objectives, tax position or risk tolerance. If you need advice about your own situation, get it from someone regulated to give it.
Every report states a modelled fair value derived from assumptions that are printed on the page and exposed as controls you can change. Rating language is limited to undervalued, fairly valued, overvalued and not rated, defined in the methodology. We deliberately do not say buy, sell or hold, because those words describe an action a particular person should take and we do not know anything about any particular person.
Reading this site creates no adviser relationship, no fiduciary duty and no client relationship of any kind. Nothing here is an offer or solicitation to buy or sell any security, in any jurisdiction, to anyone.
Every figure is traced to a primary source and checked before publication, and the retrieval date is printed on each report. Even so, the content is provided as is. We do not warrant that it is accurate, complete or current, and a modelled valuation is an opinion derived from assumptions that may simply be wrong.
Reports are accurate as at their stated date and we are under no obligation to update them continuously, though ratings are reviewed on the cadence described in the methodology. Prices shown on a report are those at the time of writing and go stale immediately. Where we get something wrong we correct it on the page with a dated note rather than editing silently.
The interactive model on each report exists to be used. You are welcome to change every input, disagree with our defaults, and reach a different number — that is the entire point of publishing it. Quoting or citing our figures with a link back is fine and encouraged.
What is not permitted is republishing reports wholesale, presenting our work as your own, or redistributing the content commercially. All research, text, models and design on this site are © Sonde and all rights are reserved except as stated here. Automated bulk scraping, and any attempt to interfere with or overload the site, are not permitted.
Any investment decision you take after reading this site is your own. To the fullest extent permitted by law we accept no liability for loss or damage arising from use of, or reliance on, anything published here, including trading losses, lost profits and indirect or consequential loss. Equities carry risk to capital including total loss, and past performance and modelled scenarios are not indicators of future results.
Nothing in these terms limits liability for fraud, for death or personal injury caused by negligence, or for anything else that cannot lawfully be excluded.
The author's position in a covered security is disclosed at the top of every report, whether or not a position exists, and no position in a covered name is opened, closed or adjusted in the 72 hours either side of publication. We accept no compensation from issuers or their affiliates, and reports are not shown to the issuer before publication. The full policy is on the disclosures page.
Third-party links. Where we link to filings, releases or other sites, we do not control them and are not responsible for their content.
Availability. The site is provided without any guarantee of uninterrupted availability, and we may change or withdraw any part of it.
Changes. These terms are versioned and dated at the top. Continued use after a change means you accept the revised version.
Governing law. These terms are governed by Romanian law, and the courts of Romania have exclusive jurisdiction, save where consumer protection law gives you the right to bring proceedings elsewhere. If any provision is held unenforceable, the rest continues to apply.
Contact. [ CONTACT EMAIL on the sondemarkets.com domain ]. The publisher's legal identity is stated on the privacy page.