The information on and in electronic newsletters distributed by Blackink Research (“Blackink”, “the company” or “us”) is obtained from various sources. While all reasonable care has been taken to ensure that the information is true and not misleading, Blackink Research does not guarantee its accuracy or completeness.

Blackink’s products are prepared for general circulation and for general information only. They do not take into consideration the specific investment objectives, financial situation, or particular needs of any specific person who may receive our research. In other words, Blackink does not offer any advisory services, and our work is solely produced for general informational, educational and inspirational purposes. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in our research, and they should understand that statements regarding future prospects may not be realized. Past performance is not indicative of future results.

Blackink accepts no liability whatsoever for any direct or consequential loss, including, without limitation, any loss of profits arising from the use of our research, or other material, or its contents.

Blackink’s content may not be reproduced, distributed, or published by any recipient for any purpose without written consent from a Blackink representative. Blackink products may not be distributed to physical or legal entities that are citizens of or domiciled in any country in which such distribution is prohibited according to applicable laws or other regulations.

Ownership transparency

Blackink and any of its employees may own securities that are directly or indirectly the subject of the research. Any direct financial interests held by the analyst, Blackink, or a legal person in the same group in relation to an issuer mentioned on the website and in newsletters will be disclosed clearly and transparently in each article as well as on the website under “Portfolio”.

Blackink does not prohibit analysts from holding positions in their covered universe. However, no employee with financial interests in a particular company is allowed to write the research on that company alone.

Potential conflicts of interests

To ensure complete independence, integrity, and transparency, Blackink does not perform investment banking or other services for, or solicit investment banking or other business from, any financial issuers we write about.

A set of rules handling conflicts of interest is implemented at Blackink. Confidential and non-public information regarding Blackink and its customers, business activities, and other circumstances that could affect the market value of a security (“sensitive information”) is kept strictly confidential and may never be used in an undue manner. Internal guidelines are implemented in order to ensure the integrity and independence of our research analysts. The guidelines include rules regarding, but not limited to, the following issues: contacts with covered companies; prohibition against offering favorable recommendations; personal involvement in covered companies; participation in investment banking activities; supervision and review of research reports; analyst remuneration, and trading in securities.

Methodology of research

Blackink research reports consists of case-based analyses, which means that the frequency of the analytical publishing may vary. Unless otherwise expressly stated in the published articles, the analysis is updated when considered necessary by the research analyst, for example in the event of significant changes in market conditions or events related to the issuer/the financial instrument.

The analyst responsible for the content of published research certifies that, notwithstanding the existence of any potential conflicts of interests referred to herein, the views expressed in the research accurately reflect the research analyst’s personal views about the companies and securities covered. It is further certified that the research analyst neither has been nor will be receiving direct or indirect compensation related to the views contained in the research.

Blackink publishes a target valuation for the stocks we write about. The target valuation is the analyst’s assessment of expected total return over a time period selected by the analyst and based on various fundamental valuation methods. A commonly used method is DCF valuation, where future cash flows are discounted to today, you can find out more here. Analysts may also use different valuation multiples, e.g. P/E or EV/EBIT multiples or free cash flow (FCF) yields relative to industry peers to obtain a target price. For companies where it is appropriate, a target valuation can also be based on the analyst’s assessment of a fair ratio relative to the net asset value of the company.

Target valuations are revised at the analyst’s discretion when deemed relevant and if earnings and cash flow forecasts change materially. Thus, changes to estimates are a key risk to the target valuation. Other reasons for revising target valuations include changes in the underlying value of a company’s assets and when factors affecting the required rate of return change, which can also be seen as risk factors to the target valuation. Any kind of target revision will be immediately disclosed, both providing a detailed explanation about the reasons behind the action and the new target price.

You will find detailed information about the valuation or methodology, the underlying assumptions, and risks in the written research reports available for purchase on The complete history of research reports can also be found on our website.

Terms and Conditions

Return and Refund Policy

Our refund and returns policy lasts 30 days. If 30 days have been passed since your purchase, we can’t offer you a full refund or exchange. To be eligible for a return, your item must be unused and in the same conditions that you received it. It must also be in the original packaging. There are certain situations where only partial refunds are granted: 1) Books with obvious signs of use; 2) CD, DVD, software, games or vinyl records that have been opened; 3) Any item not in its original condition, damaged or with missing parts for reasons not due to our error; 4) Any item that is returned more than 30 days after delivery. All downloadable and digital products are exempt from the refund and return policy. 

To complete your return, we require a receipt or proof of purchase. Please do not send your purchase back to the manufacturer. Once your return is received and inspected, we will email you to notify you that we have received your returned item. We will also notify you of the approval or rejection of your refund. If you are approved, then your refund will be processed, and a credit will automatically be applied to your credit card or original method of payment, within a certain amount of days.

Late or missing refunds – If you haven’t received a refund yet, first check your bank account again. Then contact your credit card company, it may take some time before your refund is officially posted. Next, contact your bank. There is often some processing time before a refund is posted. If you’ve done all of this, and you still have not received your refund yet, please contact us at

Sale items – Sale items, meaning products bought at discount for reasons different from a coupon code, cannot be refunded.


We only replace items if they are defective or damaged. If you need to exchange it for the same item, please email us at


If the item was marked as a gift when purchased and shipped directly to you, you will receive a gift credit for the value of your return. Once the returned item is received, a gift certificate will be mailed to you. If the item wasn’t marked as a gift when purchased, or the gift never had the order shipped to themselves to give to you later, we will send a refund to the gift giver and they will find out about your return.

Shipping Returns

To return your product, you should mail your product to Via Baiamonti 101, Trieste 34145, Italy (IT).

You will be responsible for paying for your own shipping costs for returning your item. Shipping costs are non-refundable. If you receive a refund, the cost of return shipping will be deducted from your refund. Depending on where you live, the time it may take for your exchanged product to reach you may vary.

If you are returning more expensive items, you may consider using a trackable shipping service or purchasing shipping insurance. We don’t guarantee that we will receive your returned item.

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