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The information contained in this report is not represented or warranted to be accurate, correct, complete, or timely. This report is for informational purposes only and should not be considered a solicitation to buy or sell any security. The securities mentioned herein may not be suitable for all types of investors. The information contained in this report does not constitute any advice, and especially on the tax consequences of making any particular investment decision. This material is not intended for any specific type of investor and does not take into account an investor’s particular investment objectives, financial situation or needs. This report is not intended as a recommendation of the security, highlighted or any particular investment strategy. Before acting on any information found in this report, readers should consider whether such an investment is suitable for their particular circumstances, perform their own due-diligence, and if necessary, seek professional advice. Assumptions, opinions, and estimates are based on our judgment as of the date of the report and are subject to change without notice.  

GEM Research is not responsible for any errors or omissions or for results obtained from the use of this report and accepts no liability for how readers may choose to utilize the content. In no event shall GEM Research be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the information contained in this document. Investors should consider this report as only a single factor in making their investment decision. 


GEM Research does not offer brokerage or investment banking services that may negatively influence our professional standards and ethical behavior. We are a pure independent equity research firm and act solely on our client’s best interests. GEM Research is not a regulated entity, our research reports are for informational purposes only and should not be considered a solicitation to buy or sell any security. All of the research produced by GEM Research does not take into account the suitability, objectives or particular investment strategy for any specific type of investors. 

As of the date of this report, GEM Research has not received any compensation from the company highlighted in this report.  


GEM Research, its employees, and affiliates may have long, short or derivative positions in the stock or stocks mentioned herein.GEM Research firm-specific forecasts used in its discounted cash flow model are rules-based. These rules reflect the experience and opinions of GEM Research’s analyst staff. Historical data used in our valuation model is provided by Infinancials, WBdatabase and from other publicly available sources including annual and quarterly regulatory filings. Stock price and volume data is provided by Infinancials and WBdatabase. No warranty is made regarding the accuracy of any data or any opinions. GEM Research’s valuation model is based on sound academic principles, and other forecasts in the model are based on long-term averages. Peer companies are selected based on the opinions of the GEM Research analyst staff. Research reports and data are updated at least quarterly, though GEM Research assumes no obligation to update its opinions following publication in any form or format. We intend to update investors as soon as such results are available. Past performance is not a guarantee of future results. 

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