Transparency and Independence Policy of Gafrik Research s.r.o.
At Gafrik Research s.r.o., we believe that investor trust is built on clear and enforceable rules. This section outlines key information regarding our operating model, conflict-of-interest management, and research funding methodology.
A. Funding Model (Issuer-Sponsored Research)
Gafrik Research s.r.o. publishes research reports that are financed by the companies covered in the analysis (the “issuers”). This model enables the delivery of detailed, institutional-grade research to the public free of charge.
Independence:
The contractual relationship with the issuer is strictly limited to the preparation and distribution of the research report. The issuer has no influence over the determination of intrinsic value, target price, valuation assumptions, or the final investment rating (BUY / HOLD / SELL).
Right to Independent Opinion:
Gafrik Research s.r.o. retains full editorial and analytical independence at all times.
B. Conflict of Interest Management
To prevent bias and ensure analytical objectivity, the following safeguards are applied:
Fixed Compensation:
Analysts are compensated through a fixed fee structure that is not linked to the outcome of the analysis, the success of any equity issuance, or the future performance of the issuer’s securities.
Separation of Functions:
Individuals responsible for commercial or client relationships are strictly separated from the analytical team (“Chinese Walls”).
C. Trading Policy (Blackout Period)
Our analysts and employees are subject to strict rules regarding personal trading activities:
- Prohibition on trading securities of the covered company within 48 hours before and 48 hours after the publication of a research report.
- Mandatory disclosure in each report of whether the analyst or Gafrik Research s.r.o. holds any position in the covered security.
D. Legal Disclaimer
All published materials are provided solely for informational purposes. Gafrik Research s.r.o. is not a licensed securities broker and does not provide personalized investment advice under Act No. 566/2001 Coll. Investing in financial markets involves risk.
Public Version: 1.0
Publication Date: February 1, 2026