Disclaimer

1. No recommendation to buy or sell

Nothing on this site, in any report we publish, or anywhere in the NeuraCap platform is a recommendation, solicitation or endorsement to buy, sell, hold or otherwise deal in any security, bond, treasury instrument, fund interest, derivative, loan or any other financial instrument.

Valuation ranges, multiples, football-field charts, peer sets, KPI benchmarks, precedent transaction tables and sector commentary describe what the assembled evidence shows. They are not a view on whether an instrument is suitable for you, for your mandate or at the price you would pay. We publish no target prices, no price objectives, no buy or sell ratings and no model portfolios.

Nothing we produce takes account of your investment objectives, financial position, risk tolerance, tax position or regulatory constraints, because we do not know them. Suitability is your judgement, not ours.

2. No offer or solicitation

Nothing on this site or in the product is an offer to sell, or a solicitation of an offer to buy, any security or interest in any fund, nor an invitation to enter into any transaction. No content here forms the basis of, or should be relied on in connection with, any contract or commitment.

The material is not directed at any person in any jurisdiction where publishing it or making it available would be unlawful or would subject NeuraCap to a registration requirement. If that applies to you, the material is not intended for you and you should not act on it.

3. Valuations and multiples are estimates

Every valuation figure NeuraCap produces is an estimate. It is derived from third-party data, consensus analyst estimates and market prices as at a stated date, combined through a stated method. Change the date, the peer set or the method, and the answer changes. That is the nature of the exercise, not a defect in it.

An estimate produced this way is not:

• an appraisal, or a valuation prepared under any appraisal or valuation standard;
• a fairness opinion, or any opinion on the fairness of consideration in a transaction;
• a solvency opinion, a purchase price allocation or a tax valuation;
• an audit, review or any other form of assurance over a company’s financial statements;
• a statement of the price at which any transaction could actually be completed.

We state the primary valuation basis for each sector and use EV/Revenue as a cross-check rather than treating every company the same way, and plausibility gates exclude implausible multiples so that they are never plotted. How each of those works is set out in our methodology, and what the output looks like is shown on the valuation analysis page. Read them before you rely on a range.

4. No fiduciary or advisory relationship

Using the platform, reading our research, subscribing, or receiving a report does not create a fiduciary relationship, an advisory relationship, a broker-dealer relationship or an investment-adviser relationship between you and NeuraCap. We owe you no duty of suitability and no duty of best execution, and we do not act as your agent.

NeuraCap is not registered as an investment adviser, broker-dealer, or valuation firm in any jurisdiction, and does not hold itself out as one. Where we carry out advisory work, the scope, the duties and the limits of that work are defined in a separate written engagement letter, and only that letter creates obligations of that kind. Absent such a letter, none exist.

5. Forward-looking statements

Our analysis contains forward-looking material: consensus revenue, EBITDA and EPS estimates, projected growth, scenario commentary and statements about how a sector may develop. You can usually spot it by words such as expects, forecasts, projects, anticipates, may or should.

Forward-looking statements are not statements of fact and are not guarantees. Consensus estimates are the aggregated views of third-party analysts, not NeuraCap forecasts, and they move. Actual results will differ, sometimes materially, because of competition, regulation, capital markets conditions, execution and events nobody modelled. Past performance and historic multiples are not a guide to future performance or future multiples.

Everything we publish speaks as at its publication or as-at date. We are under no obligation to update any forward-looking statement after that date, and you should not assume that we have.

6. Third-party data and the limits of accuracy

NeuraCap assembles data from a number of categories, and it matters which category a given number came from:

• Public-company fundamentals drawn from SEC EDGAR filings where applicable.
• Consensus estimates for revenue, EBITDA and EPS.
• Market price data.
• A structured record of M&A transactions.
• Private-company data that is user-provided and then enriched.
• Calculated metrics — multiples, medians and percentiles that NeuraCap derives from the above rather than sources directly.
• AI-assisted narrative interpretation, covered in section 7.

Sourced data, calculated metrics and interpretation are three different things, and we label them as such wherever they appear. Our coverage and data page sets out what is covered, from where, and over what period.

We confirm figures against two independent sources and achieve a 97.5% confirmation rate, and plausibility gates exclude implausible multiples so they are never plotted. These are quality controls, not guarantees. Third-party data can be wrong, late, restated, mapped differently between providers, or simply missing for a given company or period. NeuraCap does not audit it and gives no warranty as to its accuracy, completeness or timeliness, and accepts no liability for loss arising from reliance on it. Check anything material against the primary filing before you act on it.

7. AI-assisted interpretation and its limits

The narrative in our analysis — what a multiple spread suggests, how a company sits against its peers, what a run of transactions implies about a sector — is generated with AI models working over the structured data described in section 6.

We write that narrative in calibrated language. Phrasing such as “NeuraCap reads…” is deliberate: it signals a reading of the evidence rather than an assertion of cause and effect. Where a claim would require causation we cannot establish, we do not make it.

Even so, AI-generated interpretation can be incomplete, can miss context a human analyst would catch, and can be wrong. It should be read alongside the figures it sits on, not instead of them. Answers from the Financial Assistant are subject to the same limits, which is why each answer is returned with the underlying figures behind it. If the narrative and the numbers disagree, trust the numbers and tell us.

8. Research published on this site

The industry research in our reports library — the Industry Sector Outlook and the Bi-Weekly Industry Events & M&A Update — is published free and ungated as general information. It is not tailored to any reader, any portfolio or any mandate, and no consideration has been given to whether it is appropriate for you.

Each report speaks as at its publication date and is not revised afterwards; later editions supersede earlier ones rather than correcting them in place. Sector figures are aggregates and medians, and no individual company will match them. The same limits apply to the sector pages and to any company report delivered through the platform or an advisory engagement.

9. Take independent professional advice

Nothing on this site or in the platform is a substitute for advice from a qualified professional who knows your circumstances. Before you act on anything you read here — a transaction, a financing, a price, a board decision — take your own legal, tax, accounting, regulatory and financial advice.

You are responsible for your own decisions and for verifying anything material you rely on. To the fullest extent permitted by law, NeuraCap accepts no liability for any loss or damage arising from use of, or reliance on, the material described here. This disclaimer forms part of our Terms of Use and should be read with them and with the Privacy Policy.

10. Questions about this disclaimer

If anything here is unclear, or you want to know how a particular figure in a report was produced, write to info@neuracap.ai with “Disclaimer” in the subject line. We would rather answer the question than have you assume.

For how a number is sourced, verified and calculated, read the methodology. For what is covered and over what period, read the coverage and data page.