Precontractual Information

This document outlines the fundamental characteristics of our proposed web application and service concerning precontractual information for consumers.

About the service:

The service is a web-based software-as-a-service (SaaS) platform designed to provide retail investors with analytical tools and data for the valuation of publicly traded companies and potentially Exchange-Traded Funds (ETFs). The service is informational and educational in nature, aiming to empower users to conduct their own analysis.

This service does not provide personalised investment advice, recommendations to buy or sell specific securities, or portfolio management. All calculations and valuations are generated based on standardised models and user-defined inputs. The service does not constitute a financial instrument.

User-Generated Content: The Service includes features that allow users to generate and share their own financial analysis. Sages Ltd. provides the technical infrastructure for these calculations but does not audit, endorse, or review the assumptions made by users in these shared models. The presence of a shared analysis on our platform does not constitute an investment recommendation by Sages Ltd.

The main characteristics are divided into three tiers:

1. Registered User (Free Tier):
   • Access to financial statements (Income Statement, Balance Sheet, Cash Flow Statement) for public companies, with historical data limited to the last three years.
   • Access to general company information.
   • Ability to create and manage watchlists.
   • Ability to receive email notifications.
2. Trial User (14-Day Free Trial):
   • Includes all features of the Paid Tier for a one-time period of 14 days.
   • Payment Requirement: Valid payment details are required to activate the 14-Day Free Trial. No charge is made immediately, but the subscription will automatically convert to a Paid Subscription upon expiration unless cancelled.
3. Subscribed User (Paid Tier):
   • Includes all features of the Free Tier.
   • Access to up to 30 years of historical financial statement data where available.
   • Full access to and control of parameters for financial valuation models.
   • A stock screening tool with the ability to filter companies based on standard financial metrics as well as custom valuation-based criteria, such as a calculated "margin of safety". This screener and any "margin of safety" calculation are educational tools, not investment advice. They function as a "calculator" based entirely on your own inputs, assumptions, and modifications. The platform provides full transparency into the calculation steps, which you can modify. The output is a theoretical value based on these inputs and is not a recommendation, a price target, or investment advice from Value Sages.
   • Detailed individual company analysis pages incorporating the calculation flow and results of the valuation models.
4. Demo Access (Temporary/Guest)
   • Purpose: A temporary showcase of the platform's Paid Tier capabilities.
   • Features: Access to Valuation and Screener tools (normally reserved for Subscribed Users), strictly limited to a specific subset of companies.
   • Validity: Access expires automatically after 24 hours.
   • Note: Features demonstrated here (specifically Valuation Models) are not included in the "Registered User (Free Tier)."

5. Smart Defaults Features

   The Service automatically populates financial models with historical-based default inputs (e.g., Growth Rates, WACC). These are provided for educational demonstration only and do not constitute financial advice or recommendations from Value Sages. Users are solely responsible for verifying all system-generated inputs, as they rely on third-party data that may not reflect current market conditions.

Key Operational Details:

• Data Source: Financial statement data is primarily sourced from Financial Modeling Prep's APIs (https://site.financialmodelingprep.com/developer/docs). The accuracy of the financial data presented is therefore dependent on the accuracy of the data supplied by this third-party provider.
• Valuation Models: The platform will provide full transparency into the valuation models used. All calculation steps will be detailed and presented to the user. Users will have the ability to modify not only top-level inputs (e.g., growth rate, discount rate) but also the calculated results of each intermediate step in the model. Further academic and industry references for the models will be provided in the application's blog section.
• ETF Analysis: The potential for ETF valuation is a work-in-progress concept. The proposed methodology involves valuing each of the ETF's underlying holdings individually to derive a composite valuation for the ETF itself. This feature's final implementation is pending further research and development.
• Geographic Coverage: The service will cover securities across multiple exchanges and countries.
  • American Stock Exchange (United States)
  • Athens Exchange (Greece)
  • Australian Securities Exchange (Australia)
  • BATS (United States)
  • Berlin Exchange (Germany)
  • Bolsa de Valores de Lima (Peru)
  • Botswana Stock Exchange (Botswana)
  • Bucharest Stock Exchange (Romania)
  • Budapest Stock Exchange (Hungary)
  • Buenos Aires Exchange (Argentina)
  • Casablanca Stock Exchange (Morocco)
  • Chilean Stock Exchange (Chile)
  • Colombo Stock Exchange (Sri Lanka)
  • Copenhagen Exchange (Denmark)
  • Cryptocurrencies (N/A)
  • Dar es Salaam Stock Exchange (Tanzania, United Republic of)
  • Dusseldorf Exchange (Germany)
  • Egyptian Exchange (Egypt)
  • EU Bond Virtual Exchange (Belgium)
  • Euronext Amsterdam (Netherlands)
  • Euronext Brussels (Belgium)
  • Euronext Lisbon (Portugal)
  • Euronext Paris (France)
  • Europe Fund Virtual Exchange (N/A)
  • FOREX (N/A)
  • Frankfurt Exchange (Germany)
  • Ghana Stock Exchange (Ghana)
  • Government Bonds (N/A)
  • Hamburg Exchange (Germany)
  • Hanover Exchange (Germany)
  • Helsinki Exchange (Finland)
  • Iceland Exchange (Iceland)
  • Irish Exchange (Ireland)
  • Istanbul Stock Exchange (Turkey)
  • Jakarta Exchange (Indonesia)
  • Johannesburg Exchange (South Africa)
  • Karachi Stock Exchange (Pakistan)
  • Korea Stock Exchange (Korea, the Republic of)
  • KOSDAQ (Korea, the Republic of)
  • Kuala Lumpur Exchange (Malaysia)
  • London Exchange (United Kingdom)
  • London IL (United Kingdom)
  • Lusaka Stock Exchange (Zambia)
  • Luxembourg Stock Exchange (Luxembourg)
  • Madrid Exchange (Spain)
  • Malawi Stock Exchange (Malawi)
  • Mexican Exchange (Mexico)
  • Money Market Virtual Exchange (N/A)
  • Munich Exchange (Germany)
  • Nairobi Securities Exchange (Kenya)
  • NASDAQ (United States)
  • National Stock Exchange of India (India)
  • NEO Exchange (Canada)
  • New York Stock Exchange (United States)
  • Nigerian Stock Exchange (Nigeria)
  • NYSE ARCA (United States)
  • NYSE MKT (United States)
  • Oslo Stock Exchange (Norway)
  • Philippine Stock Exchange (Philippines)
  • Prague Stock Exchange (Czech Republic)
  • Regional Securities Exchange (Côte d'Ivoire)
  • Rwanda Stock Exchange (Rwanda)
  • Sao Paulo Exchange (Brazil)
  • Shanghai Stock Exchange (China)
  • Shenzhen Stock Exchange (China)
  • SIX Swiss Exchange (Switzerland)
  • Stock Exchange of Mauritius (Mauritius)
  • Stockholm Exchange (Sweden)
  • Stuttgart Exchange (Germany)
  • Taiwan OTC Exchange (Taiwan, Province of China)
  • Taiwan Stock Exchange (Taiwan, Province of China)
  • Tel Aviv Stock Exchange (Israel)
  • Thailand Exchange (Thailand)
  • Toronto Exchange (Canada)
  • TSX Venture Exchange (Canada)
  • Uganda Securities Exchange (Uganda)
  • Victoria Falls Stock Exchange (Zimbabwe)
  • Vienna Exchange (Austria)
  • Vietnam Stocks (Viet Nam)
  • Warsaw Stock Exchange (Poland)
  • XETRA Stock Exchange (Germany)
  • Zagreb Stock Exchange (Croatia)
  • Zimbabwe Stock Exchange (Zimbabwe)

The total price and basis for calculation

The service is offered via a monthly subscription plan, billed monthly.

• Total Price: The price is 10 EUR per month, billed monthly. This price is inclusive of any applicable Value Added Tax (VAT).
• Subscription Term: The subscription is a monthly commitment, with a monthly billing. Users can cancel their subscription at any time. Upon cancellation, access to premium features will continue until the end of the current billing cycle. Active subscriptions will be automatically renewed each month after a successful payment.
• Payment Processor: Payments will be processed by Stripe, which will also handle the determination and application of the correct VAT rate based on the consumer's country of residence.
• Free Trial: A one-time, 14-day free trial providing full access to the Subscribed User features is available to all registered users.

Notice of special risks and performance

The service is inherently related to financial instruments whose value fluctuates.

Risk Warning: The service and information provided on this platform are for informational and educational purposes only. The valuation of financial instruments is inherently complex and subject to risks. The price of securities depends on fluctuations in the financial markets, which are outside of our control. The valuation models used on this platform rely on user-defined assumptions and historical data. We will provide specific disclaimers outlining the limitations of each model (e.g., the sensitivity of DCF models to input assumptions). Past performance is not an indicator of future results. The output of these models should not be considered a guarantee of future value or a recommendation to buy, sell, or hold any security. You should conduct your own thorough research and/or consult a qualified financial advisor before making any investment decisions.

Placement of Notice: This risk warning will be included in the full Terms of Service. A persistent, condensed version of this warning will also be displayed whenever a user interacts with a valuation model within the application.

User Acknowledgment: The user must agree to the full Terms of Service (which includes the risk warning) before completing their registration. Crucially, before activating either the 14-day trial or the paid subscription, the user will be required to give separate, explicit acknowledgement that they have read and understood these specific risks and that the service does not provide an advice or recommendation to trade with securities.

Notice of other potential taxes or costs

The subscription fee is the only payment you make to us. Please be aware that this service does not account for any taxes (such as capital gains tax) or costs outside our service (such as brokerage fees) that you may incur from your personal investment activities. These taxes and costs are not paid via or imposed by us. You are solely responsible for understanding and meeting your own tax and other financial obligations. Depending on your bank's policies, you may also be subject to international transaction fees.

Implementation Notes:

• No third-party services that incur a cost are promoted at this time. Should this change, the Terms of Service will be amended accordingly and explicit user consent will be requested.

Limitations on the validity period of the information provided

This pertains to the terms of the offer itself.

• Price Guarantee: The subscription price of 10 EUR/month is guaranteed for the duration of the user's active subscription period.
• Price Change Policy: Subscription plan price changes will be applicable only for new subscribers. Active subscribers price will remain the same as it was at the time of subscription.

Promotional Codes and Discounts

Value Sages may occasionally issue alphanumeric Promotional Codes ("Promo Codes") that provide a discount on the subscription price.

• Validity: Promo Codes are time-sensitive. They are strictly valid only within the specific start and end dates configured for the campaign. Expired codes cannot be reactivated.
• Discount Scope: Codes provide a percentage-based discount (1% to 100%) for a specific duration (e.g., 3 months, 12 months) as specified in the offer.
• Impact on Free Trials: Valid payment details are mandatory for the activation of any 14-Day Free Trial, regardless of whether a Promo Code is utilized.
• With Promo Code: If a valid Promo Code is applied during trial activation, the associated discount will automatically be applied to the subscription fee charged upon the expiration of the trial period.
• Without Promo Code: If no code is applied, the standard (non-discounted) subscription rate will be charged automatically upon the expiration of the trial period.

Processing: Payment details provided during registration or promo redemption are processed securely by our payment provider (Stripe) and are not stored by Value Sages.

Arrangements for payment and for performance

• Payment: Payment of the subscription fee will be collected in advance of each 1-month billing cycle through Stripe.
• Performance Commencement:
  • For the Paid Subscription, performance (access to premium features) will commence immediately upon successful confirmation of the consumer's first payment by Stripe.
  • For the 14-Day Trial, performance commences immediately once the user actively chooses to start the trial.
• Service Interruption: If a recurring monthly payment fails, access to premium features will be revoked immediately.
• Technical Requirements: The service is accessible via a standard web browser. The latest stable versions of Chromium-based browsers (e.g., Google Chrome, Microsoft Edge) and Safari are supported. A stable broadband internet connection (e.g., at least 5 Mbps download speed) is recommended for optimal performance.

Consumer Right of Withdrawal and Loss of Right of Withdrawal

If you are a consumer residing in the European Union, you have a statutory right to withdraw from a distance contract within 14 days without giving any reason. For our digital service Subscription, this 14-day period begins on the day you purchase the Subscription.

However, this right of withdrawal is waived if you consent to the service beginning immediately.

Loss of Right of Withdrawal: By purchasing a Subscription, you are requesting that we provide you with the digital content immediately. Agreeing to this precontractual information, you provide your prior express consent to begin the supply of the digital content and acknowledge that you thereby lose your 14-day right of withdrawal. If you provide this consent and acknowledgment, you will gain immediate access to the Subscription service, and you will no longer have the right to withdraw from the contract and receive a refund, unless otherwise required by law.This does not affect your right to cancel your Subscription for future billing cycles at any time, as described in Section 11 of the Terms of Use.

Specific additional cost for using the means of distance communication

There is no specific additional cost charged by us for the consumer's use of the internet to access this service. The consumer is responsible for their own internet access costs, which are paid to their internet service provider and are not part of this agreement. No premium-rate telephone numbers or other surcharged communication methods are used for support or access.