Compliance
Information regarding HC Andersen Capital
https://www.hcandersencapital.dk
HC Andersen Capital 2 ApS
CVR: DK41474793
Bredgade 23B, 2. sal, 1250 København K
+45 28 74 66 40
info@hcandersencapital.dk
We have various purposes for collecting personal data, primarily, but not exclusively, to improve our website for our users and provide them with a better experience.
Additionally, data collection and cookies are used to generate statistics, analyses, and predictive models to enhance our business, focusing on profitability, growth, and efficiency. This allows us to have more targeted communication. This is done on the basis of the nature of the data protection regulation. 6.1, litra f (legitimate interests).
We want to inform about news and especially send out invites to events via our event newsletter, where it is easy and accessible to unsubscribe from future emails from us.
We collect your contact information, such as your name and email address, only if you have registered for one of our events, seminars, or have signed up for our newsletter. This is done on the basis of your consent as outlined in the data protection regulation 6.1, letter a.
Hosts and/or co-hosts may wish to inform you of investor-related company-specific news after you have signed up for an event or presentation with the relevant company.
Hosts and co-hosts are subject to a data processing agreement that ensures your rights, and you can unsubscribe from future emails from the specific company at any time.
We do not sell your personal data to third parties.
HC Andersen Capital uses Videosync.fi to host events. When you sign up for an HC Andersen Capital event, seminar or similar, we collect data, including first name, last name, and email address.
This information (email and first and last names) will be visible to relevant employees at HC Andersen Capital as well as other hosts and/or co-hosts for the specific event. This is usually in connection with HC Andersen Capital's customers hosting a company-specific event.
By using Videosync.fi, you consent to the use of your personal data as described in the points 1) to 3) below:
Access Videosync's privacy policy here.
We store the processed personal data, including email addresses and first and last names. To send our newsletters, we use external partners where this information is also stored. We securely store your personal data, ensuring that only a necessary and limited number of data processors at HC Andersen Capital have access to your personal data.
Articles on this website may contain embedded content (e.g., videos, images, articles, etc.). Embedded content from other websites behaves in exactly the same way as if the visitor had visited the other website.
These sites may collect data about you, use cookies, embed additional third-party tracking, and monitor your interaction with this embedded content, including tracking your interaction with embedded content.
You have the following rights:
You have the right to access the personal data that HC Andersen Capital processes about you.
You have the right to object to the processing of your personal data and to restrict the processing of your personal data. In particular, you have the unconditional right to object to the processing of your personal data for direct marketing purposes and to object to profiling to the extent it relates to direct marketing.
You have the right to object to the processing of your personal data and to have the processing of your personal data restricted. In particular, you have an unconditional right to object to the processing of your personal data for direct marketing purposes and to object to profiling to the extent that it relates to direct marketing.
You have the right to have your personal data erased by contacting HC Andersen Capital. You can unsubscribe from newsletters at any time, after which HC Andersen Capital will remove you from mailing lists and delete the personal data provided when subscribing to newsletters.
You have the right to restrict HC Andersen Capital's processing of your personal data in certain cases, including when there is doubt about the accuracy of your personal data.
You have the right to receive personal data you have provided to HC Andersen Capital in a structured, commonly used, and machine-readable format.
If HC Andersen Capital processes your personal data based on your consent, you have the right to withdraw your consent at any time. A withdrawal of consent means that HC Andersen Capital may no longer process your personal data for the purpose for which you gave your consent. The withdrawal does not affect the processing of your personal data that was carried out before the withdrawal, e.g., if you consented to the disclosure of information. You can exercise your rights by calling HC Andersen Capital or sending an email. The relevant contact information is provided at the top of this document.
HC Andersen Capital collects and processes your personal data when you do the following: 1) Visit our website, 2) register for an event or seminar, or 3) subscribe to one or more of our newsletters.
We collect your basic contact information, such as first name, last name, and email address, to register you for events and seminars and to send you emails with event offers and newsletters. Your information (excluding your email address, if you have consented to its processing for receiving offers) will be deleted when the purpose of collecting the data has been fulfilled.
HC Andersen Capital does not sell your personal data to third parties, nor do we transfer your personal data to third countries. We use external companies as suppliers to deliver our services as effectively as possible. These external suppliers are data processors and, in some cases, process personal data in connection with their service delivery to us. Our data processors only process personal data in accordance with our instructions and in compliance with legal requirements for data processors. We have entered into data processing agreements with our data processors, which is our and your guarantee that they comply with applicable rules regarding the protection of your personal data.
You have the right to file a complaint with the Data Protection Agency at any time regarding HC Andersen Capital's processing of your personal data. However, you should always first contact HC Andersen Capital if you believe that we have processed your personal data in violation of the data protection regulations. This way, HC Andersen Capital can correct, delete data, or address your criticism, including providing its perspective on the matter.
You can contact the Data Protection Agency via email at dt@datatilsynet.dk or read more at www.datatilsynet.dk.
The date of the last update to this policy will appear at the top of the page.
HC Andersen Capital is responsible for reporting data breaches to the Data Protection Agency that occur within our organization and/or our data processors. Our data processors work under our instruction and are subject to our requirements regarding organizational, technical, and security measures.
If we experience a data breach, we are generally required by data protection law to report the breach to the Data Protection Agency within 72 hours after becoming aware of it.
If the data breach is likely to pose a high risk to your rights and freedoms, we are also obligated to inform you directly. We will inform you via email, on our website, or through the press, depending on the contact information we have for the individuals involved and the severity of the data breach.
We use cookies to ensure the website functions properly, to improve user experience, and to perform statistics, analysis, and targeted communication.
The website uses the following categories of cookies:
Technical cookies required for the website to function. These cannot be disabled.
We use Google Analytics 4 (GA4) via Google Tag Manager to measure traffic, user behaviour, and site performance. GA4 uses IP anonymisation and does not store full IP addresses.
To improve our communication and measure the effectiveness of our digital activities, we use:
These cookies are only activated if you provide consent through our cookie banner.
When you consent to analytics and marketing cookies, certain information about your device, browser, and on-site behaviour is processed. This may include:
We use this data to improve our digital communication, campaigns, and investor-focused content.
If you provide consent, the following third parties may process data via their cookies:
These services may transfer data outside the EU/EEA (e.g., to the USA). Such transfers are based on the EU Commission's Standard Contractual Clauses (SCCs) combined with the providers' implemented security measures, including GA4's IP anonymisation.
You can change or withdraw your choices at any time.
HC Andersen Capital receives payment from the mentioned companies for a Corporate Visibility/Digital IR subscription agreement.
Inderes and HC Andersen Capital are strategic partners. Inderes owns 20% of HC Andersen Capital, and some employees and shareholders of HC Andersen Capital are shareholders in Inderes as well. The information presented in HC Andersen Capital´s reports and analyst comments are obtained from several different public sources that HC Andersen Capital considers to be reliable. HC Andersen Capital aims to use reliable and comprehensive information, but HC Andersen Capital does not guarantee the accuracy of the used and presented information. Any opinions, estimates and forecasts represent the views of the authors. HC Andersen Capital is not liable for the accuracy of the content and presented information. Furthermore HC Andersen Capital and their employees are not liable for the financial outcomes of investment decisions made based on the reports or any direct or indirect damage or loss caused by the use of the information. The information used in producing the reports and analyst comments may change quickly. HC Andersen Capital makes no commitment to announce any potential or real changes in the presented information and opinions.
The reports and analyst comments produced by HC Andersen Capital are intended for informational use only. Investors must bear in mind that past performance is not a guarantee of future results. When making investment decisions, investors must base their decisions on their own research and their estimates of the factors that influence the value of the investment and consider their objectives and financial position and use advisors as necessary. Investors are responsible for their investment decisions and their financial outcomes.
Reports and analyst comments produced by HC Andersen Capital may not be edited, copied or made available to others in their entirety, or in part, without HC Andersen Capital's written consent. No part of the report or analyst comment, or the report or analyst comment as a whole, shall be transferred or shared in any form to the United States, Canada or Japan or to the citizens of the aforementioned countries. The legislation of other countries may also lay down restrictions pertaining to the distribution of the information contained in the report/analyst comment. Any individuals who may be subject to such restrictions must take said restrictions into account.
In HC Andersen Capital's content, it is stated that HC Andersen Capital receives payment from COMPANY for a Digital IR/Corporate Visibility subscription agreement. The authors, ANALYST NAME and ASSISTANT ANALYST NAME, have no ownership in COMPANY. This is not a recommendation to buy, not to buy, sell, or not to sell shares (opposite to Research Reports which includes a recommendation). HC Andersen Capital assumes no liability for correctness of the contents of the material. An investment case one-pager by HC Andersen Capital provides information about the company such as financial expectations, risk factors, market drivers, market growth, competitive landscape and valuation perspectives based on well-established valuation methodologies such as multiples, peer comparisons, and DCF models. Investors must make their own investment decisions.
The information presented in HC Andersen Capital reports is obtained from several different public sources that HC Andersen Capital considers to be reliable. HC Andersen Capital aims to use reliable and comprehensive information, but HC Andersen Capital does not guarantee the accuracy of the presented information. Any opinions, estimates and forecasts represent the views of the authors. HC Andersen Capital is not responsible for the content or accuracy of the presented information. HC Andersen Capital and its employees are also not responsible for the financial outcomes of investment decisions made based on the reports or any direct or indirect damage caused by the use of the information. The information used in producing the reports may change quickly. HC Andersen Capital makes no commitment to announcing any potential changes to the presented information and opinions.
The reports produced by HC Andersen Capital are intended for informational use only. The reports should not be construed as offers or advice to buy, sell or subscribe investment products. Investors should also understand that past performance is not a guarantee of future results. When making investment decisions, customers must base their decisions on their own research and their estimates of the factors that influence the value of the investment and take into account their objectives and financial position and use advisors as necessary. Customers are responsible for their investment decisions and their financial outcomes.
Reports produced by HC Andersen Capital may not be edited, copied or made available to others in their entirety, or in part, without HC Andersen Capital's written consent. No part of this report, or the report as a whole, shall be transferred or shared in any form to the United States, Canada or Japan or the citizens of the aforementioned countries. The legislation of other countries may also lay down restrictions pertaining to the distribution of the information contained in this report. Any individuals who may be subject to such restrictions must take said restrictions into account.
HC Andersen Capital issues target prices for the shares it has an extensive commissioned research agreement with. The recommendation methodology used by HC Andersen Capital is based on the share's 12-month expected total shareholder return (including the share price and dividends) and takes into account HC Andersen Capital's view of the risk associated with the expected returns. The recommendation policy consists of four tiers: Sell, Reduce, Accumulate and Buy. As a rule, HC Andersen Capital's investment recommendations and target prices are reviewed at least 2–4 times per year in connection with the companies' interim reports, but the recommendations and target prices may also be changed at other times depending on the market conditions. The issued recommendations and target prices do not guarantee that the share price will develop in line with the estimate. HC Andersen Capital primarily uses the following valuation methods in determining target prices and recommendations: Cash flow analysis (DCF), valuation multiples, peer group analysis and sum of parts analysis. The valuation methods and target price criteria used are always company-specific and they may vary significantly depending on the company and (or) industry. HC Andersen Capital's recommendation policy is based on the following distribution relative to the 12-month risk-adjusted expected total shareholder return.
The assessment of the 12-month risk-adjusted expected total shareholder return based on the above-mentioned definitions is company-specific and subjective. Consequently, similar 12-month expected total shareholder returns between different shares may result in different recommendations, and the recommendations and 12-month expected total shareholder returns between different shares should not be compared with each other. The counterpart of the expected total shareholder return is HC Andersen Capital's view of the risk taken by the investor, which varies considerably between companies and scenarios. Thus, a high expected total shareholder return does not necessarily lead to positive performance when the risks are exceptionally high and, correspondingly, a low expected total shareholder return does not necessarily lead to a negative recommendation if HC Andersen Capital considers the risks to be moderate.
The analysts who produce HC Andersen Capital's research may not own shares in the companies they cover. The remuneration of the analysts who produce the analysis is not directly or indirectly linked to the issued recommendation or views.
HC Andersen Capital or its partners whose customer relationships may have a financial impact on HC Andersen Capital may, in their business operations, seek assignments with various issuers with respect to services provided by HC Andersen Capital or its partners. Thus, HC Andersen Capital may be in a direct or indirect contractual relationship with an issuer that is the subject of research activities. HC Andersen Capital and its partners may provide different services to issuers.
HC Andersen Capital has made an agreement with the issuer and target of this report, which entails compiling a research report.
HC Andersen Capital's corporate customers are identified by the "Corporate Customer" ID in the Inderes.dk service. HC Andersen Capital receives payment from companies for a Digital IR/Corporate Visibility/ Research agreement. HC Andersen Capital includes the following disclaimers on all events (investor presentations), investment cases, and posts on social media regarding clients:
Example for research, with date and author:
"HC Andersen Capital receives payment from COMPANY for a Digital IR/Corporate Visibility subscription agreement. /ANALYST (TIME) on (DATE-MONTH-YEAR)."
Example for events, with date and author:
"HC Andersen Capital receives payment from COMPANY for a Digital IR/Corporate Visibility subscription agreement./ANALYST (TIME) on (DATE-MONTH-YEAR)."
The disclaimer makes it clear that there is payment between COMPANY and HC Andersen Capital. It is thus clear that HCA is a dependent party, who the given writer is, and a time of publication.
Example for analysis reports, with date and author:
All analysis reports are marked "COMPANY-SPONSORED MATERIAL".
Disclaimer: HC Andersen Capital receives payment from COMPANY for a Digital IR/Corporate Visibility subscription agreement. The authors do not own shares in COMPANY. This is not a piece of advice to buy, not to buy, sell, or not to sell shares. HC Andersen Capital assumes no responsibility for correctness of the contents of the material. Published (TIME) on (DATE-MONTH-YEAR) by ANALYST, HC Andersen Capital.
Every employee at HC Andersen Capital is subject to rules on personal securities trading.
Personal securities trading is by default allowed under the following prerequisites: Analysts involved in the analysis of a given share are NOT allowed to own that share.
The Head of Equities, Head of Digital & Sales, Head of Research, and the CEO are NOT allowed to own shares in companies with which a paid agreement has been made (under certain prerequisites there can be exceptions, including C25 shares). CEO of HC Andersen Capital Tue Østergaard is Chairman of GreenMobility and owns shares in GreenMobility. All employees are obliged to refrain from investing in a share if an investment in the share conflicts with HC Andersen Capital's interests and internal guidelines.
Every employee at HC Andersen Capital commits to adhere to the spirit and letter of Danish legislation.
For inquiries regarding compliance, please contact CEO Tue Østergaard, tue@hcandersencapital.dk
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