In compliance with Article 10 of Law 34/2002, of July 11, on Information Society Services and Electronic Commerce (LSSI-CE), the following information is provided:Service provider: David López
Trading as: Koben Research
Location: Bilbao, Bizkaia, Spain
Contact email: [email protected]
Website: https://newsletter.kobenresearch.com
Activity: Publication of a financial research newsletter focused on quantitative analysis of European publicly traded companies.
These Terms of Use govern the access to and use of the website newsletter.kobenresearch.com and all content and services provided by Koben Research, including:
The free newsletter subscription
The premium newsletter subscription
All analyses, infographics, data, commentary, and other content published by Koben Research (collectively, the "Content")
The website and all associated web pages
By accessing the website, subscribing to the newsletter (free or premium), or using any of our services, you acknowledge that you have read, understood, and agree to be bound by these Terms of Use, together with our Privacy Policy. If you do not agree with any part of these Terms, you must not use our services.
Koben Research offers two subscription tiers:a) Free subscription
Includes: Weekly email containing a summary, key highlights, and visual infographic of our equity analysis. Access to the introductory portion of each analysis on the website.
Price: Free of charge.b) Premium subscription
Includes: All free content, plus the complete weekly equity analysis featuring our proprietary quantitative risk model (Monte Carlo simulations, VaR, CVaR, Sharpe ratio, Sortino ratio, Maximum Drawdown), probability-weighted price scenarios across five levels (P5 to P95), bull and bear case breakdowns with catalysts, KPIs, and warning signals, and full access to the archive of all past analyses.
Price: €25.00 per month (VAT included where applicable).Koben Research reserves the right to modify the features included in each tier, introduce new tiers, or discontinue existing tiers with reasonable prior notice to subscribers.
a) Payment processing
All payments for premium subscriptions are processed securely by Stripe, Inc. By subscribing to the premium tier, you agree to Stripe's terms of service. Koben Research does not store or have access to your full payment card details at any time.b) Billing cycle
Premium subscriptions are billed monthly. Your subscription begins on the date of your first payment and renews automatically on the same date each subsequent month until cancelled.c) Price changes
Koben Research reserves the right to adjust subscription prices. Any price change will be communicated to active premium subscribers via email at least 30 days before the new price takes effect. Continued use of the premium service after the price change constitutes acceptance of the new price. If you do not agree with the new price, you may cancel your subscription before the new billing cycle begins.d) Cancellation
You may cancel your premium subscription at any time through your subscriber profile on our website, or by contacting us at [email protected]. Upon cancellation:
You will retain access to premium content until the end of your current billing period.
No further charges will be made after cancellation.
Your account will automatically revert to a free subscription at the end of the billing period.
e) Refund policy
Due to the nature of digital content, we do not offer refunds for partial billing periods. By subscribing, you acknowledge that you are purchasing access to digital content and that, once delivered, each billing period is non-refundable.However, in accordance with Spanish consumer protection law (Real Decreto Legislativo 1/2007), if you are a consumer in the European Union, you have the right to withdraw from a distance contract within 14 calendar days of subscription without providing any reason, provided that you have not accessed or downloaded any premium content during that period. To exercise this right, contact us at [email protected] within 14 days of your initial subscription.f) Failed payments
If a payment fails, we may attempt to charge your payment method again. If payment cannot be collected after reasonable attempts, your premium subscription will be downgraded to the free tier.
THIS IS THE MOST IMPORTANT SECTION OF THESE TERMS. PLEASE READ IT CAREFULLY.The Content published by Koben Research is provided for educational and informational purposes only. It does not constitute, and must not be interpreted as:
Investment advice
Financial advice
Trading advice
Tax advice
Legal advice
A personal recommendation to buy, sell, or hold any financial instrument
An offer or solicitation to buy, sell, or hold any financial instrument
About the author: David López, the author and publisher of Koben Research, is not a licensed financial advisor, broker, dealer, or investment manager. He is not authorised or regulated by the Comisión Nacional del Mercado de Valores (CNMV), the Financial Conduct Authority (FCA), the Securities and Exchange Commission (SEC), or any other financial supervisory authority.About our quantitative model: The quantitative risk model used in our analyses employs Monte Carlo simulations, GARCH volatility modeling, and Historical Flexible Probabilities to estimate probability distributions of potential future outcomes. This model:
Produces probability estimates, not predictions or certainties
Is based on historical data and statistical assumptions that may not hold in the future
Cannot capture binary events (such as regulatory approvals, mergers, or unexpected corporate actions)
Has inherent limitations, as does any statistical model
Should not be used as the sole basis for any investment decision
Your responsibility: All investment decisions are made at your own risk. You are solely responsible for conducting your own due diligence, evaluating your financial situation and risk tolerance, and, where appropriate, consulting with a qualified and licensed financial advisor before making any investment decision.No guarantee: Past performance, whether actual or indicated by the model's historical analysis, is not indicative of future results. The value of investments and any income derived from them can go down as well as up. You may lose some or all of your invested capital.Koben Research expressly disclaims any liability for any financial losses, damages, or adverse consequences arising from decisions made based on our Content.
All Content published by Koben Research — including but not limited to analyses, reports, infographics, charts, data compilations, quantitative models, methodologies, text, graphics, logos, trademarks, and software — is the exclusive intellectual property of Koben Research, protected by applicable intellectual property laws, including the Spanish Intellectual Property Law (Real Decreto Legislativo 1/1996) and relevant European Union directives.Permitted use:
As a subscriber, you are granted a limited, personal, non-transferable, non-exclusive, revocable licence to access and read the Content for your own personal, non-commercial use only.Prohibited use:
Without the prior written consent of Koben Research, you may not:
Reproduce, copy, distribute, publish, or republish the Content in whole or in part
Modify, adapt, translate, or create derivative works based on the Content
Use the Content for commercial purposes, including reselling, licensing, or incorporating it into any product or service
Systematically download, store, or archive the Content beyond what is necessary for personal use
Remove or alter any copyright, trademark, or other proprietary notices contained in the Content
Use automated systems (bots, scrapers, crawlers) to access or extract the Content
Limited sharing: You may share brief excerpts of the Content (no more than two sentences) for personal, non-commercial purposes, provided that proper attribution to "Koben Research" is given and a link to the original publication is included.Any unauthorised use of our intellectual property may result in the immediate termination of your subscription and may give rise to civil and criminal liability.
a) Account security
You are responsible for maintaining the confidentiality of your subscription access and for all activity that occurs under your account. Sharing your login credentials or providing access to premium content to non-subscribers is strictly prohibited.b) Prohibited conduct
You agree not to:
Share, forward, or redistribute premium content to individuals who are not premium subscribers
Attempt to circumvent, disable, or interfere with any security features of the website or subscription system
Use the service for any unlawful purpose or in violation of any applicable laws or regulations
Impersonate any person or entity, or falsely state or misrepresent your identity or affiliation
Engage in any conduct that disrupts, damages, or impairs the functioning of our services
c) Consequences of violation
Koben Research reserves the right to suspend or terminate your subscription, without refund, if you violate these Terms of Use. We will notify you of such action via email.
To the maximum extent permitted by applicable law:
Koben Research provides its Content and services "as is" and "as available," without warranties of any kind, whether express or implied, including but not limited to implied warranties of merchantability, fitness for a particular purpose, accuracy, or non-infringement.
Koben Research does not warrant that the Content is complete, accurate, reliable, current, or error-free. While we endeavour to provide accurate and well-researched analysis, we cannot guarantee the accuracy of any information, data, or projections contained in our Content.
In no event shall Koben Research, its author, or any of its affiliates be liable for any direct, indirect, incidental, special, consequential, or punitive damages — including but not limited to loss of profits, loss of data, loss of investment, or other financial losses — arising out of or in connection with the use of, inability to use, or reliance on the Content or services, regardless of the cause of action or theory of liability.
The total aggregate liability of Koben Research for any claims arising from or related to these Terms or the use of our services shall not exceed the amount paid by you to Koben Research in the twelve (12) months preceding the event giving rise to the claim.
Nothing in these Terms shall exclude or limit liability for death or personal injury caused by negligence, fraud, or any other liability that cannot be excluded or limited under applicable law.
Our Content may contain links to third-party websites, resources, or services (such as stock exchanges, financial data providers, or news sources). These links are provided for informational convenience only. Koben Research does not endorse, control, or assume responsibility for the content, accuracy, privacy policies, or practices of any third-party websites.Your access to and use of third-party websites is at your own risk and subject to the terms and conditions of those websites.
Koben Research endeavours to publish analyses on a weekly basis. However, we do not guarantee a specific publication schedule and reserve the right to:
Modify the frequency, format, or delivery method of our Content
Temporarily suspend or permanently discontinue any aspect of the service
Perform maintenance that may temporarily affect access to the website or content
In the event of a permanent discontinuation of the premium service, active premium subscribers will be notified at least 30 days in advance and will receive a pro-rata refund for any unused portion of their current billing period.
You agree to indemnify, defend, and hold harmless Koben Research and its author from and against any claims, liabilities, damages, losses, costs, and expenses (including reasonable legal fees) arising out of or in connection with:
Your use of our services or Content
Your violation of these Terms of Use
Your violation of any applicable law or regulation
Any investment decisions you make based on our Content
If any provision of these Terms is found to be invalid, illegal, or unenforceable by a competent court, such provision shall be modified to the minimum extent necessary to make it valid and enforceable, or if modification is not possible, it shall be severed from these Terms. The remaining provisions shall continue in full force and effect.
These Terms of Use, together with our Privacy Policy, constitute the entire agreement between you and Koben Research regarding the use of our services and supersede any prior agreements, communications, or understandings, whether written or oral.
The failure of Koben Research to enforce any provision of these Terms shall not be construed as a waiver of such provision or the right to enforce it at a later time.
These Terms of Use are governed by and shall be construed in accordance with the laws of Spain.For any disputes arising from or relating to these Terms of Use, the parties agree to submit to the exclusive jurisdiction of the courts of Bilbao, Bizkaia, Spain, except where mandatory consumer protection laws provide otherwise. If you are a consumer residing in the European Union, you may also have the right to bring proceedings in the courts of your country of residence.In accordance with Regulation (EU) No 524/2013, we inform you that the European Commission provides an Online Dispute Resolution (ODR) platform, accessible at: https://ec.europa.eu/consumers/odr/. We are not obligated to participate in dispute resolution proceedings before a consumer arbitration board, but we will consider doing so on a case-by-case basis.
We reserve the right to modify these Terms of Use at any time. Material changes will be communicated to active subscribers via email at least 15 days before they take effect. Continued use of our services after the effective date of any changes constitutes your acceptance of the updated Terms.If you do not agree with the modified Terms, you may cancel your subscription before the changes take effect.
For any questions, concerns, or requests regarding these Terms of Use, please contact us at:Email: [email protected]
Website: https://newsletter.kobenresearch.com