Shiseido Co Ltd
TSE:4911

Watchlist Manager
Shiseido Co Ltd Logo
Shiseido Co Ltd
TSE:4911
Watchlist
Price: 2 315.5 JPY 2.07% Market Closed
Market Cap: 926.2B JPY
Financials Section:
Income Statement Balance Sheet Cash Flow Statement

Income Statement

Revenue
+
3Y
-6%
5Y
-3%
10Y
+17%
Operating Income
+
3Y
+4 516%
5Y
-31%
10Y
-28%
Net Income
+
3Y
-
5Y
-386%
10Y
-

Earnings Waterfall
Shiseido Co Ltd

Revenue
951.9B JPY
Cost of Revenue
-220.9B JPY
Gross Profit
731B JPY
Operating Expenses
-702.6B JPY
Operating Income
28.4B JPY
Other Expenses
-29.7B JPY
Net Income
-1.3B JPY

Income Statement
Shiseido Co Ltd

Rotate your device to view
Income Statement
Currency: JPY
Jun-2004 Sep-2004 Dec-2004 Jun-2005 Sep-2005 Dec-2005 Jun-2006 Sep-2006 Dec-2006 Jun-2007 Sep-2007 Dec-2007 Jun-2008 Sep-2008 Dec-2008 Jun-2009 Sep-2009 Dec-2009 Jun-2010 Sep-2010 Dec-2010 Mar-2011 Jun-2011 Sep-2011 Dec-2011 Mar-2012 Jun-2012 Sep-2012 Dec-2012 Mar-2013 Jun-2013 Sep-2013 Dec-2013 Mar-2014 Jun-2014 Sep-2014 Dec-2014 Mar-2015 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2017 Sep-2017 Dec-2017 Mar-2018 Jun-2018 Sep-2018 Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019 Mar-2020 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Dec-2021 Mar-2022 Jun-2022 Sep-2022 Dec-2022 Mar-2023 Jun-2023 Sep-2023 Dec-2023 Mar-2024 Jun-2024 Sep-2024 Dec-2024 Mar-2025 Jun-2025
Revenue
Interest Expense
0
0
0
0
0
0
0
0
0
0
0
0
541
0
0
364
0
0
529
1 095
1 617
2 165
2 117
2 013
1 942
1 824
1 796
1 754
1 767
1 781
1 790
1 830
1 766
1 731
1 632
0
0
0
232
441
809
1 008
978
957
814
824
830
889
991
992
964
890
769
798
1 287
1 791
2 292
2 762
2 627
2 412
2 226
0
0
0
3 280
0
0
0
2 216
0
0
0
2 588
0
0
0
3 804
0
0
Revenue
462 012
N/A
466 364
+1%
472 174
+1%
485 509
+3%
486 628
+0%
500 246
+3%
509 284
+2%
517 096
+2%
517 338
+0%
524 250
+1%
532 813
+2%
536 730
+1%
527 391
-2%
533 248
+1%
518 500
-3%
494 079
-5%
476 380
-4%
464 638
-2%
470 756
+1%
480 995
+2%
486 972
+1%
670 701
+38%
682 188
+2%
673 247
-1%
674 433
+0%
682 385
+1%
674 541
-1%
679 845
+1%
676 469
0%
677 727
+0%
690 643
+2%
704 600
+2%
728 337
+3%
762 047
+5%
768 061
+1%
767 221
0%
782 415
+2%
777 687
-1%
811 620
+4%
823 898
+2%
763 058
-7%
976 322
+28%
973 027
0%
973 897
+0%
850 306
-13%
869 499
+2%
910 136
+5%
958 779
+5%
1 005 062
+5%
1 036 365
+3%
1 065 549
+3%
1 079 621
+1%
1 094 825
+1%
1 104 683
+1%
1 126 876
+2%
1 135 690
+1%
1 131 547
0%
1 084 822
-4%
984 712
-9%
938 597
-5%
920 888
-2%
930 981
+1%
998 440
+7%
995 642
0%
1 009 966
+1%
1 007 002
0%
1 008 000
+0%
1 044 278
+4%
1 067 355
+2%
1 073 340
+1%
1 308 153
+22%
1 267 038
-3%
973 038
-23%
1 222 491
+26%
987 385
-19%
973 375
-1%
990 586
+2%
969 374
-2%
951 881
-2%
Gross Profit
Cost of Revenue
(156 660)
(155 855)
(156 270)
(149 612)
(137 962)
(129 860)
(129 347)
(136 375)
(136 178)
(135 679)
(137 329)
(138 972)
(134 021)
(131 038)
(128 014)
(123 495)
(120 780)
(114 030)
(115 819)
(117 787)
(124 555)
(168 692)
(168 693)
(163 960)
(160 955)
(162 989)
(162 190)
(162 962)
(163 080)
(166 783)
(170 232)
(178 294)
(181 389)
(189 559)
(191 176)
(188 279)
(196 159)
(196 433)
(205 474)
(207 068)
(196 009)
(246 989)
(246 135)
(247 636)
(207 553)
(211 037)
(217 371)
(225 322)
(231 327)
(231 793)
(231 979)
(233 024)
(231 928)
(233 582)
(238 459)
(240 071)
(254 844)
(248 054)
(240 107)
(242 932)
(238 401)
(252 222)
(269 848)
(267 449)
(271 808)
(275 434)
(286 055)
(315 949)
(327 071)
(326 481)
(383 693)
(351 402)
(259 674)
(321 610)
(246 235)
(231 043)
(237 394)
(226 763)
(220 912)
Gross Profit
305 352
N/A
310 509
+2%
315 904
+2%
335 897
+6%
348 666
+4%
370 386
+6%
379 937
+3%
380 721
+0%
381 160
+0%
388 571
+2%
395 484
+2%
397 758
+1%
393 370
-1%
402 210
+2%
390 486
-3%
370 584
-5%
355 600
-4%
350 608
-1%
354 937
+1%
363 208
+2%
362 417
0%
502 009
+39%
513 495
+2%
509 287
-1%
513 478
+1%
519 396
+1%
512 351
-1%
516 883
+1%
513 389
-1%
510 944
0%
520 411
+2%
526 306
+1%
546 948
+4%
572 488
+5%
576 885
+1%
578 942
+0%
586 256
+1%
581 254
-1%
606 146
+4%
616 830
+2%
567 049
-8%
729 333
+29%
726 892
0%
726 261
0%
642 753
-11%
658 462
+2%
692 765
+5%
733 457
+6%
773 735
+5%
804 572
+4%
833 570
+4%
846 597
+2%
862 897
+2%
871 101
+1%
888 417
+2%
895 619
+1%
876 703
-2%
836 768
-5%
744 605
-11%
695 665
-7%
682 487
-2%
678 759
-1%
728 592
+7%
728 193
0%
738 158
+1%
731 568
-1%
721 945
-1%
728 329
+1%
740 284
+2%
746 859
+1%
924 460
+24%
915 636
-1%
713 364
-22%
900 881
+26%
741 150
-18%
742 332
+0%
753 192
+1%
742 611
-1%
730 969
-2%
Operating Income
Operating Expenses
(277 816)
(286 151)
(291 443)
(300 026)
(315 048)
(329 370)
(341 151)
(336 606)
(340 414)
(340 701)
(348 494)
(347 505)
(346 414)
(350 147)
(353 169)
(343 387)
(329 422)
(317 978)
(321 108)
(331 471)
(337 056)
(457 550)
(463 280)
(465 157)
(467 631)
(480 261)
(485 300)
(490 923)
(491 851)
(484 899)
(484 470)
(488 212)
(496 710)
(522 844)
(532 754)
(538 757)
(551 147)
(553 641)
(566 849)
(585 261)
(529 389)
(669 584)
(682 336)
(664 752)
(605 973)
(619 638)
(641 256)
(664 760)
(693 298)
(701 124)
(716 693)
(735 402)
(754 547)
(770 961)
(782 198)
(785 357)
(762 872)
(755 375)
(703 190)
(676 252)
(667 524)
(661 451)
(712 299)
(739 637)
(763 869)
(751 786)
(721 330)
(708 250)
(715 294)
(715 442)
(892 548)
(885 701)
(694 037)
(876 023)
(720 105)
(695 546)
(722 540)
(719 090)
(702 582)
Selling, General & Administrative
(277 816)
(286 203)
(291 443)
(300 026)
(315 775)
(329 370)
(341 151)
(336 606)
(340 414)
(340 701)
(348 494)
(347 505)
(346 414)
(350 147)
(353 169)
(343 387)
(329 422)
(317 978)
(321 108)
(331 471)
(337 056)
(443 083)
(463 280)
(465 157)
(467 631)
(465 587)
(485 300)
(490 922)
(491 850)
(471 239)
(484 468)
(488 211)
(496 709)
(509 303)
(532 753)
(538 756)
(551 146)
(539 414)
(566 848)
(585 260)
(518 089)
(669 583)
(682 335)
(664 751)
(587 708)
(619 636)
(641 256)
(664 759)
(669 068)
(701 124)
(716 691)
(735 403)
(725 415)
(770 960)
(782 196)
(785 355)
(731 174)
(755 373)
(703 191)
(676 250)
(640 531)
(663 461)
(717 306)
(735 739)
(767 007)
(746 015)
(711 651)
(708 375)
(717 841)
(719 699)
(887 317)
(880 440)
(695 711)
(872 983)
(727 636)
(727 598)
(724 492)
(721 265)
(707 026)
Research & Development
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(14 467)
0
0
0
(14 673)
0
0
0
(13 659)
0
0
0
(13 540)
0
0
0
(14 226)
0
0
(11 299)
0
0
0
(18 264)
0
0
0
(24 230)
0
0
0
(29 130)
0
0
0
(31 697)
0
0
0
(26 992)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Other Operating Expenses
0
52
0
0
727
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(1)
0
(1)
0
(1)
(2)
(1)
0
(1)
(1)
0
0
(1)
(1)
(1)
(1)
0
(1)
(1)
(1)
(2)
0
(1)
0
0
(2)
1
(2)
0
0
0
(1)
(2)
1
(2)
(1)
2 010
5 007
(3 898)
3 138
(5 771)
(9 679)
125
2 547
4 257
(5 231)
(5 261)
1 674
(3 040)
7 531
32 052
1 952
2 175
4 444
Operating Income
27 536
N/A
24 358
-12%
24 461
+0%
35 871
+47%
33 618
-6%
41 016
+22%
38 786
-5%
44 115
+14%
40 746
-8%
47 870
+17%
46 990
-2%
50 253
+7%
46 956
-7%
52 063
+11%
37 317
-28%
27 197
-27%
26 178
-4%
32 630
+25%
33 829
+4%
31 737
-6%
25 361
-20%
44 459
+75%
50 215
+13%
44 130
-12%
45 847
+4%
39 135
-15%
27 051
-31%
25 960
-4%
21 538
-17%
26 045
+21%
35 941
+38%
38 094
+6%
50 238
+32%
49 644
-1%
44 131
-11%
40 185
-9%
35 109
-13%
27 613
-21%
39 297
+42%
31 569
-20%
37 660
+19%
59 749
+59%
44 556
-25%
61 509
+38%
36 780
-40%
38 824
+6%
51 509
+33%
68 697
+33%
80 437
+17%
103 448
+29%
116 877
+13%
111 195
-5%
108 350
-3%
100 140
-8%
106 219
+6%
110 262
+4%
113 831
+3%
81 393
-28%
41 415
-49%
19 413
-53%
14 963
-23%
17 308
+16%
16 293
-6%
(11 444)
N/A
(25 711)
-125%
(20 218)
+21%
615
N/A
20 079
+3 165%
24 990
+24%
31 417
+26%
31 912
+2%
29 935
-6%
19 327
-35%
24 858
+29%
21 045
-15%
46 786
+122%
30 652
-34%
23 521
-23%
28 387
+21%
Pre-Tax Income
Interest Income Expense
0
0
0
0
0
0
0
0
0
0
0
0
1 548
1 789
1 273
348
(252)
153
(556)
(933)
(1 000)
(1 343)
(1 202)
(1 410)
(1 492)
(1 259)
(1 222)
(810)
(264)
771
588
995
1 339
1 341
235
671
713
311
3 527
3 042
1 707
1 421
(2 553)
(2 410)
(129)
94
1 348
1 789
1 662
745
2 154
2 625
1 088
1 744
(422)
(1 743)
(2 477)
(4 424)
(4 168)
(3 886)
(3 315)
(376)
(3)
(1 682)
(1 103)
1 762
6 646
7 775
3 810
(129)
(3 223)
(1 380)
3 692
7 822
8 081
4 978
3 269
(770)
(1 876)
Non-Reccuring Items
1 089
1 760
2 000
(2 951)
(3 289)
(5 709)
(1 563)
(2 208)
(2 654)
613
(3 158)
422
(2 705)
(18)
(5 889)
(8 031)
(5 733)
(3 029)
(3 317)
(6 654)
(2 520)
(15 151)
(12 311)
(8 532)
(12 698)
(172)
78
(780)
(126)
(34 887)
(35 217)
(42 529)
(41 581)
(6 601)
(6 466)
(128)
(2 055)
(5 932)
(5 735)
(4 163)
(2 458)
(2 687)
(3 412)
(3 980)
(4 785)
(5 162)
(7 355)
(78 525)
(78 902)
(78 492)
(76 082)
(7 526)
(9 122)
(9 393)
(10 068)
(7 161)
(3 617)
(3 149)
(17 685)
(16 015)
(18 546)
(33 885)
(21 898)
108 876
126 282
131 662
138 114
20 564
22 413
21 304
21 838
17 328
9 273
(5 470)
(9 273)
(42 297)
(23 077)
0
0
Gain/Loss on Disposition of Assets
0
0
0
0
0
0
0
0
0
0
0
0
(38)
(531)
(563)
(652)
(218)
(245)
(246)
(572)
(619)
(609)
(672)
105
34
(90)
(41)
(514)
(365)
(35)
(67)
(32)
1 378
4 960
6 015
27 924
26 096
25 526
24 291
2 903
5 336
22 993
23 389
22 583
17 074
(544)
(1 006)
(38)
35 985
36 326
37 071
35 624
1 203
541
(160)
1 022
(1 029)
(1 180)
(1 027)
(3 180)
6 051
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total Other Income
(1 665)
(1 696)
2 940
3 499
3 214
2 081
2 933
2 209
2 935
2 531
5 124
2 042
862
(1 617)
1 053
1 090
1 097
742
439
705
1 079
1 345
1 529
1 607
1 385
1 333
1 332
867
1 316
1 664
2 739
2 647
2 786
1 083
1 059
1 081
755
1 520
1 097
842
647
800
447
1 647
926
748
873
(473)
(627)
454
2 324
2 367
2 791
2 611
1 080
1 051
670
1 626
(288)
37
(1 193)
3 349
5 338
6 998
(357)
0
(3)
0
(785)
(1)
0
0
(1 255)
0
(1)
0
(12 109)
(12 781)
(12 781)
Pre-Tax Income
26 960
N/A
24 422
-9%
29 401
+20%
36 419
+24%
33 543
-8%
37 388
+11%
40 156
+7%
44 116
+10%
41 027
-7%
51 014
+24%
48 956
-4%
52 717
+8%
46 623
-12%
51 686
+11%
33 191
-36%
19 952
-40%
21 072
+6%
30 251
+44%
30 149
0%
24 283
-19%
22 301
-8%
28 701
+29%
37 559
+31%
35 900
-4%
33 076
-8%
38 947
+18%
27 198
-30%
24 723
-9%
22 099
-11%
(6 442)
N/A
3 984
N/A
(825)
N/A
14 160
N/A
50 427
+256%
44 974
-11%
69 733
+55%
60 618
-13%
49 038
-19%
62 477
+27%
34 193
-45%
42 892
+25%
82 276
+92%
62 427
-24%
79 349
+27%
49 866
-37%
33 960
-32%
45 369
+34%
(8 550)
N/A
38 555
N/A
62 481
+62%
82 344
+32%
144 285
+75%
104 310
-28%
95 643
-8%
96 649
+1%
103 431
+7%
107 378
+4%
74 266
-31%
18 247
-75%
(3 631)
N/A
(2 040)
+44%
(13 604)
-567%
(270)
+98%
102 748
N/A
99 111
-4%
113 204
+14%
145 372
+28%
48 417
-67%
50 428
+4%
52 591
+4%
50 526
-4%
45 883
-9%
31 037
-32%
27 210
-12%
19 853
-27%
9 468
-52%
(1 265)
N/A
9 970
N/A
13 730
+38%
Net Income
Tax Provision
(13 320)
(14 060)
(15 669)
(15 099)
(14 158)
(13 071)
(18 106)
(20 394)
(18 035)
(23 562)
(22 238)
(23 259)
(9 086)
(14 874)
(9 555)
(2 514)
(230)
(4 602)
(9 671)
(9 241)
(11 749)
(13 328)
(22 103)
(19 529)
(21 292)
(21 888)
(10 983)
(11 821)
(6 554)
(6 269)
(12 435)
(10 772)
(13 603)
(21 690)
(20 488)
(21 798)
(20 728)
(12 811)
(20 810)
(19 126)
(17 292)
(28 384)
(16 024)
(20 268)
(15 941)
(12 859)
(16 948)
(10 627)
(13 200)
(21 484)
(27 100)
(37 231)
(39 405)
(26 851)
(27 118)
(30 385)
(30 076)
(29 959)
(16 598)
(6 677)
(7 079)
(7 529)
(14 675)
(50 775)
(49 661)
(48 057)
(50 155)
(15 893)
(12 845)
(11 501)
(10 006)
(9 198)
(6 860)
(6 120)
(7 891)
(5 512)
(8 028)
(12 427)
(14 149)
Income from Continuing Operations
13 640
10 362
13 732
21 320
19 385
24 317
22 050
23 722
22 992
27 452
26 718
29 458
37 537
36 812
23 636
17 438
20 842
25 649
20 478
15 042
10 552
15 373
15 456
16 371
11 784
17 059
16 215
12 902
15 545
(12 711)
(8 451)
(11 597)
557
28 737
24 486
47 935
39 890
36 227
41 667
15 067
25 600
53 892
46 403
59 081
33 925
21 101
28 421
(19 177)
25 355
40 997
55 244
107 054
64 905
68 792
69 531
73 046
77 302
44 307
1 649
(10 308)
(9 119)
(21 133)
(14 945)
51 973
49 450
65 147
95 217
32 524
37 583
41 090
40 520
36 685
24 177
21 090
11 962
3 956
(9 293)
(2 457)
(419)
Income to Minority Interest
0
0
0
0
0
0
(1 104)
(1 917)
(2 721)
(2 765)
(2 890)
(3 241)
(3 090)
(3 437)
(2 324)
(2 062)
(1 836)
(1 950)
(1 767)
(1 589)
(1 538)
(2 576)
(2 271)
(2 023)
(2 225)
(2 543)
(2 695)
(2 459)
(2 242)
(1 973)
(2 300)
(2 731)
(3 054)
(2 587)
(2 774)
(2 533)
(2 665)
(2 558)
(2 541)
(2 039)
(2 389)
(3 378)
(2 374)
(2 683)
(1 823)
(2 303)
(2 009)
(2 854)
(2 606)
(3 377)
(3 634)
(3 347)
(3 501)
(2 748)
(3 341)
(3 183)
(3 739)
(2 851)
(1 914)
(2 257)
(2 540)
(3 066)
(3 453)
(2 945)
(2 540)
(2 699)
(3 946)
(3 585)
(3 381)
(2 607)
(2 130)
(2 332)
(2 427)
(2 626)
(1 949)
(1 968)
(1 518)
(1 381)
(873)
Net Income (Common)
13 639
N/A
10 010
-27%
13 732
+37%
21 319
+55%
19 272
-10%
24 315
+26%
20 944
-14%
23 379
+12%
20 267
-13%
24 678
+22%
23 883
-3%
26 212
+10%
34 445
+31%
33 369
-3%
21 308
-36%
15 376
-28%
19 008
+24%
23 695
+25%
18 706
-21%
13 448
-28%
9 011
-33%
12 790
+42%
13 179
+3%
14 344
+9%
9 553
-33%
14 515
+52%
13 518
-7%
10 440
-23%
13 302
+27%
(14 685)
N/A
(10 753)
+27%
(14 328)
-33%
(2 498)
+83%
26 149
N/A
21 711
-17%
45 401
+109%
37 224
-18%
33 668
-10%
39 125
+16%
13 027
-67%
23 210
+78%
50 512
+118%
44 029
-13%
56 397
+28%
32 101
-43%
18 798
-41%
26 410
+40%
(22 032)
N/A
22 749
N/A
37 620
+65%
51 610
+37%
103 707
+101%
61 403
-41%
66 042
+8%
66 189
+0%
69 861
+6%
73 562
+5%
41 455
-44%
(266)
N/A
(12 564)
-4 623%
(11 660)
+7%
(24 198)
-108%
(18 396)
+24%
49 028
N/A
46 909
-4%
62 445
+33%
91 267
+46%
28 934
-68%
34 202
+18%
38 481
+13%
38 389
0%
34 353
-11%
21 749
-37%
18 463
-15%
10 011
-46%
1 987
-80%
(10 813)
N/A
(3 840)
+64%
(1 293)
+66%
EPS (Diluted)
32.94
N/A
23.89
-27%
32.46
+36%
37.33
+15%
73.83
+98%
58.44
-21%
50.71
-13%
55.66
+10%
48.6
-13%
59.32
+22%
57.54
-3%
64.72
+12%
85.04
+31%
81.38
-4%
52.87
-35%
38.53
-27%
47.28
+23%
59.53
+26%
47
-21%
33.77
-28%
22.64
-33%
32.13
+42%
33.11
+3%
35.94
+9%
24
-33%
36.46
+52%
33.96
-7%
26.16
-23%
33.42
+28%
-36.9
N/A
-26.94
+27%
-35.9
-33%
-6.26
+83%
65.54
N/A
54.41
-17%
113.5
+109%
93.29
-18%
84.38
-10%
97.81
+16%
32.56
-67%
58.08
+78%
126.28
+117%
110.34
-13%
140.99
+28%
80.3
-43%
46.98
-41%
66.03
+41%
-55.08
N/A
56.87
N/A
94.05
+65%
129.02
+37%
259.26
+101%
153.56
-41%
165.19
+8%
165.56
+0%
174.73
+6%
183.99
+5%
103.69
-44%
-0.66
N/A
-31.46
-4 667%
-29.19
+7%
-60.58
-108%
-46.05
+24%
122.62
N/A
117.33
-4%
156.3
+33%
228.42
+46%
72.36
-68%
85.54
+18%
96.24
+13%
96.01
0%
85.91
-11%
54.39
-37%
46.19
-15%
25.03
-46%
4.97
-80%
-27.06
N/A
-9.62
+64%
-3.25
+66%

See Also

Summary
Intrinsic value, competitors valuation, and company profile.
DCF Valuation
Stock valuation using Discount Cash Flow valuation method.
Relative Valuation
Stock valuation using valuation multiples.
Wall Street Estimates
Price targets and financial estimates made by Wall st analysts.
Profitability Analysis
Detailed analysis of the company's profitability.
Solvency Analysis
Analysis of the financial position and solvency of the company.
Financials
Income Statement, Balance Sheet, Cash Flow Statement.
Discount Rate
Stock discount rate: cost of equity and WACC.
Summary
DCF Valuation
Relative Valuation
Wall Street Estimates
Profitability Analysis
Solvency Analysis
Financials
Discount Rate
Discover More
ALPHA SPREAD
Follow us
Join more than 302,200+ value investors using Alpha Spread
Create Free Account
or see our plans & pricing

Company

About Us Careers Pricing Affiliate Program Terms of Service Privacy Policy

Help

What is Intrinsic Value? Help Center Contact Us

Tools

Stock Screener Intrinsic Value Calculator DCF Value Calculator Discount Rate Calculator

Stocks

Most Undervalued Stocks Wide Economic Moat Stocks High Profitability Stocks High Solvency Stocks Most Popular Stocks

© 2025 Alpha Spread Limited. All Rights Reserved.

www.alphaspread.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on www.alphaspread.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. In no event shall Alpha Spread Limited be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on www.alphaspread.com, or relating to the use of, or inability to use, www.alphaspread.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance.