olivLaw · European equity research
Compass Group PLC CPG.L
United Kingdom · London Stock Exchange · ISIN GB00BD6K4575 · Vertical: Listed companies from United Kingdom
Compass Group is a global provider of contract food and support services, organised around a sectorised business model and expanding through acquisitions in Europe. For fiscal 2025 the company reported organic revenue growth of 8.7%, and management estimates the addressable market at around 360 bn USD, keeping the long-term growth outlook in focus for investors.
At the close of 05 Nov 2026, Compass Group PLC (CPG.L) stock was 34.11 USD (−0.70% on the day), with market capitalisation 57.9 bn USD, P/E 31.0 on diluted EPS of 1.10 USD over the last 12 months, beta 0.32, 52-week range 27.17–34.49 USD.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 62.5
- strong (55–70)
- Bollinger (20, 2)
- 30.89 – 35.23
- in the upper half of the band · %B 0.74 · band width 13.1%
- SMA 50 / 200
- 31.42 / 30.82
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.85 / 0.81
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +13.7% | −0.6% | +14.3 pp | — |
| 3 months | +5.3% | −4.2% | +9.4 pp | — |
| 6 months | +16.5% | +4.3% | +12.1 pp | — |
| Year to date | +7.2% | +7.5% | −0.4 pp | — |
| 1 year | +3.1% | +9.9% | −6.9 pp | +5.8% |
| 3 years | +34.1% | +49.8% | −15.7 pp | +26.3% |
| 5 years | +57.7% | +42.8% | +14.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 26.5, median 30.9, max 39.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 37.9 bn | 42.0 bn | 46.1 bn |
| Revenue YoY | unavailable | +10.8% | +9.7% |
| Net income | 1.6 bn | 1.4 bn | 1.9 bn |
| Net income YoY | unavailable | −12.6% | +33.0% |
| Diluted EPS | 0.92 | 0.82 | 1.10 |
| Diluted EPS YoY | unavailable | −10.7% | +33.7% |
| net % | 4.2% | 3.3% | 4.1% |
| Free cash flow | 2.1 bn | 2.6 bn | 2.8 bn |
Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 575.0 m USD
- Financial debt
- 5.4 bn USD
- Net debt
- 4.9 bn USD
- Equity
- 7.8 bn USD
- Total assets
- 26.7 bn USD
- Debt / equity
- 0.70x
- Current ratio
- 0.73x
- ROE
- 25.5%
- ROA
- 7.3%
- FCF margin
- 6.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 37.9 bn | 42.0 bn | 46.1 bn | esef· 08 Jan 2026verified |
| Operating income | 2.3 bn | 2.6 bn | 3.0 bn | esef· 08 Jan 2026verified |
| Interest expense | 225.0 m | 393.0 m | 429.0 m | esef· 08 Jan 2026verified |
| Pre-tax income | 2.1 bn | 2.1 bn | 2.6 bn | esef· 08 Jan 2026verified |
| Income tax | 525.0 m | 642.0 m | 704.0 m | esef· 08 Jan 2026verified |
| Net income | 1.6 bn | 1.4 bn | 1.9 bn | esef· 08 Jan 2026verified |
| Diluted EPS | 0.92 | 0.82 | 1.10 | esef· 08 Jan 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.0 bn | 623.0 m | 575.0 m | esef· 08 Jan 2026verified |
| Receivables | 5.1 bn | 5.7 bn | 6.4 bn | esef· 08 Jan 2026verified |
| Inventories | 692.0 m | 734.0 m | 820.0 m | esef· 08 Jan 2026verified |
| Current assets | 7.0 bn | 7.5 bn | 7.8 bn | esef· 08 Jan 2026verified |
| Property, plant & equipment, net | 1.2 bn | 1.4 bn | 1.6 bn | esef· 08 Jan 2026verified |
| Goodwill | 6.1 bn | 6.9 bn | 7.7 bn | esef· 08 Jan 2026verified |
| Intangibles (excl. goodwill) | 2.5 bn | 3.3 bn | 4.0 bn | esef· 08 Jan 2026verified |
| Total assets | 21.5 bn | 24.3 bn | 26.7 bn | esef· 08 Jan 2026verified |
| Short-term debt | 1.3 bn | 822.0 m | 1.0 bn | esef· 08 Jan 2026verified |
| Long-term debt | 2.8 bn | 3.8 bn | 4.4 bn | esef· 08 Jan 2026verified |
| Current liabilities | 9.3 bn | 10.1 bn | 10.7 bn | esef· 08 Jan 2026verified |
| Total liabilities | 15.2 bn | 17.4 bn | 19.0 bn | esef· 08 Jan 2026verified |
| Equity | 6.3 bn | 6.9 bn | 7.8 bn | esef· 08 Jan 2026verified |
| Shares outstanding at year end | 1.7 bn | 1.7 bn | 1.7 bn | esef· 08 Jan 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 2.5 bn | 3.1 bn | 3.4 bn | esef· 08 Jan 2026verified |
| Capex | 445.0 m | 572.0 m | 545.0 m | esef· 08 Jan 2026verified |
| Free cash flow | 2.1 bn ≈ | 2.6 bn ≈ | 2.8 bn ≈ | esef· 08 Jan 2026derived |
| Investing cash flow | -1.2 bn | -1.5 bn | -2.4 bn | esef· 08 Jan 2026verified |
| Financing cash flow | -2.6 bn | -1.9 bn | -1.0 bn | esef· 08 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 57.9 bn USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
52% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 12.41 – 42.05 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)25.79 – 42.05 (Mid 32.02)WACC 8.9% · starting FCFF 3.1 bn USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 12.4%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E12.41 – 19.13 (Mid 15.85)17 companies used · median multiple 14.4x · quartiles 11.3x – 17.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 18.4% | 71 (vs peers) | 20% |
| Net margin · Quality | 4.1% | 34 (vs peers) | 12% |
| FCF conversion · Quality | 151.0% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 6.9x | 83 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 31.0x | 6 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.9% | 61 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet50/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality69/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation30/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
COMPASS GROUP PLC (CPG.L). Latest full fiscal year: 2025; data up to 2025-09-30.
Figures computed from the financial statements: revenue 46.1 bn USD in 2025; YoY growth 9.7%; net margin 4.1%; ROE 25.8%.
The estimated value range is 19.10–30.59 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 23.94 USD, the price of 34.11 USD leaves a potential of -29.8% (value / price − 1) and a margin of safety of -42.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 18.4%
- FCF conversion: 151.0%
- Interest coverage: 6.9x
What contradicts it
- Current ratio: 0.7x
- P/E (TTM): 31.0x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| CPG.LCompass Group PLC | 57.9 bn | 31.0 | 25.8% | 4.1% | +9.7% | +9% / +34% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for CPG.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 21.25 Total return -38% · Per year -38% | 37.48 Total return 10% · Per year 10% | 56.34 Total return 65% · Per year 65% |
| 3 years | 22.83 Total return -33% · Per year -13% | 45.09 Total return 32% · Per year 10% | 74.10 Total return 117% · Per year 30% |
| 5 years | 24.53 Total return -28% · Per year -6% | 54.25 Total return 59% · Per year 10% | 97.46 Total return 186% · Per year 23% |
- Exit P/E± 11.27
- Net margin± 7.89
- Annual revenue growth± 6.17
- Annual dilution± 0.66
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Compass Group is a global provider of contract food and support services, organised around a sectorised business model and expanding through acquisitions in Europe. For fiscal 2025 the company reported organic revenue growth of 8.7% 1, and management estimates the addressable market at around 360 bn USD 1, keeping the long-term growth outlook in focus for investors.
SWOT
Strengths
- The company has global scale and a decentralised sectorised model, giving it flexibility and bargaining power 1.
- Client retention is high, and net new business growth has stayed within the target range for several consecutive years 1.
- The balance sheet is strong with an investment grade rating, and the group has substantial available liquidity for investment 1.
Weaknesses
Opportunities
Risks
- Food safetyhigh
A serious food safety incident could damage reputation and client contracts, and the group has already reported incidents above its global limit 1.
- Acquisition integrationmedium
European and North American acquisitions could bring integration costs and smaller synergies than expected 1.
- Cost pressuremedium
Rising food costs could compress margins if they cannot be passed on to clients 1.
- Indebtednesslow
Net debt has increased, and acquisition funding could become more expensive if financing conditions worsen 1.
- Regulation and compliancelow
The company operates in several jurisdictions, and regulatory changes or compliance incidents could generate additional costs 1.
Investment thesis
What would need to be true (bull case)
- Organic growth remained strong, supported by client retention and net new business growth within the target range 1.
- The market is large and still largely outsourced only in part, and the group's share is modest, leaving room for long-term growth 1.
- The company generates significant free cash flow and has high liquidity to continue acquisitions 1.
What to watch
- Organic growth and net new business trajectoryFull-year 2026 results
- Completion of the Vermaat acquisition and integration of European businesses2026
- Trend in underlying operating margin and food costsQ1 2026
- New safety walks KPI and food safety incident rate2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Compass Group PLC is a global food and support services provider headquartered in the UK and listed in London. It organises its activity into sectors such as business and industry, sports and leisure, education, defence and offshore, and healthcare and senior living. In fiscal 2025 underlying revenue was 46,127 mn USD 1, and the group describes its decentralised model with global scale as a core advantage 1.
Reporting is split into two regions: North America, with underlying revenue of 31,417 mn USD 1, and International, reorganised in October 2024 by combining Europe with the rest of the world, which generated 14,710 mn USD 1. Statutory and underlying revenue differ slightly, mainly because of how joint venture results in the Middle East are presented 1.
The company funded growth through acquisitions and investment, spending about 1.3 bn USD net on M&A in fiscal 2025, including Dupont Restauration and 4Service 1. The exit from four countries, Chile, Colombia, Mexico and Kazakhstan, completed its portfolio reshaping programme 1.
Segments
Market context
Management estimates the global contract food services market at around 360 bn USD, with the group holding less than 15% share 1. Nearly three-quarters of the market is still self-operated or served by regional players, which leaves room for further outsourcing 1. According to the company, long-term growth depends on the new capabilities it adds through acquisitions 1.
The market is shaped by operational and macroeconomic pressures, which management says keep interest in outsourcing alive 1. Food costs rose significantly in fiscal 2025, and the group reported that food safety risk remained well controlled 1.
Trends
- Outsourcing of food servicestailwind
Management says many organisations have not yet outsourced food services, which could widen the company's addressable market 1.
- European acquisitionstailwind
The group is investing in European platform acquisitions, and businesses already acquired are beginning to contribute to profit 1. If integration stays on track, this could support profit growth.
- Food cost pressureheadwind
In fiscal 2025 the group absorbed significant additional food costs, and food safety incidents rose slightly 1. If these costs cannot be fully passed on to clients, margins could be affected.
- Portfolio consolidationmixed
The company exited four countries in fiscal 2025, and acquisitions increased capital employed, which reduced ROCE 1. The effect on returns could be mixed in the short term.
Competitive position
The company's regulatory sources do not name individual competitors, but they describe a fragmented market in which nearly three-quarters of activity is still carried out by in-house or regional operators 1. Compass differentiates itself through its sectorised model and global scale 1.
Competition is most visible in tenders for outsourcing contracts and in the ability to retain clients, where the group reports a high retention rate of 96.3% 1. The company says clients value its operational expertise and thought leadership 1.
- Regional and in-house operators
The source describes these players as holding a large part of the market, without naming them.
- Regional food service providers
The source describes them as part of the fragmented market, without naming them.
- Vending and unattended services operators
The Canteen business in North America competes in a niche where the company is expanding its capabilities through acquisitions 1.
- Education sector service providers
Education is one of the sectors where the group operates, but the source does not identify direct competitors.
News & filings
In the press
- Șase corporații gigant din țările nordice vor colabora în domeniul apărării / Ericsson, Kongsberg, Nokia, Terma, Patria și Saab și-au prezentat planurile la Göteborg, la reuniunea Nordic CompassG4Media · 05 Nov 2026 · RO
- Speaking in a second language may shift your moral compass—but it can't overpower itPhys.org · 04 Nov 2026 · EN
- Speaking in a second language may shift your moral compass – but it can’t overpower itThe Conversation — Europe · 04 Nov 2026 · EN
- New national home listing database is taking on Compass in the battle for control of real estate informationCNBC — Top News · 03 Nov 2026 · EN
- Japan’s Economic Diplomacy: A Compass in a Divided WorldThe Diplomat (Asia geopolitics) · 01 Nov 2026 · EN
- Small molecular twists may strengthen nature's magnetic compassPhys.org · 30 Oct 2026 · EN
- COMPASS pathway enables regulatory T cells to prevent devastating autoimmune responses to gut bacteriaMedical Xpress · 29 Oct 2026 · EN
- Ukraine finds Russia’s Geran drones fitted with a compass that works through GPS jamming, but Western electronics still at their coreEuromaidan Press (UA, EN) · 29 Oct 2026 · EN
- battledrones v14: Compass Rose, a four player mapSimon Willison Blog · 24 Oct 2026 · EN
- MerchantPro Compass: Primul trimestru cu dubla taxare a coletelor non-UE aduce +13% comenzi pe magazinele online locale. Fashion trece de la stagnare la +17%Mediafax · 20 Oct 2026 · RO
- ► Terma joins Nordic Compass Defence Track to strengthen Nordic Defence industrial cooperationEuropean Defence Review · 20 Oct 2026 · RO
- Compass Files Suit Over California Home Listing Service RulesBloomberg Markets · 16 Oct 2026 · EN
- Compass Pathways CEO: Psychedelics company will ‘go slow before we go fast’STAT News · 15 Oct 2026 · EN
- Netanyahu accuses Nobel Committee of losing 'moral compass' after Peace PrizeTASS (RU, EN) · 09 Oct 2026 · EN
- Hacker Conversations: Rob Juncker, a Knock at the Door and a Moral CompassSecurityWeek · 01 Oct 2026 · EN
- Neeyamo Global Payroll Compliance AI Enters Its Third Generation with Multi - Agent CompassSurge — GDELT DOC · 30 Sept 2026 · RO
- Pigeons' proposed inner-ear compass runs into a noise problemPhys.org · 23 Sept 2026 · EN
- Bikies, ‘moral compass malfunctions’ and corruption cost: Victoria’s Big Build royal commission holds first public hearingThe Guardian World · 23 Sept 2026 · EN
- How a dissident poet became Ukraine’s moral compassKyiv Independent (UA, EN) · 18 Sept 2026 · EN
- Compass CEO Warns Housing Market Is Splitting Apart as 42% of Homes See Price Cuts, Highest in Nearly a Decade: 'There's Not One Market'Yahoo Finance — News · 13 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202508 Jan 2026
- Annual report 202418 Dec 2024
Sources
- [1] Annual report, fiscal year ended 2025-09-30 (ESEF) · SEC / Compass Group PLC · 30 Sept 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.