Baidu (BIDU) Stock Overview
Provides internet content, value-added telecommunication-based, internet map, and online audio and video services in the People’s Republic of China. More details
| Snowflake Score | |
|---|---|
| Valuation | 2/6 |
| Future Growth | 3/6 |
| Past Performance | 0/6 |
| Financial Health | 4/6 |
| Dividends | 0/6 |
Rewards
Risk Analysis
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BIDU Community Fair Values
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Analyst Price Targets
Top Community Narratives
Baidu, Inc. Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$92.03 |
| 52 Week High | US$165.30 |
| 52 Week Low | US$89.60 |
| Beta | 0.57 |
| 1 Month Change | -15.95% |
| 3 Month Change | -20.74% |
| 1 Year Change | -14.47% |
| 3 Year Change | -33.05% |
| 5 Year Change | -43.10% |
| Change since IPO | 651.02% |
Recent News & Updates
Seeking Alpha • Aug 26
Baidu Q2: AI Infrastructure Is Gaining Momentum, But Search Faces Structural Pressure
Summary Baidu is transforming into an AI-driven company, with AI now contributing over 50% of revenue since Q1 2026. I maintain a HOLD rating on BIDU, as the legacy search business faces AI disruption and the AI infrastructure segment faces intense competition. My DCF valuation yields a fair value range of $90.25–$102.7, implying current pricing is fully valued with limited upside. Autonomous driving (Apollo) offers future potential, but monetization remains uncertain amid regulatory and operational challenges. Read the full article on Seeking Alpha
Narrative Update • Aug 26
BIDU: AI Partnerships And Chip Spin Off Will Shape Advertising Recovery
Analysts have reduced their fair value estimate for Baidu from $101.60 to $94.47 as they factor in higher AI investment costs, softer margins, and ongoing pressure on the core advertising and search businesses, while still noting continued interest in the company's longer term AI opportunities. Analyst Commentary Recent research on Baidu highlights a clear split between optimism on AI and growing caution on the near term trade off between investment and profitability.Recent updates
Seeking Alpha • Aug 26
Baidu Q2: AI Infrastructure Is Gaining Momentum, But Search Faces Structural Pressure
Summary Baidu is transforming into an AI-driven company, with AI now contributing over 50% of revenue since Q1 2026. I maintain a HOLD rating on BIDU, as the legacy search business faces AI disruption and the AI infrastructure segment faces intense competition. My DCF valuation yields a fair value range of $90.25–$102.7, implying current pricing is fully valued with limited upside. Autonomous driving (Apollo) offers future potential, but monetization remains uncertain amid regulatory and operational challenges. Read the full article on Seeking AlphaNarrative Update • Aug 26
BIDU: AI Partnerships And Chip Spin Off Will Shape Advertising Recovery
Analysts have reduced their fair value estimate for Baidu from $101.60 to $94.47 as they factor in higher AI investment costs, softer margins, and ongoing pressure on the core advertising and search businesses, while still noting continued interest in the company's longer term AI opportunities. Analyst Commentary Recent research on Baidu highlights a clear split between optimism on AI and growing caution on the near term trade off between investment and profitability.
Narrative Update • Aug 12
BIDU: Apple AI Partnership Will Redefine Equity Narrative Going Forward
Analysts have trimmed their fair value estimate for Baidu to about $165.74 from about $176.41, reflecting lower company price targets that weigh weaker core advertising trends and higher AI investment needs against potential AI partnership and spin off catalysts. Analyst Commentary Recent Street research on Baidu highlights a mix of optimism around AI partnerships and spin off potential, along with concern about pressure on the core advertising business and the investment needed to build out AI capabilities.Narrative Update • Jul 29
BIDU: AI Partnerships And Chip Spin Off Will Test Advertising Headwinds
Analyst price targets for Baidu have moved slightly lower, with the fair value estimate shifting from $105.77 to $101.60 as analysts factor in weaker online advertising trends along with higher AI investment needs, and a mix of both reduced and raised Street targets ranging from $124 to $205. Analyst Commentary Recent commentary on Baidu highlights a split view.Narrative Update • Jul 15
BIDU: AI Pivot And Chip Spin Off Will Confront Advertising Headwinds
Analysts have reduced their fair value estimate for Baidu to about $105.77 from $114.81. This reflects lower price targets tied to softer core advertising trends, higher AI investment, and mixed views on the potential impact of the planned chip unit spin off.
Narrative Update • Jun 30
BIDU: Planned Chip Spin-Off And Robotaxis Will Drive Future Legacy Recovery
Baidu's updated fair value estimate has nudged higher to about $248 as analysts factor in mixed signals from recent price target revisions, including Citi's short term catalyst watch linked to the potential chip business spin off and Susquehanna's view that AI driven growth and legacy marketing pressure leave the stock trading on what they see as an undemanding valuation. Analyst Commentary Recent research on Baidu reflects a mix of optimism around its AI and chip efforts alongside caution about pressure in its legacy online marketing business.Narrative Update • Jun 16
BIDU: AI Cloud And Autonomous Push Will Likely Offset Ongoing Advertising Pressure
Analysts report a mixed shift in Baidu sentiment, with one raising the price target to $140 from $120 on stronger AI Cloud Infra traction and another trimming expectations. The overall fair value estimate for the stock remains broadly unchanged near $115, as legacy online marketing headwinds continue to offset AI-driven growth.Analysis Article • Jun 16
Baidu (NasdaqGS:BIDU) Stock Valuation After Apollo Go’s New Switzerland Permit
Why Baidu (NasdaqGS:BIDU) is back in focus after Switzerland’s Apollo Go permit Baidu (NasdaqGS:BIDU) is in the spotlight after Switzerland’s Federal Roads Office granted a special permit for Level 4 autonomous operations. This allows its Apollo Go powered AmiGo service to run trials in Eastern Switzerland. This permit supports Baidu’s push to apply its autonomous driving system in real world European conditions, with open road testing already underway across an approximately 80 km service...Narrative Update • Jun 02
BIDU: AI Cloud Gains Will Likely Lag Ongoing Advertising And Profit Pressures
Narrative Update on Baidu Baidu's fair value estimate has moved from $109.85 to $114.87 as analysts factor in ongoing AI business traction, particularly in AI Cloud Infra. This change still accounts for pressure from the legacy online marketing segment and mixed shifts in recent price targets between roughly $120 and $140.Narrative Update • May 19
BIDU: AI Transition And Robotaxis Will Drive Future Legacy Recovery
Narrative Update: Baidu Analysts have adjusted Baidu's fair value estimate slightly higher to $241.22, supported by updated views on the company's AI transition, changes to price targets around $120 to $128, and refreshed assumptions for revenue growth, profit margins, and future P/E. Analyst Commentary Recent Street research reflects a mixed but generally constructive view on Baidu, with several firms updating price targets as the company continues its shift from legacy online marketing to an AI focused model.Narrative Update • Apr 29
BIDU: AI Transition And Global Robotaxi Expansion Will Reshape Legacy Headwinds
Analysts have slightly trimmed Baidu's implied fair value to about $240 per share. This reflects recent price target resets that balance cautious views on its legacy online marketing business with continued interest in its AI-first transition story.Narrative Update • Apr 15
BIDU: AI Transition Will Gradually Overtake Legacy Marketing Headwinds
Analyst fair value for Baidu has shifted from $219.25 to $244.55 as analysts factor in higher projected revenue growth tied to AI related products, while also acknowledging continued pressure on the legacy online marketing business and adjusting assumptions such as the discount rate and future P/E. Analyst Commentary Recent Street research on Baidu points to a split view, with some firms trimming price targets while others highlight upside tied to the company’s push into AI related products.Narrative Update • Mar 31
BIDU: AI Transition And Chip Spinoff Will Reshape Equity Narrative
Analysts made a small trim to the fair value estimate, alongside mixed price target moves. Some raised Baidu targets up to $180 on AI transition and chip spinoff potential, while others nudged targets lower as legacy online marketing softness and a slightly higher discount rate offset stronger assumptions for AI driven revenue growth and future P/E.Narrative Update • Mar 17
BIDU: AI Transition Will Likely Lag Persistent Weakness In Legacy Advertising
Analysts have nudged Baidu's fair value estimate higher to about $110 as they update price targets, citing the ongoing shift toward AI driven businesses, including chips and related products, while still accounting for pressure in the legacy online marketing segment. Analyst Commentary Recent Street research on Baidu reflects a mix of optimism around its AI pivot and caution around execution risk and the health of its legacy businesses.Narrative Update • Mar 03
BIDU: Chip Spinoff And AI Scale Are Expected To Reprice Shares
Analysts have raised their Baidu price targets by a few dollars, citing support from increasing Street targets related to the proposed Kunlun Chip spinoff and expectations for steadier long term profitability that, in their view, support a slightly higher future P/E of around 25x. Analyst Commentary Bullish Takeaways Bullish analysts point to the proposed Kunlun Chip spinoff as a key reason for higher valuation, with one large bank explicitly tying a US$180 target to this business being valued more fully on a standalone basis.Narrative Update • Feb 17
BIDU: AI Cloud And Chip Spinoff Are Expected To Reprice Shares
The analyst fair value estimate for Baidu has moved from $151.99 to $176.93, as analysts point to a higher assumed future P/E multiple and a growing emphasis on Baidu's AI and chip assets, including the Kunlun business and cloud, supported by a series of recent price target raises and upgrades. Analyst Commentary Recent Street research on Baidu has turned more constructive, with several firms lifting price targets and, in some cases, upgrading ratings as they reassess the value of Baidu's AI, cloud, and chip assets.Narrative Update • Feb 03
BIDU: AI Pivot And Chip Spinoff May Not Offset Weak Ad Core
We lift our Baidu fair value estimate to US$106.46 from US$94.75, reflecting analysts' higher price targets tied to expectations for stronger AI, cloud and Kunlun chip contributions, slightly improved revenue growth and profit margins, and a higher assumed future P/E multiple. Analyst Commentary Recent Street research on Baidu points to a generally constructive stance on the stock, with many firms lifting price targets and highlighting AI, cloud, and the Kunlun chip business as key parts of the equity story.Narrative Update • Jan 20
BIDU: AI And Cloud Ambitions Will Struggle To Offset Ad Weakness
Analysts have lifted their fair value estimate for Baidu from US$71.17 to US$94.75. This reflects higher assumed revenue growth, a slightly adjusted discount rate, modestly stronger profit margins, and a higher future P/E multiple in light of increased optimism around AI, cloud, and the Kunlun chip business.Narrative Update • Jan 05
BIDU: AI Cloud And Robotaxis Will Reshape Earnings Mix
Analysts have significantly raised their price targets on Baidu, increasing our fair value estimate from US$140.55 to US$219.25 as they highlight the potential for faster growth in AI-driven cloud services, improving profit margins, and a higher assumed future P/E multiple. Analyst Commentary Recent Street research points to a clear shift in tone around Baidu, with several bullish analysts lifting ratings and price targets as they reassess the company’s AI and cloud roadmap, capital allocation, and segment mix.Analysis Article • Jan 03
Investors Appear Satisfied With Baidu, Inc.'s (NASDAQ:BIDU) Prospects As Shares Rocket 28%
Baidu, Inc. ( NASDAQ:BIDU ) shares have had a really impressive month, gaining 28% after a shaky period beforehand...Narrative Update • Dec 19
BIDU: AI Cloud And Robotaxis Will Drive Future Earnings Multiple Expansion
Analysts have nudged our Baidu fair value estimate slightly higher to approximately $152 per share, citing a wave of price target hikes and upgrades. They note growing confidence that accelerating AI cloud growth, emerging robotaxi monetization, and potential capital returns could support sustained earnings expansion and margin recovery into 2026.Narrative Update • Dec 05
BIDU: AI Cloud And Chips Will Drive Future Earnings Multiple Expansion
We raise our Baidu fair value estimate to approximately $152 from $147 as analysts lift price targets. This is based on growing conviction that AI cloud, autonomous driving, and Kunlun chip initiatives will drive faster top line growth and support a modestly higher future earnings multiple, despite some near term margin pressure.Narrative Update • Nov 20
BIDU: AI and Chip Advances Will Drive Future Margin Recovery and Expansion
Baidu's analyst price target has been raised from approximately $141 to $147 per share. This increase reflects analysts' increased optimism, which is driven by stronger AI momentum, improving margins, and expectations for earnings growth in the coming quarters.Narrative Update • Nov 06
BIDU: Future AI Chip Progress Will Drive Upside Despite Advertising Weakness
Baidu's fair value estimate has been raised by approximately $1 to $140.57. Analysts point to a wave of price target upgrades, driven by progress in AI chip development and solid performance in cloud computing, despite ongoing advertising headwinds.Narrative Update • Oct 23
Analysts Raise Baidu Price Targets on AI and Cloud Optimism Despite Advertising Concerns
Baidu's analyst fair value estimate has increased from $127.36 to $139.50. Analysts cite rising price targets driven by optimism around AI chip potential, strong cloud growth, and a favorable re-evaluation of the company’s business segments.Narrative Update • Oct 09
China Digital Boom Will Fuel AI Cloud Potential Amid Risks
Baidu's fair value estimate has been raised to $127.36 from $117.66. Analysts cite growing momentum in AI initiatives and the strengthening of its chip and enterprise cloud businesses as key drivers for their upward price target revisions.Narrative Update • Sep 25
China Digital Boom Will Fuel AI Cloud Potential Amid Risks
Analysts have raised Baidu’s price target from $101.76 to $117.66, citing progress in AI, strong Kunlun chip momentum—especially in enterprise cloud and notable customer wins like China Mobile—which are expected to offset lingering online advertising headwinds and support a higher valuation. Analyst Commentary Bullish analysts cite Baidu's recent advancements in artificial intelligence, including securing large customers for AI partnerships and progress on the Kunlun chip.Narrative Update • Sep 10
China Digital Boom Will Fuel AI Cloud Potential Amid Risks
Analysts have modestly raised Baidu's price target to $101.76, citing ongoing monetization headwinds in online marketing due to the AI search transition, which are partially offset by strong momentum in the AI cloud business and a relatively attractive valuation. Analyst Commentary Continued monetization headwinds in Baidu's online marketing business due to the transition toward AI-powered search.Seeking Alpha • Mar 26
Baidu: We Have Seen A Business Like This Before
Summary Baidu, often called "China's Google," offers significant upside potential, trading at a fraction of Google's valuation with a price-to-sales ratio of 1.79 and PE of 10.33. Baidu's diversification into AI, autonomous driving, cloud computing, and other sectors positions it for future growth beyond its dominant 51.45% search engine market share in China. Despite regulatory and geopolitical risks, Baidu's strategic investments and market position make it a compelling opportunity for risk-tolerant investors seeking exposure to China's digital economy. DCF analysis suggests a target price range of $106.21-133.96 per share, indicating a potential 12.34-41.7% upside from current levels. Read the full article on Seeking AlphaSeeking Alpha • Mar 20
Baidu: Phoenix Is Rising From The Ashes
Summary Baidu, Inc.'s launch of ERNIE 4.5 and ERNIE X1 models marks a significant advancement in GenAI, with the Chinese tech conglomerate now offering superior performance at a fraction of competitors' costs. Despite macroeconomic challenges, Baidu's Q4 2024 results showed strong AI Cloud growth and promising developments in the Apollo Go robotaxi business. BIDU stock remains undervalued, with a fair value estimate of ~$172.7 per share and a potential rise to ~$316 per share in five years. I reiterate a "Strong Buy" rating for BIDU in the $90s, citing robust fundamentals, attractive valuation, and positive technical indicators. Read the full article on Seeking AlphaSeeking Alpha • Feb 19
Baidu: Struggling A Bit, But Is Undervalued With Long-Term Potential
Summary Despite recent underperformance, I remain long-term bullish on Baidu due to its undervaluation and growth potential in AI, cloud, and autonomous driving. Baidu's Q4 and FY 2024 results showed mixed performance, with revenue declines but significant EPS growth driven by higher "other income.". Baidu faces challenges in its core search business, losing market share to Bing, but its AI Cloud and Apollo Go show promising growth. At a P/E ratio of 12 and P/FCF ratio of 8.1, Baidu is deeply undervalued, presenting a strong investment opportunity. Read the full article on Seeking AlphaSeeking Alpha • Feb 04
Baidu: Big AI Upside With Downside Protection
Summary Baidu has very promising AI and robotaxi technologies, despite weak recent growth and market skepticism. Baidu's partnership with Apple on AI integration for Chinese iPhones could generate substantial future revenues, though implementation snags have raised doubts about the project. The stock has strong downside protection with net cash and long-term investments nearly matching the market cap. Baidu's potential AI growth in 2025 and expanding robotaxi operations offer significant upside, but the timeline for material revenue growth remains uncertain. Read the full article on Seeking AlphaSeeking Alpha • Jan 07
Baidu: Too Cheap To Ignore
Summary Baidu's shares surged in September due to Beijing's stimulus packages, creating a new buying opportunity at a favorable valuation for investors. I rated Baidu a strong buy in June due to its robust online advertising business, strong free cash flow, and capital return potential. Despite no top line growth in Q3, Baidu's low P/E ratio, high FCF, and strong operating income make it an attractive investment. Risks include potential government influence and a slowdown in the core digital marketing business, but Baidu remains a promising tech play with strong profitability and shareholder returns. Read the full article on Seeking AlphaSeeking Alpha • Dec 27
Baidu Is Cheap And Has Low Growth, But AI Is A Wildcard
Summary Baidu stock is recommended due to its strong AI capabilities and dominant position in China's search engine market. The company's robust financial performance and strategic investments in autonomous driving and cloud services bolster its growth potential. Despite regulatory challenges, Baidu's diversified portfolio and innovation in AI technology provide a competitive edge. The stock is rated as a buy, with significant upside potential driven by its technological advancements and market leadership. Read the full article on Seeking Alpha
New Narrative • Nov 24
ERNIE 40 Turbo And AI Cloud Fuel A Promising Transformation Toward Growth And Innovation
AI-driven transformation and ERNIE expansion could boost revenue and user engagement through enhanced product offerings and enterprise adoption.Seeking Alpha • Nov 22
Baidu Q3 2024 Review: The Good, The Bad, And The Ugly
Summary With Baidu reporting a double miss for Q3 2024, BIDU stock has dipped by ~6% to a multi-year support zone in the low $80s. In Q3, Baidu's AI Cloud and Apollo Go businesses made tremendous progress, but online marketing revenue shrunk -4% y/y amid headwinds from macroeconomic factors and "Search" renovation. Baidu's long-term prospects are strong, with significant advancements in AI and autonomous driving, supported by a robust balance sheet and potential for substantial future growth. TQI's fair value estimate for Baidu has been adjusted to ~$175 per share. However, with a potential 5-year CAGR of ~32%, BIDU remains a highly asymmetric risk/reward opportunity. Read the full article on Seeking AlphaSeeking Alpha • Nov 15
The Big Short's Michael Burry: Betting On China With Baidu And Others
Summary Michael Burry's Scion Asset Management has significant positions in Alibaba, Baidu, and JD.com, with puts as hedges against potential downturns in Chinese stocks. Baidu, Inc., often called the “Google of China,” offers growth potential in AI and autonomous driving, trading at a low valuation with strong cash flows. Despite China-specific risks, Baidu's low earnings multiple and reliable earnings performance make it an attractive long-term investment. Michael Burry's continued investment in BIDU highlights its potential, warranting a closer look at Scion Asset Management's other Chinese stock picks. Read the full article on Seeking AlphaSeeking Alpha • Nov 06
Baidu: Buy After The Post-Stimulus-News Dip, Big FCF Yield
Summary Global fund managers are optimistic about worldwide economic growth, driven by China's significant stimulus, despite mixed recent fund flows and low expectations for China. Baidu's strong profitability, low P/E ratio, and consistent earnings beats make it a compelling buy, though risks include China's economic weakness and regulatory clampdowns. Baidu's technical chart shows mixed signals with key resistance at $114-$116 and a declining 200-day moving average, indicating ongoing trading range challenges. I have a buy rating on Baidu due to its undervaluation, with potential upside from further Chinese stimulus and its robust free cash flow. Read the full article on Seeking AlphaSeeking Alpha • Oct 25
It's Time To Buy Baidu Again
Summary Baidu is highly undervalued, with significant potential from its AI/robotaxi segment not factored into its stock price, making it a strong buy around $90. Technical indicators suggest Baidu has likely bottomed at $80, presenting an excellent opportunity to initiate or add to positions below $100. Baidu's consistent earnings outperformance and low P/E ratio indicate substantial upside potential, with price targets suggesting 40-100% gains in the next twelve months. Risks include increased competition in search and cloud, geopolitical tensions, and the need for improved growth in China, but the bullish outlook remains strong. Read the full article on Seeking AlphaSeeking Alpha • Oct 02
Baidu: Re-Evaluating The AI Outlook
Summary Baidu just held an upbeat AI-focused conference. But beneath the hood, the caveats are notable. Still, at current prices, there remains far more reward than risk. Read the full article on Seeking AlphaShareholder Returns
| BIDU | US Interactive Media and Services | US Market | |
|---|---|---|---|
| 7D | -2.4% | 1.0% | -0.2% |
| 1Y | -14.5% | 17.0% | 14.8% |
Return vs Industry: BIDU underperformed the US Interactive Media and Services industry which returned 17% over the past year.
Return vs Market: BIDU underperformed the US Market which returned 14.8% over the past year.
Price Volatility
| BIDU volatility | |
|---|---|
| BIDU Average Weekly Movement | 6.4% |
| Interactive Media and Services Industry Average Movement | 9.0% |
| Market Average Movement | 6.9% |
| 10% most volatile stocks in US Market | 15.5% |
| 10% least volatile stocks in US Market | 2.9% |
Stable Share Price: BIDU has not had significant price volatility in the past 3 months compared to the US market.
Volatility Over Time: BIDU's weekly volatility (6%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 2000 | 33,500 | Robin Li | ir.baidu.com |
Baidu, Inc. provides internet content, value-added telecommunication-based, internet map, and online audio and video services in the People’s Republic of China. It operates in two segments, Baidu General Business and iQIYI. The Baidu General Business segment offers products and services for mobile ecosystem, AI cloud, and intelligent driving.
Baidu, Inc. Fundamentals Summary
| BIDU fundamental statistics | |
|---|---|
| Market cap | US$31.39b |
| Earnings (TTM) | -US$687.39m |
| Revenue (TTM) | US$18.98b |
1.6x
P/S Ratio-45.4x
P/E RatioIs BIDU overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| BIDU income statement (TTM) | |
|---|---|
| Revenue | CN¥127.31b |
| Cost of Revenue | CN¥75.28b |
| Gross Profit | CN¥52.04b |
| Other Expenses | CN¥56.65b |
| Earnings | -CN¥4.61b |
Last Reported Earnings
Jun 30, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | -13.60 |
| Gross Margin | 40.87% |
| Net Profit Margin | -3.62% |
| Debt/Equity Ratio | 35.2% |
How did BIDU perform over the long term?
See historical performance and comparisonCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/09 04:15 |
| End of Day Share Price | 2026/09/09 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Baidu, Inc. is covered by 72 analysts. 33 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Tianli Wen | Aletheia Analyst Network Limited |
| Zixiao Yang | Arete Research Services LLP |
| Richard Kramer | Arete Research Services LLP |