Terms and conditions

Last updated 4 August 2026 · RDL 1/2007 (TRLGDCU) · Directive 2011/83/EU · Ley 34/2002 (LSSI-CE)

1. Who you are contracting with

These terms govern your subscription to jlpascual.com. Your counterparty is José Luis Pascual Irigoyen, a sole trader established at Calle Manuela Malasaña 5, 28004 Madrid, Spain, contactable at [email protected]. Full identification details are in the aviso legal.

By subscribing you accept these terms. If you do not accept them, do not subscribe. If you are subscribing as a consumer — that is, outside any trade or profession — the mandatory consumer protections of Spanish and EU law apply to you in full, and nothing here limits them.

2. What the subscription gives you

• Access to every gated research report in the coverage library for as long as your subscription is active. Coverage today is 39 companies; that number changes as coverage grows.
• Access to future reports and to updated versions of existing reports published while you are subscribed.
• Email alerts when a new report or a changed rating is published. These are part of the service, not marketing; you can switch them off without cancelling.
• The ability to request coverage of a company you own. Requests are considered in good faith. They are not guaranteed — a request is not a commitment to publish, and no timescale is promised.

The home page, the coverage list, the track record, the earnings calendar and the free sample report are public and require no subscription.

3. Price and tax

The price is €20 per month, VAT included. That is the total you pay; there are no set-up fees, no hidden charges and no minimum term.

Where Spanish IVA applies, it is included in that figure at the rate in force (currently 21%, art. 90 Ley 37/1992). Where the supply is outside the scope of Spanish IVA because of where you are established, the price you pay is unchanged. Subscribers who need a full invoice showing the tax separately can request one at any time.

I may change the price for future billing periods. If I do, you will be told by email at least 30 days before the new price applies to you, and you can cancel before it takes effect. A price change never applies to a period you have already paid for.

4. Billing, renewal and cancellation

• Payment is taken by Stripe. Card details go to Stripe and are never seen or stored by this site.
• The subscription renews automatically each month until you cancel. Each renewal is charged to the same payment method.
• You can cancel at any time, with no notice period, no cancellation fee and no explanation required — through the Stripe billing portal linked from your receipt, or by emailing me.
• Cancelling stops future charges. Your access continues to the end of the period you have already paid for, and then ends. Cancellation is not the same as withdrawal — see section 5.
• If a payment fails, access is suspended rather than deleted. Pay and it resumes.

5. Your right of withdrawal — 14 days

How to withdraw. Send an unequivocal statement to [email protected] before the 14 days are up. You may use the model form below, but you do not have to — an email saying you are withdrawing is enough (art. 106.1 TRLGDCU). Sending it before the deadline is enough; it does not have to be received or acknowledged before the deadline.

What happens then. I refund everything you paid, using the same payment method, within 14 days of receiving your notice, at no cost to you (art. 107 TRLGDCU). Your access ends when the refund is issued.

Model withdrawal form

(Complete and return this form only if you wish to withdraw from the contract. Anexo I.B TRLGDCU / Annex I(B) Directive 2011/83/EU.)

6. How you may use the research

Your subscription is a personal, non-exclusive, non-transferable licence to read the reports. You may read them, print them for your own use, quote briefly from them with attribution, and rely on them in your own decisions.

You may not: share your login; publish, forward, post or resell the reports or substantial extracts of them; redistribute them within an organisation on a single subscription; or use them to train, fine-tune or evaluate any machine-learning model. Automated scraping of the site is not permitted.

Every report page you open carries your email address as a watermark. If a paid report appears somewhere it should not, the copy identifies the account it came from. This is stated plainly rather than buried, and it is explained in the privacy policy.

Copyright in the reports, the site, the models and the methodology remains with José Luis Pascual. Nothing here transfers any intellectual property right to you.

7. What this service is — and what it is not

8. Accuracy, method and availability

The reports are produced by a large language model running a fixed analytical process under my methodology and my responsibility, from public filings, earnings-call transcripts and market data. That process is described openly on the method section and in the disclosures. It is disclosed rather than hidden because you are entitled to know how what you are reading was made.

Valuations, fair values, forecasts and scenarios are opinions about an uncertain future, not statements of fact and not guarantees. They can be wrong. Data comes from sources believed reliable but is not independently audited and may contain errors. Past performance — including the published track record — is not a reliable indicator of future results.

I aim to keep the site available continuously but do not guarantee uninterrupted access. Maintenance, third-party outages and events outside my control can interrupt it. If an outage is prolonged and material, tell me and I will extend your subscription accordingly.

9. Liability

You are responsible for your own investment decisions. Buying, holding or selling a security on the basis of a report is your decision alone. Investing involves risk, including the loss of the whole amount invested.

To the fullest extent permitted by law, I am not liable for investment losses arising from use of the research, for indirect or consequential loss, or for loss of profit. Where liability cannot lawfully be excluded, it is limited to the amount you paid in the 12 months before the event.

Nothing in this section limits or excludes liability for fraud, for wilful misconduct or gross negligence, for death or personal injury, or any liability that Spanish consumer law does not permit to be excluded (arts. 82–91 TRLGDCU). If any clause here is found unfair or void, the rest continues to apply.

10. Suspension and termination

I may suspend or terminate access, with a refund of any unused paid period, if you share your credentials, redistribute the reports, scrape the site, or attempt to break the access controls. Otherwise, I will give you reasonable notice and a refund of the unused period if I discontinue the service.

11. Changes to these terms

These terms may change. Subscribers will be told by email at least 30 days before a material change takes effect, and may cancel before it does. The version that applies to a dispute is the one in force when the relevant billing period began; superseded versions are available on request.

12. Governing law, disputes and complaints

Complaints first. Email [email protected]. I answer every complaint, and I answer it myself.

Governing law. Spanish law. If you are a consumer resident in another EU or EEA country, this choice does not deprive you of the protection of the mandatory rules of your own country of residence (art. 6 Regulation (EC) 593/2008, Rome I), and you may bring proceedings in the courts of your own domicile (arts. 17–19 Regulation (EU) 1215/2012, Brussels I recast).

Out-of-court dispute resolution. The European Commission's online dispute resolution platform ceased to operate on 20 July 2025 and Regulation (EU) No 524/2013 was repealed by Regulation (EU) 2024/3228; any link to it that you find elsewhere is now dead. In its place:

• I am not currently adhered to any accredited alternative dispute resolution entity, so no ADR body can bind me without my agreement to the specific case. I say this plainly rather than name a scheme I have not joined.
• Spanish consumers may nonetheless take a complaint to the Sistema Arbitral de Consumo through their local Junta Arbitral de Consumo or OMIC, or to the consumer authority of their comunidad autónoma. I will consider in good faith any specific arbitration offer put to me.
• Consumers resident in another EU country can get free help from the European Consumer Centre network — in Spain, cec.consumo.gob.es. The Commission's list of accredited ADR bodies across the EU is at consumer-redress.ec.europa.eu.