Last updated 5 August 2026.

Disclosure

Previous versions of this page are kept and available on request.

Who I am

I’m Lucian Mesaroș, an individual investor based in Romania, with a professional background in IT. I’m the sole author of everything published here — no team, no employer, no company behind it, and nobody else with an interest in what it says. I publish in a personal capacity, as an individual.

I am not licensed, registered, authorised or supervised by ASF, Romania’s financial supervisory authority, or by any regulator anywhere else. I’m not an investment firm, a fund, an asset manager, a broker or a financial adviser. I hold no professional certification — no CFA, no ASF certificate, nothing equivalent. I’m self-taught, and I’d rather you knew that up front than found out later.

What this is

I estimate what companies are worth, mostly with discounted cash flow analysis, and I publish the estimate next to the market price along with the model behind it.

Under EU market-abuse rules, an opinion about what a security is worth counts as an investment recommendation — even when, as here, nobody is being told to buy or sell anything. So those rules apply to me and I follow them. That’s why every valuation carries a dated disclosure block, why my position is stated on every one, and why everything I’ve published lists the past twelve months whether it worked out or not.

What this is not

Nothing here is investment advice, and nothing here is a personal recommendation.

I don’t know who you are, what you own, what you earn, how long you can hold, or what you can afford to lose — and I don’t want to know. Everything is published identically to every reader at the same moment, whether they pay or not. Nothing is tailored to anyone, and nothing should be relied on as though it were.

This applies to companies I cover because a subscriber asked. A request tells me what to look at. It doesn’t make the answer personal to whoever asked, and the answer is always published to everyone.

If you want advice about your own situation, ask an authorised adviser. I’m not one.

My positions

I invest my own money in some of the companies I value. That’s deliberate — it’s the point of the publication, and I wouldn’t trust an analyst with nothing at stake. It’s also a conflict of interest, so:

• Every valuation states whether I own the shares, as at its publication date. That statement also covers anyone closely associated with me — spouse or partner, dependent children, relatives who’ve shared my household for at least a year, and any company I control.
• Position disclosures are frozen at publication. If my position changes, that shows up in a new valuation, never as an edit to an old one.
• What I own lists every company I hold — including ones I’ve never valued, and positions I’ve sold. Sold rows stay visible. A track record with the losers deleted isn’t a track record.
• If a position of mine ever exceeds 0.5% of a company’s issued share capital, I say so separately.

How I trade around what I publish

Disclosing a conflict is one thing; behaving consistently is another. These rules are self-imposed and I hold myself to them:

1. I don’t trade short-term. My shortest holding period is at least 1 year — the same horizon stated in methodology. Nothing I hold is designed to profit from a short-term move in a share price.
2. I establish a position before I publish, never after readers have had time to react.
3. I don’t trade against what I’ve published while it stands. If I change my mind, the change is published first.
4. No derivatives, no options, no short positions on any company I cover. This applies to individual companies, not to broad index positions.
5. Every trade in a covered company is logged — instrument, date, time, direction, size and price.

What I don’t do

I’ve never been paid by a company to value it, and I won’t be. I have no agreement of any kind with any company I write about. I don’t send drafts to companies before publication; if I ever did and changed something as a result, the valuation would say so. I’m not a market maker or liquidity provider, I’ve never underwritten or managed a securities offering, and I provide no services to any company I cover. I accept no advertising or sponsorship from companies, brokers, or anyone holding a position in something I write about.

This publication is not my main source of income. I don’t live off it, and I’m not depending on it to pay for anything.

Facts, estimates and opinions

Company figures are as reported in filings, and I say which filing.

Everything forward-looking — growth, margins, reinvestment, cost of capital, and therefore the estimated value per share itself — is my estimate, and it’s labelled as one. My estimates are frequently wrong, sometimes badly. Valuations that turned out well are no indication that the next ones will.

Records

I keep every published valuation, its model, its sources, and the date and time it was completed, together with a record of my own trades in the companies I cover. Published valuations are append-only and never rewritten. Corrections are published as corrections.

Contact

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If something here is factually wrong, tell me and I’ll correct it publicly.