Terms of service

These are the terms you agree to by using this site or subscribing to it.

About me

Lucian Mesaroș, an individual based in Romania. I'm the sole author of everything here — no team, no employer, no company behind it. You can reach me at contact@lucianmesaros.ro or through the contact form.

What this site is, and what it isn't

I estimate what companies are worth and publish the estimate next to the market price, with the reasoning behind it. They are my opinions and mine alone.

Nothing here is investment advice or a personal recommendation. I'm not licensed or regulated, I don't know your circumstances, and everything is published identically to every reader at the same moment. That includes 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. Disclosure sets this out in full and is part of these terms.

Free and paid

The free side carries the summary, the estimate, the price, the method and assumptions behind it, the sensitivity, the time horizon and the short video. It stays free.

A subscription — €15/month or €150/year — adds the reasoning: where each assumption came from and what would make it wrong, the full-length video, and the spreadsheets and the other resources, all downloadable. It also lets you propose a company. Monthly and annual get identical access to the complete archive.

What a subscription buys, and what it doesn't

It buys access to what's published here for as long as you're subscribed, including everything already in the archive.

What it commits me to is at least one new valuation a week, usually one or two. I publish when the analysis is finished and not to fill a slot, so if a week ever slips — illness, travel, a model that isn't ready — I'm sorry and I'll try to make up for it the week after.

What it doesn't buy: advice, answers about your own situation, or a guarantee that a company you propose will be covered. I read every proposal and choose what to value.

Payment, renewal and cancellation

Payment is handled by Stripe. Your card details are stored on Stripe's servers and I never have access to them.

Subscriptions renew automatically until you cancel. You can cancel any time from your account; access then runs to the end of the period you've already paid for and you aren't charged again. Before an annual renewal I email you a week ahead, with the amount, the date and the cancel link.

Refunds are on the refunds page, which is part of these terms. In short: no refunds once paid content has been opened, one goodwill refund per person, and anything that genuinely went wrong gets fixed.

If I change the price, I'll tell you by email before it applies to you, and never in the middle of a period you've paid for. If you don't agree with the new price, you're free to cancel.

Your account

One account per person, please. Keep the password to yourself — anything done through your account is treated as done by you. Use a real email address; some of what the site sends is contractual rather than optional.

What you can do with the paid material

Read it, download it, keep it, use it to make your own decisions. That's what it's for, and the files aren't watermarked.

What you can't do: republish it, resell it, post the write-ups or the files anywhere, share your login, or feed the archive into another product, dataset or model. Quoting a line or two with attribution and a link is welcome and always was.

When I'd close an account

Sharing a login, redistributing paid material, abusing refunds or chargebacks, or abuse aimed at me or another reader. I'd rather email you first, and usually will.

Availability

One person, one server. I don't promise uptime, and there will be maintenance. If an outage actually cost you access to something you paid for, email me and I'll put it right.

Being wrong

My estimates are frequently wrong, sometimes badly, and past valuations that worked out say nothing about the next one. What you do with your money is your decision and your responsibility, and I'm not liable for it. Where the law allows a limit, my total liability to you is what you've paid me in the last 12 months. Nothing here takes away consumer rights you have that can't be signed away.

Changes

If these terms change, the new version appears here with a new date. Anything material, I'll email subscribers before it applies to a renewal — and if you don't agree with it, cancel.

Law

Romanian law applies, and the courts of Romania have jurisdiction. If you're a consumer elsewhere in the EU, this doesn't remove the protections of your own country's law. Email me before anything formal; most things are a misunderstanding and cost nothing to fix.