Transparency and mandatory disclosures

In short: MEQIRI does not give you personal advice. Because we publish ratings, EU rules apply to us. This page sets out our mandatory disclosures.

MEQIRI publishes ratings on equities and cryptocurrencies, which makes the operator of MEQIRI, SSM Ventures UG (haftungsbeschränkt), a producer of investment recommendations within the meaning of Article 20 of the Market Abuse Regulation. This page carries every disclosure this entails, as well as everything you need to reproduce any number on this website.

Legal basis: Article 20 of Regulation (EU) No 596/2014 (Market Abuse Regulation) together with Articles 2 to 6 of Delegated Regulation (EU) 2016/958.

All ratings of the last 12 months

What the MEQIRI Score means

The score condenses eight weighted categories into a single number from 0 to 100. It rates the quality of a company and the level of its valuation. It is expressly not a price target and not a personal buy or sell recommendation.

70 to 100: Strong; Predominantly solid metrics across the eight categories.
50 to 69: Neutral; A mixed picture: strengths and weaknesses roughly balance.
0 to 49: Weak; Several categories show pronounced weakness.

What the valuation signal means

The signal compares the current price with our own computed fair value. It measures how far fair value sits above or below the price, which is the figure the signal shows as upside. How large that gap has to be depends on how much the price swung over the past year: with annual swings below 25% the threshold is 20%, below 40% it is 30%, below 60% it is 40%, and above that 50%. Without enough price history it is 30%. If the two parts of the fair value, the cash-flow part and the industry part, are more than a factor of two apart, a threshold of at least 40% applies even when the price was calm. For mortgage REITs it always applies, because their fair value is book value alone. Where no fair value can be calculated, the signal follows the valuation grade from P/E, PEG and EV/EBITDA: undervalued from 70 points, overvalued below 50, fairly valued in between.

Significantly undervalued: Fair value sits more than the threshold above the price.
Modestly undervalued: Fair value sits more than half the threshold above the price.
Fairly valued: Fair value sits at most half the threshold above or below the price.
Modestly overvalued: Fair value sits more than half the threshold below the price.
Significantly overvalued: Fair value sits more than the threshold below the price.
Possible value trap: Fair value sits more than the threshold above the price, but the score is below 50 or stability (below 40), growth (below 30) or fundamentals (below 35) are weak. The signal then stays amber. Without a fair value the same applies when the valuation grade reaches 70 or more.

Time horizon

The score is built for a horizon of roughly twelve months. It rests mainly on financial statements, which are updated quarterly, and on a valuation model that moves over months. The technical analysis (11% weight) and momentum (11% weight) categories refer to price moves from one month to one year, such as the 200-day line, and are therefore shorter term. The score is not built for statements about days or weeks.

Update frequency

Every night MEQIRI recomputes the score of every stock and coin, using end-of-day prices and the statements published by then. The screener, the lists, the score history and the morning email are built from that run. The page of an individual stock or coin recomputes the score on each view from the same sources, with metrics cached there for up to 24 hours. Stock prices are end-of-day closes, and there are no real-time stock quotes. Crypto prices are updated continuously. New annual and quarterly statements are included as soon as the data provider ingests them.

Data sources

The figures come from the following sources. There is one measurement of our own: MEQIRI computes the network data of the proof-of-work chains itself from the public block data.

Financial Modeling Prep: Equity fundamentals and end-of-day prices: balance sheet, income statement, cash flow statement, ratios and price history.
SEC EDGAR: Filings of US companies with the Securities and Exchange Commission: revenue from annual reports for comparable growth after spin-offs and, for US REITs, the items for FFO under the industry rule (Nareit).
CoinGecko: Crypto markets: prices, market capitalization, circulating supply, all-time highs and the projects' code repositories.
GitHub: Developer activity of crypto projects in their main repository: commits in the last four weeks, contributors, share of issues closed.
Alternative.me: Crypto Fear & Greed Index, only as a fallback when MEQIRI's own index is unavailable (since 15 Oct 2026).
DefiLlama: Capital locked on blockchains (total value locked), plus annual protocol revenue, from which the valuation per year of revenue is derived. Source: defillama.com.
Public block data (nodes run by NOWNodes): Network data of Bitcoin, Litecoin, Dogecoin, Bitcoin Cash, Zcash and Dash, computed by MEQIRI itself from the public block data: transactions per day, the hash rate relative to its one-year peak and, for Bitcoin, Bitcoin Cash and Dash, active addresses.
European Central Bank (ECB): Euro reference rates for converting amounts: into euros on the German pages, into dollars on the English pages, ETFs in euros in both languages. The calculators use the rate of each day.
Anthropic Claude: Writes text summaries and explanations and turns plain-language searches in the screener into filters. The model receives published metrics, excerpts from company releases and earnings calls, for coins search results from the web, and for the search the sentence you entered. It influences no score calculation.

Company and coin logos and trademarks belong to their owners and are used here only for identification. There is no connection to MEQIRI.

Separating fact from estimate

Facts are the figures reported by the data providers: revenue, earnings, cash flow, balance sheet items, prices. Estimates are everything derived from them, in particular the fair value, the score, the derived growth assumptions and the valuation signal. The fair value rests on a model with disclosed assumptions. Half of it is a two-stage discounted cash-flow model following Simply Wall St: ten years of free cash flow, the first from analyst estimates, discounted at the cost of equity from the risk-free rate, the industry beta and the country risk premium, followed by a terminal value growing at the five-year average of the ten-year government bond yield. The cost of equity stays at least 5 percentage points above that growth rate. The other half is earnings per share times the median P/E of the industry. If one of the two parts is missing, the other counts alone. Both partial values appear as the fair value range on the stock page. Where an assumption does not hold up, MEQIRI says so on the individual stock page instead of guessing.

Special cases of fair value

For banks, insurers and lenders an excess-return model from book value and return on equity takes the place of the cash-flow model. Where neither works but the company pays a steady dividend yielding less than 12%, a dividend discount model is used. Utilities with power, gas or water networks always use the dividend discount model if they pay a steady dividend, without the minimum spread on the cost of equity: they keep expanding their networks with more investment than depreciation, so a cash-flow model shows them far too cheap or far too expensive depending on the assumption. For equity REITs the cash-flow model uses AFFO instead of free cash flow: operating cash flow without swings in working capital, less ongoing maintenance, estimated as a fixed share of revenue per REIT industry (office 15%, residential 9%, industrial 8%, otherwise 4 or 5%), and less preferred dividends where known from the filings with the SEC. New construction and acquisitions do not count as running costs there. In the years with analyst estimates AFFO grows with estimated revenue; if the first revenue estimate differs from revenue over the last twelve months by more than a factor of 1.25, the model runs without estimates. Where the data provider's quarterly figures contradict the filings with the SEC, the fiscal year counts. This also applies to European REITs. For equity REITs, depreciation on buildings depresses earnings, so FFO per share (earnings plus depreciation over the last twelve months) times the median price to FFO of the REIT industry takes its place. For US REITs, FFO follows the industry rule (Nareit) from the filings with the SEC: gains on property sales are deducted and impairments added back where the company reports them in the standard items. If this FFO exceeds 1.15 times operating cash flow, an item is missing there and operating cash flow counts. Where no reliable FFO can be calculated, for example with properties carried at market value or a gain on sale in earnings, operating cash flow per share times the median price to cash flow of the REIT industry counts. For mortgage REITs the fair value is book value per share, that is equity excluding preferred stock per share; where the preferred stock cannot be measured reliably, there is no fair value. When the margin of a cyclical company, for example in semiconductors, commodities or energy, sits at a record high after strongly fluctuating years, both parts use the median margin of the last ten fiscal years instead of the peak.

Measured or not at all

When a figure is missing we do not fill in an estimated substitute such as an industry or market average. Such an average would look like a measurement while being an invention, and it would make a company with thin data look exactly like one that genuinely sits mid-field. On the Crypto Score a missing factor gets no mark and shows “not measured”. If the factor applies to this kind of coin, it counts with its weight at 50 points, the neutral middle of the scale. The score therefore moves toward 50 in proportion to the missing weight. If only one input within a factor is missing, the factor is computed from the remaining inputs. How much of the applicable weight is covered is published as data coverage on every coin page, and where the score was damped, the page also shows the score without damping. Factors that do not apply, such as revenue and valuation for Bitcoin, drop out of the calculation entirely. On the stock score, metrics that carry no meaning for an industry stay unrated rather than counting as a weakness: interest coverage at banks, and for banks and insurers also EV/EBITDA, PEG and every free cash flow metric, because there it reflects movements in loans, deposits and premiums. Growth is rated only from three year-on-year comparisons, that is from four fiscal years. For younger companies it shows “not measured” and the category counts at 50 points, while every other category counts in full. A single strong year does not count as growth over several years.

A gap therefore has consequences: because it counts at the neutral 50, a coin with strong figures loses points through it and a weak one gains some. That is why every gap is shown openly on the page.

Producer

Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model. He sets the model, the weights and the thresholds; the individual ratings follow from them without manual intervention. No rating is disclosed to an issuer before it is disseminated, and none is amended at an issuer's request.

Conflicts of interest

The score is computed algorithmically from the sources named above. Rated companies and issuers do not pay for inclusion, for their rating or for their placement. SSM Ventures UG (haftungsbeschränkt) does not arrange securities transactions, does not execute orders, receives no commissions from brokers or issuers, and maintains no business relationships with rated companies. The one exception is eToro: MEQIRI is registered there as an application for connecting portfolios and uses eToro's interface. The managing director of SSM Ventures UG, Sven Brostmeyer, receives rewards from the referral programme of the broker eToro through his private website. MEQIRI also rates eToro's parent company, eToro Group (ETOR), and the stock's page says so.

Sven Brostmeyer, Managing Director of SSM Ventures UG (haftungsbeschränkt), privately holds broadly diversified positions in securities rated on this website. Individual positions are not listed: the holdings are widely spread and change continuously. His own positions feed into neither the calculation nor the selection or placement of rated instruments. Neither the company nor its Managing Director holds a net long or net short position above 0.5% of the share capital of a rated issuer.

Not investment advice

The official MEQIRI Score and the valuation verdict are addressed to the general public and are identical for every visitor. No examination of personal circumstances takes place, whether of financial situation, investment objectives, knowledge, experience or risk tolerance. The official score and the verdict are therefore neither a personal recommendation nor investment advice within the meaning of § 2 (2) no. 4 WpIG. With MEQIRI Pro you can additionally set how much each of the eight categories counts in your own score. You set the weights yourself, and the measuring and grading stay the same for everyone. The watchlist and the screener show the official score next to yours, the stock page in the “Custom weighting” section, and the morning email in brackets after the individual stock. The watchlist and portfolio features serve your own overview only. We store your portfolio in your account on our server on every plan; without an account you only see a sample portfolio. Without an account, the watchlist stays in your browser. With an account we store it in your account on every plan, so you have it on every device; on the Pro plan the morning email reports on the stocks in your portfolio and on your watchlist. The lists stay in your account until you delete it. The lists change no score and no rating, and they are never passed to any AI.

No price targets and no forecasts

MEQIRI publishes no price targets, no buy or sell calls, and no statement about whether an investment suits you. The score judges a company from published figures and does not predict a price. That is a deliberate limit. A price target is a claim about the future that no model can make reliably. The valuation verdict compares only today's price with today's calculated fair value; it says nothing about tomorrow's price. The official score and the verdict are addressed to the public and are not a personal recommendation. The same applies wherever MEQIRI uses AI, for example for the outlook from earnings calls: it names no price targets, makes no buy or sell recommendation, and does not judge whether a security fits your circumstances.

Risk warnings

Securities and cryptocurrencies are subject to price fluctuation. Losses up to the total loss of the capital employed are possible, particularly so with cryptocurrencies. Past metrics and historical price performance are no indicator of future results. Every valuation model rests on assumptions that may prove wrong. The fair value depends above all on the cost of equity and on expected growth. Below the valuation signal of every stock you can therefore see where it would lie with a cost of equity one percentage point higher or lower. Third-party data may be erroneous, incomplete or out of date. Do not base an investment decision on this website alone.

The methodology in detail

The full formulas, weightings and thresholds are on the methodology pages, where every category is broken out individually.