Investment Recommendations (MAR) and Conflicts of Interest

• Producer: (being completed), through the website einvestitii.ro. Verdicts, scores and fair values are generated automatically by the Operator's quantitative model, without any person intervening in the recommendation on a particular company. Their producer is therefore the Operator, as a legal person (Article 2 of Delegated Regulation (EU) 2016/958).
• Articles and analyses written by a person bear the author's name.
• Status: the Operator is not an investment firm and is not authorised or supervised by the Financial Supervisory Authority (ASF) or by any other financial supervisory authority. The recommendations are produced as part of a financial information activity, are addressed to the general public and are not personal recommendations.

• Verdicts and scores are calculated automatically by a proprietary quantitative model, applying the same rules to all companies. A company's verdict is neither selected nor modified manually.
• The model combines families of indicators (valuation, profitability, growth, financial health, dividends, momentum, analyst estimates, management transactions and others), calibrated on historical data.
• Fair value and scenarios are based on valuation models described in the Methodology, together with their main assumptions.
• Artificial intelligence does not determine the verdict. It may draft explanatory texts, labelled as such.
• Facts (reported data, prices), estimates (projections, fair values) and opinions (the verdict) are kept separate and labelled on the page.

The reference horizon is 12 months. The verdict describes the company's profile relative to the other companies analysed and is neither a price target nor a promise of returns.

• Verdicts and scores are recalculated every trading day, after the markets close, and whenever new financial data becomes available.
• Each analysis states the date and time at which the verdict was calculated, the date and time of first publication and the reference price, with its date and time.
• Verdicts are not disclosed to issuers before publication.

Each company's page shows the verdict history: every change in the last 12 months, the successive levels and the price movement since each change. The history is public, including where the current verdict is reserved for subscribers. Past verdicts are not deleted.

The model is based on historical data and on assumptions that may not materialise. Its results are sensitive to the quality and timeliness of the data, to one-off events (mergers, litigation, management changes), to unusual economic cycles and to changes in accounting rules. A favourable verdict does not guarantee a price increase. Details are set out in the Investment Risk Warning.

7.1. Sources of revenue

• subscriptions;
• advertising, labelled “Advertisement”;
• affiliate commissions from brokers and crypto platforms, for accounts opened through the Website's links.

The Operator receives no remuneration from the companies analysed for an analysis or a verdict, does not accept payment for a rating or for changing it and does not provide financing, advisory or intermediation services to issuers. Affiliate commissions play no part in calculating verdicts.

Exception: some brokers and crypto platforms with which the Operator has affiliate agreements are also listed companies analysed on the Website. Their pages state, next to the verdict, that the Operator receives affiliate commissions from them. The list is as follows:

We have no affiliate agreements with listed issuers that we analyse.

7.2. Team positions

The Operator and members of the team may hold and trade shares, ETFs and cryptocurrencies analysed on the Website, including after a verdict is published or changed, a verdict being public information. As verdicts are calculated automatically, applying the same rules to all companies, these holdings cannot influence them.

Should the Operator or a member of the team hold a net long or short position exceeding 0.5% of the total issued share capital of an issuer analysed, it would be disclosed in this document and on the issuer's page (Article 6 of Delegated Regulation (EU) 2016/958).

7.3. Articles and posts by the team

• The author of an article or post about an instrument they hold discloses this in that text.
• Like any other person, members of the team do not use non-public information, including articles or verdicts not yet published, and do not publicly express an opinion on an instrument in which they hold an undisclosed position in order to profit from the effect of that opinion on its price (Articles 12 and 14 of MAR).

7.4. Affiliation

Pages about brokers and crypto platforms contain affiliate links, which are labelled. Broker scores are separate from the verdicts on companies. Details are set out in Affiliate Links and Advertising.

MAR applies to financial instruments. For crypto-assets, the market abuse rules of Regulation (EU) 2023/1114 (MiCA) apply. The Operator applies the same transparency standards to the cryptocurrencies it analyses.

Posts and comments in the community belong to their authors, not to the Operator. A User who recommends an investment on the Website is, within the meaning of MAR, the producer of that recommendation and is responsible for it, subject to the obligations set out in the Community Rules.

Errors in analyses may be reported through the “Report a mistake” button on the page or to zmentaro@gmail.com. The Operator corrects inaccurate data promptly.