About ForwardAlpha

ForwardAlpha applies a quantitative methodology used by institutional portfolio managers to analyse global equities.

We cover approximately 8,000 stocks across three continents: roughly 2,100 stocks across 16 European exchanges, approximately 3,400 stocks in North America (US and Canada), and approximately 2,350 stocks across Asia Pacific (Japan, Hong Kong, Australia, Korea and Singapore).

We combine two of the most proven investment philosophies — Value Investing and Growth Investing — into a single, transparent quantitative framework. Our goal is to give independent investors access to the same analytical rigor used by institutional portfolio managers.

ForwardAlpha was founded by Andrea Meschini, a professional investor with over 15 years of experience in global equity research and portfolio management.

Andrea began his career at Gestiveneto SGR, one of Italy's established asset management firms, before moving to JPMorgan Asset Management in London, where he worked as a European equity analyst covering multiple sectors.

He subsequently joined Zenit SGR, where he spent eight years across two distinct roles: three years as Investment Analyst on Hedge Fund and Value Fund strategies, and five years as Portfolio Manager running long-only Euroequity and Italian Equity portfolios equity mandates.

Prior to founding ForwardAlpha, Andrea served as Senior Hedge Fund Analyst at Integrated Alternative Investments, focusing on manager selection and due diligence across global long/short equity strategies.

This background informs every aspect of ForwardAlpha's methodology — from the way we construct our scoring models to the metrics we prioritise and the rigour we apply to data quality.

The Value Score measures how attractively priced a stock is relative to its peers in the same market.

Inspired by the principles of Benjamin Graham and Warren Buffett, value investing rests on a fundamental truth: markets are often irrational in the short term. Great companies get temporarily mispriced. Patient investors who identify these opportunities and buy at a discount to fair value are rewarded over time.

Our Value Score combines three rank components, each calculated relative to all stocks listed on the same exchange:

• PE LTM Rank — ranks stocks by PE LTM. • PE NTM Rank — ranks stocks by PE NTM. • PB Rank — ranks stocks by Price/Book ratio.

Each component is ranked from 1 to 100, ranked against comparable peers.

A Value Score of 80 means the stock is cheaper than 80% of its peers on our combined valuation metrics.

The Growth Score measures a company's growth momentum across earnings, revenue, and price — the three pillars of fundamental momentum investing.

Our Growth Score combines four rank components, each calculated relative to all stocks listed on the same exchange:

• EPS Growth Rank — ranks stocks by expected earnings per share growth over the next future. • Revenue Growth Rank — ranks stocks by top-line growth momentum looking forward. • Price Momentum 6M — 6-month price return, adjusted. • Price Momentum 12M — 12-month price return, adjusted.

A Growth Score of 70 means the stock has stronger growth characteristics than 70% of its peers.

The Best Score is ForwardAlpha's combined ranking — a single number that captures both the valuation attractiveness and growth momentum of a stock relative to a broad, comparable universe of peers.

It is calculated on the basis of the Value Score and the Growth Score.

A Best Score of 80 or above places a stock in the top 20% of its universe — combining both attractive valuation and strong growth momentum.

Currently available for US stocks only.

Starting from the current price and the next-twelve-month EPS estimate, and holding a 2.5% terminal growth rate constant, the model solves backward for the earnings growth rate the market would need over the next ten years to justify today's price.

You can then compare that implied rate against faster or slower growth assumptions and see how the resulting price would change.

It is a way to read what growth the market is currently pricing in — not a price target, a projection, or a recommendation to buy or sell.

Key parameters to focus on:

• Best Score — a selection of stocks with high appreciation potential. • Value Score — use to identify attractively valued stocks within a sector or comparable peer group. • Growth Score — use to identify companies with strong earnings, revenue and price momentum. • Momentum 1W, 1M, 6M, 12M — short, medium and long-term price performance indicators.

Prices are updated automatically every trading day. Fundamental data (PE, PB, Revenue, EPS) reflects the latest available consensus estimates and is updated weekly.

Coverage note: Value Score, Growth Score and Best Score are available for the following exchanges: London (LSE), Stockholm (OM), Paris (PA), Frankfurt (XETRA), Milan (MIL), Oslo (OB), Zurich (SWX), Helsinki (HE), Madrid (MC), Amsterdam (AS), Brussels (BR), Athens (GR), Copenhagen (CPSE), New York/Nasdaq (US), Toronto (TSX), Tokyo (JPX), Hong Kong (HKEX), Seoul (KRX), Sydney (ASX) and Singapore (SGX). We are evaluating whether to add further markets in the future.

For smaller markets — Vienna (VI), Lisbon (LS) and Dublin (IR) — individual rank components are available but aggregate scores are not calculated.