Rules & Awards

1. Students registered in the Institutional Beta have the choice to enter into contests to forecast earnings report metrics associated with Eligible Tickers ("Tickers") as they become available via KickOff Video.

2. Students may enter as an individual (Finance Royale Watchers) or as a team of two or three members (Finance Royale Teams) with separate leaderboard standings: identification during registration is not required if an election is exercised to receive Finance Royale Credits in perpetuity as deferred awards in lieu of Payment in Kind (“PIK”) or Direct Payments. Investors "watch" Tickers and funds manage assets in teams in order to provide sector coverage.

3. You may have multiple registrations, for example using various pseudonyms which may represent different Data Entry strategies by registering and disclosing Subsidiary Strategies.

4. The following forecasts in USD will be required for completion to be eligible for awards:

1. GAAP Earnings-Per-Share as reported on the Income Statement release; and

2. Non-GAAP Earnings-Per-Share if applicable as reported on the Income Statement release.

5. There is no obligation to enter into any contest or to complete all forecasts for all Tickers. The official transcript of the individual or team’s track-record will only disclose the following Rank-Title™ for each completed Ticker forecast based on forecast accuracy: First-Place, Top3, Top5, and Top10. Thereafter, Top10%, Top20%, Top30%, Top40% and Top50%. Otherwise no result will be recorded on the transcript even if you did participate.

6. As customary in funds management, the track-record of the team will also be assigned to the current registered members and does not automatically assign to past members of the team. Registered individuals retain their track-record and can only assign it to kinsman. The team and its track-record will be scrubbed unless one team member is an original registered team member or kinsman. 

7. Contest results and awards will be posted on the website and be associated in the priority order of one of the following: pseudonym, team name, handle or first middle surname if provided during registration.

8. For each forecast submission, students may submit a series of Know-Your-Ticker™ steps to provide support for forecasts

9. Participants may update/revise forecasts. Forecast accuracy is based on the most recent revision.

10. Forecasts and revisions can be made up until the penultimate day of the delivery date of the earliest earnings report of Eligible Tickers for each quarterly earnings season.  For March 2025 Ticker Forecasting Contest this will be deemed to be 4p.m. (US) Eastern Standard Time 22 April 2025 or the penultimate day of the earliest earnings date of any of the Eligible Tickers. 

11. Awards of $500 will be given for each fully maturing quarterly Ticker contest, while non-maturing contests for Tickers will be given an Award value of $125 in the local currency of each participating institution, to be delivered as a single cumulative award based on the final SCORE. For Beta 2025, this will be amended to be $500 for each non-finance sector Eligible Ticker (e.g., TSLA and META) or the Little Award, and a single cumulative award for forecasting all finance-sector Tickers (e.g., 3 finance-sector Tickers x $500 = $1500) or the Big Award.

12. The final SCORE is based upon the sum of all Symmetric Mean Absolute Percentage Errors (SMAPE) for all Eligible Tickers and required forecasts, being the last submitted or revised forecasts. Any incomplete forecast will be given a default forecast of 0. The participant with the lowest SCORE receives the award. Equal SCORES will be decided by the mean of the first Data-Entry dates of all Eligible Tickers. Finance Royale reserves the right to amend its future calculations according to alternative standardized calculations with reasonable notice on this webpage. 

13. If a Ticker does not explicitly disclose a Non-GAAP Earnings-Per-Share in its Income Statement release, then it is deemed to be the same as the reported GAAP Earnings-Per-Share for the purposes of calculating the SCORE.

14. Residents of the United States of America ("US") with a US-domiciled bank account will receive a Direct Payment via bank transfer unless Finance Royale Credits have been elected. Non-residents are subject to 30% withholding, while amounts exceeding US$600 will require a W-8BEN form to be filled. PIK Awards are given at face-value. PIK Awards must be claimed within 5 business days via Concierge Request after results are released on the Announcement noticeboard, otherwise it may be awarded to another student.

15. Students may request through Concierge the PIK Award type and delivery method. For physical delivery Finance Royale is permitted to use pseudonym, team name or handle as the "recipient name" on mail and the address provided to Concierge. Where delivery is not economical, students may collect at any designated Collection Location nominated by Finance Royale.

16. Forecasts provided by students may be disclosed individually or as a synthetic value or group averaged value to third-parties for the purposes of beta-testing, as a membership and/or a public benefit activity-specific service .

17. Students may request Finance Royale or its designated Administrative Agent to send transcripts of merit and participation for contests to third-parties.

18. Finance Royale Credits awarded may be applied to other future member rewards if subsequently offered by Finance Royale. There is a One-Time option to convert registration to PIK Awards and receive delivery of any outstanding Finance Royale Credits at its original local currency award value without time-value or market-value accretion if identification has been provided during registration. Rewards may include contest privileges, transcript privileges or corrections, video self-promotion, access to Finance Royale’s infrastructure, and US-based multi-year internship opportunities for degree qualified Australian citizens and US residents.

19. Eligible Ticker contests are separate from the PRIDE Lineal Series, which is an independent sequential championship activated after the Eligible Ticker contests have matured. Hence there is no obligation to continue in the sequential championship.

20. Material provided on this website such as videos, manuals and contest invitations are provided only as general guidance and are not regularly updated. Students and participants agree that that they have not relied upon any other statement, representation, warranty, or agreement not expressly contained in the Rules & Awards.