Open rate sets the floor.
A newsletter with a smaller list and stronger active readership can be worth more than a large list that subscribers ignore.
The first valuation line is reachable attention: active subscribers, trailing open rate, click-through rate on monetized placements, and growth velocity.
Public estimates stay conservative when private dashboard proof, paid-tier revenue, or sponsor invoices are missing.
The memo explains the range after the deterministic inputs are scored. It should not invent revenue or confidence.
