Refereeing is not really worth much at all. You are better off spending that time on "real' papers.
How many referee reports are equivalent to a journal publication?
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How many have you refereed for non-refereed journals? You will want to include those in your calculus, discounted appropriately.
As evidence of my research competence, I have refereed many papers for very good refereed journals. I feel that it is about time to reap the rewards of my labour in terms of the publication equivalent.What is a suitable formula for converting the number of reports written to journal publication equivalent?