Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

Equity Bottom-Up

Aviva PLC operates as an international insurance company that provides all classes of general and life assurance, including fire, motor, marine, aviation, and transport insurance. The Company also offers a variety of financial services, including unit trusts, stockbroking, long-term savings, and fund management.

<ul>
<li>Aviva plc is a United Kingdom-based insurance, wealth, and retirement business company.</li>
<li>Its segments include UK &amp; Ireland Insurance, General Insurance, and Aviva Investors, International investments, and Other Operations.</li>
<li>
<p>Each fiscal year ending at December 31. | Year 2024: January to December 2024. | Year 2023: January to December 2023. | 6M 2024: January to June 2024</p>
</li>
</ul>


Aviva plc is a United Kingdom-based insurance, wealth, and retirement business company.
Its segments include UK &amp; Ireland Insurance, General Insurance, and Aviva Investors, International investments, and Other Operations.

Each fiscal year ending at December 31. | Year 2024: January to December 2024. | Year 2023: January to December 2023. | 6M 2024: January to June 2024



Aviva Plc - Company Update - July 17, 2024

Thematic (Sector/Industry)

<ul>
<li>Baltic Dry Index (BDI)* settled at around ~1,808.00 points (USD) on July 29th, 2024 versus ~1,881.00 points (USD) on June 10th, 2024, which was the release date of our previous blog.</li>
<li>The Index has been comfortably trading and with upward tendency within the historic average price range of 1,000 – 2,000 for most of the period starting January 2023 and up until today.</li>
<li>BDI also surpassed the level of 2,000 in four notable occasions during the fourth quarter 2023, the first quarter 2024, the second quarter of 2024 as well as in July 2024, but all attempts were short-lived.</li>
</ul>


Baltic Dry Index (BDI)* settled at around ~1,808.00 points (USD) on July 29th, 2024 versus ~1,881.00 points (USD) on June 10th, 2024, which was the release date of our previous blog.
The Index has been comfortably trading and with upward tendency within the historic average price range of 1,000 – 2,000 for most of the period starting January 2023 and up until today.
BDI also surpassed the level of 2,000 in four notable occasions during the fourth quarter 2023, the first quarter 2024, the second quarter of 2024 as well as in July 2024, but all attempts were short-lived.


Normalization of Conditions Might Imply Lower Level for BDI

Toll Brothers, Inc. builds luxury homes, serving both move-up and empty nester buyers in several regions of the United States.  The Company builds customized single and attached homes, primarily on land that it develops and improves. Toll Brothers also operates its own architectural, engineering, mortgage, title, security, landscape, insurance brokerage, and manufacturing operations.

<ul><li>Our estimations for FY 2024 annual revenue range at around $10,827 million and for 2025 at around $12,090 million.</li><li>The company’s annual revenue reached $9,995 million in 2023 compared to $10,276 million in 2022, posting a decrease of 2.73%.</li><li>Toll Brothers gross profit for FY 2023 was $2,634 million increased by 5.95% com- pared to $2,486 million for the corresponding period of 2022.</li></ul>

Our estimations for FY 2024 annual revenue range at around $10,827 million and for 2025 at around $12,090 million.The company’s annual revenue reached $9,995 million in 2023 compared to $10,276 million in 2022, posting a decrease of 2.73%.Toll Brothers gross profit for FY 2023 was $2,634 million increased by 5.95% com- pared to $2,486 million for the corresponding period of 2022.

ARKO Corp. operates as a holding company. The Company, through its subsidiaries, operates convenience stores.

<ul><li>Estimations for FY 2024 annual revenue range at approximately $8,809 million and for FY 2025 at around $9,921 million.</li><li>The Company’s annual revenue reached $9,412.73 million in 2023, compared to $9,142.80 million in 2022, posting an increase by 2.95%.</li><li>ARKO Corp.’s gross profit for FY 2023 was $258.34 million, decreased by approximately 7.2%, compared to $278.58 million for the corresponding period of FY 2022. </li></ul>

Estimations for FY 2024 annual revenue range at approximately $8,809 million and for FY 2025 at around $9,921 million.The Company’s annual revenue reached $9,412.73 million in 2023, compared to $9,142.80 million in 2022, posting an increase by 2.95%.ARKO Corp.’s gross profit for FY 2023 was $258.34 million, decreased by approximately 7.2%, compared to $278.58 million for the corresponding period of FY 2022. 

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

<ul><li>The company’s annual revenue was $35,820 million in 2023 compared to $44,200 million in 2022, seeing a decrease of 18.96%.</li><li>We estimate that for FY2024 the annual revenue will range at around $37,671 million and for 2025 at around $39,934 million.</li><li>Gross profit for FY2023 was $19,951 million, decreased by 21.96% compared to $25,565 million for the corresponding period of 2022. </li></ul>

The company’s annual revenue was $35,820 million in 2023 compared to $44,200 million in 2022, seeing a decrease of 18.96%.We estimate that for FY2024 the annual revenue will range at around $37,671 million and for 2025 at around $39,934 million.Gross profit for FY2023 was $19,951 million, decreased by 21.96% compared to $25,565 million for the corresponding period of 2022. 

QUALCOMM INC. - Equity Research Flash Note