Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Financial analyst specializing on corporate valuation. Long-term experience in analyzing and valuing listed and non listed companies in a wide range of business sectors in Europe, North America and internationally. Some of the sectors covered are financial services, industrials, high technology and real estate. Certified Equity Analyst by the Hellenic Capital Market Commission, Greece. Member of the Hellenic Association of Certified Securities Analysts (HACSA), Greece. Associate Member of the Chartered Institute for Securities & Investment (CISI), UK.

Specialties: Applying methods in corporate valuation, developing valuation models and writing equity research and valuation reports. Consulting services to companies with regard to their valuation drivers and potential corporate value, utilized in corporate deals such as mergers, acquisitions and sale of businesses. Specialized financial translations.

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

FX & Rates

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<p>EUR/USD: 0.9960 [Bloomberg Ticker: EURUSD:CUR] US Dollar per 1 Euro</p>
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<h3>Graph Analysis – Review</h3>
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<p>The EUR/USD exchange rate has been oscillating, as seen in Graph 1. There were six secondary movements throughout the considered time period. More specifically, the currency pair showed an upward movement from October 3rd to the next trading day. There was a bearish swing in the days that followed, up to October 10th. Shortly after, the exchange rate fluctuated up and down over the following nine days, ending with a higher price on October 19th. From 19th to 26th of October, the market was bullish, rising to the parity of 1.007. The market became bearish again in the ensuing days, up to November 3rd. Then the market rose the next day, i.e. November 4th. From the 3rd through the 17th of October, the MA 10 was below the MA 20. After then, they moved in parallel up until the 24th of October, when MA 10 surpassed MA 20. The Candle Bar, Graph 2, depicts that the candles for the period were half negative and half positive. The PPO in Graph 3 turned from negative to positive on October 26th and stayed positive until November 4th. In terms of MACD, Graph 4, it mostly moved above the signal line indicating a buy signal.</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/312/704/original/image_34540314341669671537052.png?1669671539" class="editor-image img-responsive" data-smartkarma-image-id="312704"></figure>
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<h3>Fundamental Analysis – Review</h3>
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<p>EUR/USD interrupted its upward movement, with a sequence of declining trading days until October 6th, because of the announcement by OPEC+ which includes Russia, that it would cut production by 2 million barrels per day. | The downtrend in EUR/USD continued on October 7th, following the release of US labor market data, where the unemployment rate ended lower at 3.5% in September 2022 from 3.7% in August. | From October 11th to October 12th the forex market remained flat with slight fluctuation respectively in anticipation of third-quarter corporate earnings. | On October 13th the fluctuation in the pair remained in place, as the market awaited the announcements of FED’s policy meeting, which were pointing to continued monetary tightening with the ultimate goal of lower inflation. | On October 21st, the Euro moved higher, despite Federal Reserve Bank of Chicago President Charles Evans noting that interest rates would have to rise until the CPI figures were reduced to more manageable levels. | On October 24th the flash Eurozone Composite Purchasing Managers' Index (PMI) fell to 47.1 in October from 48.1 in September, marking the worst reading in almost two years. Nevertheless, EUR/USD closed slightly higher. | On October 25th, US HPI (house price index) continued to decelerate to 13.0% year-over-year increase in August with the EUR/USD pair posting a rise. | On October 27th the ECB raised its key interest rates by 75 bp in order to tackle the highest inflation seen in 40 years. | The Eurozone CPI was announced on October 31st beating the expected forecast of 10.3% as it came higher at 10.7%, which proved to be the highest inflation figure in the history of the Eurozone. | On November 1st, according to the announced report of JOLTs job openings in US the actual number came out by 717,000 more job openings than the expected figure. The above figure implied a strong labor market making FED even more willing to continue monetary tightening and aggressive rate hikes in next meetings. | On November 4th, it was released that nonfarm payrolls had grown by 261,000 for the month with those payroll numbers being notably better than the Dow Jones estimate for 205,000 more jobs.</p>
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EUR/USD: 0.9960 [Bloomberg Ticker: EURUSD:CUR] US Dollar per 1 Euro




Graph Analysis – Review




The EUR/USD exchange rate has been oscillating, as seen in Graph 1. There were six secondary movements throughout the considered time period. More specifically, the currency pair showed an upward movement from October 3rd to the next trading day. There was a bearish swing in the days that followed, up to October 10th. Shortly after, the exchange rate fluctuated up and down over the following nine days, ending with a higher price on October 19th. From 19th to 26th of October, the market was bullish, rising to the parity of 1.007. The market became bearish again in the ensuing days, up to November 3rd. Then the market rose the next day, i.e. November 4th. From the 3rd through the 17th of October, the MA 10 was below the MA 20. After then, they moved in parallel up until the 24th of October, when MA 10 surpassed MA 20. The Candle Bar, Graph 2, depicts that the candles for the period were half negative and half positive. The PPO in Graph 3 turned from negative to positive on October 26th and stayed positive until November 4th. In terms of MACD, Graph 4, it mostly moved above the signal line indicating a buy signal.





Fundamental Analysis – Review




EUR/USD interrupted its upward movement, with a sequence of declining trading days until October 6th, because of the announcement by OPEC+ which includes Russia, that it would cut production by 2 million barrels per day. | The downtrend in EUR/USD continued on October 7th, following the release of US labor market data, where the unemployment rate ended lower at 3.5% in September 2022 from 3.7% in August. | From October 11th to October 12th the forex market remained flat with slight fluctuation respectively in anticipation of third-quarter corporate earnings. | On October 13th the fluctuation in the pair remained in place, as the market awaited the announcements of FED’s policy meeting, which were pointing to continued monetary tightening with the ultimate goal of lower inflation. | On October 21st, the Euro moved higher, despite Federal Reserve Bank of Chicago President Charles Evans noting that interest rates would have to rise until the CPI figures were reduced to more manageable levels. | On October 24th the flash Eurozone Composite Purchasing Managers' Index (PMI) fell to 47.1 in October from 48.1 in September, marking the worst reading in almost two years. Nevertheless, EUR/USD closed slightly higher. | On October 25th, US HPI (house price index) continued to decelerate to 13.0% year-over-year increase in August with the EUR/USD pair posting a rise. | On October 27th the ECB raised its key interest rates by 75 bp in order to tackle the highest inflation seen in 40 years. | The Eurozone CPI was announced on October 31st beating the expected forecast of 10.3% as it came higher at 10.7%, which proved to be the highest inflation figure in the history of the Eurozone. | On November 1st, according to the announced report of JOLTs job openings in US the actual number came out by 717,000 more job openings than the expected figure. The above figure implied a strong labor market making FED even more willing to continue monetary tightening and aggressive rate hikes in next meetings. | On November 4th, it was released that nonfarm payrolls had grown by 261,000 for the month with those payroll numbers being notably better than the Dow Jones estimate for 205,000 more jobs.





















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