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

Equity Bottom-Up

<ul><li>Restriction measures for Covid-19 pandemic affected negatively Fourlis revenue for 2021 and 2020.</li><li>However, the higher and well positioned capital expenditures in both years, including the improved and expanded e- commerce capabilities and the start of vaccinations in a fairly high percentage of population in the countries that Fourlis operates, resulted in a significantly higher revenue of €439.8 mn in 2021 from €370.6 mn in 2020.</li><li>Despite the inflationary pressures stemming mainly from the energy crisis, supply chain disruptions and recent Ukraine- centric geopolitical developments, Fourlis managed to generate a revenue of €352.5 mn in the 9M results of 2022, in contrast to €316.5 mn in the same period of 2021.</li></ul>

Restriction measures for Covid-19 pandemic affected negatively Fourlis revenue for 2021 and 2020.However, the higher and well positioned capital expenditures in both years, including the improved and expanded e- commerce capabilities and the start of vaccinations in a fairly high percentage of population in the countries that Fourlis operates, resulted in a significantly higher revenue of €439.8 mn in 2021 from €370.6 mn in 2020.Despite the inflationary pressures stemming mainly from the energy crisis, supply chain disruptions and recent Ukraine- centric geopolitical developments, Fourlis managed to generate a revenue of €352.5 mn in the 9M results of 2022, in contrast to €316.5 mn in the same period of 2021.

FOURLIS HOLDINGS S.A. - Equity Research Flash Note

Fourlis Holdings Sa

FOURLIS HOLDINGS S.A. - Equity Research Flash Note