Value Investing

Vladimir Dimitrov, CFA

I am a former strategy consultant with heavy exposure to business and intangible assets valuation. Throughout my career I have been focused on solving complex business problems through the lens of the overall business strategy and by incorporating a set of valuation and financial modelling techniques.

In my spare time I have been exploring the concept of value investing and in particular finding companies with sustainable competitive advantages that also trade below their intrinsic value. In addition to my bottom-up approach of individual equities I also take a more holistic view of the markets through factor investing techniques.

Equity Bottom-Up

International Business Machines / Equity Bottom-Up

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<li>IBM has delivered a positive return of nearly 20% over the past two years, but that has little to do with actual business performance.</li>
<li>In addition to sluggish growth, IBM's declining profitability remains a problem.Issues related to the company's high debt load, low dividend coverage and an addiction to acquisitions have not gone away.</li>
<li>
Being an IBM (NYSE:IBM) shareholder hasn't been easy over the years as the market continues to make new highs, while IBM still trades at levels from 2010.

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</ul>


IBM has delivered a positive return of nearly 20% over the past two years, but that has little to do with actual business performance.
In addition to sluggish growth, IBM's declining profitability remains a problem.Issues related to the company's high debt load, low dividend coverage and an addiction to acquisitions have not gone away.

Being an IBM (NYSE:IBM) shareholder hasn't been easy over the years as the market continues to make new highs, while IBM still trades at levels from 2010.




IBM: Don't Be Fooled By Recent Share Price Performance