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

<ul>
<li>A year later and IBM has significantly underperformed the market while still having all the signs of a classic value trap.</li>
<li>Embarking upon an aggressive M&amp;A strategy while paying high dividend per share and increasing leverage does not seem like a recipe for success.</li>
<li>With almost a month left before the separation of Kyndryl, future prospects of the managed infrastructure business appear bleak.</li>
</ul>


A year later and IBM has significantly underperformed the market while still having all the signs of a classic value trap.
Embarking upon an aggressive M&amp;A strategy while paying high dividend per share and increasing leverage does not seem like a recipe for success.
With almost a month left before the separation of Kyndryl, future prospects of the managed infrastructure business appear bleak.


IBM: Misallocation Of Capital Is Risky Even At Low Multiples