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

<ul>
<li>One year since I first outlined the risks for Kellogg, it is the worst performer in its peer group.</li>
<li>The company's low valuation is justified by its low and deteriorating profitability.</li>
<li>Going forward, Kellogg's already low valuation is at risk.</li>
</ul>


One year since I first outlined the risks for Kellogg, it is the worst performer in its peer group.
The company's low valuation is justified by its low and deteriorating profitability.
Going forward, Kellogg's already low valuation is at risk.


Kellogg Co

Kellogg: Even Low Valuations Are At Risk