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

Mondelez International / Equity Bottom-Up

<ul><li>Mondelez is facing unprecedented increases in nearly all major basic materials used, and yet the company continues to outperform its peers.</li><li>A strong and focused brand portfolio allows the company to further improve efficiency and thus improve return on capital.</li><li>Capital allocation at the company is characterized with a strong long-term focus and discipline which bodes well for long-term investors.</li></ul>

Mondelez is facing unprecedented increases in nearly all major basic materials used, and yet the company continues to outperform its peers.A strong and focused brand portfolio allows the company to further improve efficiency and thus improve return on capital.Capital allocation at the company is characterized with a strong long-term focus and discipline which bodes well for long-term investors.

Mondelez International

Mondelez: The True Power Of Brands