Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

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

Macroeconomics

<ul><li>In the first quarter of 2024, Canada’s economy managed to grow by 1.6% (QoQ).</li><li>This growth is mainly attributed to real private and final consumption expenditures but also to real fixed capital formation as they increased by about 1.2% to 1.6% (QoQ) each.</li><li>Net exports slightly fell from 0.17% of GDP in fourth quarter of 2023 to 0.13% in the first quarter of 2024.</li></ul>

In the first quarter of 2024, Canada’s economy managed to grow by 1.6% (QoQ).This growth is mainly attributed to real private and final consumption expenditures but also to real fixed capital formation as they increased by about 1.2% to 1.6% (QoQ) each.Net exports slightly fell from 0.17% of GDP in fourth quarter of 2023 to 0.13% in the first quarter of 2024.

<ul><li>The 2024 GDP projections for Greece show a 2.07% growth rate, so that Real GDP would reach €198.512 billion, lower than the previous projections of €199.205 billion.</li><li>In 2024, the IMF, OECD, and EU forecast an average growth rate of 2.07% for 2024 and 2.24% for 2025.</li><li>The Public Debt is projected to increase from € 356.695 billion to €362.856 billion in 2024 but with a lower Debt-to-GDP ratio than the previous year of 156.3% (161.9% in 2023). </li></ul>

The 2024 GDP projections for Greece show a 2.07% growth rate, so that Real GDP would reach €198.512 billion, lower than the previous projections of €199.205 billion.In 2024, the IMF, OECD, and EU forecast an average growth rate of 2.07% for 2024 and 2.24% for 2025.The Public Debt is projected to increase from € 356.695 billion to €362.856 billion in 2024 but with a lower Debt-to-GDP ratio than the previous year of 156.3% (161.9% in 2023). 

Commodities

Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. Crude oil can be refined to produce usable products such as gasoline, diesel and various forms of petrochemicals. It is a nonrenewable resource, also known as a fossil fuel, which means that it can't be replaced naturally at the rate we consume it and is therefore a limited resource.

<ul><li>According to Graph 1, during the period February 28th , 2024 – May 31st , 2024, a mixed trend was reflected in the prices of crude oil futures amid fluctuations.</li><li>During the period under consideration, there was a notable increase in the price of crude oil until April 8th , 2024, whereas thereafter crude oil prices followed a downward trend returning to the levels seen at end of February 2024.</li><li>The MA- 10 was recorded to perform higher than MA-20 from the beginning, whereas on April 23rd the MA-20 took over and started trading above the MA 10 until the end of the period under consideration.</li></ul>

According to Graph 1, during the period February 28th , 2024 – May 31st , 2024, a mixed trend was reflected in the prices of crude oil futures amid fluctuations.During the period under consideration, there was a notable increase in the price of crude oil until April 8th , 2024, whereas thereafter crude oil prices followed a downward trend returning to the levels seen at end of February 2024.The MA- 10 was recorded to perform higher than MA-20 from the beginning, whereas on April 23rd the MA-20 took over and started trading above the MA 10 until the end of the period under consideration.

Commodity Analysis - Crude Oil WTI Futures

FX & Rates

The euro is the official currency of the European Economic & Monetary Union.  The US dollar is the official currency of the United States of America.

<ul><li>During the period under consideration, i.e. April 3rd, 2024 to May 3rd, 2024, the EUR/USD pair posted both downward and upward swings.</li><li>In the beginning, it faced a slight increase, while from April 9th until April 18th the pair faced a sharp decrease.</li><li>After that, it fluctuated sideways and by the end of the period the pair traded at a higher level but still below the price level of the start of April. </li></ul>

During the period under consideration, i.e. April 3rd, 2024 to May 3rd, 2024, the EUR/USD pair posted both downward and upward swings.In the beginning, it faced a slight increase, while from April 9th until April 18th the pair faced a sharp decrease.After that, it fluctuated sideways and by the end of the period the pair traded at a higher level but still below the price level of the start of April. 

Comment on Exchange Rate EUR/USD - May 3, 2024

<ul><li>In 2023, China’s Economy managed to grow by 5.2%.</li><li>This growth is mainly attributed to final consumption expenditure which accounted for the 4.3% growth of the total 5.2% expansion.</li><li>Significant contribution to growth also had the investments with 1.5% contribution and especially the public sector. </li></ul>

In 2023, China’s Economy managed to grow by 5.2%.This growth is mainly attributed to final consumption expenditure which accounted for the 4.3% growth of the total 5.2% expansion.Significant contribution to growth also had the investments with 1.5% contribution and especially the public sector. 

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.