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

Equity Bottom-Up

Toll Brothers, Inc. builds luxury homes, serving both move-up and empty nester buyers in several regions of the United States.  The Company builds customized single and attached homes, primarily on land that it develops and improves. Toll Brothers also operates its own architectural, engineering, mortgage, title, security, landscape, insurance brokerage, and manufacturing operations.

<ul><li>Our estimations for FY 2024 annual revenue range at around $10,827 million and for 2025 at around $12,090 million.</li><li>The company’s annual revenue reached $9,995 million in 2023 compared to $10,276 million in 2022, posting a decrease of 2.73%.</li><li>Toll Brothers gross profit for FY 2023 was $2,634 million increased by 5.95% com- pared to $2,486 million for the corresponding period of 2022.</li></ul>

Our estimations for FY 2024 annual revenue range at around $10,827 million and for 2025 at around $12,090 million.The company’s annual revenue reached $9,995 million in 2023 compared to $10,276 million in 2022, posting a decrease of 2.73%.Toll Brothers gross profit for FY 2023 was $2,634 million increased by 5.95% com- pared to $2,486 million for the corresponding period of 2022.

ARKO Corp. operates as a holding company. The Company, through its subsidiaries, operates convenience stores.

<ul><li>Estimations for FY 2024 annual revenue range at approximately $8,809 million and for FY 2025 at around $9,921 million.</li><li>The Company’s annual revenue reached $9,412.73 million in 2023, compared to $9,142.80 million in 2022, posting an increase by 2.95%.</li><li>ARKO Corp.’s gross profit for FY 2023 was $258.34 million, decreased by approximately 7.2%, compared to $278.58 million for the corresponding period of FY 2022. </li></ul>

Estimations for FY 2024 annual revenue range at approximately $8,809 million and for FY 2025 at around $9,921 million.The Company’s annual revenue reached $9,412.73 million in 2023, compared to $9,142.80 million in 2022, posting an increase by 2.95%.ARKO Corp.’s gross profit for FY 2023 was $258.34 million, decreased by approximately 7.2%, compared to $278.58 million for the corresponding period of FY 2022. 

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

<ul><li>The company’s annual revenue was $35,820 million in 2023 compared to $44,200 million in 2022, seeing a decrease of 18.96%.</li><li>We estimate that for FY2024 the annual revenue will range at around $37,671 million and for 2025 at around $39,934 million.</li><li>Gross profit for FY2023 was $19,951 million, decreased by 21.96% compared to $25,565 million for the corresponding period of 2022. </li></ul>

The company’s annual revenue was $35,820 million in 2023 compared to $44,200 million in 2022, seeing a decrease of 18.96%.We estimate that for FY2024 the annual revenue will range at around $37,671 million and for 2025 at around $39,934 million.Gross profit for FY2023 was $19,951 million, decreased by 21.96% compared to $25,565 million for the corresponding period of 2022. 

QUALCOMM INC. - Equity Research Flash Note

The Walt Disney Company is an entertainment company that conducts operations in media networks, studio entertainment, theme parks and resorts, consumer products, and interactive media. The Company produces motion pictures, television programs, and musical recordings, as well as books and magazines.

<ul><li>The Walt Disney Company is a diversified worldwide entertainment company. The Company's segments include Entertainment, Sports and Experiences.</li><li>The Entertainment segment generally encompasses the Company’s non- sports focused global film, television and direct-to-consumer (DTC) video streaming content production and distri- bution activities.</li><li>Its line of business includes Linear Networks, Direct-to-Consumer, and Content Sales/Licensing. </li></ul>

The Walt Disney Company is a diversified worldwide entertainment company. The Company's segments include Entertainment, Sports and Experiences.The Entertainment segment generally encompasses the Company’s non- sports focused global film, television and direct-to-consumer (DTC) video streaming content production and distri- bution activities.Its line of business includes Linear Networks, Direct-to-Consumer, and Content Sales/Licensing. 

Macroeconomics

<ul><li>The Euro area economy registered a positive growth rate of 0.3% (q-o-q) in the first quarter of the year, ending the mild technical recession that occurred in the second half of 2023.</li><li>The main drivers of growth were government and private consumption, as well as net exports.</li><li>Recent economic activity data indicate a continuation of short-term growth. </li></ul>

The Euro area economy registered a positive growth rate of 0.3% (q-o-q) in the first quarter of the year, ending the mild technical recession that occurred in the second half of 2023.The main drivers of growth were government and private consumption, as well as net exports.Recent economic activity data indicate a continuation of short-term growth. 

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.