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

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. September 12th, 2024, to October 14th, 2024, the EUR/USD pair posted both downward and upward swings.</li><li>In the beginning, it faced a general increase, until September 26th where the pair faced a sharp decrease.</li><li>After that, it fluctuated sideways in a slight but steady downward momentum, and by the end of the period the price traded at a lower level than September 12th. </li></ul>

During the period under consideration, i.e. September 12th, 2024, to October 14th, 2024, the EUR/USD pair posted both downward and upward swings.In the beginning, it faced a general increase, until September 26th where the pair faced a sharp decrease.After that, it fluctuated sideways in a slight but steady downward momentum, and by the end of the period the price traded at a lower level than September 12th. 

Comment on Exchange Rate EUR/USD - October 14, 2024

Equity Bottom-Up

Papoutsanis SA manufactures soap and toiletries. The Company produces soap noodles, bar soaps, liquids, shampoos, shower gels, bath foams, and creams. Papoutsanis sales its own brands through retailers and manufactures toiletries for hotels.

<ul><li>Following our recent meeting with Mary Iskalatian, CFO of PAPOUTSANIS S.A., in October 2024 we highlight some key information on the Company’s business, financials and long-term outlook. (Amounts in € unless stated otherwise)</li><li>Papoutsanis stands as one of the largest and most modern manufacturers of soap products in Europe.</li><li>They produce soaps, liquid cosmetics as well as specialty soap bases under own brand name or for third parties. </li></ul>

Following our recent meeting with Mary Iskalatian, CFO of PAPOUTSANIS S.A., in October 2024 we highlight some key information on the Company’s business, financials and long-term outlook. (Amounts in € unless stated otherwise)Papoutsanis stands as one of the largest and most modern manufacturers of soap products in Europe.They produce soaps, liquid cosmetics as well as specialty soap bases under own brand name or for third parties. 

PAPOUTSANIS S.A. - Note Following Meeting with Company

Macroeconomics

<ul><li>Luxembourg’s economy is projected to show moderate growth in 2024-2026, with real GDP growth rates of 1.26%, 2.68%, and 2.49% respectively, rebounding from a 1.09% contraction in 2023, according to the IMF.</li><li>However, Real GDP per Capita is expected to decrease from €100,065.85 in 2022 to €97,065.86 by 2026.</li><li>Total investments are projected to stay steady at 16-17% of GDP, while Gross National Savings are expected to decline slightly from 25.40% in 2022 to 23.19% in 2026.</li></ul>

Luxembourg’s economy is projected to show moderate growth in 2024-2026, with real GDP growth rates of 1.26%, 2.68%, and 2.49% respectively, rebounding from a 1.09% contraction in 2023, according to the IMF.However, Real GDP per Capita is expected to decrease from €100,065.85 in 2022 to €97,065.86 by 2026.Total investments are projected to stay steady at 16-17% of GDP, while Gross National Savings are expected to decline slightly from 25.40% in 2022 to 23.19% in 2026.

Commodities

Gold is a chemical element with the symbol Au (from Latin: aurum) and the atomic number 79. In its purest form, it is a bright, slightly reddish yellow, dense, soft, malleable and ductile metal. Chemically, gold is a transition metal and a group 11 element. It is one of the least reactive chemical elements, and is solid under standard conditions. The metal therefore occurs often in free elemental (native) form, as nuggets or grains, in rocks, in veins and in alluvial deposits. It occurs in a solid solution series with the native element silver (as electrum) and also naturally alloyed with copper and palladium. Less commonly, it occurs in minerals as gold compounds, often with tellurium (gold tellurides).

<ul><li>According to Graph 1, during the period September 16th, 2024 – October 14th , 2024, a bullish trend was reflected in the price of gold futures.</li><li>During this period, there was a significant increase in the price of the commodity. The MA-10 was recorded to perform remarkably higher than MA-20 in the whole period, without any cross, indicating an upward momentum.</li><li>The CCI Indicator in Graph 2, followed an exclusively ascending trajectory, among fluctuations from the beginning of the period and ended up around 2,662.00.</li></ul>

According to Graph 1, during the period September 16th, 2024 – October 14th , 2024, a bullish trend was reflected in the price of gold futures.During this period, there was a significant increase in the price of the commodity. The MA-10 was recorded to perform remarkably higher than MA-20 in the whole period, without any cross, indicating an upward momentum.The CCI Indicator in Graph 2, followed an exclusively ascending trajectory, among fluctuations from the beginning of the period and ended up around 2,662.00.

Commodity Analysis Gold Futures - October 14, 2024

The Japanese yen is the official currency of Japan. 

<ul><li>During the period under review, USD/JPY values fluctuated between 140 and 147 Yen per U.S. Dollar.</li><li>The pair initially experienced a rising movement, but on September 2nd it entered a downward momentum that persisted until September 16th when the trend reversed again to an upward trajectory.</li><li>From late August to the end of September, both the MA-10 and the MA-20 lines exhibited a parallel and downward movement, reflecting a bearish trend throughout the entire period. </li></ul>

During the period under review, USD/JPY values fluctuated between 140 and 147 Yen per U.S. Dollar.The pair initially experienced a rising movement, but on September 2nd it entered a downward momentum that persisted until September 16th when the trend reversed again to an upward trajectory.From late August to the end of September, both the MA-10 and the MA-20 lines exhibited a parallel and downward movement, reflecting a bearish trend throughout the entire period. 

Comment on Exchange Rate USD/JPY September 27, 2024

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.