VRS (VALUATION & RESEARCH SPECIALISTS)

 

 

Founded in 2002, VRS (VALUATION & RESEARCH SPECIALISTS) is an independent firm based in Athens, Greece, with presence in Europe and North America, providing advanced equity research, quality valuations and value-related advisory services to local and international business entities.

VRS is a boutique financial advisor with more than 15 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.

VRS provides corporations with services in financial restructuring, valuation of business enterprises, intangible assets and tangible fixed assets, value enhancement and strategic expansion.

VRS also assists companies involved in mergers and acquisitions and tracks the market in order to offer advice on when to make public offerings and private placements.

VRS cooperates with international organizations, banks and strategic or institutional investors.

VRS has worked with over 200 companies in Greece and internationally in financing, private placements, initial public offerings, business acquisitions and mergers.

Coverage

Export
Ticker Underlying First Report Latest Report
519000 DE0005190003 BMW AG 2018/06/12 2018/06/12
520000 DE0005200000 Beiersdorf AG 2018/08/24 2018/08/24
577330 DE0005773303 Fraport AG 2017/12/19 2017/12/19
710000 DE0007100000 Daimler AG 2018/06/19 2018/06/19
723610 DE0007236101 Siemens AG 2018/07/07 2018/08/05
766400 DE0007664005 Volkswagen AG 2018/06/23 2018/06/23
A1EWWW DE000A1EWWW0 Adidas 2018/01/03 2018/01/03
AEGN GRS495003006 Aegean Airlines SA 2018/10/07 2018/10/07
BA US0970231058 Boeing Co. 2017/12/12 2017/12/12
BAY001 DE000BAY0017 Bayer AG 2018/08/08 2018/08/08
CL US1941621039 Colgate-Palmolive Co. 2017/06/09 2017/06/09
DPZ US25754A2015 Domino's Pizza Inc. 2017/08/11 2017/08/11
EAD NL0000235190 Airbus 2017/11/30 2017/11/30
ELPE GRS298343005 Hellenic Petroleum S.A. 2018/05/20 2018/05/20
ETE GRS003003027 National Bank of Greece S.A. 2018/01/12 2018/01/12
FGE GRS083003012 FG Europe S.A. 2018/08/05 2018/08/05
FOYRK GRS096003009 Fourlis Holdings S.A. 2018/02/09 2018/02/09
GOOG US02079K1079 Alphabet Class C 2017/08/29 2017/08/29
HLT US43300A2033 Hilton Worldwide 2017/09/21 2017/09/21
IATR GRS147233001 Athens Medical Centre S.A. 2018/01/31 2018/01/31
IHG GB00BD8QVH41 InterContinental Hotels Group PLC 2017/09/22 2017/09/22
K US4878361082 Kellogg Co. 2017/11/07 2017/11/07
KMB US4943681035 Kimberly-Clark Corp. 2018/01/24 2018/01/24
KRI GRS469003024 Kri-Kri Milk Industry S.A. 2018/02/07 2018/02/07
MAR US5719032022 Marriott International Inc. Cl A 2017/09/09 2017/09/09
MMM US88579Y1010 3M Co. 2017/07/18 2017/07/18
MOH GRS426003000 Motor Oil Hellas Corinth Refineries S.A. 2018/05/21 2018/05/21
MT US03938L2034 ArcelorMittal 2017/11/29 2017/11/29
NKE ARDEUT111341 Nike, Inc. 2018/01/12 2018/01/12
OPAP GRS419003009 OPAP 2018/06/30 2018/11/05
PG US7427181091 Procter & Gamble Co. 2017/09/01 2017/09/01
PHG. ARDEUT110558 Koninklijke Philips 2018/07/30 2018/07/30
QUEST GRS310003009 Quest Holdings SA 2018/07/15 2018/07/15
RACEN NL0011585146 FERRARI N V 2018/06/30 2018/06/30
SAR GRS204003008 Gr. Sarantis S.A. 2017/10/18 2018/09/16
SOLB BE0003470755 Solvay S.A. 2018/06/03 2018/06/03
UG FR0000121501 Peugeot S.A. 2018/10/29 2018/10/29
UNA NL0000009355 Unilever N.V. CVA 2017/08/04 2017/08/04
VOLV A SE0000115420 Volvo AB Series A 2018/06/30 2018/06/30

Analysts

  • NICHOLAS GEORGIADIS

    DIRECTOR OF EQUITY RESEARCH Years of Experience: 20+
  • CHRISTOFOROS MAKRIAS

    DIRECTOR OF CORPORATE FINANCE Years of Experience: 20+
  • SPYRIDON VASILEIOU

    SENIOR FINANCIAL ANALYST Years of Experience: 20+
  • VRS RESEARCH TEAM

    SENIOR STAFF
  • GEORGE SAVVAKIS

    SENIOR FINANCIAL ANALYST Years of Experience: 20+
  • EFSTRATIOS LIVANIS

    RESEARCH PARTNER Years of Experience: 15+
  • MARIA PAPADOPOULOU

    SENIOR FINANCIAL ANALYST Years of Experience: 10+
  • SOTIRIS KAZAMPAKAS

    SENIOR FINANCIAL ANALYST Years of Experience: 20+

Greek Economy, Quarterly Macro Note, November 7, 2018

The Greek economy is now on a path of economic growth, the strongest since the beginning of the Greek financial crisis. This is mainly due to the successful completion of the third economic adjustment program, which resulted in improved confidence.

VRS View on OPAP, November 5th, 2018 | Note following the Company’s Analyst Day

[Bloomberg Ticker: OPAP:GA]    [Reuters Ticker: OPAr.AT] Share Price €8.37  |  Market Cap €2,670.03mn OPAP S.A. is the undisputable leader in the Greek gaming market controlling an impressive ~70% market share.

Comment on EUR/USD Exchange Rate by VRS, November 2, 2018

Technical & Fundamental Review 

PEUGEOT Flash Note, October 26, 2018

Peugeot S.A. is a holding company. The Company operates through three segments: The Automotive Division, the Automotive Equipment Division and the Finance Division.

CORPORATE DEALS REPORT | GREECE | Period 2015 – 2017 | Released in October 2018

Review of corporate deals and investment activities related to the Greek market. Sectors covered: Energy, Materials, Industrial, Consumer Discretionary, Consumer Staples, Health Care, Financials, Information Technology, Telecommunication Services, Utilities, Real Estate. Prepared by VRS (Valuation & Research Specialists) in partnership with the Finance Club of University of Macedonia.

Comment on Wheat, December 2017

Wheat Prices (CME Continuous Contract) 414.4 USD Cents / Bushel [Bloomberg Ticker: W1:COM]    Graph Analysis and Technical View

Comment on Gold, July 17, 2017

​Graph Analysis and Technical View

Comment on Light Crude Oil, June 2, 2017

​Light Sweet Crude Oil (WTI): 48.36 USD / bbl. [Bloomberg Ticker: CL1:COM]Graph Analysis and Technical View

INTERNATIONAL COMMODITIES PRICES, Historical Graph Analysis Report, Period 2005 – 2017

​International Commodities Prices, Historical Graph Analysis Report, Period 2005 – 2017, prepared by Valuation & Research Specialists (VRS) in collaboration with Athens University of Economics and Business (AUEB) Students’ Investment & Finance Club. Commodities covered: Crude Oil Brent, Natural Gas, Coal, Gold, Platinum, Palladium, Silver, Copper, Aluminum, Zinc, Lead, Cotton, Wheat, Corn, Coffee, Cocoa, Milk, Sugar, Live Cattle, Lean Hogs, Rough Rice, Soybeans, Orange Juice.

COMMENT/RECOMMENDATION ON NATURAL GAS, July 12, 2016

​Graph Analysis and Fundamental Views

Comment on EUR/USD Exchange Rate by VRS, November 2, 2018

Technical & Fundamental Review 

Comment on EUR/USD Exchange Rate by VRS, September 7, 2018

Technical & Fundamental Review

Comment on EUR/USD Exchange Rate by VRS, August 3, 2018

Technical & Fundamental Review

Comment on EUR/USD Exchange Rate by VRS, July 6, 2018

Graph Analysis and Technical View

Comment on EUR/USD Exchange Rate by VRS, June 1, 2018

Graph Analysis and Technical View

VRS View on OPAP, November 5th, 2018 | Note following the Company’s Analyst Day

[Bloomberg Ticker: OPAP:GA]    [Reuters Ticker: OPAr.AT] Share Price €8.37  |  Market Cap €2,670.03mn OPAP S.A. is the undisputable leader in the Greek gaming market controlling an impressive ~70% market share.

PEUGEOT Flash Note, October 26, 2018

Peugeot S.A. is a holding company. The Company operates through three segments: The Automotive Division, the Automotive Equipment Division and the Finance Division.

CORPORATE DEALS REPORT | GREECE | Period 2015 – 2017 | Released in October 2018

Review of corporate deals and investment activities related to the Greek market. Sectors covered: Energy, Materials, Industrial, Consumer Discretionary, Consumer Staples, Health Care, Financials, Information Technology, Telecommunication Services, Utilities, Real Estate. Prepared by VRS (Valuation & Research Specialists) in partnership with the Finance Club of University of Macedonia.

AEGEAN AIRLINES Earnings Estimates Update, October 5, 2018

Aegean Airlines S.A. is a Greek based airline company owning 49 Jet and 12 Turboprop aircrafts (as of 2018) that serve 153 destinations. Aegean is the undisputable leader in the domestic market with 71% market share (as of 2017).

SARANTIS Full Equity Research Report by VRS, September 14, 2018

Sarantis is one of the leading companies in the highly competitive non-food FMCG market offering a wide range of products (≈80 different brands) through a widespread distribution network in 40 countries.

Greek Economy, Quarterly Macro Note, July 20, 2018

Greek government’s fiscal consolidation has led to an economic recovery and has further improved the fiscal credibility of the country.

Greek Economy, Quarterly Macro Note, February 27, 2018

The Greek economy is growing again with real GDP expected to reach 1.6% by 2017. The recovery is expected to be strengthened in the coming years providing further support for employment growth. Sustained commitment to structural reforms remains vital to the continued expansion.

Greek Economy, Quarterly Macro Note, October 17, 2017

After a prolonged depression, the economy stabilized in 2016 and GDP is projected to achieve high growth rates both in 2017 and 2018 (1.8% 2017Ε, 2.4% 2018Ε, Greek Ministry of Finance).

Greek Economy, Quarterly Macro Note, November 7, 2018

The Greek economy is now on a path of economic growth, the strongest since the beginning of the Greek financial crisis. This is mainly due to the successful completion of the third economic adjustment program, which resulted in improved confidence.

MATCH MADE, Greek Market Deals Data (Mergers, Acquisitions and Deals) by VRS, Period January 2015 - May 2018

VRS (Valuation & Research Specialists) have aggregated data on Greek deal making activity over the past years. All deal related events, news, press releases and statistical data presented in this report constitute a product of collective research and raw processing of data, databases, news agencies, as well as other related sources. This report has not been part of any effort to refer to or cover any particular business sector or broader sectors of economic activity. In addition, all deal related events, news, press releases and statistical data presented in this report are noted on the basi...

International Commodities Prices, Historical Graph Analysis Report, Period 2005 – 2018, by VRS

International Commodities Prices, Historical Graph Analysis Report, Period 2005 – 2018, prepared by Valuation & Research Specialists (VRS) in collaboration with Athens University of Economics and Business (AUEB) Students’ Investment & Finance Club. Commodities covered: Crude Oil Brent, Natural Gas, Coal, Gold, Platinum, Palladium, Silver, Copper, Aluminum, Zinc, Lead, Cotton, Wheat, Corn, Coffee, Cocoa, Milk, Sugar, Live Cattle, Lean Hogs, Rough Rice, Soybeans, Orange Juice.

Stock Markets & Currencies, Historical Graph Analysis Report, Period 2005 – 2018, by VRS

Stock Markets & Currencies, Historical Graph Analysis Report, Period 2005 – 2018. Prepared by Valuation & Research Specialists (VRS) in collaboration with Athens University of Economics and Business (AUEB) Students’ Investment & Finance Club. Indices and currencies covered: Dow Jones IA 30 – USA, Nikkei 225 – Japan, FTSE 100 – UK, DAX 30 – Germany, CAC 40 – France, General Index – Greece, EUR / USD, USD / JPY, EUR / JPY, GBP / USD, EUR / CHF, EUR / GBP.

MATCH MADE, Greek Market Deals Data (Mergers, Acquisitions and Deals) by VRS, November 15, 2017

If you are selling a company, it would be wise to take a look of past deals and see how those deals evolved and materialized in terms of financing structure and pricing. VRS (Valuation & Research Specialists) have aggregated data on Greek deal making activity over the past years. In a snapshot, given the tough macroeconomic and business conditions prevailing in the Greek market, deal making activity has proved quite strong in terms of number of deals and sectors involved. The takeaways from the past several quarters (particularly in years 2015 – 2017) can be highlighted as follows: Continuous...

COMMENT/RECOMMENDATION ON EUR/USD EXCHANGE RATE, August 24, 2016

​Graph Analysis and Fundamental View

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