VRS (VALUATION & RESEARCH SPECIALISTS)

 

 

Founded in 2002, VRS (VALUATION & RESEARCH SPECIALISTS) is an independent Financial Research & Consulting Firm with offices and presence in Athens and Luxembourg, and with senior presence in the broader European and North American markets, providing advanced equity research and valuation reports as well as value-related advisory services to local and international institutions, business entities and individual clients.

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
A12CBU NL0010877643 Fiat Chrysler Automobiles NV 2019/01/04 2019/01/04
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
BARC GB0031348658 Barclays PLC 2019/01/26 2019/01/26
BAY001 DE000BAY0017 Bayer AG 2018/08/08 2018/08/08
BN FR0000120644 Danone 2018/12/04 2018/12/04
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 2019/03/01
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
KARTZ GRS399163005 Karatzi S.A. 2018/12/16 2018/12/16
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
MDLZ US6092071058 Mondelez International Inc. 2018/11/17 2018/11/17
MLS GRS422003004 MLS Multimedia S.A. 2019/03/08 2019/03/08
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 2018/12/04
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
RNO FR0000131906 Renault 2019/01/04 2019/01/04
SAR GRS204003008 Gr. Sarantis S.A. 2017/10/18 2018/09/16
SOLB BE0003470755 Solvay S.A. 2018/06/03 2018/06/03
TSLA US88160R1014 Tesla 2019/02/08 2019/02/08
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
VWS DK0010268606 Vestas Wind Systems A/S 2018/11/17 2018/11/17

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, March 2019

The Greek economy grew at a rate above 2.0% in 2018 and is expected to continue edging up in the coming years, offsetting negative impacts from the deterioration in the global environment and other exogenous or idiosyncratic sources of risk.

MLS Earnings Estimates Update, March 7, 2019

MLS Innovation Inc. is based in Greece and operates into the following market segments: Mobile Phones – Software, Tablets, Smart TVs, Educational Technology and Navigation Systems.   

Comment on EUR/USD Exchange Rate by VRS, March 2019

Technical & Fundamental Review   

FOURLIS Earnings Estimates Update, February 27, 2019

Fourlis SA is a Greece-based investment holding company. Along with its subsidiaries, the Company is active in four operating segments: Retail Trading of Home Furniture and Household Goods, through the franchise of IKEA stores in Greece, Cyprus and Bulgaria; Retail Trading of Sporting Goods, through the franchise of INTERSPORT stores in Greece, Cyprus, Bulgaria, Turkey and Romania; The Company’s direct subsidiaries include HouseMarket SA and Intersport Athletics SA.

Comment on EUR/CHF Exchange Rate by VRS, February 2019

Technical & Fundamental Review   

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, March 2019

Technical & Fundamental Review   

Comment on EUR/CHF Exchange Rate by VRS, February 2019

Technical & Fundamental Review   

Comment on EUR/USD Exchange Rate by VRS, February 2019

Technical & Fundamental Review   

Comment on USD/CAD Exchange Rate by VRS, January 2019

Technical & Fundamental Review   

Comment on EUR/USD Exchange Rate by VRS, January 2019

Technical & Fundamental Review   

MLS Earnings Estimates Update, March 7, 2019

MLS Innovation Inc. is based in Greece and operates into the following market segments: Mobile Phones – Software, Tablets, Smart TVs, Educational Technology and Navigation Systems.   

FOURLIS Earnings Estimates Update, February 27, 2019

Fourlis SA is a Greece-based investment holding company. Along with its subsidiaries, the Company is active in four operating segments: Retail Trading of Home Furniture and Household Goods, through the franchise of IKEA stores in Greece, Cyprus and Bulgaria; Retail Trading of Sporting Goods, through the franchise of INTERSPORT stores in Greece, Cyprus, Bulgaria, Turkey and Romania; The Company’s direct subsidiaries include HouseMarket SA and Intersport Athletics SA.

Technical Analysis Comment on TESLA INC., February 2019

Technical Analysis Comment

BARCLAYS PLC Flash Note, January 21, 2019

Barclays Plc is a global financial services holding company. The Company is engaged in credit cards, wholesale banking, investment banking, wealth management and investment management services.

RENAULT Flash Note, December 28, 2018

Renault SA is a France based company primarily engaged in the manufacture of automobiles and the provision of related services.

Greek Economy, Quarterly Macro Note, March 2019

The Greek economy grew at a rate above 2.0% in 2018 and is expected to continue edging up in the coming years, offsetting negative impacts from the deterioration in the global environment and other exogenous or idiosyncratic sources of risk.

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).

Investment Research & Analysis Journal – Issue 10

VRS (Valuation & Research Specialists) is proud to announce the publication of the 10th issue of the “Investment Research & Analysis Journal” in collaboration with an executive editorial team of Professors and Finance Professionals. First published in 2006, the “Investment Research & Analysis Journal” presents original and valuable papers in the field of Corporate Finance, Corporate Governance, Financial Econometrics, Portfolio Management, Financial Engineering, Banking, Financial & Strategic Management, International Accounting & Financial Management. The articles of the newly published iss...

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.

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

​Graph Analysis and Fundamental View

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