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

<ul><li>To derive our target price of EUR 33.93, indicating an upside potential of 29.01%, we incorporated 2 different valuation methods: DCF valuation, resulting in a price of EUR 32.49 and Peer Group valuation, resulting in a price of EUR 39.68.</li><li>The weights used for the 2 valuation approaches were 80% for DCF and 20% for Peer Group.</li><li>To perform DCF valuation, we used a 2-stage calculation approach, consisting of the growth period (~20%) and terminal value (~80%). Using the DCF we came up with a price target of EUR 32.49 (+23.55% vs current price). T</li></ul>

To derive our target price of EUR 33.93, indicating an upside potential of 29.01%, we incorporated 2 different valuation methods: DCF valuation, resulting in a price of EUR 32.49 and Peer Group valuation, resulting in a price of EUR 39.68.The weights used for the 2 valuation approaches were 80% for DCF and 20% for Peer Group.To perform DCF valuation, we used a 2-stage calculation approach, consisting of the growth period (~20%) and terminal value (~80%). Using the DCF we came up with a price target of EUR 32.49 (+23.55% vs current price). T

<ul><li>1st Vertical | Recycling and Renewables: A very important vertical segment helping APERAM Group to attain a neutral CO2 emission footprint.</li><li>Innovative business based on new technology. Companies active within the segment are ELG (Recycling), BioEnergia (charcoal production from forests; plant in Brazil, CO2 neutral), Recyco (metal recycling from dust).</li><li>Represented 13% of consolidated EBITDA in FY 2022.</li></ul>

1st Vertical | Recycling and Renewables: A very important vertical segment helping APERAM Group to attain a neutral CO2 emission footprint.Innovative business based on new technology. Companies active within the segment are ELG (Recycling), BioEnergia (charcoal production from forests; plant in Brazil, CO2 neutral), Recyco (metal recycling from dust).Represented 13% of consolidated EBITDA in FY 2022.

<div><div><div><ul><li>Aperam S.A. announced its financial results for the 4Q 2022.</li><li>Overall, the fourth quarter developed in line with expectations.</li><li>The import window has closed, leading imports back to the historical normal level. In the industrial side, energy sector is strong and O&amp;G is recovering.</li></ul></div></div></div>

Aperam S.A. announced its financial results for the 4Q 2022.Overall, the fourth quarter developed in line with expectations.The import window has closed, leading imports back to the historical normal level. In the industrial side, energy sector is strong and O&amp;G is recovering.

Luxembourg

APERAM manufactures specialty steel. The Company produces stainless and grain-oriented and non grain-oriented electrical steel and nickel alloys. APERAM markets its products in Brazil, France, and Belgium.

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APERAM SA (APAM NA)

Aperam Sa - October 10, 2024

The selection criteria of the peers were the business model, industry-sector, and market capitalization. The peer group derived a price of EUR...

VRS (Valuation & Research Specialists)

Aperam S.A. - Quick Note - July 3, 2023

1st Vertical | Recycling and Renewables: A very important vertical segment helping APERAM Group to attain a neutral CO2 emission footprint.

VRS (Valuation & Research Specialists)

Aperam S.A. - 4Q2022 Results

The import window has closed, leading imports back to the historical normal level. In the industrial side, energy sector is strong and O&G is...

VRS (Valuation & Research Specialists)

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