Value Investing

Vladimir Dimitrov, CFA

I am a former strategy consultant with heavy exposure to business and intangible assets valuation. Throughout my career I have been focused on solving complex business problems through the lens of the overall business strategy and by incorporating a set of valuation and financial modelling techniques.

In my spare time I have been exploring the concept of value investing and in particular finding companies with sustainable competitive advantages that also trade below their intrinsic value. In addition to my bottom-up approach of individual equities I also take a more holistic view of the markets through factor investing techniques.

Equity Bottom-Up

International Business Machines / Equity Bottom-Up

<ul>
<li>Even though IBM shares ended 2021 in the green, total return was very disappointing on a risk-adjusted basis.</li>
<li>Kyndryl shareholders were severely punished, and prospects for the company remain rather bleak.</li>
<li>2022 will be a critical year for IBM's management to prove that it could turn the business around.</li>
</ul>


Even though IBM shares ended 2021 in the green, total return was very disappointing on a risk-adjusted basis.
Kyndryl shareholders were severely punished, and prospects for the company remain rather bleak.
2022 will be a critical year for IBM's management to prove that it could turn the business around.


International Business Machines

IBM: A Rising Tide Lifts All Boats