Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

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.

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>Spotify Technology S.A. is the world's largest audio streaming subscription service, operating a freemium platform that delivers music, podcasts and audiobooks across more than 180 markets.</li><li>It monetizes through two segments: a Premium subscription business (a recurring fee for on-demand, ad-free access) and an Ad-Supported business, in which free users are monetized through advertising that also funnels into Premium.</li><li>In FY2025, Spotify reported total revenue of €17.2 billion, of which Premium revenue of €15.4 billion represented approximately 89% of the total, with Ad-Supported revenue of €1.8 billion making up the balance. </li></ul>

Spotify Technology S.A. is the world's largest audio streaming subscription service, operating a freemium platform that delivers music, podcasts and audiobooks across more than 180 markets.It monetizes through two segments: a Premium subscription business (a recurring fee for on-demand, ad-free access) and an Ad-Supported business, in which free users are monetized through advertising that also funnels into Premium.In FY2025, Spotify reported total revenue of €17.2 billion, of which Premium revenue of €15.4 billion represented approximately 89% of the total, with Ad-Supported revenue of €1.8 billion making up the balance. 

M&A Activity & Strategy Review: Spotify Technology S.A. (SPOT) - June - July 2026