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

<h3>3Q2021 Results</h3>
<p>Pyxis Tankers announced its financial results for the 3Q 2021 and nine months for the year. Overall, results were well below our expectations due to the unfavorable conditions in the product tankers’ market. Adjusted EBITDA was negative for the three months ended September 30, 2021 at $1.3 million. Time charter equivalent revenues of $3.4 million represented a decrease of approximately $1 million or 21.3% over the comparable period in 2020. Total operating days were increased to 492 compared to 371 in the 3Q2020. Depressed rates of $6.99k/day fleet-wide in the most recent quarter and higher operating expenses also contributed to the negative bottom-line. Vessel operating expenses increased by $2.9 million or more than 30% for the three months ended September 30, 2021, compared to the third quarter of 2020. Q3 results were influenced by the addition of the Pyxis Karteria, a 2013 built MR.</p>
<h3>Acquisition of “Pyxis Lamda”</h3>
<p>On November 15, 2021, Pyxis signed a MOA to acquire the “Pyxis Lamda”, a 2017-built 50,296 dwt. eco-efficient MR for $32 million. The delivery of the vessel is expected in the following days. The transaction will be funded by cash on hand, issuance of $3 million under an amended unsecured promissory note due 2024 and $3 million in common shares plus $29 million loan. Refinance of the outstanding loan on the Pyxis Malou will also take place as part of this new loan. The 5-year bank loan will bear interest at Libor + 3.15% and will be secured by both vessels.</p>
<h3>Valuation Results</h3>
<p>We have performed a Peer Multiple Valuation of Pyxis Tankers with EV/GAV and P/NAV. Our results indicate that Pyxis Tankers is undervalued compared to its peers, implying an upside potential of 57% from the current price. Our average target price is $0.85.</p>

3Q2021 Results
Pyxis Tankers announced its financial results for the 3Q 2021 and nine months for the year. Overall, results were well below our expectations due to the unfavorable conditions in the product tankers’ market. Adjusted EBITDA was negative for the three months ended September 30, 2021 at $1.3 million. Time charter equivalent revenues of $3.4 million represented a decrease of approximately $1 million or 21.3% over the comparable period in 2020. Total operating days were increased to 492 compared to 371 in the 3Q2020. Depressed rates of $6.99k/day fleet-wide in the most recent quarter and higher operating expenses also contributed to the negative bottom-line. Vessel operating expenses increased by $2.9 million or more than 30% for the three months ended September 30, 2021, compared to the third quarter of 2020. Q3 results were influenced by the addition of the Pyxis Karteria, a 2013 built MR.
Acquisition of “Pyxis Lamda”
On November 15, 2021, Pyxis signed a MOA to acquire the “Pyxis Lamda”, a 2017-built 50,296 dwt. eco-efficient MR for $32 million. The delivery of the vessel is expected in the following days. The transaction will be funded by cash on hand, issuance of $3 million under an amended unsecured promissory note due 2024 and $3 million in common shares plus $29 million loan. Refinance of the outstanding loan on the Pyxis Malou will also take place as part of this new loan. The 5-year bank loan will bear interest at Libor + 3.15% and will be secured by both vessels.
Valuation Results
We have performed a Peer Multiple Valuation of Pyxis Tankers with EV/GAV and P/NAV. Our results indicate that Pyxis Tankers is undervalued compared to its peers, implying an upside potential of 57% from the current price. Our average target price is $0.85.

Pyxis Tankers

Pyxis Tankers Inc: 3Q 2021 Results