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

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<h3>Q2 2022 Results – Best quarter so far</h3>
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<p>Pyxis Tankers announced its financial results for the second quarter of 2022 and the six month period for the year. Overall, the Company reported a very strong set of results, above our expectations at record levels, due to the favorable conditions in the product tankers’ and the increased operating days. Adjusted EBITDA was $7.27 million compared to $0.4 million and the Company’s cash position was up to $6.2 million. The utilization rate for the quarter was 98%, which was a very positive development compared to the first quarter figures at 74%. The average daily MR TCE rate during the second quarter of 2022 was $26,270 or 107% higher than the $12,697 daily MR TCE rate for the same period in 2021. According to the management, 85% of available days were booked for Q3 2022 at $33,200/day. Operating costs per day declined to $6,181 from $6,697 leading to net income of $4.57 million versus losses of $1.4 million. We call for an excellent third quarter, which will also support the Company’s figures and it will be a record quarter as well, exceeding Q2 performance. Altogether, 2022 and 2023 will be record years for Pyxis but part of these exceptional results are to some extent already priced into the stock.</p>
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Q2 2022 Results – Best quarter so far




Pyxis Tankers announced its financial results for the second quarter of 2022 and the six month period for the year. Overall, the Company reported a very strong set of results, above our expectations at record levels, due to the favorable conditions in the product tankers’ and the increased operating days. Adjusted EBITDA was $7.27 million compared to $0.4 million and the Company’s cash position was up to $6.2 million. The utilization rate for the quarter was 98%, which was a very positive development compared to the first quarter figures at 74%. The average daily MR TCE rate during the second quarter of 2022 was $26,270 or 107% higher than the $12,697 daily MR TCE rate for the same period in 2021. According to the management, 85% of available days were booked for Q3 2022 at $33,200/day. Operating costs per day declined to $6,181 from $6,697 leading to net income of $4.57 million versus losses of $1.4 million. We call for an excellent third quarter, which will also support the Company’s figures and it will be a record quarter as well, exceeding Q2 performance. Altogether, 2022 and 2023 will be record years for Pyxis but part of these exceptional results are to some extent already priced into the stock.





Pyxis Tankers Inc – Best Quarter so Far