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

<h2>PYXIS TANKERS INC.</h2>
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<p><strong>Q2 2021 Results</strong><br><span style="font-size: var(--content-font-size);">Pyxis Tankers announced its financial results for the three and six months for the year and overall, it was slightly below market expectations due to the unfavorable conditions in the product tankers’ market. Adjusted EBITDA of $372 thousand was below expectations and TCE revenue of $4.1 million represented a decrease of approximately $0.4 million or 8.8% </span><span style="font-size: var(--content-font-size);">over the comparable period in 2020. Depressed rates of $10.9k/day fleet- </span><span style="font-size: var(--content-font-size);">wide in the most recent quarter and slightly higher operating expenses also contributed to the negative bottom-line. The decrease was mostly attributed to lower charter rates for the MRs and lower fleet utilization. Vessel operating expenses increased by $0.3 million or 13.4% for the three months ended June 30, 2021, compared to the second quarter of 2020.</span></p>
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<p><strong>Acquisition of Karteria</strong><br>The acquisition of Karteria that was announced in April was closed at 15th of July. Pyxis Karteria is an eco-efficient medium range product tanker of 46,652 dwt built in 2013 at Hyundai Mipo shipyard in South Korea. The $20 million acquisition of the Karteria was funded by a combination of cash from 1Q2021 equity offering and a $13.5 million bank loan that is secured by the vessel and amortizes over seven years. The seven-year term loan of $13.5 million is at Libor plus 480 basis points.</p>
<p><strong>Valuation Results</strong><br>We have performed a Peer Multiple Valuation of Pyxis Tankers. We created a pool of peers and we have used three different forward-looking multiples: EV/GAV, P/NAV, and EV/EBITDA. Our results indicate that Pyxis Tankers is undervalued compared to its peers, implying an upside potential of 65% from the current price. Our average target price is $1.09.</p>
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PYXIS TANKERS INC.

Q2 2021 Results Pyxis Tankers announced its financial results for the three and six months for the year and overall, it was slightly below market expectations due to the unfavorable conditions in the product tankers’ market. Adjusted EBITDA of $372 thousand was below expectations and TCE revenue of $4.1 million represented a decrease of approximately $0.4 million or 8.8% over the comparable period in 2020. Depressed rates of $10.9k/day fleet- wide in the most recent quarter and slightly higher operating expenses also contributed to the negative bottom-line. The decrease was mostly attributed to lower charter rates for the MRs and lower fleet utilization. Vessel operating expenses increased by $0.3 million or 13.4% for the three months ended June 30, 2021, compared to the second quarter of 2020.





Acquisition of Karteria The acquisition of Karteria that was announced in April was closed at 15th of July. Pyxis Karteria is an eco-efficient medium range product tanker of 46,652 dwt built in 2013 at Hyundai Mipo shipyard in South Korea. The $20 million acquisition of the Karteria was funded by a combination of cash from 1Q2021 equity offering and a $13.5 million bank loan that is secured by the vessel and amortizes over seven years. The seven-year term loan of $13.5 million is at Libor plus 480 basis points.
Valuation Results We have performed a Peer Multiple Valuation of Pyxis Tankers. We created a pool of peers and we have used three different forward-looking multiples: EV/GAV, P/NAV, and EV/EBITDA. Our results indicate that Pyxis Tankers is undervalued compared to its peers, implying an upside potential of 65% from the current price. Our average target price is $1.09.







Pyxis Tankers

Pyxis Tankers Inc: Q2 2021 Results