Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

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

Macroeconomics

<ul><li>The Euro area economy narrowly avoided a technical recession in the second half of 2023 and started the new year with mixed macroeconomic fundamentals.</li><li>Although decreasing inflation, solid wage growth, and a robust labor market are expected to boost consumer spending and business confidence, GDP growth rates fell sharply from 3.5% in 2022 to 0.5% in 2023, with private consumption stagnating and investment slowing due to high financing costs and uncertain economic conditions.</li><li>Additionally, exports decreased due to lower foreign demand, although the trade balance remained positive.</li></ul>

The Euro area economy narrowly avoided a technical recession in the second half of 2023 and started the new year with mixed macroeconomic fundamentals.Although decreasing inflation, solid wage growth, and a robust labor market are expected to boost consumer spending and business confidence, GDP growth rates fell sharply from 3.5% in 2022 to 0.5% in 2023, with private consumption stagnating and investment slowing due to high financing costs and uncertain economic conditions.Additionally, exports decreased due to lower foreign demand, although the trade balance remained positive.

Equity Bottom-Up

Fourlis Holdings S.A., commonly referred to as Fourlis S.A., wholesales electric and electronic appliances. The Company also retails home furnishings through the franchise of Ikea stores. The Company also retails sporting goods through the franchise of Intersports stores.

<ul><li>Fourlis Group sales in 2023 increased by 10% on a comparable basis, excluding Intersport Turkey and The Athlete's Foot sales, reaching €521.3m.</li><li>There was a significant increase in EBITDA by 21.8%, reaching €48.2m in 2023, compared to €39.6m in the previous year, due to the rationalization of operating costs and an increase in operating leverage.</li><li>The group's retail business showed robust performance, contributing significantly to overall revenue growth.</li></ul>

Fourlis Group sales in 2023 increased by 10% on a comparable basis, excluding Intersport Turkey and The Athlete's Foot sales, reaching €521.3m.There was a significant increase in EBITDA by 21.8%, reaching €48.2m in 2023, compared to €39.6m in the previous year, due to the rationalization of operating costs and an increase in operating leverage.The group's retail business showed robust performance, contributing significantly to overall revenue growth.

Fourlis Holdings S.a - FY2023 Results Presentation

FX & Rates

The euro is the official currency of the European Economic & Monetary Union.  The US dollar is the official currency of the United States of America.

<ul><li>During the period under consideration, i.e. February 28th , 2024 to March 29th, 2024, the EUR/JPY exchange rate fluctuated between 160.55 and 165.17.</li><li>The MA-10 line was moving above the MA-20 line for the first two weeks, and then it crossed below the MA-20, maintaining a steady movement until it crossed over again on March 22nd MA-20 line retained upward trend throughout the entire period.</li><li>Based on Graph 2, the CCI (red line) was moving downwards at the beginning of the period under consideration but after March 12th the movement changed to the opposite direction.</li></ul>

During the period under consideration, i.e. February 28th , 2024 to March 29th, 2024, the EUR/JPY exchange rate fluctuated between 160.55 and 165.17.The MA-10 line was moving above the MA-20 line for the first two weeks, and then it crossed below the MA-20, maintaining a steady movement until it crossed over again on March 22nd MA-20 line retained upward trend throughout the entire period.Based on Graph 2, the CCI (red line) was moving downwards at the beginning of the period under consideration but after March 12th the movement changed to the opposite direction.

Comment on Exchange Rate - EUR/JPY - March 29, 2024

The Japanese yen is the official currency of Japan. 

<ul>
<li>During the period under consideration, i.e. February 28th 2024 to March 29th, 2024, the USD/JPY pair fluctuated between 146 and 152 Yen per 1 Dollar.</li>
<li>The MA-10 line at the beginning of the period considered was moving above the MA-20 line.</li>
<li>From March 7th until March 22nd the MA-10 line trend changed and was moving below the MA-20. </li>
</ul>


During the period under consideration, i.e. February 28th 2024 to March 29th, 2024, the USD/JPY pair fluctuated between 146 and 152 Yen per 1 Dollar.
The MA-10 line at the beginning of the period considered was moving above the MA-20 line.
From March 7th until March 22nd the MA-10 line trend changed and was moving below the MA-20. 


Comment on Exchange Rate - USD/JPY -  March 29, 2024

Norcros PLC manufactures ceramic tiles and domestic showers.  The Company operates in the United Kingdom, South Africa, and Australia.

<ul><li>Norcros plc is a United Kingdom-based supplier of bathroom and kitchen products.</li><li>The principal activities of the Company and its subsidiaries are the design, manufacture, and distribution of a range of bathroom and kitchen products, mainly in the United Kingdom and South Africa.</li><li>In the United Kingdom, it offers a range of bathroom and kitchen products for domestic and commercial applications. </li></ul>

Norcros plc is a United Kingdom-based supplier of bathroom and kitchen products.The principal activities of the Company and its subsidiaries are the design, manufacture, and distribution of a range of bathroom and kitchen products, mainly in the United Kingdom and South Africa.In the United Kingdom, it offers a range of bathroom and kitchen products for domestic and commercial applications. 

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.