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 2024 GDP forecasts for Greece indicate a growth rate of 2.07%, bringing Real GDP to €198.512 billion, slightly below earlier estimates of €199.205 billion.</li>
<li>The IMF, OECD, and EU project that Greece’s growth rate will rise to 2.24% in 2025, with the real GDP reaching €202,960 billion.</li>
<li>The Public debt is expected to rise from €356.695 billion in 2023 to €362.856 billion in 2024, though the Debt-to-GDP ratio will decline to 156.3%, down from 161.9% in 2023. </li>
</ul>


The 2024 GDP forecasts for Greece indicate a growth rate of 2.07%, bringing Real GDP to €198.512 billion, slightly below earlier estimates of €199.205 billion.
The IMF, OECD, and EU project that Greece’s growth rate will rise to 2.24% in 2025, with the real GDP reaching €202,960 billion.
The Public debt is expected to rise from €356.695 billion in 2023 to €362.856 billion in 2024, though the Debt-to-GDP ratio will decline to 156.3%, down from 161.9% in 2023. 


<ul><li>Baltic Dry Index (BDI)* settled at around ~1,947.00 points (USD) on September 3rd, 2024 versus ~1,808.00 points (USD) on July 29th, 2024, which was the release date of our previous blog.</li><li>The Index has been comfortably trading and with upward tendency across the historic average price range of 1,000 – 2,000 for most of the period starting January 2023 and up until today.</li><li>Moreover, BDI surpassed the level of 2,000 in four notable occasions during the fourth quarter 2023, the first quarter 2024, the second quarter of 2024 as well as in July 2024, but all attempts were short-lived.</li></ul>

Baltic Dry Index (BDI)* settled at around ~1,947.00 points (USD) on September 3rd, 2024 versus ~1,808.00 points (USD) on July 29th, 2024, which was the release date of our previous blog.The Index has been comfortably trading and with upward tendency across the historic average price range of 1,000 – 2,000 for most of the period starting January 2023 and up until today.Moreover, BDI surpassed the level of 2,000 in four notable occasions during the fourth quarter 2023, the first quarter 2024, the second quarter of 2024 as well as in July 2024, but all attempts were short-lived.

BDI Close to Surpass Key Historical Trading Range

<ul><li>In the first quarter of 2024, Japan’s economy grew by 0.18% (QoQ).</li><li>This growth is mainly attributed to real fixed capital formation, but also to real private final consumption expenditure to a lesser extent.</li><li>These figures increased by about 2.53% and 0.43% (QoQ) respectively. </li></ul>

In the first quarter of 2024, Japan’s economy grew by 0.18% (QoQ).This growth is mainly attributed to real fixed capital formation, but also to real private final consumption expenditure to a lesser extent.These figures increased by about 2.53% and 0.43% (QoQ) respectively. 

<ul><li>The eurozone economy experienced moderate growth in the first half of 2024, with a 0.3% quarter-on-quarter increase in both the first and second quarters.</li><li>This growth was primarily driven by net exports and modest private consumption, although a decline in exports last year suggests some of the improvement may be due to base effects.</li><li>Rising real incomes boosted savings rates, yet consumer spending did not fully reflect the increase in disposable income.</li></ul>

The eurozone economy experienced moderate growth in the first half of 2024, with a 0.3% quarter-on-quarter increase in both the first and second quarters.This growth was primarily driven by net exports and modest private consumption, although a decline in exports last year suggests some of the improvement may be due to base effects.Rising real incomes boosted savings rates, yet consumer spending did not fully reflect the increase in disposable income.

Commodities

Hot-Rolled Coil Steel Index Futures / Commodities

U.S. Midwest Domestic Hot-Rolled Coil Steel Index Futures. Exchange Code: HRC. Floating Price: The floating price for each contract month is equal to the average price calculated for all available price assessments published for that given month by the CRU U.S. Midwest Domestic Hot-Rolled Coil Steel Index. Product Specifications: https://www.cmegroup.com/trading/metals/ferrous/hrc-steel_contract_specifications.html

Hot-Rolled Coil Steel Index Futures (HRC1 COMDTY)

<ul><li>During the period May 24th, 2024 – August 23rd , 2024, a mixed trend was reflected in the prices of steel coil futures amid fluctuations.</li><li>During the period under consideration, there was an overall decrease in the price of steel coil futures.</li><li>The MA-20 was recorded to perform higher than MA-10 in the beginning of the period, but after that there were many fluctuations with the MA-20 ending up again the MA-10 line.</li></ul>

During the period May 24th, 2024 – August 23rd , 2024, a mixed trend was reflected in the prices of steel coil futures amid fluctuations.During the period under consideration, there was an overall decrease in the price of steel coil futures.The MA-20 was recorded to perform higher than MA-10 in the beginning of the period, but after that there were many fluctuations with the MA-20 ending up again the MA-10 line.

Commodity Analysis - US Steel Coil Futures

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.