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

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>According to Graph 1, during the period July 25th, 2025 – October 24th, 2025, a mixed trend was reflected in the prices of steel coil futures amid fluctuations.</li><li>During the period under consideration there was a slight decrease in the price of steel coil futures.</li><li>The MA-10 was recorded to perform higher than the MA-20 at the first month of the period and afterwards, besides the several fluctuations, it appeared to be aligning with and moving in tandem with the MA-20.</li></ul>

According to Graph 1, during the period July 25th, 2025 – October 24th, 2025, a mixed trend was reflected in the prices of steel coil futures amid fluctuations.During the period under consideration there was a slight decrease in the price of steel coil futures.The MA-10 was recorded to perform higher than the MA-20 at the first month of the period and afterwards, besides the several fluctuations, it appeared to be aligning with and moving in tandem with the MA-20.

Commodity Analysis US Steel Coil Futures - October 24, 2025

Equity Bottom-Up

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

<ul><li>Since the late 1990s, Amazon has emerged as a paradigmatic case in business history.</li><li>From its origins as an online bookstore to becoming a global powerhouse reshaping retail, cloud computing, and digital entertainment, Amazon’s trajectory has been defined by disruptive innovation and strategic foresight.</li><li>By analyzing its stock price evolution (based on closing prices), we can trace how the company navigated cyclical challenges, seized opportunities, and ultimately solidified its market dominance.</li></ul>

Since the late 1990s, Amazon has emerged as a paradigmatic case in business history.From its origins as an online bookstore to becoming a global powerhouse reshaping retail, cloud computing, and digital entertainment, Amazon’s trajectory has been defined by disruptive innovation and strategic foresight.By analyzing its stock price evolution (based on closing prices), we can trace how the company navigated cyclical challenges, seized opportunities, and ultimately solidified its market dominance.

Company & Stock Analysis:  Amazon, Inc. - October 31, 2025

Revoil SA operates petroleum and petrochemical businesses in Greece.  The Company produces oil, fuels, lubricants, and chemicals.

<ul><li>Revoil S.A. engages in the trading and marketing of petroleum products for use in cars, homes, and vessels in Greece.</li><li>It offers gasoline, fuel oil, petrol, diesel and a range of lubricants for petrol engines, diesel engines, hydraulic systems, gear wheels, and outboard engines.</li><li>The company also provides lamps, wind- screen wipers, car deodorants, and mobile accessories as well as car and moto wash, lubricant change, and other services. </li></ul>

Revoil S.A. engages in the trading and marketing of petroleum products for use in cars, homes, and vessels in Greece.It offers gasoline, fuel oil, petrol, diesel and a range of lubricants for petrol engines, diesel engines, hydraulic systems, gear wheels, and outboard engines.The company also provides lamps, wind- screen wipers, car deodorants, and mobile accessories as well as car and moto wash, lubricant change, and other services. 

REVOIL S.A. Note Following Meeting with Company

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. September 25th, 2025 to October 24th, 2025, the EUR/USD pair exhibited a bearish trend.</li><li>In the beginning, it showed overall a downward slope, until October 14th where the pair indicated an upward trend.</li><li>After that, it fluctuated sideways between MA-10 and MA-20. By the end of the period the price it was slightly lower than the level of September 25th.</li></ul>

During the period under consideration, i.e. September 25th, 2025 to October 24th, 2025, the EUR/USD pair exhibited a bearish trend.In the beginning, it showed overall a downward slope, until October 14th where the pair indicated an upward trend.After that, it fluctuated sideways between MA-10 and MA-20. By the end of the period the price it was slightly lower than the level of September 25th.

Comment on Exchange Rate EUR/USD October 24, 2025

Macroeconomics

<ul><li>India’s economic growth outlook remains strong with projected real GDP growth rates of 6.65%, 6.16% and 6.41% for the years 2025 through 2027.</li><li>Prices rose in the first 2 quarters of 2025, as CPI QoQ growth rates were -1.83% and 0.33% in Q1 and Q2 of 2025.</li><li>Labor market displays resilience, with unemployment rate well below 5%, throughout 2024.</li></ul>

India’s economic growth outlook remains strong with projected real GDP growth rates of 6.65%, 6.16% and 6.41% for the years 2025 through 2027.Prices rose in the first 2 quarters of 2025, as CPI QoQ growth rates were -1.83% and 0.33% in Q1 and Q2 of 2025.Labor market displays resilience, with unemployment rate well below 5%, throughout 2024.

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.