VRS (VALUATION & RESEARCH SPECIALISTS)

 

 

Founded in 2002, VRS (VALUATION & RESEARCH SPECIALISTS) is an independent Financial Research & Consulting Firm with offices and presence in Athens and Luxembourg, and with senior presence in the broader European and North American markets, providing advanced equity research and valuation reports as well as value-related advisory services to local and international institutions, business entities and individual clients.

VRS is a boutique financial advisor with more than 15 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.

VRS provides corporations with services in financial restructuring, valuation of business enterprises, intangible assets and tangible fixed assets, value enhancement and strategic expansion.

VRS also assists companies involved in mergers and acquisitions and tracks the market in order to offer advice on when to make public offerings and private placements.

VRS cooperates with international organizations, banks and strategic or institutional investors.

VRS has worked with over 200 companies in Greece and internationally in financing, private placements, initial public offerings, business acquisitions and mergers.

Coverage

Export
Ticker Underlying First Report Latest Report
A0JMZB NL0000009355 Unilever NV (Dutch Cert) 2017/08/04 2017/08/04
ADS DE000A1EWWW0 Adidas 2018/01/03 2018/01/03
AEGN GRS495003006 Aegean Airlines SA 2018/10/07 2018/10/07
AIR NL0000235190 Airbus 2017/11/30 2017/11/30
ALY GB0000533728 Laura Ashley Holdings PLC 2019/08/17 2019/08/17
BA US0970231058 Boeing Co. 2017/12/12 2017/12/12
BARC GB0031348658 Barclays PLC 2019/01/26 2019/01/26
BAYN DE000BAY0017 Bayer AG 2018/08/08 2018/08/08
BBAAY US01609W2017 ALIBABA GROUP HLDG ADR 2020/01/14 2020/01/14
BEI DE0005200000 Beiersdorf AG 2018/08/24 2018/08/24
BELAAM GRS282003011 Jumbo S.A. 2019/11/17 2019/11/17
BMW DE0005190003 BMW AG 2018/06/12 2018/06/12
BN FR0000120644 Danone 2018/12/04 2018/12/04
BRIQ GRS517003000 BriQ Properties REIC 2020/01/14 2020/01/14
CENER BE0974303357 Cenergy 2019/07/02 2019/07/02
CL US1941621039 Colgate-Palmolive Co. 2017/06/09 2017/06/09
DAI DE0007100000 Daimler AG 2018/06/19 2018/06/19
DIS US2546871060 Walt Disney 2019/05/27 2019/12/23
DPZ US25754A2015 Domino's Pizza Inc. 2017/08/11 2017/08/11
DVDCY US23857W1053 Davide Campari-Milano S.p.A. ADS 2019/07/30 2019/07/30
ELPE GRS298343005 Hellenic Petroleum S.A. 2018/05/20 2018/05/20
EPSIL GRS498003003 Epsilon Net S.A. 2019/12/01 2019/12/01
ETE GRS003003027 National Bank of Greece S.A. 2018/01/12 2018/01/12
EYDAP GRS359353000 Athens Water Supply & Sewerage 2019/05/05 2019/05/05
FB US30303M1027 Facebook Class A 2019/10/21 2019/10/21
FCA-MIL NL0010877643 Fiat Chrysler Automobiles NV 2019/01/04 2019/01/04
FGE GRS083003012 FG Europe S.A. 2018/08/05 2018/08/05
FOYRK GRS096003009 Fourlis Holdings S.A. 2018/02/09 2019/03/01
FRA DE0005773303 Fraport AG 2017/12/19 2017/12/19
GOOG US02079K1079 Alphabet Class C 2017/08/29 2017/08/29
HEN DE0006048408 Henkel KGaA 2019/09/13 2019/09/13
HLT US43300A2033 Hilton Worldwide 2017/09/21 2017/09/21
IATR GRS147233001 Athens Medical Centre S.A. 2018/01/31 2018/01/31
IHG GB00BD8QVH41 InterContinental Hotels Group PLC 2017/09/22 2017/09/22
K US4878361082 Kellogg Co. 2017/11/07 2017/11/07
KARTZ GRS399163005 Karatzi S.A. 2018/12/16 2018/12/16
KMB US4943681035 Kimberly-Clark Corp. 2018/01/24 2018/01/24
KRI GRS469003024 Kri-Kri Milk Industry S.A. 2018/02/07 2018/02/07
MAR US5719032022 Marriott International Inc. Cl A 2017/09/09 2017/09/09
MC FR0000121014 LVMH Moet Hennessy Louis Vuitton SE 2019/11/17 2019/11/17
MDLZ US6092071058 Mondelez International Inc. 2018/11/17 2018/11/17
MLS GRS422003004 MLS Multimedia S.A. 2019/03/08 2019/03/08
MMM US88579Y1010 3M Co. 2017/07/18 2017/07/18
MOH GRS426003000 Motor Oil Hellas Corinth Refineries S.A. 2018/05/21 2018/05/21
MSFT US5949181045 Microsoft Corp. 2019/12/01 2019/12/01
MT US03938L2034 ArcelorMittal 2017/11/29 2017/11/29
NFLX US64110L1061 Netflix Inc. 2019/07/02 2019/07/02
NKE ARDEUT111341 Nike, Inc. 2018/01/12 2018/01/12
OPAP GRS419003009 OPAP 2018/06/30 2018/12/04
PG US7427181091 Procter & Gamble Co. 2017/09/01 2017/09/01
PHG. ARDEUT110558 Koninklijke Philips 2018/07/30 2018/07/30
PLAIS GRS320313000 Plaisio Computers S.A. 2019/09/13 2019/09/13
PLAT GRS239003007 Thrace Plastics Holding And Commercial Societe Anonyme 2019/07/11 2019/07/11
PPA GRS470003013 Piraeus Port Authority S.A. 2019/04/11 2019/04/11
PROF GRS472003011 Profile Systems & Software S.A. 2019/04/25 2019/04/25
QUEST GRS310003009 Quest Holdings SA 2018/07/15 2018/07/15
RACEN NL0011585146 FERRARI N V 2018/06/30 2018/06/30
RNO FR0000131906 Renault 2019/01/04 2019/01/04
SAR GRS204003008 Gr. Sarantis S.A. 2017/10/18 2019/10/12
SFE JE00BGP63272 Safestyle UK 2019/07/30 2019/07/30
SIE DE0007236101 Siemens AG 2018/07/07 2019/04/15
SOLB BE0003470755 Solvay S.A. 2018/06/03 2018/06/03
TPEIR GRS014003024 Piraeus Bank S.A. 2020/01/14 2020/01/14
TSLA US88160R1014 Tesla 2019/02/08 2019/02/08
UG FR0000121501 Peugeot S.A. 2018/10/29 2018/10/29
VOLV A SE0000115420 Volvo AB Series A 2018/06/30 2018/06/30
VOW DE0007664005 Volkswagen AG 2018/06/23 2018/06/23
VWS DK0010268606 Vestas Wind Systems A/S 2018/11/17 2018/11/17
XOM US30231G1022 Exxon Mobil Corp. 2019/10/21 2019/10/21

Analysts

  • NICHOLAS GEORGIADIS

    DIRECTOR OF EQUITY RESEARCH Years of Experience: 20+
  • CHRISTOFOROS MAKRIAS

    DIRECTOR OF CORPORATE FINANCE Years of Experience: 20+
  • SPYRIDON VASILEIOU

    SENIOR FINANCIAL ANALYST Years of Experience: 20+
  • VRS RESEARCH TEAM

    SENIOR STAFF
  • GEORGE SAVVAKIS

    SENIOR FINANCIAL ANALYST Years of Experience: 20+
  • EFSTRATIOS LIVANIS

    RESEARCH PARTNER Years of Experience: 15+
  • MARIA PAPADOPOULOU

    SENIOR FINANCIAL ANALYST Years of Experience: 10+
  • SOTIRIS KAZAMPAKAS

    SENIOR FINANCIAL ANALYST Years of Experience: 20+

BriQ PROPERTIES REIC Company Note, January 2020

BriQ Properties is a REIC established in 2016 that specializes in real estate assets, and operates mostly in Attica Region, Greece.

Technical Analysis Comment on ALIBABA GROUP HOLDING, January 2020

Alibaba Group Holding Ltd (BABA) is a Chinese company founded in 1999 and based in Hangzhou, China. The company has a workforce of 101,958 full-time employees and operates in four business segments worldwide. These segments consist of Core Commerce, Cloud Computing, Digital Media and Entertainment, Innovation Initiatives and others.

Comment on EUR/USD Exchange Rate by VRS, January 2020

Technical & Fundamental Review   

PIRAEUS BANK Stock Analysis Report, December 2019

The report deals with the statistical and graph (non technical) analysis of Piraeus Bank stock. It includes analysis of stock returns, analysis of volume patterns and the stock’s beta coefficient. Moreover, the report provides information about Piraeus Bank stock’s listing and participation in indices, and the stock’s shareholder structure. 

Comment on EUR/GBP Exchange Rate by VRS, December 2019

Technical & Fundamental Review   

Gold Note by VRS - Technical & Fundamental Review

Gold  - Technical & Fundamental Review

Crude Oil Note by VRS - Technical & Fundamental Analysis

Technical & Fundamental Analysis

Comment on Wheat, December 2017

Wheat Prices (CME Continuous Contract) 414.4 USD Cents / Bushel [Bloomberg Ticker: W1:COM]    Graph Analysis and Technical View

Comment on Gold, July 17, 2017

​Graph Analysis and Technical View

Comment on Light Crude Oil, June 2, 2017

​Light Sweet Crude Oil (WTI): 48.36 USD / bbl. [Bloomberg Ticker: CL1:COM]Graph Analysis and Technical View

Global Bond Markets Report, June 28, 2019

Our analysis deals with the major government bond markets across the globe. Data as of end June 2019.

Comment on EUR/USD Exchange Rate by VRS, January 2020

Technical & Fundamental Review   

Comment on EUR/GBP Exchange Rate by VRS, December 2019

Technical & Fundamental Review   

Comment on EUR/USD Exchange Rate by VRS, December 2019

Technical & Fundamental Review   

Comment on EUR/USD Exchange Rate by VRS, November 2019

Technical & Fundamental Review   

Comment on USD/JPY Exchange Rate by VRS, October 2019

Technical & Fundamental Review   

BriQ PROPERTIES REIC Company Note, January 2020

BriQ Properties is a REIC established in 2016 that specializes in real estate assets, and operates mostly in Attica Region, Greece.

Technical Analysis Comment on ALIBABA GROUP HOLDING, January 2020

Alibaba Group Holding Ltd (BABA) is a Chinese company founded in 1999 and based in Hangzhou, China. The company has a workforce of 101,958 full-time employees and operates in four business segments worldwide. These segments consist of Core Commerce, Cloud Computing, Digital Media and Entertainment, Innovation Initiatives and others.

PIRAEUS BANK Stock Analysis Report, December 2019

The report deals with the statistical and graph (non technical) analysis of Piraeus Bank stock. It includes analysis of stock returns, analysis of volume patterns and the stock’s beta coefficient. Moreover, the report provides information about Piraeus Bank stock’s listing and participation in indices, and the stock’s shareholder structure. 

WALT DISNEY Flash Note, December 2019

The Walt Disney Company is a worldwide entertainment company. The Company operates in four business segments: Media Networks, Parks Experiences and Products, Studio Entertainment, and Direct-To-Consumer and International.

MICROSOFT CORPORATION Technical Comment, November 2019

Microsoft Corporation (MSFT) is an American technology company, founded in 1975.

Quarterly Macro Note - Greek Economy, December 2019

GDP growth for 2019 is expected to reach 2% in a period that Greek economy performs very well within the uncertain external environment. The expected GDP of EUR 195 billion is still 22% lower than it was before the beginning of the crisis at 2007’s peak. The adverse demographical situation, low productivity, and the weak banking sector hinder the country’s further growth prospects and constitute a challenge for the new government’s reform agenda.

Quarterly Macro Note, July 2019

Greece’s recovery continues in 2019 with an expected GDP annual growth rate of 2.17% after a 1.9% annual GDP growth rate in 2018.

Greek Economy, Quarterly Macro Note, March 2019

The Greek economy grew at a rate above 2.0% in 2018 and is expected to continue edging up in the coming years, offsetting negative impacts from the deterioration in the global environment and other exogenous or idiosyncratic sources of risk.

Greek Economy, Quarterly Macro Note, July 20, 2018

Greek government’s fiscal consolidation has led to an economic recovery and has further improved the fiscal credibility of the country.

Greek Economy, Quarterly Macro Note, February 27, 2018

The Greek economy is growing again with real GDP expected to reach 1.6% by 2017. The recovery is expected to be strengthened in the coming years providing further support for employment growth. Sustained commitment to structural reforms remains vital to the continued expansion.

Greek Stock Betas Report, August 2019

Beta and Levered Beta of Stocks and Sector Beta

Corporate Deals Data Report | Greek Market | 2015 – 2018 (Report, Model & Database)

Corporate Deals Data Report | Greek Market | 2015 – 2018. Over 700 deals tracked down, aggregated and analyzed. Joint Research Initiative by VRS and Finance Club UOM. [Model & Database available upon request].

AN OVERVIEW OF THE SALES OF NPEs & NPLs IN THE GREEK BANKING SECTOR

The non-performing exposures have been an issue of concern for the Greek banks, financial markets and regulators for almost a decade. In this report we examine 11 disclosed sale transactions of NPEs and NPLs in the Greek banking sector during the period January 2018 – June 2019 as part of the banks’ efforts to curtail their bad loans and cleanse the balance sheets.

International Commodities Prices, Historical Graph Analysis Report, Period 2005 – 2019

International Commodities Prices, Historical Graph Analysis Report, Period 2005 – 2019, by Valuation & Research Specialists (VRS) in collaboration with the Investment & Finance Club of the Athens University of Economics & Business

Greek Property Market Note, May 2019

We discuss about trends in the office, retail and residential market.

Investment Research & Analysis Journal – Issue 10

VRS (Valuation & Research Specialists) is proud to announce the publication of the 10th issue of the “Investment Research & Analysis Journal” in collaboration with an executive editorial team of Professors and Finance Professionals. First published in 2006, the “Investment Research & Analysis Journal” presents original and valuable papers in the field of Corporate Finance, Corporate Governance, Financial Econometrics, Portfolio Management, Financial Engineering, Banking, Financial & Strategic Management, International Accounting & Financial Management. The articles of the newly published iss...

COMMENT/RECOMMENDATION ON EUR/USD EXCHANGE RATE, August 24, 2016

​Graph Analysis and Fundamental View

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