Value investing

Approach

The company is seen as an investment with a capacity to be measured: (i) return in terms of profitability of the capital allocated and (ii) attractiveness to potential stakeholder

VCST and Business Model

The analysis is comparative. It investigates the target market and the existence of stable competitive advantages over time (VCST), how to create or conquer them and, in their absence, how to defend them by stressing organisational efficiency. The tactical and operational choices for the creation of the Business Model depend entirely on the results of the strategic analysis of competitive advantages

Positioning

Definition of the present and prospective positioning of the company in terms of the markets in which it chooses to compete. The assessment is carried out according to the distribution of competitive advantages among the actors

Value Creation

Allocate the company's resources to:

  1. maximise the return capacity and the «E.V.A.» (Economic Value Added)
  2. protect/strengthen its competitive advantages
  3. presiding over market shares

Effective M&A

Assisting the company in the M&A activity generated by its strategic choices and valute creation

Listing

Possession of one or more VCSTs is also a prerequisite for assessing the company's access to one of the domestic or foreign capital markets. The analysis aims to support the company in entering an Italian or foreign capital market in order to consolidate its development potential and attractiveness to the stockholders