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Pascal Costantini
Pascal Costantini is a Managing Director in Deutsche Bank’s Global Markets Research. He researches and designs systematic equity trading strategies for a multitude of applications,...view morePascal Costantini is a Managing Director in Deutsche Bank’s Global Markets Research. He researches and designs systematic equity trading strategies for a multitude of applications, including proprietary trading, structured and derivative products.
Mr. Costantini runs Deutsche Bank’s Global Valuation and CROCI Investment Strategy Group. This thirty-member team focuses on the relative value of the top 700 companies in the world, and designs investment strategies for institutional clients as well as for structured products. Prior to this, he was the Bank’s Global Sector Strategist.
Mr. Costantini's area of professional interest is equity valuation and sector rotation. Together with his London-based team, he has developed the proprietary CROCI (Cash Return on Capital Invested) metric, a model that calculates the level of excess return (“Economic Profits) generated by a company or industry, and extracts from the market valuation the competitive advantage period expected by investors. He gives numerous lectures on valuation and teaches a post graduate Finance course at the University of Paris Dauphine.
Pascal joined Deutsche Bank in 1995. Prior to this, he worked for S.G. Warburg as Head of German Research. He has degrees from the Institute of Political Sciences, Lyons and from the Ecole Supérieure des Sciences Economiques et Commerciales (ESSEC), Paris.view less
Books by Pascal Costantini
Cash Return on Capital Invested: Ten Years of Investment Analysis with the CROCI Economic Profit Model