Pascal Costantini
Managing Director and Head of CROCI Investment Strategy and Valuation Group, Deutsche Bank
Pascal Costantini is Managing Director and Head of the CROCI Investment Strategy and Valuation Group. Prior to this, he was the bank's Global Sector Strategist. Pascal's area of professional interest is valuation and sector rotation. Together with his London-based team, he has developed the CROCI metric, a residual income 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. In 2006 he published “Cash Return on Capital Invested – Ten years of Investment Analysis with the CROCI Economic Profit Model”. He gives numerous lectures on valuation and teaches a 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 their German research team. He has degrees from the Institut d'Etudes Politiques, Lyons and from the Ecole Superieure des Sciences Economiques et Commerciales (ESSEC), Paris.
