Accounting & Finance, University of Edinburgh

Benjamin Stone

I'm in my third year of Accounting and Finance at the University of Edinburgh. I built an index of luxury watch resale prices that I still update, and I’ve written a research memo on how IAG accounts for its Avios points.

  • LWX1.1577 15.77%
  • Avios liability€3,348m 27% since 2022
  • Breakage sensitivity€103mper 5 pts
  • Investec DCFR1.1bnFMCG acquisition
  • Implied EV/EBITDA4.5–7.0x
  • Loans modelled~6,400a year
  • Proposed saving~3,000 hrsa year
  • Potential revenue uplift£150–200K
  • Investec intake1 of 6interns

Where I've worked and studied

  • Investec
  • 365 Finance
  • PIMCO Prep
  • University of Edinburgh

My own projects

Neither of these was for a course or a job. I did them in my own time.

Live index · Running since November 2025

The Luxury Watch Index

+15.77%

Since I started it in November 2025

I built this index to follow resale prices for ten popular luxury watches. I update it two or three times a month using listings on Chrono24.

LWX composite, rebased to 1.0000 26 Nov 2025 – 26 Sep 2026
The live Luxury Watch Index site: index value, year-to-date return, ten constituents and the composite performance chart.

Based on median asking prices for 10 watches on Chrono24.

Research memo · June 2026

IAG / Avios: Loyalty Breakage Research Memo

€103m

How much IAG’s profit moves if its breakage estimate changes by 5 points, by IAG’s own numbers

When Avios points expire unused, IAG books their value as profit, based on its own estimate of how many will never be spent. I wanted to know how much profit rests on that estimate, and whether anyone outside the company checks it.

First page of the IAG investment memo: short thesis dated 26 June 2026, authored by Benjamin Stone.

Get in touch

I’m based in Edinburgh. If you’re hiring, we met at an event, or you have a question about the projects, send me an email or message me on LinkedIn.

Email
benjystone2005@gmail.com
Phone
+44 7365 353146
CV
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