Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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Equity Bottom-Up

KPIT Technologies Limited operates as a technology company. The Company specializes in embedded software, artificial intelligence, and digital solutions. KPIT Technologies serves automobile industry worldwide.

<ul>
<li>KPIT reported a strong Q4FY24 led by 5.1% QoQ revenue growth in constant currency (CC) terms. EBITDA margin came in better than expected at 20.7%.</li>
<li>Overall, in line with our projection, KPIT even beat its upgraded guidance by posting YoY revenue growth of 39%+ in CC terms vs 37%+ guided.</li>
<li>KPIT has guided for a strong FY25 with revenue guidance of 18-22% in CC terms and EBITDA margin of 20.5%+.</li>
</ul>


KPIT reported a strong Q4FY24 led by 5.1% QoQ revenue growth in constant currency (CC) terms. EBITDA margin came in better than expected at 20.7%.
Overall, in line with our projection, KPIT even beat its upgraded guidance by posting YoY revenue growth of 39%+ in CC terms vs 37%+ guided.
KPIT has guided for a strong FY25 with revenue guidance of 18-22% in CC terms and EBITDA margin of 20.5%+.


External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Bharti Airtel Limited, a part of Bharti Enterprises, provides telecommunications services throughout India. The Company provides GSM Mobile Services, broadband, fixed line telephone services, long distance services (international & national) and enterprise services.

<ul><li>The company's digital portfolio is gaining momentum along with market share gains</li><li>The company maintained a strong share of 4G/5G net ads in the market, with the 4G customer base expanding by 7.8 Mn QoQ and 28.6 Mn YoY.</li><li>This now constitutes 72% of the overall customer base. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The company's digital portfolio is gaining momentum along with market share gainsThe company maintained a strong share of 4G/5G net ads in the market, with the 4G customer base expanding by 7.8 Mn QoQ and 28.6 Mn YoY.This now constitutes 72% of the overall customer base. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bharti Airtel Ltd - Strong Business Matrix; ARPU Gains Continue

External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

ON24, Inc. provides cloud-based webcasting and virtual communication solutions. The Company offers virtual training, marketing webinars, mobile webcasting, and virtual trade show. ON24 serves customers worldwide.

<ul><li>ON24 is a cloud-based SaaS platform for digital engagement through webinars and virtual events</li><li>Company has a low valuation and has seen a significant decline since IPO but shows signs of turnaround</li><li>ON24 Elite has generated approximately $171 million in revenue over the last twelve months, making it a high conviction long investment for the author</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

ON24 is a cloud-based SaaS platform for digital engagement through webinars and virtual eventsCompany has a low valuation and has seen a significant decline since IPO but shows signs of turnaroundON24 Elite has generated approximately $171 million in revenue over the last twelve months, making it a high conviction long investment for the authorThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Worldline SA creates and operates digital transaction processing platforms. The Company offers merchant services and terminals, mobility and transactional services, financial processing and software licensing. Worldline services business around the world.

<ul><li>Worldline (WLN FP) stock dropped over 60% after disappointing Q3 earnings and reduced guidance for 2023</li><li>Company scrapped medium-term plan through 2024, facing challenges including costly French restructuring and uncertainty about merchant revenues</li><li>Stock considered cheap at 6x multiple of EPS and EBIT in 2025, potential for shares to double or more in next 24-36 months with activist pressure and company hiring advisors. Worldline SA is second-largest merchant acquirer in Europe with focus on merchant, financial, and e-Transactional services.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Worldline (WLN FP) stock dropped over 60% after disappointing Q3 earnings and reduced guidance for 2023Company scrapped medium-term plan through 2024, facing challenges including costly French restructuring and uncertainty about merchant revenuesStock considered cheap at 6x multiple of EPS and EBIT in 2025, potential for shares to double or more in next 24-36 months with activist pressure and company hiring advisors. Worldline SA is second-largest merchant acquirer in Europe with focus on merchant, financial, and e-Transactional services.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Worldline (WLN.FP) - Friday, Feb 16, 2024

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

<ul>
<li>Microsoft's China AI teams relocate due to US rules, focusing on Wi-Fi 7 development for improved connectivity and performance.</li>
<li>Amazon's stake in Alchip suggests potential synergy in AI tech and expanded market reach, while Kymco launches eco-friendly e-scooter.</li>
<li>Tencent Cloud partners with BRI and Hi Cloud Indo for banking innovation, while Veolia opens first regeneration plant in China for sustainable water treatment. Tron Future secures funding for counter-drone tech.</li>
</ul>


Microsoft's China AI teams relocate due to US rules, focusing on Wi-Fi 7 development for improved connectivity and performance.
Amazon's stake in Alchip suggests potential synergy in AI tech and expanded market reach, while Kymco launches eco-friendly e-scooter.
Tencent Cloud partners with BRI and Hi Cloud Indo for banking innovation, while Veolia opens first regeneration plant in China for sustainable water treatment. Tron Future secures funding for counter-drone tech.


Tech Supply Chain Tracker (17-May-2024): Microsoft China AI teams may relocate due to US restrictions.

Technology, Media & Telecom (TMT)
Digital Highway

KPIT: Stellar Growth Continues

KPIT continues to post stellar growth on the back of robust demand environment led by big shift in technology upgradation in the automotive...

Ankit Agrawal, CFA

Bharti Airtel Ltd - Strong Business Matrix; ARPU Gains Continue

The company maintained a strong share of 4G/5G net ads in the market, with the 4G customer base expanding by 7.8 Mn QoQ and 28.6 Mn YoY.

Axis Direct

On24 Inc (ONTF) - Thursday, Feb 15, 2024

ON24 Elite has generated approximately $171 million in revenue over the last twelve months, making it a high conviction long investment for the author

Value Investors Club

Worldline (WLN.FP) - Friday, Feb 16, 2024

Company scrapped medium-term plan through 2024, facing challenges including costly French restructuring and uncertainty about merchant revenues

Value Investors Club

Tech Supply Chain Tracker (17-May-2024): Microsoft China AI teams may relocate due to US restrictions.

Microsoft AI teams relocating, Wi-Fi 7 advancements, Amazon's stake in Alchip, Kymco e-scooter launch, Tencent Cloud partnership, Veolia's...

Tech Supply Chain Tracker