Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Event-Driven

Aditya Birla Fashion and Retail / Event-Driven

Aditya Birla Fashion and Retail (ABFRL IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aditya-birla-fashion-and-retail-ltd" target="_blank" data-smartkarma-citation="entities:19048:1" rel="noopener">Aditya Birla Fashion and Retail Ltd (ABFRL IN)</a> on 1st April announced a vertical demerger and separate listing of its matured and asset-light Madura brand portfolio.</li>
<li>Assessment of demerger: whether it is seriously a value creation opportunity or just a strategic gimmick for merger-demerger in Mega Bull Run.</li>
<li>Valuation of <a href="https://www.smartkarma.com/entities/aditya-birla-fashion-and-retail-ltd" target="_blank" data-smartkarma-citation="entities:19048:1" rel="noopener">Aditya Birla Fashion and Retail Ltd (ABFRL IN)</a> , whether any juice left in the company?</li>
</ul>



Aditya Birla Fashion and Retail Ltd (ABFRL IN) on 1st April announced a vertical demerger and separate listing of its matured and asset-light Madura brand portfolio.
Assessment of demerger: whether it is seriously a value creation opportunity or just a strategic gimmick for merger-demerger in Mega Bull Run.
Valuation of Aditya Birla Fashion and Retail Ltd (ABFRL IN) , whether any juice left in the company?


ABFRL's Demerger: A Game-Changer or a Gamble?

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bharti-hexacom" target="_blank" data-smartkarma-citation="entities:40858:1" rel="noopener">Bharti Hexacom (6597372Z IN)</a>, a 70% owned subsidiary of Bharti Airtel (BHARTI IN), aims to raise up to US$513 million at an IPO price range of Rs542-570 per share.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/bharti-hexacom-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:134782" rel="noopener">Bharti Hexacom IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/bharti-hexacom-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:134919" rel="noopener">Bharti Hexacom IPO: The Bear Case</a>. </li>
<li>Our valuation analysis suggests that the IPO price range is unattractive. Therefore, we would not participate in the IPO.</li>
</ul>



Bharti Hexacom (6597372Z IN), a 70% owned subsidiary of Bharti Airtel (BHARTI IN), aims to raise up to US$513 million at an IPO price range of Rs542-570 per share.
We previously discussed the IPO in Bharti Hexacom IPO: The Bull Case and Bharti Hexacom IPO: The Bear Case. 
Our valuation analysis suggests that the IPO price range is unattractive. Therefore, we would not participate in the IPO.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bharti-hexacom" target="_blank" data-smartkarma-citation="entities:40858:1" rel="noopener">Bharti Hexacom</a> is looking to raise up to US$513m in its upcoming India IPO.</li>
<li>Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the North East telecommunication circles in India.</li>
<li>We have looked at the company's past performance in our earlier notes. In this note, we talk about valutions.</li>
</ul>



Bharti Hexacom is looking to raise up to US$513m in its upcoming India IPO.
Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the North East telecommunication circles in India.
We have looked at the company's past performance in our earlier notes. In this note, we talk about valutions.


Bharti Hexacom IPO - Unexciting and at a Half-Decent Discount

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bharti-hexacom" target="_blank" data-smartkarma-citation="entities:40858:1" rel="noopener">Bharti Hexacom (6597372Z IN)</a>, a 70% owned subsidiary of <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a>, aims to raise up to US$513 million at an IPO price range of Rs542-570 per share.</li>
<li>In <a href="https://www.smartkarma.com/insights/bharti-hexacom-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:134782" rel="noopener">Bharti Hexacom IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on low geographic diversification, slowing growth, share overhang from TCIL’s desire to exit fully, mid-tier revenue growth and EBITDA margin. </li>
</ul>



Bharti Hexacom (6597372Z IN), a 70% owned subsidiary of Bharti Airtel (BHARTI IN), aims to raise up to US$513 million at an IPO price range of Rs542-570 per share.
In Bharti Hexacom IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on low geographic diversification, slowing growth, share overhang from TCIL’s desire to exit fully, mid-tier revenue growth and EBITDA margin. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/bharti-hexacom" target="_blank" data-smartkarma-citation="entities:40858:1" rel="noopener">Bharti Hexacom</a> is looking to raise up to US$1bn in its upcoming India IPO.</li>
<li>Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the North East telecommunication circles in India.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Bharti Hexacom is looking to raise up to US$1bn in its upcoming India IPO.
Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the North East telecommunication circles in India.
In this note, we talk about the not-so-positive aspects of the deal.


Bharti Hexacom Pre-IPO - The Negatives - No Clear Rationale for Listing

India

Vodafone Idea Limited, branded as Vi, is an Indian telecommunications company providing pan-India voice and data services across 2G, 3G, 4G, and steadily expanding 5G platforms. It offers mobile telephony, wireless broadband, internet, and a range of digital and enterprise solutions including IoT and cloud services. The company is headquartered in Gandhinagar, India, and was formed on August 31, 2018, through the merger of Vodafone India and Idea Cellular.

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Vodafone Idea (IDEA IN)

ABFRL's Demerger: A Game-Changer or a Gamble?

Aditya Birla Fashion and Retail Ltd announces vertical demerger of Madura brand portfolio, sparking debate on value creation vs strategic gimmick...

Nimish Maheshwari

Bharti Hexacom IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range is unattractive. Therefore, we would not participate in the IPO.

Arun George

Bharti Hexacom IPO - Unexciting and at a Half-Decent Discount

Bharti Hexacom is looking to raise up to US$513m in its upcoming India IPO. We have looked at the past performance in our earlier note, in this...

Sumeet Singh

Bharti Hexacom IPO: The Bear Case

The bear case rests on low geographic diversification, slowing growth, share overhang from TCIL’s desire to exit fully, mid-tier revenue growth and...

Arun George

Bharti Hexacom Pre-IPO - The Negatives - No Clear Rationale for Listing

The company is said to be looking to launch its IPO next week, which will entirely comprise of an offer for sale of half of the stake of Government...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ABFRL's Demerger: A Game-Changer or a Gamble?

​Aditya Birla Fashion and Retail Ltd announces vertical demerger of Madura brand portfolio, sparking debate on value creation vs strategic gimmick...

Nimish Maheshwari

Bharti Hexacom IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range is unattractive. Therefore, we would not participate in the IPO.

Arun George

Bharti Hexacom IPO - Unexciting and at a Half-Decent Discount

Bharti Hexacom is looking to raise up to US$513m in its upcoming India IPO. We have looked at the past performance in our earlier note, in this...

Sumeet Singh

Bharti Hexacom IPO: The Bear Case

The bear case rests on low geographic diversification, slowing growth, share overhang from TCIL’s desire to exit fully, mid-tier revenue growth and...

Arun George

Bharti Hexacom Pre-IPO - The Negatives - No Clear Rationale for Listing

The company is said to be looking to launch its IPO next week, which will entirely comprise of an offer for sale of half of the stake of Government...

Sumeet Singh

Aditya Birla Fashion and Retail Ltd announces vertical demerger of Madura brand portfolio, sparking debate on value creation vs strategic gimmick...