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.

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

Edelweiss Financial Services / Equity Bottom-Up

<ul>
<li>A key re-rating trigger for Edelweiss' stock is nearing as its wealth management (WM) arm gets close to demerge and list over the next couple of months.</li>
<li>Edelweiss' WM business could list at a market cap of around INR 8750cr, suggesting that Edelweiss' 44% stake in it alone could be valued at INR 3850cr.</li>
<li>Edelweiss also reported strong Q3FY23 earnings with 31% YoY growth in ex-insurance PAT. Edelweiss has significant potential to re-rate over the next couple of years as the credit business normalizes.</li>
</ul>


A key re-rating trigger for Edelweiss' stock is nearing as its wealth management (WM) arm gets close to demerge and list over the next couple of months.
Edelweiss' WM business could list at a market cap of around INR 8750cr, suggesting that Edelweiss' 44% stake in it alone could be valued at INR 3850cr.
Edelweiss also reported strong Q3FY23 earnings with 31% YoY growth in ex-insurance PAT. Edelweiss has significant potential to re-rate over the next couple of years as the credit business normalizes.


Edelweiss: Wealth Management Arm Demerger Is Nearing

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/fairfax-india-holdings-corp" target="_blank" data-smartkarma-citation="entities:25553:1" rel="noopener">Fairfax India Holdings (FIH/U CN)</a></strong>, a holdco with investment activities exclusively in India, is edging closer to IPOing 49%-held Bangalore International Airport (BIAL).</li>
<li>Reportedly FIH is seeking a value upward of C$3.7bn for BIAL, a 45% premium over the current fair value holding.  </li>
<li>Currently trading at a P/B of 0.6x compared to its five-year average of 0.8x, and the two-year average pre-Covid of 1.06x.</li>
</ul>



Fairfax India Holdings (FIH/U CN), a holdco with investment activities exclusively in India, is edging closer to IPOing 49%-held Bangalore International Airport (BIAL).
Reportedly FIH is seeking a value upward of C$3.7bn for BIAL, a 45% premium over the current fair value holding.  
Currently trading at a P/B of 0.6x compared to its five-year average of 0.8x, and the two-year average pre-Covid of 1.06x.


Fairfax India Holdings: Major Value Unlock Via BIAL IPO

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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.

<div><ul><li>Revenue beat led by transaction-based income - <span style="font-size: var(--content-font-size);">PAT grew 8% QoQ and 64% YoY to INR1.7b (24% beat) in 4QFY22. The beat on profitability was driven by a 16% beat on net revenue, up 12% QoQ and 59% YoY to INR4.2b, owing to Transaction/Brokerage Revenue (TBR, 39% beat) and Annual Recurring Revenue (ARR, a 4% beat).</span></li></ul><div><div><div><ul><li>Gross AUM flat QoQ at INR2.6t; shift in mix favors ARR assets</li><li><span style="font-size: var(--content-font-size);">Yields jump sequentially with a higher increase in TBR</span></li></ul></div></div></div></div><p><em>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.</em></p>

Revenue beat led by transaction-based income - PAT grew 8% QoQ and 64% YoY to INR1.7b (24% beat) in 4QFY22. The beat on profitability was driven by a 16% beat on net revenue, up 12% QoQ and 59% YoY to INR4.2b, owing to Transaction/Brokerage Revenue (TBR, 39% beat) and Annual Recurring Revenue (ARR, a 4% beat).Gross AUM flat QoQ at INR2.6t; shift in mix favors ARR assetsYields jump sequentially with a higher increase in TBRContent 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.

IIFL Wealth | PAT Grew 8% QoQ and 64% YoY to INR1.7b (24% Beat) In 4QFY22.

<ul><li>IIFLWAM is on the verge of transitioning to earning majority of its revenue from a trail-based model as compared to a transaction-based one.</li><li>It embarked on this journey from FY20 and had targeted to complete the same in three-to-four years.</li><li>With a supportive market and conscious efforts, the transition is expected to be completed ahead of schedule, with benefits reaped from FY23 onwards.</li></ul><p><em>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.</em></p>

IIFLWAM is on the verge of transitioning to earning majority of its revenue from a trail-based model as compared to a transaction-based one.It embarked on this journey from FY20 and had targeted to complete the same in three-to-four years.With a supportive market and conscious efforts, the transition is expected to be completed ahead of schedule, with benefits reaped from FY23 onwards.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.

IIFL Wealth Management: New Opportunities Beckon

India

360 ONE WAM Limited is an Indian financial services company specializing in wealth and asset management. It offers tailored investment solutions including advisory, distribution, lending, investment banking, institutional broking, and portfolio management services to ultra-high-net-worth individuals, high-net-worth individuals, family offices, and institutional clients. The company was established in 2008 and is headquartered in Mumbai, India.

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360 ONE WAM (360ONE IN)

Edelweiss: Wealth Management Arm Demerger Is Nearing

Edelweiss' stock has potential to triple over the next couple of years as its credit business normalizes. The separate listing of its wealth...

Ankit Agrawal, CFA

Fairfax India Holdings: Major Value Unlock Via BIAL IPO

FIH is not expensive. The current P/B of 0.6x compares to its five-year average of 0.8x. The two-year average pre-Covid was 1.06x. FIH is not...

David Blennerhassett

IIFL Wealth | PAT Grew 8% QoQ and 64% YoY to INR1.7b (24% Beat) In 4QFY22.

PAT grew 8% QoQ and 64% YoY to INR1.7b (24% beat) in 4QFY22. The beat on profitability was driven by a 16% beat on net revenue up 12% QoQ and 59%...

Motilal Oswal

IIFL Wealth Management: New Opportunities Beckon

IIFLWAM is on the verge of transitioning to earning majority of its revenue from a trail-based model as compared to a transaction-based one.It...

Motilal Oswal

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