Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Capital Markets

SBI Funds Management / Equity Capital Markets

<ul>
<li>This insight compares <a href="https://www.smartkarma.com/entities/sbi-funds-management-ltd" target="_blank" data-smartkarma-citation="entities:48001:1" rel="noopener">SBI Funds Management Ltd (360103Z IN)</a> with listed peers across multiple operational, functional and financial parameters.</li>
<li>We compare these companies across 9 parameters and highlight metrics where SBI Funds lead and where it lags.</li>
<li>Finally, we compare the valuation of these companies and present our view on listing price of the company.</li>
</ul>


This insight compares SBI Funds Management Ltd (360103Z IN) with listed peers across multiple operational, functional and financial parameters.
We compare these companies across 9 parameters and highlight metrics where SBI Funds lead and where it lags.
Finally, we compare the valuation of these companies and present our view on listing price of the company.


SBI Funds Management IPO – Comparison with Listed Peers

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>SBI Funds is India's largest AMC ($308bn AUM including $132bn MF AUM with 15.3% market share). It is also the largest PMS manager (39.7% share) and SIF platform (28% share)</li>
<li>The company has been losing market share in recent years due to underperformance in several equity schemes. Starting valuations are down at PE of 38x, while peers trade at 40-50x.</li>
<li>The issue opens on 14th July @ 575 per share. A secondary with both SBI and Amundi selling 10% stake each to be pared down in the next 3 years.</li>
</ul>


SBI Funds is India's largest AMC ($308bn AUM including $132bn MF AUM with 15.3% market share). It is also the largest PMS manager (39.7% share) and SIF platform (28% share)
The company has been losing market share in recent years due to underperformance in several equity schemes. Starting valuations are down at PE of 38x, while peers trade at 40-50x.
The issue opens on 14th July @ 575 per share. A secondary with both SBI and Amundi selling 10% stake each to be pared down in the next 3 years.


SBI Funds - IPO Review - Weak Performance Impacting AUM Momentum

<ul>
<li>This insight discusses about the broad structure of upcoming IPO of <a href="https://www.smartkarma.com/entities/sbi-funds-management-ltd" target="_blank" data-smartkarma-citation="entities:48001:1" rel="noopener">SBI Funds Management Ltd (360103Z IN)</a> .</li>
<li>The IPO will be open for subscription from 14 to 16 July.</li>
<li>This insight discusses about the company profile, various segments, shareholders &amp; Financial Snapshot. Finally, we discuss about what will drive the investment case for this IPO.</li>
</ul>


This insight discusses about the broad structure of upcoming IPO of SBI Funds Management Ltd (360103Z IN) .
The IPO will be open for subscription from 14 to 16 July.
This insight discusses about the company profile, various segments, shareholders &amp; Financial Snapshot. Finally, we discuss about what will drive the investment case for this IPO.


SBI Funds Management Limited IPO: First-Cut

ICICI Prudential Asset Management Company / Equity Capital Markets

ICICI Prudential Asset Management Company (ICICIAMC IN)

ICICI Prudential Asset Management Company

<ul>
<li>Ipru AMC, the largest AMC with high active AUM share and 60+% of Equity AUM boasts of one of the best operating metrics in the industry.</li>
<li>The IPO is being priced in line with peers based on FY25 accounting PE (40x vs 40-44x), however, based on Core PE the relative valuations stands at 40x vs 48/52x</li>
<li>We are bullish on the industry/company from a long-term perspective, although near-term valuations may look fully priced in light of regulatory tightening of profit pool and intensifying competition.</li>
</ul>


Ipru AMC, the largest AMC with high active AUM share and 60+% of Equity AUM boasts of one of the best operating metrics in the industry.
The IPO is being priced in line with peers based on FY25 accounting PE (40x vs 40-44x), however, based on Core PE the relative valuations stands at 40x vs 48/52x
We are bullish on the industry/company from a long-term perspective, although near-term valuations may look fully priced in light of regulatory tightening of profit pool and intensifying competition.


ICICI Prudential AMC - Reasonably Priced for the Longer Term.

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

Equity Bottom-Up

<ul>
<li>SBI Funds Management is coming to market via a <strong>100% Offer for Sale of ~20.37 crore shares</strong>, with no fresh capital raise.</li>
<li>The IPO provides exposure to <strong>India’s structurally underpenetrated asset management industry</strong>, led by a strong banking distribution franchise.</li>
<li>A high-quality AMC franchise with scale advantages, but valuation discipline and market-cycle sensitivity will be critical for investors.</li>
</ul>


SBI Funds Management is coming to market via a 100% Offer for Sale of ~20.37 crore shares, with no fresh capital raise.
The IPO provides exposure to India’s structurally underpenetrated asset management industry, led by a strong banking distribution franchise.
A high-quality AMC franchise with scale advantages, but valuation discipline and market-cycle sensitivity will be critical for investors.


SBI Funds Management IPO: Does Market Leadership Translate into Premium Growth?

India

Aditya Birla Sun Life AMC Limited is a prominent asset management company in India, primarily serving as the investment manager for Aditya Birla Sun Life Mutual Fund. It offers a comprehensive suite of investment solutions, including mutual funds, portfolio management services, real estate investments, and alternative investment funds, for wealth creation, savings, tax planning, and income generation. The company is headquartered in Mumbai, India, and was incorporated in 1994.

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Aditya Birla Sun Life AMC (ABSLAMC IN)

SBI Funds Management IPO – Comparison with Listed Peers

SBI Funds Management IPO is getting listed today. The issue saw a very healthy over subscription of 41.73 times (overall). It is likely to list...

Sreemant Dudhoria

SBI Funds - IPO Review - Weak Performance Impacting AUM Momentum

SBI Funds, India's largest AMC, facing market share loss due to underperformance in equity schemes. Secondary offering at 575 per share with SBI...

Himanshu Dugar

SBI Funds Management Limited IPO: First-Cut

Insight into the upcoming IPO of SBI Funds Management Ltd, covering company profile, segments, shareholders, financial snapshot, and investment...

Sreemant Dudhoria

ICICI Prudential AMC - Reasonably Priced for the Longer Term.

Ipru AMC is up 28% since listing and now trades at a 10-12% premium vs closest peers Nippon and HDFC AMC. After a flattish QoQ performance impacted...

Himanshu Dugar

SBI Funds Management IPO: Does Market Leadership Translate into Premium Growth?

SBI Funds Management's IPO offers exposure to India's asset management industry through 100% Offer for Sale, emphasizing valuation discipline and...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SBI Funds Management IPO – Comparison with Listed Peers

SBI Funds Management IPO is getting listed today. The issue saw a very healthy over subscription of 41.73 times (overall). It is likely to list...

Sreemant Dudhoria

SBI Funds - IPO Review - Weak Performance Impacting AUM Momentum

​SBI Funds, India's largest AMC, facing market share loss due to underperformance in equity schemes. Secondary offering at 575 per share with SBI...

Himanshu Dugar

SBI Funds Management Limited IPO: First-Cut

​Insight into the upcoming IPO of SBI Funds Management Ltd, covering company profile, segments, shareholders, financial snapshot, and investment...

Sreemant Dudhoria

ICICI Prudential AMC - Reasonably Priced for the Longer Term.

Ipru AMC is up 28% since listing and now trades at a 10-12% premium vs closest peers Nippon and HDFC AMC. After a flattish QoQ performance impacted...

Himanshu Dugar

SBI Funds Management IPO: Does Market Leadership Translate into Premium Growth?

​SBI Funds Management's IPO offers exposure to India's asset management industry through 100% Offer for Sale, emphasizing valuation discipline and...

Sudarshan Bhandari

SBI Funds, India's largest AMC, facing market share loss due to underperformance in equity schemes. Secondary offering at 575 per share with SBI...

Insight into the upcoming IPO of SBI Funds Management Ltd, covering company profile, segments, shareholders, financial snapshot, and investment...

SBI Funds Management's IPO offers exposure to India's asset management industry through 100% Offer for Sale, emphasizing valuation discipline and...