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

Edelweiss Financial Services / Equity Bottom-Up

<ul>
<li>Edelweiss' asset management businesses continue to scale up rapidly and lead the profitability. The Alternatives business (EAAA) is on track to complete its IPO by Q3FY27.</li>
<li>The insurance businesses are on track to breakeven during FY27 as per the earlier guidance. Motor insurance business in particular is scaling up rapidly for Edelweiss.</li>
<li>With consistent scaling up and value unlocking, Edelweiss is making the right moves. At current valuation, an investment in it has potential to double over a holding period of 3Y.</li>
</ul>


Edelweiss' asset management businesses continue to scale up rapidly and lead the profitability. The Alternatives business (EAAA) is on track to complete its IPO by Q3FY27.
The insurance businesses are on track to breakeven during FY27 as per the earlier guidance. Motor insurance business in particular is scaling up rapidly for Edelweiss.
With consistent scaling up and value unlocking, Edelweiss is making the right moves. At current valuation, an investment in it has potential to double over a holding period of 3Y.


Edelweiss: Making the Right Moves | EAAA IPO by Q3FY27

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>Edelweiss reported strong Q1 results, with healthy metrics across the board.</li>
<li>Sharp business velocity in General insurance and NBFC business suggests valuations can be revised upwards.</li>
<li>However, the Alternate Assets IPO and subsequent delivery in the NBFC business (MSME lending) can only trigger re-rating from here</li>
</ul>


Edelweiss reported strong Q1 results, with healthy metrics across the board.
Sharp business velocity in General insurance and NBFC business suggests valuations can be revised upwards.
However, the Alternate Assets IPO and subsequent delivery in the NBFC business (MSME lending) can only trigger re-rating from here


Event-Driven

Edelweiss Financial Services / Event-Driven

<ul>
<li>Edelweiss is a financial services platform offering asset management, lending, and insurance. It has restructured its corporate model in recent years, shifting from a diversified conglomerate to operating standalone businesses.</li>
<li>The proposed IPO of the alternate-assets business and stake sale in MF business creates an event-driven opportunity. Group is out of liquidity issues now with legacy ARC assets resolved.</li>
<li>Stock corrected 20% in the last month after SEBI returned the IPO application. We note that the reason was just reporting changes and company is on track for 2026 IPO.</li>
</ul>


Edelweiss is a financial services platform offering asset management, lending, and insurance. It has restructured its corporate model in recent years, shifting from a diversified conglomerate to operating standalone businesses.
The proposed IPO of the alternate-assets business and stake sale in MF business creates an event-driven opportunity. Group is out of liquidity issues now with legacy ARC assets resolved.
Stock corrected 20% in the last month after SEBI returned the IPO application. We note that the reason was just reporting changes and company is on track for 2026 IPO.


Edelweiss Financial (EDEL IN): Attractive Valuations with Value Unlocking on the Anvil

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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.

Equity Capital Markets

EAAA India Alternatives Ltd / Equity Capital Markets

EAAA India Alternatives Ltd (1619210D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eaaa-india-alternatives-ltd" target="_blank" data-smartkarma-citation="entities:44150:1" rel="noopener">EAAA India Alternatives Ltd (1619210D IN)</a>  is planning to raise about US$177m through its upcoming India IPO.</li>
<li>It is one of the leading alternatives platforms in India, with AUM of INR 572.62bn (US$6.63bn), as of 9M24, amassing 15 years of experience.</li>
<li>In this note, we look at the firm's past performance.</li>
</ul>



EAAA India Alternatives Ltd (1619210D IN)  is planning to raise about US$177m through its upcoming India IPO.
It is one of the leading alternatives platforms in India, with AUM of INR 572.62bn (US$6.63bn), as of 9M24, amassing 15 years of experience.
In this note, we look at the firm's past performance.


EAAA India Pre-IPO - Quality Management Fee Stream but Future AUM Raising Could Be Difficult

Nuvama Wealth Management / Equity Bottom-Up

<ul>
<li>Nuvama reported its first quarterly result since its listing, as a demerged entity. It reported strong growth across all its business segments.</li>
<li>Wealth management revenues grew 30% YoY, adjusted for one-off accounting impact. Cyclical recovery in the capital markets segment further helped.</li>
<li>Nuvama has potential to scale up rapidly and grow its profitability exponentially led by growth and operating leverage. At the current valuation, an investment in Nuvama has potential to triple.</li>
</ul>


Nuvama reported its first quarterly result since its listing, as a demerged entity. It reported strong growth across all its business segments.
Wealth management revenues grew 30% YoY, adjusted for one-off accounting impact. Cyclical recovery in the capital markets segment further helped.
Nuvama has potential to scale up rapidly and grow its profitability exponentially led by growth and operating leverage. At the current valuation, an investment in Nuvama has potential to triple.


Nuvama: Stellar Start as an Independent Listed Entity

India

Edelweiss Financial Services is a diversified Indian financial services conglomerate offering a broad range of products and services, including credit (retail and corporate), asset management (mutual funds and alternative assets), asset reconstruction, and insurance (life and general). The company caters to corporations, institutions, and individuals, providing solutions such as investment banking, wealth management, and advisory services. Headquartered in Mumbai, India, it was founded in 1995.

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Edelweiss Financial Services (EDEL IN)

Edelweiss: Making the Right Moves | EAAA IPO by Q3FY27

Edelweiss continues to scale up its businesses and unlocks value in them at opportune time a they reach optimum scale. At current valuation, an...

Ankit Agrawal, CFA

EDEL IN: 1Q 2027 and SOTP Refresh

Edelweiss Q1 results show strong performance, with potential for an upward valuation revision driven by the Alternate Assets IPO and MSME lending...

Himanshu Dugar

Edelweiss Financial (EDEL IN): Attractive Valuations with Value Unlocking on the Anvil

Stock price is up 20% since this note. The company has completed a 15% stake sale in the AMC business to Wetbridge at a valuation of 3,000cr (the...

Himanshu Dugar

EAAA India Pre-IPO - Quality Management Fee Stream but Future AUM Raising Could Be Difficult

EAAA is planning to raise about US$177m through its upcoming India IPO. It is one of the leading alternatives platforms in India.

Nicholas Tan

Nuvama: Stellar Start as an Independent Listed Entity

Nuvama reported a strong Q2FY24. The business has high-growth longevity potential given wealth management as an industry is still in its infancy in...

Ankit Agrawal, CFA

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52-week Range

Market Cap (USDm)

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Edelweiss: Making the Right Moves | EAAA IPO by Q3FY27

Edelweiss continues to scale up its businesses and unlocks value in them at opportune time a they reach optimum scale. At current valuation, an...

Ankit Agrawal, CFA

EDEL IN: 1Q 2027 and SOTP Refresh

​Edelweiss Q1 results show strong performance, with potential for an upward valuation revision driven by the Alternate Assets IPO and MSME lending...

Himanshu Dugar

Edelweiss Financial (EDEL IN): Attractive Valuations with Value Unlocking on the Anvil

Stock price is up 20% since this note. The company has completed a 15% stake sale in the AMC business to Wetbridge at a valuation of 3,000cr (the...

Himanshu Dugar

EAAA India Pre-IPO - Quality Management Fee Stream but Future AUM Raising Could Be Difficult

EAAA is planning to raise about US$177m through its upcoming India IPO. It is one of the leading alternatives platforms in India.

Nicholas Tan

Nuvama: Stellar Start as an Independent Listed Entity

Nuvama reported a strong Q2FY24. The business has high-growth longevity potential given wealth management as an industry is still in its infancy in...

Ankit Agrawal, CFA

Edelweiss Q1 results show strong performance, with potential for an upward valuation revision driven by the Alternate Assets IPO and MSME lending...