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 reported a strong Q2FY25 performance led by consistent scaling up of its businesses, especially the asset management businesses. Its insurance businesses are also growing rapidly but are loss-making currently.</li>
<li>The credit businesses are also growing well with the shift to the co-lending model. 75%+ of lending in NBFC is now being done through the co-lending model. </li>
<li>Edelweiss' focus is on value unlocking and debt reduction. The asset management businesses are ripe for unlocking and Edelweiss is exploring a stake sale via IPO for its alternatives business.</li>
</ul>


Edelweiss reported a strong Q2FY25 performance led by consistent scaling up of its businesses, especially the asset management businesses. Its insurance businesses are also growing rapidly but are loss-making currently.
The credit businesses are also growing well with the shift to the co-lending model. 75%+ of lending in NBFC is now being done through the co-lending model. 
Edelweiss' focus is on value unlocking and debt reduction. The asset management businesses are ripe for unlocking and Edelweiss is exploring a stake sale via IPO for its alternatives business.


Edelweiss: Strong Q2FY25 | Focus on Value Unlocking

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

<ul><li>Edelweiss Financial Services Ltd. is a financial services firm in India with a market cap of $1.2 billion USD</li><li>The company includes the largest private credit and private real assets fund manager in the country</li><li>Management plans to sell a strategic minority stake in the Edelweiss Alts business unit and IPO the Alts unit to distribute shares directly to shareholders, potentially creating value for investors as seen in a previous div-en-specie transaction with Nuvama</li></ul><p><em>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.</em></p>

Edelweiss Financial Services Ltd. is a financial services firm in India with a market cap of $1.2 billion USDThe company includes the largest private credit and private real assets fund manager in the countryManagement plans to sell a strategic minority stake in the Edelweiss Alts business unit and IPO the Alts unit to distribute shares directly to shareholders, potentially creating value for investors as seen in a previous div-en-specie transaction with NuvamaThis 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.

Edelweiss Financial Services Ltd. (EDEL IN) - Tuesday, Sep 17, 2024

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

<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

Akshat Shah

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nextbillion-technology-pvt-ltd-groww" target="_blank" data-smartkarma-citation="entities:34787:1" rel="noopener">Groww (1573648D IN)</a> raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.</li>
<li>With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Groww (1573648D IN) raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Groww IPO Trading - Decent Overall Demand

India

Edelweiss Financial Services Ltd. provides financial services.  The Company offers financial services including lines of credit, investment banking, institutional and retail broking, financial planning, asset advisory, life insurance, and investment management services.

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Edelweiss Financial Services (EDEL IN)

Edelweiss: Strong Q2FY25 | Focus on Value Unlocking

Edelweiss is consistently scaling up its businesses well. As these businesses are reaching optimum scale and profitability, it has been prudent in...

Ankit Agrawal, CFA

Edelweiss Financial Services Ltd. (EDEL IN) - Tuesday, Sep 17, 2024

Management plans to sell a strategic minority stake in the Edelweiss Alts business unit and IPO the Alts unit to distribute shares directly to...

Value Investors Club (VIC)

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

Groww IPO Trading - Decent Overall Demand

Groww raised around US$747m in its India IPO. In this note, we will talk about the subscription demand and the trading dynamics.

Akshat Shah

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