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.

Equity Capital Markets

<ul>
<li>Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank</li>
<li>Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.</li>
<li>We have covered various aspects of the deal in our earlier notes. In this note, we talk about valuation. </li>
</ul>


Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank
Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.
We have covered various aspects of the deal in our earlier notes. In this note, we talk about valuation. 


Delhivery IPO - Thoughts on Valution, Touch-And-Go

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Credit

<ul><li>FedEx has a strong position in an oligopolistic logistics markets and has recently benefitted from one of its most profitable Decembers in history.</li><li>The Omicron variant surge had a $350 million impact on third-quarter operating income, primarily at Express, as it influenced customer demand and put pressure on their operations, resulting in constrained capacity, network disruptions, and lower revenue and volumes.</li><li>The Omicron variant surge also slowed customer demand, resulting in lower volume than expected.</li></ul>

FedEx has a strong position in an oligopolistic logistics markets and has recently benefitted from one of its most profitable Decembers in history.The Omicron variant surge had a $350 million impact on third-quarter operating income, primarily at Express, as it influenced customer demand and put pressure on their operations, resulting in constrained capacity, network disruptions, and lower revenue and volumes.The Omicron variant surge also slowed customer demand, resulting in lower volume than expected.

FedEx Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>FedEx had a decent quarter and a particularly solid performance in December 2021.</li><li>The Omicron variant surge had a $350 million impact on third-quarter operating income, primarily at Express, as it influenced customer demand and put pressure on their operations, resulting in constrained capacity, network disruptions, and lower revenue and volumes.</li><li>The Omicron variant surge also slowed customer demand, resulting in lower volume than expected.</li></ul>

FedEx had a decent quarter and a particularly solid performance in December 2021.The Omicron variant surge had a $350 million impact on third-quarter operating income, primarily at Express, as it influenced customer demand and put pressure on their operations, resulting in constrained capacity, network disruptions, and lower revenue and volumes.The Omicron variant surge also slowed customer demand, resulting in lower volume than expected.

FedEx Corporation: Financial & Price Forecasts

<ul><li>FedEx is a part of the global oligopoly in the parcel shipping business along with U.S. rival UPS and Europe’s DHL Express.</li><li>It recently delivered its second consecutive quarter of 14% revenue growth demonstrated the robust demand for their differentiated portfolio and their ability to drive revenues.</li><li>The company is seeing high delivery volumes in their network, given the extraordinary amounts of shopping and shipping especially after the impact of the Omicron variant.</li></ul>

FedEx is a part of the global oligopoly in the parcel shipping business along with U.S. rival UPS and Europe’s DHL Express.It recently delivered its second consecutive quarter of 14% revenue growth demonstrated the robust demand for their differentiated portfolio and their ability to drive revenues.The company is seeing high delivery volumes in their network, given the extraordinary amounts of shopping and shipping especially after the impact of the Omicron variant.

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/delhivery-pvt-ltd" target="_blank" data-smartkarma-citation="entities:33471:1" rel="noopener">Delhivery (1058656D IN)</a> is the largest and fastest-growing 3PL express parcel delivery player in India by revenue in FY21. It has won SEBI approval to raise up to $1 billion.  </li>
<li>The fundamentals are mixed as it has been unable to leverage its leading position and strong growth to deliver profits or cash generation.  </li>
<li>Based on the draft red herring prospectus, we are cautious about this potential IPO as the negatives outweigh the positives.  </li>
</ul>



Delhivery (1058656D IN) is the largest and fastest-growing 3PL express parcel delivery player in India by revenue in FY21. It has won SEBI approval to raise up to $1 billion.  
The fundamentals are mixed as it has been unable to leverage its leading position and strong growth to deliver profits or cash generation.  
Based on the draft red herring prospectus, we are cautious about this potential IPO as the negatives outweigh the positives.  


Delhivery IPO Initiation: Can It Deliver?

United States

FedEx Corp. delivers packages and freight to multiple countries and territories through an integrated global network.  The Company provides worldwide express delivery, ground small-parcel delivery, less-than-truckload freight delivery, supply chain management services, customs brokerage services, and trade facilitation and electronic commerce solutions.

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FedEx Corp (FDX US)

Delhivery IPO - Thoughts on Valution, Touch-And-Go

Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest...

Sumeet Singh

FedEx Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

FedEx has a strong position in an oligopolistic logistics markets and has recently benefitted from one of its most profitable Decembers in...

Baptista Research

FedEx Corporation: Financial & Price Forecasts

FedEx had a decent quarter and a particularly solid performance in December 2021. The Omicron variant surge had a $350 million impact on...

Baptista Research

FedEx Corporation - Investment Thesis

FedEx is a part of the global oligopoly in the parcel shipping business along with U.S. rival UPS and Europe’s DHL Express. It recently delivered...

Baptista Research

Delhivery IPO Initiation: Can It Deliver?

Delhivery has won SEBI approval to raise up to $1 billion. Based on the draft red herring prospectus, we are cautious about this potential IPO as...

Arun George

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