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>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

India

IIFL Wealth Management Limited operates as a private wealth management firm. The Company offers investment products, treasury advisory, lending solutions, and estate planning services. IIFL Wealth Management serves customers worldwide.

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IIFL Wealth Management (IIFLWAM 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

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