Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Equity Bottom-Up

<ul><li>The WTR Sustainable Index was down 0.3% W/W versus the S&amp;P 500 Index (up 0.5%), the Russell 2000 Index (up 0.6%), and the Nasdaq Index (up 0.3%).</li><li>Energy Technology (13.0% of the index) was up 0.3%, while Industrial Climate and Ag Technology (45.7% of the index) was down 0.2%, ClimateTech Mining was down 0.5%, and Advanced Transportation Solutions (22.0% of the index) was down 0.6%.</li><li>Top 10 Performers: VVPR, LITM, LAZR, AEVA, FHYD, EGT, WUC, NIU, SOL, AZRE</li></ul>

The WTR Sustainable Index was down 0.3% W/W versus the S&amp;P 500 Index (up 0.5%), the Russell 2000 Index (up 0.6%), and the Nasdaq Index (up 0.3%).Energy Technology (13.0% of the index) was up 0.3%, while Industrial Climate and Ag Technology (45.7% of the index) was down 0.2%, ClimateTech Mining was down 0.5%, and Advanced Transportation Solutions (22.0% of the index) was down 0.6%.Top 10 Performers: VVPR, LITM, LAZR, AEVA, FHYD, EGT, WUC, NIU, SOL, AZRE

Sustainable Investing Surveyor: Focus on Clean Energy Fuels (CLNE)

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (1700674D IN)</a>, the largest Indian player in electric two-wheel vehicles (E2W), is seeking to raise up to US$734 million. </li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/ola-electric-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:123749" rel="noopener">Ola Electric IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/ola-electric-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:123960" rel="noopener">Ola Electric IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/ola-electric-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:153269" rel="noopener">Ola Electric IPO: The Investment Case</a>. </li>
<li>Our valuation analysis suggests that the IPO price range of Rs72-76 per share is attractive. Therefore, we would participate in the IPO.</li>
</ul>



Ola Electric (1700674D IN), the largest Indian player in electric two-wheel vehicles (E2W), is seeking to raise up to US$734 million. 
We previously discussed the IPO in Ola Electric IPO: The Bull Case, Ola Electric IPO: The Bear Case and Ola Electric IPO: The Investment Case. 
Our valuation analysis suggests that the IPO price range of Rs72-76 per share is attractive. Therefore, we would participate in the IPO.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (1700674D IN)</a>, the largest Indian player in electric two-wheel vehicles (E2W), will launch a US$660 million IPO at a lower US$4.5 billion valuation (vs. the previous US$7-8bn target). </li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/ola-electric-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:123749" rel="noopener">Ola Electric IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/ola-electric-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:123960" rel="noopener">Ola Electric IPO: The Bear Case</a>. In this note, we examine the latest updates in the RHP. </li>
<li>The investment case rests on rising market share in a growing market, rapid growth aided by product diversification, path to profitability supported by lower losses and declining cash burn.</li>
</ul>



Ola Electric (1700674D IN), the largest Indian player in electric two-wheel vehicles (E2W), will launch a US$660 million IPO at a lower US$4.5 billion valuation (vs. the previous US$7-8bn target). 
We previously discussed the IPO in Ola Electric IPO: The Bull Case and Ola Electric IPO: The Bear Case. In this note, we examine the latest updates in the RHP. 
The investment case rests on rising market share in a growing market, rapid growth aided by product diversification, path to profitability supported by lower losses and declining cash burn.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (1700674D IN)</a>, the largest Indian electric two-wheel vehicles (E2W) player, is seeking US$660 million from a primary raise along with a secondary raise at a US$7-8 billion valuation.</li>
<li>In <a href="https://www.smartkarma.com/insights/ola-electric-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:123749" rel="noopener">Ola Electric IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on high R&amp;D capitalization, ongoing losses, high attrition, declining contract liabilities, cash burn and deteriorating balance sheet. </li>
</ul>



Ola Electric (1700674D IN), the largest Indian electric two-wheel vehicles (E2W) player, is seeking US$660 million from a primary raise along with a secondary raise at a US$7-8 billion valuation.
In Ola Electric IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on high R&amp;D capitalization, ongoing losses, high attrition, declining contract liabilities, cash burn and deteriorating balance sheet. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (1700674D IN)</a>, the largest Indian electric two-wheel vehicles (E2W) player, is seeking US$660 million from a primary raise along with a secondary raise at a US$7-8 billion valuation. </li>
<li>Ola is the best-selling E2W brand in India in terms of monthly E2W registrations on the VAHAN Portal of the Ministry of Road Transport and Highways.</li>
<li>The bull case rests on rising market share in a growing market, a rapid growth phase, increasing gross margin and a favourable cash conversion cycle.   </li>
</ul>



Ola Electric (1700674D IN), the largest Indian electric two-wheel vehicles (E2W) player, is seeking US$660 million from a primary raise along with a secondary raise at a US$7-8 billion valuation. 
Ola is the best-selling E2W brand in India in terms of monthly E2W registrations on the VAHAN Portal of the Ministry of Road Transport and Highways.
The bull case rests on rising market share in a growing market, a rapid growth phase, increasing gross margin and a favourable cash conversion cycle.   


China

Niu Technologies designs, manufactures, and distributes e-mobility solutions. The Company offers smart electric two-wheeled vehicles. Niu Technologies markets its products worldwide.

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Niu Technologies (NIU US)

Sustainable Investing Surveyor: Focus on Clean Energy Fuels (CLNE)

The WTR Sustainable Index was down 0.3% W/W versus the S&P 500 Index (up 0.5%), the Russell 2000 Index (up 0.6%), and the Nasdaq Index (up 0.3%).

Water Tower Research

Ola Electric IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range of Rs72-76 per share is attractive. Therefore, we would participate in the IPO.

Arun George

Ola Electric IPO: The Investment Case

The investment case rests on rising market share in a growing market, rapid growth aided by product diversification, path to profitability...

Arun George

Ola Electric IPO: The Bear Case

The bear case rests on high R and D capitalization, ongoing losses, high attrition, declining contract liabilities, cash burn and deteriorating...

Arun George

Ola Electric IPO: The Bull Case

The bull case rests on rising market share in a growing market, a rapid growth phase, increasing gross margin and a favourable cash conversion cycle.

Arun George

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