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

Nuvama Wealth Management / Equity Bottom-Up

<ul>
<li>Going into CY25, Nuvama is one of our highest conviction ideas. It has potential to generate 75%+ upside, just from valuation gain.</li>
<li>India's wealth management industry is in nascent phase led by under-penetration and a growing affluent, HNI and UHNI clientele.</li>
<li>Nuvama's edge is its integrated platform bolstered by technology prowess and a solution-focused approach as opposed to a product-push model. It offers a holistic solution with a robust relationship-driven approach.</li>
</ul>


Going into CY25, Nuvama is one of our highest conviction ideas. It has potential to generate 75%+ upside, just from valuation gain.
India's wealth management industry is in nascent phase led by under-penetration and a growing affluent, HNI and UHNI clientele.
Nuvama's edge is its integrated platform bolstered by technology prowess and a solution-focused approach as opposed to a product-push model. It offers a holistic solution with a robust relationship-driven approach.


2025 High Conviction: Nuvama - A Play on Burgeoning Wealth Management Industry in India

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

China Resources Beverage / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front,  it hasn't been this busy for a while, with deals live in Japan and Korea, and possible launches in Hong Kong and India as well.</li>
<li>On the placements front, there were a few China ADR blocks and other placements across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front,  it hasn't been this busy for a while, with deals live in Japan and Korea, and possible launches in Hong Kong and India as well.
On the placements front, there were a few China ADR blocks and other placements across the region.


ECM Weekly (30th Sep 2024) - Tokyo Metro, Rigaku, China Resources, K Bank, Mr DIY, Smartworks, IREDA

<ul>
<li>Nuvama's Q1FY25 results were yet again stellar with 60% YoY growth in revenues. The excess growth came from the Capital Markets segment where the activity has been upbeat. </li>
<li>The Wealth Management and Asset Management segments, which are core to the business, continued to post secular growth in the range of 18-25% YoY.</li>
<li>For the first-time ever, <a href="https://www.smartkarma.com/entities/nuvama-wealth-management-ltd" target="_blank" data-smartkarma-citation="entities:40316:1" rel="noopener">Nuvama Wealth Management ("Nuvama")</a> also declared dividend. Given the capital light nature of the business, it indicates prudent capital allocation.</li>
</ul>


Nuvama's Q1FY25 results were yet again stellar with 60% YoY growth in revenues. The excess growth came from the Capital Markets segment where the activity has been upbeat. 
The Wealth Management and Asset Management segments, which are core to the business, continued to post secular growth in the range of 18-25% YoY.
For the first-time ever, Nuvama Wealth Management ("Nuvama") also declared dividend. Given the capital light nature of the business, it indicates prudent capital allocation.


Nuvama: Continues to Post Robust Performance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nuvama-wealth-management-ltd" target="_blank" data-smartkarma-citation="entities:40316:1" rel="noopener">Nuvama Wealth Management ("Nuvama")</a>  continues to report strong growth with Q4FY24 revenue at INR 596cr, a growth of 35% YoY. Q4FY24 PAT grew 57% YoY to reach INR 181cr. </li>
<li>Overall, FY24 revenue and PAT ended strong at INR 2063cr (YoY growth of 31%) and INR 597cr (YoY growth of 62%), respectively.</li>
<li>FY24 growth was led by the capital markets (revenue grew 64% YoY) segment, aided by favorable cycle and market-share gains. Wealth and asset management segments are also scaling up well.</li>
</ul>



Nuvama Wealth Management ("Nuvama")  continues to report strong growth with Q4FY24 revenue at INR 596cr, a growth of 35% YoY. Q4FY24 PAT grew 57% YoY to reach INR 181cr. 
Overall, FY24 revenue and PAT ended strong at INR 2063cr (YoY growth of 31%) and INR 597cr (YoY growth of 62%), respectively.
FY24 growth was led by the capital markets (revenue grew 64% YoY) segment, aided by favorable cycle and market-share gains. Wealth and asset management segments are also scaling up well.


India

Nuvama Wealth Management Limited is an Indian multinational wealth management company offering services in wealth management, asset management, asset servicing, and capital markets, catering to affluent, HNI, and UHNI clients. The company provides solutions across various asset classes including equities, fixed income, mutual funds, and alternative investments. Headquartered in Mumbai, India, it was established in 1993.

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Nuvama Wealth Management (NUVAMA 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

2025 High Conviction: Nuvama - A Play on Burgeoning Wealth Management Industry in India

Nuvama is a direct beneficiary of the growing wealth management industry in India. Professional wealth management is still nascent in India. An...

Ankit Agrawal, CFA

ECM Weekly (30th Sep 2024) - Tokyo Metro, Rigaku, China Resources, K Bank, Mr DIY, Smartworks, IREDA

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Nuvama: Continues to Post Robust Performance

Nuvama continues to report exceptional performance led by favorable cycle in the Capital Markets segment as well as robust secular growth in its...

Ankit Agrawal, CFA

Nuvama: Continues to Deliver Strong

Nuvama has had a stellar FY24. Even adjusted for favorable cycle in the Capital Markets business, Nuvama is on track to deliver 20-25% growth in...

Ankit Agrawal, CFA

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