Information Technology Consultant

Ishita Jain

Thematic (Sector/Industry)

<p>In today's digitized world, everything is connected and&nbsp;&nbsp;'smart' - our phones are packed with ever more functionality, we can surf the net directly from our TVs and our fitness trackers can dish out tons of metrics regarding our habits. Internet of things takes this one step further; by attaching sensors to every day and typically non-digital things, it promises&nbsp;to make everything around us 'smart'. This insight is an overview of the industry, its market potential and some thoughts on how to invest in it.</p>

In today's digitized world, everything is connected and&nbsp;&nbsp;'smart' - our phones are packed with ever more functionality, we can surf the net directly from our TVs and our fitness trackers can dish out tons of metrics regarding our habits. Internet of things takes this one step further; by attaching sensors to every day and typically non-digital things, it promises&nbsp;to make everything around us 'smart'. This insight is an overview of the industry, its market potential and some thoughts on how to invest in it.

Investing in the Internet of Things (IoT)

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a> has become India’s largest low-cost airline and world’s 7th largest aircraft carrier in its short history. </li>
<li>IndiGo lately saw resignation of its CEO, months after its worst operational crisis. This goes in sync with a numerous complaints received from the employees, including POSH cases and whistle-blowers.</li>
<li>Key forensic signals include aggressive depreciation of aircrafts, deviation between lease liabilities and assets, revenue recognition with advance from customers more than a year, non-core income driving profits etc.</li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN) has become India’s largest low-cost airline and world’s 7th largest aircraft carrier in its short history. 
IndiGo lately saw resignation of its CEO, months after its worst operational crisis. This goes in sync with a numerous complaints received from the employees, including POSH cases and whistle-blowers.
Key forensic signals include aggressive depreciation of aircrafts, deviation between lease liabilities and assets, revenue recognition with advance from customers more than a year, non-core income driving profits etc.


InterGlobe Aviation- Turbulence Beyond Operations

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ryanair-holdings-plc" target="_blank" data-smartkarma-citation="entities:22127:1" rel="noopener">Ryanair Holdings (RYA ID)</a> raised its foreign ownership limit (FOL) from 50% to 80% on 7 March 2025, due to increasing EU national holdings over the last years.</li>
<li>The security is forecasted to be added to global standard in May and global all-world in September 2025 as it now has eligible foreign room after the FOL increase.</li>
<li>The security's free float is expected to rise from 50% to 80% in stoxx europe 600 and euro stoxx at the June 2025 review.</li>
</ul>



Ryanair Holdings (RYA ID) raised its foreign ownership limit (FOL) from 50% to 80% on 7 March 2025, due to increasing EU national holdings over the last years.
The security is forecasted to be added to global standard in May and global all-world in September 2025 as it now has eligible foreign room after the FOL increase.
The security's free float is expected to rise from 50% to 80% in stoxx europe 600 and euro stoxx at the June 2025 review.


Ryanair (RYA ID): Global Index Inclusion & EU Upweight Following Raised Foreign Ownership Limit

Founder & Managing Director, AIR Control Tower, AIR Control Tower

Neil Glynn

Founder & Managing Director, AIR Control Tower

AIR Control Tower

AIR Control Tower is an independent research and analysis platform. Its mission is to provide impactful insight and analysis across the global airline industry at a company and market level via detailed financial models to aid decision making for key stake holders at a time when risks have seldom, if ever, been higher and the global sector grapples with the imperative of funding de-carbonisation. Unique analysis forecasting global carrier-level earnings/cash flows, and restructuring/de-leveraging prospects, is designed to dynamically assess the health of the industry, predict surprises and identify potential requirements for third party support.

Insights on the global airline industry

Equity Bottom-Up

<ul>
<li>Pre-Pandemic, Wizz Air traded on an equity value or market cap €43m-€44m per aircraft. However, it currently trades on only €9m per aircraft using its March 2025 fleet. </li>
<li>​Key issues need to addressed to convince on the “right” to more than double fleet to 500 aircraft.</li>
<li>​We do not share equity issuance concerns – proper inspection illustrates leverage as a margin challenge not a balance sheet challenge.</li>
</ul>


Pre-Pandemic, Wizz Air traded on an equity value or market cap €43m-€44m per aircraft. However, it currently trades on only €9m per aircraft using its March 2025 fleet. 
​Key issues need to addressed to convince on the “right” to more than double fleet to 500 aircraft.
​We do not share equity issuance concerns – proper inspection illustrates leverage as a margin challenge not a balance sheet challenge.


<ul>
<li>Latest RDC fare data deep dive suggests scope for negative surprises at easyJet and Wizz Air - we publish a detailed analysis across booking windows.</li>
<li>​easyJet fare data suggest potential for late-market disappointment, albeit winter prospects more encouraging.</li>
<li>Wizz Air fare data cast doubt on hopes for fare growth.</li>
</ul>


Latest RDC fare data deep dive suggests scope for negative surprises at easyJet and Wizz Air - we publish a detailed analysis across booking windows.
​easyJet fare data suggest potential for late-market disappointment, albeit winter prospects more encouraging.
Wizz Air fare data cast doubt on hopes for fare growth.


European Airlines – Fare Data Suggests Risk to EasyJet/Wizz Peak Summer but Winter More Encouraging

Ireland

Ryanair Holdings plc provides low fare passenger airline services to destinations in Europe.

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Ryanair Holdings (RYA ID)

Investing in the Internet of Things (IoT)

In today's digitized world, everything is connected and 'smart' - our phones are packed with ever more functionality, we can surf the net directly...

Ishita Jain

InterGlobe Aviation- Turbulence Beyond Operations

InterGlobe Aviation Ltd (INDIGO IN) is India's largest low-cost airline, but investors should be wary of aggressive depreciation, revenue...

Nitin Mangal

Ryanair (RYA ID): Global Index Inclusion & EU Upweight Following Raised Foreign Ownership Limit

Ryanair's FOL increased from 50% to 80% on 7 March 2025, resulting in eligible foreign room and a forecasted inclusion in global indices for May...

Dimitris Ioannidis

Wizz Air - Fitness for 500?

Deep dive on Wizz Air's margin challenges and framing the key concerns management needs to address at its upcoming CMD on 1/2 October

Neil Glynn

European Airlines – Fare Data Suggests Risk to EasyJet/Wizz Peak Summer but Winter More Encouraging

Deep dive on peak summer/early winter fare data pinpoints potential negative surprises to expectations at easyJet and Wizz Air

Neil Glynn

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Investing in the Internet of Things (IoT)

In today's digitized world, everything is connected and 'smart' - our phones are packed with ever more functionality, we can surf the net directly...

Ishita Jain

InterGlobe Aviation- Turbulence Beyond Operations

​InterGlobe Aviation Ltd (INDIGO IN) is India's largest low-cost airline, but investors should be wary of aggressive depreciation, revenue...

Nitin Mangal

Ryanair (RYA ID): Global Index Inclusion & EU Upweight Following Raised Foreign Ownership Limit

Ryanair's FOL increased from 50% to 80% on 7 March 2025, resulting in eligible foreign room and a forecasted inclusion in global indices for May...

Dimitris Ioannidis

Wizz Air - Fitness for 500?

Deep dive on Wizz Air's margin challenges and framing the key concerns management needs to address at its upcoming CMD on 1/2 October

Neil Glynn

European Airlines – Fare Data Suggests Risk to EasyJet/Wizz Peak Summer but Winter More Encouraging

Deep dive on peak summer/early winter fare data pinpoints potential negative surprises to expectations at easyJet and Wizz Air

Neil Glynn

InterGlobe Aviation Ltd (INDIGO IN) is India's largest low-cost airline, but investors should be wary of aggressive depreciation, revenue...