Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

I possess investment research experience across asset classes and geographies, acquired at Investcorp (New York) and Howe & Rusling (Rochester). At Investcorp, an alternative asset manager, I was part of an investment team managing >$1bn in discretionary client assets. I was also a member of investment recommendation, monitoring, cross-asset strategy and macro outlook committees that met periodically for investment decisions and top-down views. At Howe & Rusling, a long-only asset manager, I helped cover US large-cap equity investments across sectors for growth and income focused portfolios as well as assisted in managing a US small-cap growth focused equity portfolio. I possess an MBA in finance and corporate accounting from University of Rochester in US, a CFA Charter, and an Engineering degree from Indian Institute of Technology Bombay in India.  

My current focus is L/S equity fundamental research across market cap and sectors with an eye on corporate governance and forensic accounting. I am currently based in India and my current coverage universe is biased towards India.

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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-602, Titanium Business Park, Makarba, Ahmedabad - 380051 |
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 L/S Analyst | Forensic Accounting | India

Edelweiss: The Way Forward - Detailed Valuation and Catalysts Update

Edelweiss Financial Services – Better, But Still Bad

Edelweiss Financial Services – The Whole Package

Value Trumps Price | Edelweiss: Deal & Earnings Update

Edelweiss: A Deal Is Likely by 2H of July

Equity Bottom-Up

Edelweiss Financial Services / Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/edelweiss-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:15015:1" rel="noopener">Edelweiss Financial Services (EDEL IN)</a> announced its Q1FY21 earnings this Friday. Alongside it, Edelweiss also announced stake sale in its wealth management and capital markets business to PAG at a post-money valuation of about INR 4,400cr.</p>
<h2>Insight Flow</h2>
<ul>
<li>Conclusion First</li>
<li>Stake Sale to PAG
<ul>
<li>Valuation</li>
<li>Post-Deal Ownership </li>
<li>Use of Capital</li>
<li>De-merger of WM and CM Businesses</li>
</ul>
</li>
<li>Updated Organization Structure</li>
</ul>
<div class="content-highlight">
<p><em>Note that this insight covers the stake sale announcement by Edelweiss. Given significant changes to Edelweiss' business since we originally underwrote it at the end of Dec 2019, we plan to publish another detailed note next week wherein we will cover in-depth updated assessment on valuation, catalyst roadmap and future outlook to incorporate fundamental shifts in the business since Dec 2019.</em></p>
</div>

Edelweiss Financial Services (EDEL IN) announced its Q1FY21 earnings this Friday. Alongside it, Edelweiss also announced stake sale in its wealth management and capital markets business to PAG at a post-money valuation of about INR 4,400cr.
Insight Flow

Conclusion First
Stake Sale to PAG

Valuation
Post-Deal Ownership 
Use of Capital
De-merger of WM and CM Businesses


Updated Organization Structure


Note that this insight covers the stake sale announcement by Edelweiss. Given significant changes to Edelweiss' business since we originally underwrote it at the end of Dec 2019, we plan to publish another detailed note next week wherein we will cover in-depth updated assessment on valuation, catalyst roadmap and future outlook to incorporate fundamental shifts in the business since Dec 2019.


Edelweiss: Stake Sale at Attractive Valuation