Equity & Credit - Independent Research

Backed by our strong in-house research team who have over a decade of investing experience in the buy-side at major financial institutions such as Fidelity International, Goldman Sachs, Credit Suisse; we have created a library of detailed financial valuation models with last 10 year historical financials and 5 year future forecasts for over 40 listed Indian companies across sectors and market capitalisation.
Our endeavour is to add value to our clients’ business, by facilitating the investment decision process through access of ready to use detailed financial models on companies and crisp investment primers. We update our models regularly, to reflect the impact of latest quarterly results, company specific events and news affecting intrinsic value of equity.
A typical company financial model would include:
• Historical Financials: Detailed historical financials including income statement, balance sheet, cash flows for last 10 years across standalone and consolidated level as applicable.
• Quarter Results: Last 20 quarter results with segment-wise details as applicable.
• Share Capital History: Past trend of change in share capital due to bonus, stock splits, QIB, FCCB conversion etc. Details of changes in promoter & group company holdings, shares pledged and other institutional holding.
• Loan Repayment Schedule & Borrowing Cost: Schedule of existing loans, assumptions for future funding gap if any; weighted average cost of borrowing.
• Investment Portfolio: Detailed breakup of investment portfolio and total exposure to group companies as applicable.
• Assumptions: Assumptions for key revenue drivers, operating costs and balance sheet items like capex, working capital cycle and liabilities for future forecasts. Each assumption cell is linked to the respective income statement and balance sheet item so that it can be easily changed to reflect the impact on valuation for different scenarios.
• Forecasts: Detailed forecasts for income statement, balance sheet, cash flows for future 5 years across standalone and consolidated level as applicable.
• Scenario Analysis: “What-if” analysis based on company specific criteria and impact on fair value of equity.
• Cash Flow Statement: Detailed cashflows with historical and future forecasts including “funding gap” analysis as per the case.
• News/ Events: Recent management interviews, guidance, company specific news and events; synopsis of latest result concalls; reflecting all of this information in base case assumptions.
• Forensic Accounting: Auditor qualifications and necessary accounting adjustments as per the case.
• Fair Value of Equity (target price): Based on DCF, SOTP, normalised earnings, multiple based approach as per the case.

Free Research Samples:
  1. Detailed Independent Equity Research Report
  2. Crisp Investment note – Independent Equity Research
  3. Detailed Independent Research on Foreign Currency Convertible Bond
  4. Crisp Investment note on Foreign Currency Convertible Bond
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