External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>In H1FY25, Awfis Space Solutions (Awfis) delivered on two of its main FY25 guidance parameters, viz. 30%-plus revenue growth for FY25 and expansion in IGAAP EBITDA margin upwards of 12% (H1FY25 YoY revenue growth of 39% and IGAAP EBITDA margin of 13.3%).</li><li>With an overall operational and committed pipeline of 150,649 seats (over 110,000 operational) as of Sep’24, we expect continued growth ahead.</li><li>We estimate CAGR of 35% in seat addition, 31% in revenue and 53% in IGAAP EBITDA (EBITDA post lease payments) over FY24–27E.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In H1FY25, Awfis Space Solutions (Awfis) delivered on two of its main FY25 guidance parameters, viz. 30%-plus revenue growth for FY25 and expansion in IGAAP EBITDA margin upwards of 12% (H1FY25 YoY revenue growth of 39% and IGAAP EBITDA margin of 13.3%).With an overall operational and committed pipeline of 150,649 seats (over 110,000 operational) as of Sep’24, we expect continued growth ahead.We estimate CAGR of 35% in seat addition, 31% in revenue and 53% in IGAAP EBITDA (EBITDA post lease payments) over FY24–27E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Awfis Space Solutions - Compounding Firmly Seated

<ul><li>In Q1FY25, Awfis Solutions (Awfis) began to deliver on its two main FY25 guidance parameters: 30%+ revenue growth for FY25 and expansion in IGAAP EBITDA margin between 11.5-12%.</li><li>With an overall operational + committed pipeline of 127,726 seats (over 100,000 operational), we expect continued growth ahead.</li><li>We estimate 35% operational seat CAGR, 30% revenue CAGR and 48% IGAAP EBITDA CAGR (EBITDA post lease payments) over FY24-27E.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q1FY25, Awfis Solutions (Awfis) began to deliver on its two main FY25 guidance parameters: 30%+ revenue growth for FY25 and expansion in IGAAP EBITDA margin between 11.5-12%.With an overall operational + committed pipeline of 127,726 seats (over 100,000 operational), we expect continued growth ahead.We estimate 35% operational seat CAGR, 30% revenue CAGR and 48% IGAAP EBITDA CAGR (EBITDA post lease payments) over FY24-27E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Awfis Space Solutions - Compounding Story on Track

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

Smartworks Coworking Spaces Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/smartworks-coworking-spaces-ltd" target="_blank" data-smartkarma-citation="entities:43882:1" rel="noopener">Smartworks Coworking Spaces Ltd (1742134D IN)</a> is looking to raise about US$120m in its India IPO.</li>
<li>It is an office experience and managed campus platform, typically focused on leasing entire/large, bare shell properties in prime locations and transforming them into fully serviced, tech-enabled campuses with amenities.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Smartworks Coworking Spaces Ltd (1742134D IN) is looking to raise about US$120m in its India IPO.
It is an office experience and managed campus platform, typically focused on leasing entire/large, bare shell properties in prime locations and transforming them into fully serviced, tech-enabled campuses with amenities.
In this note, we talk about the company’s historical performance.


Smartworks Coworking Spaces Pre-IPO - Healthy Revenue Growth Led by Strategic Capacity Expansion

India

Awfis Space Solutions Limited provides flexible workspace solutions. The Company rents furnished office spaces, flex workspaces, and mobility solutions with work desks, private cabins, meeting rooms, food and beverages, information technology support, and infrastructure services. Awfis Space Solutions serves customers in India.

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Awfis Space Solutions (AWFIS IN)

Awfis Space Solutions - Compounding Firmly Seated

We retain BUY with a revised target price of INR1,049 (earlier INR 979), as we roll forward to 25x Mar’27E IGAAP EBITDA (earlier Dec’26E) of INR...

ICICI Securities Limited

Awfis Space Solutions - Compounding Story on Track

In Q1FY25, Awfis Solutions (Awfis) began to deliver on its two main FY25 guidance parameters: 30%+ revenue growth for FY25 and expansion in IGAAP...

ICICI Securities Limited

Smartworks Coworking Spaces Pre-IPO - Healthy Revenue Growth Led by Strategic Capacity Expansion

Smartworks Coworking Spaces Limited is looking to raise about US$120m in its India IPO. In this note, we talk about the company’s historical...

Akshat Shah

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52-week Range

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