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

Nuvama Wealth Management / Equity Bottom-Up

<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>Nuvama reported its first quarterly result since its listing, as a demerged entity. It reported strong growth across all its business segments.</li>
<li>Wealth management revenues grew 30% YoY, adjusted for one-off accounting impact. Cyclical recovery in the capital markets segment further helped.</li>
<li>Nuvama has potential to scale up rapidly and grow its profitability exponentially led by growth and operating leverage. At the current valuation, an investment in Nuvama has potential to triple.</li>
</ul>


Nuvama reported its first quarterly result since its listing, as a demerged entity. It reported strong growth across all its business segments.
Wealth management revenues grew 30% YoY, adjusted for one-off accounting impact. Cyclical recovery in the capital markets segment further helped.
Nuvama has potential to scale up rapidly and grow its profitability exponentially led by growth and operating leverage. At the current valuation, an investment in Nuvama has potential to triple.


Nuvama: Stellar Start as an Independent Listed Entity

<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.


<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> has been seeing strong growth across all its businesses. Wealth management business is scaling up well. Capital markets business continues to benefit from the upbeat cycle.</li>
<li>The asset management business is in its infancy but is scaling up well. Nuvama launched a new real estate fund via a 50:50 JV with Cushman &amp; Wakefield.</li>
<li>Given wealth management is still nascent in India; the growth potential is huge for Nuvama. At the current valuation, an investment in Nuvama has potential to more than triple.</li>
</ul>



Nuvama Wealth Management ("Nuvama") has been seeing strong growth across all its businesses. Wealth management business is scaling up well. Capital markets business continues to benefit from the upbeat cycle.
The asset management business is in its infancy but is scaling up well. Nuvama launched a new real estate fund via a 50:50 JV with Cushman &amp; Wakefield.
Given wealth management is still nascent in India; the growth potential is huge for Nuvama. At the current valuation, an investment in Nuvama has potential to more than triple.


Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>ICICI Securities Shareholders will consider delisting proposal at the end of March-24 which will decide its fate</li>
<li>Swap Ratio based on current prices offers limited downside for I-Sec Shareholders if delisting goes through.</li>
<li>There could be potential upside of 20% if delisting fails.</li>
</ul>


ICICI Securities Shareholders will consider delisting proposal at the end of March-24 which will decide its fate
Swap Ratio based on current prices offers limited downside for I-Sec Shareholders if delisting goes through.
There could be potential upside of 20% if delisting fails.


ICICI Securities : A Special Situation Play with Limited Downside

India

Nuvama Wealth Management Limited provides financial services. The Company offers wealth management, portfolio management, and advisory services to individuals, institutions, trusts, private funds, charitable organizations, and investment companies. Nuvama Wealth Management serves customers India.

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Nuvama Wealth Management (NUVAMA IN)

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: Stellar Start as an Independent Listed Entity

Nuvama reported a strong Q2FY24. The business has high-growth longevity potential given wealth management as an industry is still in its infancy in...

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

Nuvama: Stellar Growth Continues

The wealth management industry is in its infancy in India and presents a long runway for growth. Nuvama has established a strong synergistic...

Ankit Agrawal, CFA

ICICI Securities : A Special Situation Play with Limited Downside

ICICI Securities Delisting is a Special Situation Play with a potential upside of 20% and limited downside risk offering a short-term bet.

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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: Stellar Start as an Independent Listed Entity

Nuvama reported a strong Q2FY24. The business has high-growth longevity potential given wealth management as an industry is still in its infancy in...

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

Nuvama: Stellar Growth Continues

The wealth management industry is in its infancy in India and presents a long runway for growth. Nuvama has established a strong synergistic...

Ankit Agrawal, CFA

ICICI Securities : A Special Situation Play with Limited Downside

​ICICI Securities Delisting is a Special Situation Play with a potential upside of 20% and limited downside risk offering a short-term bet.

Nimish Maheshwari

ICICI Securities Delisting is a Special Situation Play with a potential upside of 20% and limited downside risk offering a short-term bet.