In today’s briefing:
- Mahindra & Mahindra (MM IN) | The Bookings Fallacy
- Sula Vineyards Pre-IPO – Big Fish in a Small Pond
- Mill City Ventures III
- EbixCash Pre-IPO – The Negatives – Growing Too Fast for Its Previous Auditors, and Short Sellers
- F5 Inc: Initiation of Coverage – Business Strategy & Key Drivers
- Five9 Inc: Initiation of Coverage – Partnership With Kyndryl & Other Drivers
Mahindra & Mahindra (MM IN) | The Bookings Fallacy
- We challenge Mahindra & Mahindra (MM IN) ‘s narrative of strong demand and booking pipeline (140k+ open bookings, excl Scorpio N as of Q1 FY23)
- There is a possibility of a monthly booking rate of 10.3k for XUV700 and 5K per month for Thar being overstated.
- With increasing competition (MSIL + Toyota), cancellations will increase leading to even lower waiting periods and a reduced booking pipeline.
Sula Vineyards Pre-IPO – Big Fish in a Small Pond
- Sula Vineyards (1332009D IN) is looking to raise about US$175m in its upcoming India IPO.
- Sula Vineyards (SV) distributes wines under a bouquet of brands. In addition to its flagship brand “Sula,” popular brands include “RASA,” “Dindori”, “The source,” “Satori”, “Madera” & “Dia”.
- The firm has managed to stay profitable with margin expansion despite COVID-19. However, wine appears to remain a very small part of the Indian alcohol consumption market.
Mill City Ventures III
- This is our first report on Mill City Ventures III and we look to provide a detailed account of the various industries that the company operates in and the key macro-economic factors.
- Given its current size, Mill City Ventures III is exempt from many of the regulatory restrictions that apply to other traditional lenders or institutional rivals.
- Overall, we believe that Mill City Ventures III has phenomenal growth prospects and is an excellent investment prospect.
EbixCash Pre-IPO – The Negatives – Growing Too Fast for Its Previous Auditors, and Short Sellers
- EbixCash (EC) is looking to raise around US$800m in its upcoming India IPO. The deal will be run by Motilal, Equirus, ISec, SBI Caps and Yes Securities.
- EC is a provider of digital products and services in the B2C, B2B and financial technology arena. Its has four primary business segments: Payment solutions, travel, financial technologies and BPO.
- In this note, we talk about the not-so-positive aspects of the deal
F5 Inc: Initiation of Coverage – Business Strategy & Key Drivers
- This is our first report on F5 Inc, a well-known provider of multi-cloud security and application delivery that helps businesses connect to their customers.
- In the quarter, F5 saw a good demand as customers secured, scaled, and added their applications as demand for security fuel sales.
- Service providers have driven recent demand as secure 4G cores and customers scale and start to move 5G cores in production.
Five9 Inc: Initiation of Coverage – Partnership With Kyndryl & Other Drivers
- This is our first report on Five9, a leading provider of cloud software for contact centers.
- The company’s core Virtual Contact Center (VCC) cloud platform has been a major revenue driver for them.
- Among key updates, Five9, along with Kyndryl, announced a partnership to offer its customers a cloud-enabled, personalized contact center experience.
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