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

Piramal Enterprises (PIEL IN): Demerger to Create a Differentiated and Niche Pharmaceutical Business

TPG and KKR in Race to Buy 20% Stake in Piramal’s Pharma Business Valued Over US$2bn

Positioning itself as a large Retail HFC; Pharma margin would improve in 2HFY22

Pharma demerger: Value unlocking underway

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/piramal-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:14158:1" rel="noopener">Piramal Enterprises (PIEL IN)</a>["PEL"] is undergoing a demerger to separate its financial services and healthcare businesses. The demerger is likely to unlock significant value as the two businesses list independently.</li>
<li>PEL's healthcare business is very attractive. The financials business is also well positioned to turnaround and grow with adequate capital and strong infrastructure, especially post DHFL acquisition.</li>
<li>Upside can be as high as 30%+ over the next 6-9 months as the holdco discount collapses post demerger.</li>
</ul>



Piramal Enterprises (PIEL IN)["PEL"] is undergoing a demerger to separate its financial services and healthcare businesses. The demerger is likely to unlock significant value as the two businesses list independently.
PEL's healthcare business is very attractive. The financials business is also well positioned to turnaround and grow with adequate capital and strong infrastructure, especially post DHFL acquisition.
Upside can be as high as 30%+ over the next 6-9 months as the holdco discount collapses post demerger.


2022 High Conviction | Piramal Enterprises: Demerger to Unlock Value