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

Avid Bioservices | Up ~2x in 7 Months - Since We Initiated Coverage; Highest Ever Order Backlog

Avid Bioservices: Reports Largest Quarterly Profit Ever; Robust Guidance and Attractive Valuation

US Hidden Gems | Avid Bioservices: Transitioning Avidly to Pure-Play Biologics CDMO

Lonza: A Bellwether Biopharma Focused CDMO | At Inflection Point, To Benefit from Ongoing Capex

Equity Bottom-Up

<p>After reporting its largest quarterly profit ever as highlighted in our prior insight <a href="https://www.smartkarma.com/insights/avid-bioservices-reports-largest-quarterly-profit-ever-robust-guidance-and-attractive-valuation" target="_blank" data-smartkarma-citation="insights:42905" rel="noopener">Avid Bioservices: Reports Largest Quarterly Profit Ever; Robust Guidance and Attractive Valuation</a> last to last quarter, <a href="https://www.smartkarma.com/entities/avid-bioservices-inc" target="_blank" data-smartkarma-citation="entities:13309:1" rel="noopener">Avid Bioservices Inc (CDMO US)</a> has yet again reported a strong quarter (Q2FY21) beating consensus revenue estimates by 36%. The strong growth was further commendable given that Avid conducted its annual maintenance program during the quarter. This led to significant rise in the stock price (25%+) over the past week with the stock now trading at its all time high since Avid converted into a pure-play CDMO in CY2017.</p>
<p>We had flagged Avid Bioservices as a hidden gem back in Aug and had reiterated our buy recommendation on Sep 5 post announcement of its Q1FY21 quarterly earnings. The stock has traded up 65%+ over the past three months and we think there is room for another 30-50% upside from the current levels over the next couple of years.</p>

After reporting its largest quarterly profit ever as highlighted in our prior insight Avid Bioservices: Reports Largest Quarterly Profit Ever; Robust Guidance and Attractive Valuation last to last quarter, Avid Bioservices Inc (CDMO US) has yet again reported a strong quarter (Q2FY21) beating consensus revenue estimates by 36%. The strong growth was further commendable given that Avid conducted its annual maintenance program during the quarter. This led to significant rise in the stock price (25%+) over the past week with the stock now trading at its all time high since Avid converted into a pure-play CDMO in CY2017.
We had flagged Avid Bioservices as a hidden gem back in Aug and had reiterated our buy recommendation on Sep 5 post announcement of its Q1FY21 quarterly earnings. The stock has traded up 65%+ over the past three months and we think there is room for another 30-50% upside from the current levels over the next couple of years.

Avid Bioservices: Strong Quarterly Performance Led to 25%+ Re-Rating Last Week. More to Go.