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

Edelweiss: The Blossoming Is About to Happen!

Edelweiss: A Deal Is Likely by 2H of July

Edelweiss: Stock Under Pressure from Overhangs, but Medium-Term Fundamentals Remain Robust

Edelweiss - A Turnaround Idea: Shifting from Fund-Based to Fee-Based Business Model

Private Credit Opportunities in Emerging Markets - Focus on India

Equity Bottom-Up

Edelweiss Financial Services / Equity Bottom-Up

<p>In a recent (May 20) media interview, Edelweiss' Chairman and CEO, Rashesh Shah, mentioned that <a href="https://www.smartkarma.com/entities/edelweiss-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:15015:1" rel="noopener">Edelweiss Financial Services (EDEL IN)</a> is exploring a 15-20% stake sale in the advisory business. In the media interview, Mr. Shah also hinted that the earnings announcement is soon on the cards. Rashesh Shah also hinted that the earnings presentation would come out in June. Based on this, we were anticipating the earnings to come out in early June. However, it has been one week into June and over two weeks since this interview, yet there has been no announcement of board meeting to discuss earnings. Many of Edelweiss' NBFC and bank peers have already announced their earnings. Further, as per recent <a href="https://economictimes.indiatimes.com/markets/stocks/news/bank-of-spore-global-pes-vie-for-stake-in-edelweiss-arm/articleshow/75835695.cms?from=mdr" target="_blank" rel="noopener">media reports</a>, there have been rumors floating in the market that some PE investors (Blackstone, KKR, Apax) and Bank of Singapore are in fray to acquire a minority stake in Edelweiss' advisory business. </p>
<p>Going by 1) Rashesh Shah's media interview, 2) longer than usual timeline for earnings announcement, and 3) grapevine from other media reports, we think that a deal could be in the final laps. We anticipate that Edelweiss will prefer to close the deal before making an earnings announcement and this is what is likely constraining Edelweiss to take longer than usual in announcing its earnings.</p>

In a recent (May 20) media interview, Edelweiss' Chairman and CEO, Rashesh Shah, mentioned that Edelweiss Financial Services (EDEL IN) is exploring a 15-20% stake sale in the advisory business. In the media interview, Mr. Shah also hinted that the earnings announcement is soon on the cards. Rashesh Shah also hinted that the earnings presentation would come out in June. Based on this, we were anticipating the earnings to come out in early June. However, it has been one week into June and over two weeks since this interview, yet there has been no announcement of board meeting to discuss earnings. Many of Edelweiss' NBFC and bank peers have already announced their earnings. Further, as per recent media reports, there have been rumors floating in the market that some PE investors (Blackstone, KKR, Apax) and Bank of Singapore are in fray to acquire a minority stake in Edelweiss' advisory business. 
Going by 1) Rashesh Shah's media interview, 2) longer than usual timeline for earnings announcement, and 3) grapevine from other media reports, we think that a deal could be in the final laps. We anticipate that Edelweiss will prefer to close the deal before making an earnings announcement and this is what is likely constraining Edelweiss to take longer than usual in announcing its earnings.

Edelweiss Financial Services

Edelweiss: Is Something Blossoming?