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

HCG: Firing On All Cylinders - All Set For FY24 To Be A Defining Year

HealthCare Global: High-End Work Improves Realisations

HCG: Sustained Improvement In Growth and Profitability

HCG: On Track For Sustainable Growth and Profitability

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

HealthCare Global Enterprises / Equity Bottom-Up

<ul>
<li>HCG's continued focus on consolidation is leading to improving profitability.  Furthermore, with the normalization of post-COVID environment, elective surgeries and international footfalls are inching back to pre-COVID levels.</li>
<li>Since the onboarding of CVC Capital as the majority shareholder, HCG's capex discipline has been noteworthy. Capex is focused now on driving growth in existing centers vs opening new centers.</li>
<li>We project HCG's PAT to grow to INR 170cr+ by FY25. Valuing HCG at FY25 exit P/E of 47x suggests an IRR potential of 27% over the next 3Y.</li>
</ul>


HCG's continued focus on consolidation is leading to improving profitability.  Furthermore, with the normalization of post-COVID environment, elective surgeries and international footfalls are inching back to pre-COVID levels.
Since the onboarding of CVC Capital as the majority shareholder, HCG's capex discipline has been noteworthy. Capex is focused now on driving growth in existing centers vs opening new centers.
We project HCG's PAT to grow to INR 170cr+ by FY25. Valuing HCG at FY25 exit P/E of 47x suggests an IRR potential of 27% over the next 3Y.


HCG: Consolidation Continues to Boost Profitability