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.

-------------
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
-------------

Equity L/S Analyst | Forensic Accounting | India

FSN Ecommerce IPO Valuation: Nykaa Can Be Appetizing if You Liked Zomato

Nykaa IPO | Can It Make You Rich? (Without Getting Lucky)

Equity Capital Markets

FSN E-Commerce Ventures (Nykaa) / Equity Capital Markets

FSN E-Commerce Ventures (Nykaa) (NYKAA IN)

<p>Nykaa's valuation is highly debatable. It depends on what TAM (Total Addressable Market) size you assign to it. While Nykaa's IPO prospectus conveniently highlights market size of BPC (Beauty &amp; Personal Care) and Fashion segments to indicate the potential for growth, we think the relevant TAM for Nykaa is a fraction of this. Let us dive deeper below the fold.</p>

Nykaa's valuation is highly debatable. It depends on what TAM (Total Addressable Market) size you assign to it. While Nykaa's IPO prospectus conveniently highlights market size of BPC (Beauty &amp; Personal Care) and Fashion segments to indicate the potential for growth, we think the relevant TAM for Nykaa is a fraction of this. Let us dive deeper below the fold.

Nykaa: Don't Get Tamed by Projected TAM, the Actual TAM Could Be Tame