ValueAdd Research provides comprehensive research services across various domains including equity research, fixed income and credit research, investment banking research, and business strategy research. It has experience serving global clients across many sectors. This presentation introduces ValueAdd's corporate credit research solutions and capabilities. It outlines its team of experienced analysts and leadership, along with the suite of fixed income and credit research services offered, including investment grade analysis, high yield analysis, and more. Case studies are also provided showing how ValueAdd has assisted clients with challenges like distressed debt origination.
1. Business Strategy & Consulting Research
Investment Banking
Equity Research
Fixed Income & Credit Research
INTRODUCTORY PRESENTATION
Confidential | June 2017
Introduction to Corporate Credit Research Solutions
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About Us
Company
Founded by experienced professionals from research, banking, and engineering domain. End-to-end service
delivery to global clients across regions, sectors, and research areas. Truly a customer-centric organization
Clients
Our reputed clientele includes global sell-side and buy-side firms, global banks, private equity firms,
corporations, business consulting firms, and market research firms
Services
Comprehensive offerings including equity research, fixed income and credit research, investment banking
research, and business/strategic & market research
Sectors
We provide service across sectors including automotive, telecom, BFSI, media, technology, energy, oil & gas,
utilities, retail, food, and healthcare
Analyst team
Our team of analysts is well experienced in respective areas, sectors, and regions; and are also cross-
trained on multiple areas of research
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Dynamic Leadership Team with Strong Domain
Girish Bhise (Founder, CEO)
Girish has over 15+ years of research experience across investment banking, equity research, fixed income and credit research, and
business strategy research for large global clients including asset management firms, investment banks, brokerage firms, corporations,
private equity & venture capital firms. Has extensive experience in successfully managing large-scale research right-shoring transitions
across multiple regions. He is an MBA with specialization in Finance from the University of Pune, and Bachelor in Commerce from the
University of Mumbai.
Vaishali V. (Director)
Vaishali has over 30 years of commercial banking experience with one of the largest Indian banking groups – State Bank of
India. Has vast experience across different banking functions including, corporate banking, SME banking, banking operations,
and branch audit and account finalization. She was part of core banking implemention team in various branches across the state.
She is a Bachelor in Arts, and majored in Sociology from the University of Mumbai
Andy Smith (Special Advisor – Capital Markets Research)
Andy is one of the world’s leading developed & emerging market analysts with more than 20 years’ experience as a #1 rated analyst,
Head of Investment Research and distinguished Hedge Fund manager. As the MD and Head of EM consumer research at Bank of
America Merrill Lynch, Dubai, he lead the BAML EM consumer team to the #2 position in the Institutional Investor Survey. In 2014 Andy
was voted as ‘Head of Research for EEMEA’ in the independent Sammons survey of global investors. Has won many accolades in his
career as Global Head of Research at Sberbank/ Troika Dialog, MF Global, Millennium Capital (NY & London), Citadel LLP, Citigroup,
ABN AMRO Hoare Govett, and Unilever. He is an MBA from Cranfield University, and MA & M Eng. from Cambridge University
Sachin Kulkarni (Advisor - Business & Technology Research )
Sachin has over 10 years of industry experience with Google Inc., Versata and Persistent Systems. Expertise in project management,
software programming, and technologies including distributed systems, parallel computing, data mining, and audience-based Ad
targeting. Presently, he is a Software Engineer with Google Inc., since 2008, and is based in California, USA. Also, earlier worked with
Versata and Persistent Systems in India. Has been a rank holder throughout. Was a 3rd Rank holder in Master in Technology in
Computer Science, at IIT Kharagpur, India (2007); and a Bachelor of Engineering in Computer Science from Pune, India (2003).
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ValueAdd’s exhaustive industry coverage spans across mainstream and
niche industries across regions
Our team has experts in the mainstream and as well as a
few niche sectors
Adept with regional nuances of sectors
Hands-on experience in supporting large clients across the
globe
Adequate documentation of industry drivers and other
dynamics for internal training purposes
Staffing of ValueAdd research analysts is done based on
prior experience in the concerned sector
Key Highlights Wide Industry Coverage
Automotive
12%
Healthcare
12%
Retail
10%
Telecom
10%
Technology
8%
Industrials
7%
Oil & Gas
7%
BFSI
6%
Metals,mining
4%
Paper &
Packaging
4%
Utilities
3%
Others
15%
Transportation
2%
Have collectively delivered ~4,000 financial models, written 3,500 reports/tearsheets, ~120 sector updates, supported ~75
transactions, across the sectors
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Our offerings span across the research spectrum – Suite of Services
Industry Research
Corporate Strategy & M&A
Research
Corporate Business Surveillance
Equity Capital Market
Debt Capital Market
M&A Advisory
Prop Trading Desk
Valuation Modeling
Equity Research Reports
Coverage Maintenance
Idea Generation /screening
Technical analysis/
News Monitoring
Corporate Credit / Financials
Structured Finance
Macro Research
Counter-Party Credit Risk
Procurement Research
Intellectual Property Research
Technology Solutions Across Research Segments
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Fixed Income & Credit Research – Bouquet of Services
Corporate credit Structured finance Counter-party credit
Fixed Income
Research
Investment grade analysis
High yield analysis
Distressed debt analysis
Leveraged loans analysis
CMBS/RMBS analysis
ABS analysis
CDO/CLO analysis
Deal analysis &
surveillance
Credit risk assessment
Counter-party credit
scoring/rating
Coverage maintenance
Vendor risk assessment
Macro research
Economic research &
analysis
Sovereign analysis
Municipals analysis
News monitoring & database
updates
Have experienced professionals for each of these sub-segments of fixed income research to offer best quality research
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Corporate Credit Research – Deep Dive
Investment grade High Yield Leveraged Loans
Fixed Income
Research
Model/reports initiation &
updates
Earning blurbs & credit event
notes
Capital structure & liquidity
analysis
Business & financial profiling
Sovereign analysis
News support & impact
analysis
Pro-forma adjusted cash
flow model
Investment
recommendation notes
Capital structure &
liquidity analysis
Covenants & headroom
analysis
Peer/bond/loan comps
Shadow rating &
sensitivity analysis
Model initiation & monitoring
New & Drive-by deals analysis
Amendments (A-to-E
covenants), restructuring,
waivers
Refinancing/re-pricing deal
analysis
Tear sheet & credit memo
Transaction summary & term
sheet
Guidance & Flex activity
monitoring
Distressed Debt
Bankruptcy & recovery
valuation
DIP, Liquidation, and
restructuring
Screening ‘problem assets’
News monitoring & impact
analysis
Shareholder/credit
agreement review
Have experienced professionals for each of these sub-segments of fixed income research to offer best quality research
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Systematic screening process:
ValueAdd facilitates efficient origination process by running smart screens using
distressed news and sectors screens on 3rd party databases e.g. Bloomberg
Prepares insightful tearsheets for US credits across sectors and stressed/
distressed/ liquidation cases
Detailed recovery models:
Perform detailed liquidation and recovery models based on different assumptions
Detailed debt structure based on Waterfall model or structural subordination
Build sensitivities based on operating metrics, commodity prices, and asset
pricing
Trading desk support:
The same research support was extended to their trading desk too
Client Requirements
An investment banking firm’s buyside arm reached out to ValueAdd for stressed/ distressed debt support; it was a referral through one of our
clients. The firm was looking for a distressed debt origination support to increase investible ideas at optimal cost of research.
ValueAdd Solution
Led to a saving of ~US$30,000 in first year
Client could focus on raising capital for the
distressed opportunities fund
Accelerated idea generation and invested in
viable distressed opportunities
For their trading desk, client accelerated
trading revenues by 2x last year
Increase depth of research on ideas, due to
increased client bandwidth
Key Client Benefits
Live Case Example:
With distressed debt support, a US-based private investment
management firm could save ~$30,000
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Hands-on experience on databases
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We offer customized engagement models to suit clients’ unique
requirements
Description: ValueAdd supports its clients with dedicated
analyst(s) who exclusively work on specific client mandates
Suitability: Mostly suitable for recurring and ongoing
requirements with visibility of volumes
Period: Generally annuity (12 months)
Pros & Cons:
+ Continuity of service
+ High probability of achieving productivity benefits & cost
saving
+ Volume-discounted pricing
+ Direct contact with ValueAdd analyst(s)
Innovative engagement models for optimal positive impact
ValueAdd offers two types of engagement models, a) full-time equivalent analyst model, and b) Bespoke or ad hoc model
Full-time equivalent (FTE) model
Description: ValueAdd supports its clients for bespoke project
requirements with best suitable analysts
Suitability: Mostly suitable for ad hoc or bespoke requirements
Period: Bespoke
Pros & Cons:
+ Flexibility
+ Manage project’s profitability effectively
+ Relevant analysts (e.g. sector expert) for varied/niche
requirements
- Less probability of achieving productivity benefits
- Relatively higher pricing to factor the downtime
Bespoke or ad hoc model
11. 511, Marathon Max, LBS Road, Mulund
(W), Mumbai – 400 080, India
info@valueadd-research.com
www.valueadd-research.com
US: +1 646 461 1721
India: +91-982 076 3536
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