Equity Research on Spicejet with a buy recommendation and a target price of INR 133.34. The valuation was done on 6th June 2017. The market price on 6/6/2017 was INR 105.65.
This presentation was prepared for Larsen and Toubro's Outthink -2016 case study competition. The case was based on project finance, where participants were asked to perform a feasibility analysis of a real estate project.
This presentation was prepared for Larsen and Toubro's Outthink -2016 case study competition. The case was based on project finance, where participants were asked to perform a feasibility analysis of a real estate project.
Teamlease Services Ltd is coming up with an IPO to raise approximately Rs. 3,913-4,237 million. The company provides human resource services including staffing solutions. Majority of the IPO proceeds will be used to fund working capital needs. At the issue price, the stock is valued at a high P/E ratio compared to peers. Due to high valuation and risks around seasonal business, entry barriers and regulations, the note recommends avoiding the issue.
Analysis of recent transactions in Internet Machinery Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data. A goldmine of resource for Entrepreneurs.
The document discusses fundamental analysis techniques for evaluating stocks. It begins with an overview of analyzing the economy, industries, and specific companies. It then covers various financial ratios for analyzing companies' performance, valuation methods like discounted cash flow models and relative valuation. The document concludes by discussing techniques for setting price targets and projections, and notes both strengths and weaknesses of fundamental analysis.
Analysis of recent transactions in BPO Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data.
The document discusses the results of a survey of airline CEOs conducted by PwC. According to the survey:
- Airline CEOs believe three main trends will transform their industry over the next five years: shifts in global economic power, technological advances, and demographic changes.
- Airline CEOs are more optimistic about revenue growth prospects than CEOs in other industries. However, their optimism is tempered by the volatility of the airline business.
- In the short term, airline CEOs are pursuing a balanced approach to growth focused on new markets, existing markets, pricing, and product/service innovation. However, over-reliance on price strategies and lack of innovation could pose risks.
This presentation was prepared for Larsen and Toubro's Outthink -2016 case study competition. The case was based on project finance, where participants were asked to perform a feasibility analysis of a real estate project.
This presentation was prepared for Larsen and Toubro's Outthink -2016 case study competition. The case was based on project finance, where participants were asked to perform a feasibility analysis of a real estate project.
Teamlease Services Ltd is coming up with an IPO to raise approximately Rs. 3,913-4,237 million. The company provides human resource services including staffing solutions. Majority of the IPO proceeds will be used to fund working capital needs. At the issue price, the stock is valued at a high P/E ratio compared to peers. Due to high valuation and risks around seasonal business, entry barriers and regulations, the note recommends avoiding the issue.
Analysis of recent transactions in Internet Machinery Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data. A goldmine of resource for Entrepreneurs.
The document discusses fundamental analysis techniques for evaluating stocks. It begins with an overview of analyzing the economy, industries, and specific companies. It then covers various financial ratios for analyzing companies' performance, valuation methods like discounted cash flow models and relative valuation. The document concludes by discussing techniques for setting price targets and projections, and notes both strengths and weaknesses of fundamental analysis.
Analysis of recent transactions in BPO Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data.
The document discusses the results of a survey of airline CEOs conducted by PwC. According to the survey:
- Airline CEOs believe three main trends will transform their industry over the next five years: shifts in global economic power, technological advances, and demographic changes.
- Airline CEOs are more optimistic about revenue growth prospects than CEOs in other industries. However, their optimism is tempered by the volatility of the airline business.
- In the short term, airline CEOs are pursuing a balanced approach to growth focused on new markets, existing markets, pricing, and product/service innovation. However, over-reliance on price strategies and lack of innovation could pose risks.
Aviation Finance '' Fasten Your Seatbelt ''Seda Eskiler
The aviation industry is experiencing record levels of aircraft orders driven by several factors:
1) Airlines' desire to replace aging fleets and reduce fuel costs with more efficient new aircraft models.
2) Growth in emerging markets is fueling demand for air travel and more planes.
3) Low cost carriers are replicating successful business models and driving more orders.
4) Some orders contain speculative elements as airlines seek competitive advantages through new technologies.
While there are genuine business needs behind many orders, the record backlogs will be a challenge to finance as traditional banks retreat and costs rise. New investors may provide opportunities for deploying capital in aircraft assets.
Cleveland Research Company Finalist Spring 2016Luke Bakies
Oshkosh Corp is recommended as a buy with a $88 price target, representing 27.5% upside. It operates in four niche markets with no true competitors. Growth opportunities exist in access equipment, defense, fire & emergency, and commercial markets. Valuation using DCF and comparables shows Oshkosh is undervalued relative to peers. Risks include global economic conditions and increased competition.
The document provides an overview and analysis of PwC's 2015 Aerospace Manufacturing Attractiveness Rankings. The United States ranked first in the global rankings due to its large aerospace industry size, despite moderate rankings in costs and infrastructure. Florida ranked first among US states. The summary identifies several key issues facing the aerospace industry, such as talent recruitment and retention, innovation pressures, globalization opportunities and challenges, and infrastructure needs. It also provides examples of strategies companies are taking to address these issues.
HCL tech’s decent level of utilization, focused on cost control andutilization of new market opportunities through vendor’s consolidation would provide a new shape to the company in near future. Narnolia Securities Limited retain BUY onthe stockand revised our target price from Rs 1560 to Rs 1650.
We at Alps Venture Partners are constantly contributing towards research in Mergers & Acquisitions across geographies.
This is first in series of 2020-21 M&A Tearsheet which provides detail on the Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers, Country based multiples & other transaction data observed in South East Asia.
Raising external capital to drive NOC transformationEY
The coming years will be defining for NOCs as they fully embrace the need to embark on capital transformation. New capital can provide the catalyst to return the country’s finances to an equilibrium and act as an engine to drive greater economic diversity.
This document discusses investment opportunities in the Indian equity markets. It notes that corporate earnings are poised to pick up pace over the next few years, which could provide many opportunities. There is typically performance divergence across different sectors and stocks within sectors. A diversified portfolio selecting the best ideas across sectors and market caps could generate outsized returns. It then introduces the DSP Equity Opportunities Fund, an actively managed large and mid cap fund that aims to take advantage of opportunities by having a high conviction portfolio of 40-60 stocks across sectors.
Analysis of recent transactions in System Software Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data. A goldmine of resource for Entrepreneurs.
This document discusses IDFC Large Cap Fund, an equity scheme that predominantly invests in large cap stocks. It highlights the advantages of large caps such as high liquidity, established track records, reputable management, and financial resilience. The fund aims to provide upside return potential with relatively low volatility by investing in industry leaders and taking a blend of top-down and bottom-up approaches. It demonstrates how the fund's sector allocation and focus on buying sector leaders has helped returns. Currently, the fund is overweight in telecom, IT and consumer staples sectors while underweight in financials, commodities and utilities.
This document discusses the DSP India T.I.G.E.R. Fund, which aims to capture growth from India's investment cycle revival and economic reforms. It focuses on sectors related to infrastructure growth and economic reforms like construction, cement, manufacturing, and autos. The document outlines reasons for recommending the fund, such as signs the investment cycle has bottomed out and capacity utilization rising. It also discusses the government's push for capex spending and various reforms that have been implemented in India to support the investment theme. Key data points are presented to track the building capex cycle in India.
Subsequent to a huge shift of economic growth and opportunities to emerging economies, particularly in Asia, managing and retaining key talent has become important for sustainable growth. Organizations are being forced to rethink their talent pipeline and transform their HR function to deal with new priorities and risks.
The impact of technology and the need for innovation continue to demand new skills in new places. A clear plan for global talent mobility alongside the development of strong local talent is vital. The paradigm shift has also brought new regulator y obligations, transformed our view of pay and incentives, and refocused our definition of employee engagement.
this assignment is generally related to finance in which profile of the company is there, history of the company, companies 2014-2015 income statement and their footnotes.
Mercer Capital's Value Focus: Professional Services Industry | Mid-Year 2014Mercer Capital
Mercer Capital's Professional Services Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes a macroeconomic trends, industry trends, and guideline public company metrics.
Industry Multiples India Report: Fifth Edition Duff & Phelps
The document provides industry multiples data for various industries in India as of September 30, 2018. It includes metrics such as EV/Sales, EV/EBITDA, P/E, and P/B ratios for industries such as apparel, auto parts, household appliances, utilities and others. For each industry, it shows the number of observations, outliers excluded, high and low multiples, median, and quartile ranges. It also provides two-year lookback charts for median multiples of some industries and notes economic and market factors impacting company valuations in India.
We at Alps Venture Partners are constantly contributing towards research in Mergers & Acquisitions across geographies. This is first in series of 2020-21 M&A Tearsheet which provides detail on the Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers, Country based multiples & other transaction data observed in Software and technology related Industries.
ICICI Prudential Growth Fund - Series 2 (Presentation)iciciprumf
This document summarizes an investment product called the ICICI Prudential Growth Fund - Series 2. The following points are highlighted:
1. It is a 3.5 year close-ended diversified equity fund that aims to provide capital appreciation by investing in 40-60 stocks across market caps with a focus on mid and small caps.
2. The fund maturity is set to end 1 year before the elected government's term to potentially benefit from large deliveries in the last 1-2 years of their term when market valuations may reflect government efforts.
3. A high conviction portfolio will be created using screens for data integrity, company characteristics like competitive edge and financial strength. Valuations will also be
Abs return opportunities ownerhship - em peersVarun Goenka
This document discusses investment opportunities in Indian companies that have the potential for absolute returns of 20% or more over the year. It outlines screening criteria focused on factors like market capitalization, growth rates, return on equity, leverage, and valuation to identify companies with strong franchises, consistent cash generation, and reasonable valuations considering their growth potential. 15 stocks are identified that meet these criteria. The document also analyzes how foreign institutional investors are positioned in India and key sectors, finding they have underinvested given the potential election impacts but that India will overcome short-term disruptions. India is also assessed as having a relative sweet spot compared to other emerging markets in terms of growth, valuations, and the presence of high-quality
The document discusses the IDFC Core Equity Fund, a large and mid cap equity fund that invests in both large and mid cap stocks. It aims to provide the steady returns of large caps with the higher growth potential of mid caps. The fund uses a 3-factor model to identify quality stocks with strong cash generation, high returns on capital, and manageable debt levels. Currently, it has a cyclical sector bias and overweight positions in sectors like cement and IT. The fund performance has outpaced benchmarks over the past 1 and 3 years.
This report analyzes the Pakistan cement sector. Key points:
- Cement demand grew 9.81% in FY16 due to projects like CPEC and housing developments, but exports declined 18.38% due to issues like anti-dumping duties.
- Domestic demand is expected to continue growing robustly due to factors like CPEC and increased public spending, but many new expansion projects could lower capacity utilization to 70% by FY19 and possibly spark a price war.
- The cement/GDP multiplier was historically 2.6x but fell recently; it may rebound to 2.6x by FY21 given large infrastructure projects, supporting demand growth to 57 million
Analysis of recent transactions in Automobile parts & equipments Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data. A goldmine of resource for Entrepreneurs.
The document discusses the accounting practices of ACI Limited, a large Bangladeshi conglomerate. It outlines the company's history, objectives to analyze its accounting style, and lists group members. It also covers ACI's products, competitors, mission, vision and values. The document analyzes ACI's accounting standards, transactions recording, accounting system, error resolution, basis of accounting, accounts entries, inventory, costs, controls, fraud prevention, depreciation, and dividend policy.
Aviation Finance '' Fasten Your Seatbelt ''Seda Eskiler
The aviation industry is experiencing record levels of aircraft orders driven by several factors:
1) Airlines' desire to replace aging fleets and reduce fuel costs with more efficient new aircraft models.
2) Growth in emerging markets is fueling demand for air travel and more planes.
3) Low cost carriers are replicating successful business models and driving more orders.
4) Some orders contain speculative elements as airlines seek competitive advantages through new technologies.
While there are genuine business needs behind many orders, the record backlogs will be a challenge to finance as traditional banks retreat and costs rise. New investors may provide opportunities for deploying capital in aircraft assets.
Cleveland Research Company Finalist Spring 2016Luke Bakies
Oshkosh Corp is recommended as a buy with a $88 price target, representing 27.5% upside. It operates in four niche markets with no true competitors. Growth opportunities exist in access equipment, defense, fire & emergency, and commercial markets. Valuation using DCF and comparables shows Oshkosh is undervalued relative to peers. Risks include global economic conditions and increased competition.
The document provides an overview and analysis of PwC's 2015 Aerospace Manufacturing Attractiveness Rankings. The United States ranked first in the global rankings due to its large aerospace industry size, despite moderate rankings in costs and infrastructure. Florida ranked first among US states. The summary identifies several key issues facing the aerospace industry, such as talent recruitment and retention, innovation pressures, globalization opportunities and challenges, and infrastructure needs. It also provides examples of strategies companies are taking to address these issues.
HCL tech’s decent level of utilization, focused on cost control andutilization of new market opportunities through vendor’s consolidation would provide a new shape to the company in near future. Narnolia Securities Limited retain BUY onthe stockand revised our target price from Rs 1560 to Rs 1650.
We at Alps Venture Partners are constantly contributing towards research in Mergers & Acquisitions across geographies.
This is first in series of 2020-21 M&A Tearsheet which provides detail on the Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers, Country based multiples & other transaction data observed in South East Asia.
Raising external capital to drive NOC transformationEY
The coming years will be defining for NOCs as they fully embrace the need to embark on capital transformation. New capital can provide the catalyst to return the country’s finances to an equilibrium and act as an engine to drive greater economic diversity.
This document discusses investment opportunities in the Indian equity markets. It notes that corporate earnings are poised to pick up pace over the next few years, which could provide many opportunities. There is typically performance divergence across different sectors and stocks within sectors. A diversified portfolio selecting the best ideas across sectors and market caps could generate outsized returns. It then introduces the DSP Equity Opportunities Fund, an actively managed large and mid cap fund that aims to take advantage of opportunities by having a high conviction portfolio of 40-60 stocks across sectors.
Analysis of recent transactions in System Software Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data. A goldmine of resource for Entrepreneurs.
This document discusses IDFC Large Cap Fund, an equity scheme that predominantly invests in large cap stocks. It highlights the advantages of large caps such as high liquidity, established track records, reputable management, and financial resilience. The fund aims to provide upside return potential with relatively low volatility by investing in industry leaders and taking a blend of top-down and bottom-up approaches. It demonstrates how the fund's sector allocation and focus on buying sector leaders has helped returns. Currently, the fund is overweight in telecom, IT and consumer staples sectors while underweight in financials, commodities and utilities.
This document discusses the DSP India T.I.G.E.R. Fund, which aims to capture growth from India's investment cycle revival and economic reforms. It focuses on sectors related to infrastructure growth and economic reforms like construction, cement, manufacturing, and autos. The document outlines reasons for recommending the fund, such as signs the investment cycle has bottomed out and capacity utilization rising. It also discusses the government's push for capex spending and various reforms that have been implemented in India to support the investment theme. Key data points are presented to track the building capex cycle in India.
Subsequent to a huge shift of economic growth and opportunities to emerging economies, particularly in Asia, managing and retaining key talent has become important for sustainable growth. Organizations are being forced to rethink their talent pipeline and transform their HR function to deal with new priorities and risks.
The impact of technology and the need for innovation continue to demand new skills in new places. A clear plan for global talent mobility alongside the development of strong local talent is vital. The paradigm shift has also brought new regulator y obligations, transformed our view of pay and incentives, and refocused our definition of employee engagement.
this assignment is generally related to finance in which profile of the company is there, history of the company, companies 2014-2015 income statement and their footnotes.
Mercer Capital's Value Focus: Professional Services Industry | Mid-Year 2014Mercer Capital
Mercer Capital's Professional Services Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes a macroeconomic trends, industry trends, and guideline public company metrics.
Industry Multiples India Report: Fifth Edition Duff & Phelps
The document provides industry multiples data for various industries in India as of September 30, 2018. It includes metrics such as EV/Sales, EV/EBITDA, P/E, and P/B ratios for industries such as apparel, auto parts, household appliances, utilities and others. For each industry, it shows the number of observations, outliers excluded, high and low multiples, median, and quartile ranges. It also provides two-year lookback charts for median multiples of some industries and notes economic and market factors impacting company valuations in India.
We at Alps Venture Partners are constantly contributing towards research in Mergers & Acquisitions across geographies. This is first in series of 2020-21 M&A Tearsheet which provides detail on the Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers, Country based multiples & other transaction data observed in Software and technology related Industries.
ICICI Prudential Growth Fund - Series 2 (Presentation)iciciprumf
This document summarizes an investment product called the ICICI Prudential Growth Fund - Series 2. The following points are highlighted:
1. It is a 3.5 year close-ended diversified equity fund that aims to provide capital appreciation by investing in 40-60 stocks across market caps with a focus on mid and small caps.
2. The fund maturity is set to end 1 year before the elected government's term to potentially benefit from large deliveries in the last 1-2 years of their term when market valuations may reflect government efforts.
3. A high conviction portfolio will be created using screens for data integrity, company characteristics like competitive edge and financial strength. Valuations will also be
Abs return opportunities ownerhship - em peersVarun Goenka
This document discusses investment opportunities in Indian companies that have the potential for absolute returns of 20% or more over the year. It outlines screening criteria focused on factors like market capitalization, growth rates, return on equity, leverage, and valuation to identify companies with strong franchises, consistent cash generation, and reasonable valuations considering their growth potential. 15 stocks are identified that meet these criteria. The document also analyzes how foreign institutional investors are positioned in India and key sectors, finding they have underinvested given the potential election impacts but that India will overcome short-term disruptions. India is also assessed as having a relative sweet spot compared to other emerging markets in terms of growth, valuations, and the presence of high-quality
The document discusses the IDFC Core Equity Fund, a large and mid cap equity fund that invests in both large and mid cap stocks. It aims to provide the steady returns of large caps with the higher growth potential of mid caps. The fund uses a 3-factor model to identify quality stocks with strong cash generation, high returns on capital, and manageable debt levels. Currently, it has a cyclical sector bias and overweight positions in sectors like cement and IT. The fund performance has outpaced benchmarks over the past 1 and 3 years.
This report analyzes the Pakistan cement sector. Key points:
- Cement demand grew 9.81% in FY16 due to projects like CPEC and housing developments, but exports declined 18.38% due to issues like anti-dumping duties.
- Domestic demand is expected to continue growing robustly due to factors like CPEC and increased public spending, but many new expansion projects could lower capacity utilization to 70% by FY19 and possibly spark a price war.
- The cement/GDP multiplier was historically 2.6x but fell recently; it may rebound to 2.6x by FY21 given large infrastructure projects, supporting demand growth to 57 million
Analysis of recent transactions in Automobile parts & equipments Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data. A goldmine of resource for Entrepreneurs.
The document discusses the accounting practices of ACI Limited, a large Bangladeshi conglomerate. It outlines the company's history, objectives to analyze its accounting style, and lists group members. It also covers ACI's products, competitors, mission, vision and values. The document analyzes ACI's accounting standards, transactions recording, accounting system, error resolution, basis of accounting, accounts entries, inventory, costs, controls, fraud prevention, depreciation, and dividend policy.
This document provides an analytical note on Kenya Airways Ltd. It begins with an investment summary that recommends a "SPECULATE" rating for the stock based on price volatility and liquidity. Various financial analyses are then summarized, showing declining returns and signs the company may be facing bankruptcy. Key risks like competition, fuel costs, and weak codeshare partnerships are also discussed. Strategies are proposed for Kenya Airways to reduce costs, improve revenue management, and leverage its brand as the "Pride of Africa".
IRJET- Financial Strength Analysis of Unitech Company Using Altman’s Z score ...IRJET Journal
This document analyzes the financial strength of Unitech Company over a 10-year period using Altman's Z-score model. Altman's Z-score model uses multiple financial ratios to predict the likelihood of bankruptcy. The document provides background on Altman's Z-score model and the specific formulas used for different types of companies. It then analyzes Unitech's financial statements over 10 years to calculate financial ratios and the Z-score. The results will help assess Unitech's financial situation and bankruptcy risk during that period.
The document is FORI Group's 2014 business and sustainability report. It provides an overview of FORI Group, which operates several divisions including technical textiles and plastic/metal. In 2014, FORI Group achieved consolidated sales of 36.6 million euro and had over 614 employees. The report discusses financial highlights and growth targets for each division through 2019.
The document discusses key themes driving insurance M&A in 2016, focusing on industry transformation. It notes that 2015 saw a rapid rise in large, transformational deals aimed at enabling business model changes. The main drivers of transformation include optimizing capital through improved risk management, seeking growth and new capabilities, reducing expenses, and investing in technology and customer propositions. Large M&A is enabling insurers to accelerate their journey toward desired future business models in the face of pressures like low yields and rate declines.
The document provides an overview of The SWFT Marine product, which aims to improve sustainability in Southeast Asia's oil and gas industry by providing a digital marketplace and industry mapping services with market and technical information. It highlights declining oil prices prompting innovation, and surveys showing digital technologies can help companies reduce costs and improve decision-making. The SWFT Marine offers a marketplace for buyers and sellers, industry maps, and plans to expand offerings from an information platform to expert systems and automated data collection to support renewable energy and other industries.
Equity Consulting Report PowerPoint Presentation Slides is a virtual tool for financial analysts to compile their investment research insights. This private financing PPT theme is replete with data visualization tools. Use pie charts, tabular formats, and other kinds of diagrams to present information about the target company’s financial health. Our equity investment analysis PowerPoint slideshow incorporates state of the art design elements. Using this equity valuation PPT presentation you can consolidate a visually-appealing financial ratio analysis. Build a crisp industry overview involving competitive environment analysis and the latest industry trends. Our investment research PowerPoint templates help you to compile valuation analysis using various methods. Risk assessment is another important aspect that you can address with the help of this Equity research PPT slideshow. Elaborate on the types of risks like currency risk, inflation risk, and so on. Private equity consulting even helps you to identify and portray the intensity of each type of risk. https://bit.ly/3kuXvnu
The document provides an overview of Kodak's management group, project agenda, introduction and history. It analyzes Kodak's financial performance before and after bankruptcy, through metrics like revenue, net income, assets, liabilities and equity. A SWOT analysis and Porter's Five Forces analysis are presented. Recommendations are made to rebuild Kodak's marketing department, focus on niche markets, leverage business intelligence and reposition its brand. Kodak should also diversify into areas like cloud services and digital imaging to drive future growth.
NIIT Technologies Ltd. is initiating coverage with a "Buy" rating and target price of Rs. 644 per share. The company has undertaken several initiatives to boost growth such as acquiring Incessant Technologies and making leadership changes. International revenues are expected to grow at a 14% CAGR to Rs. 2,734 crores led by growth in the travel and transportation, BFSI, and IMS service lines. Operating margins are forecasted to improve to 18% by FY17 as the company scales down its lower margin government business in India. The stock currently trades at a discount and provides upside potential of 47% over 18 months.
The document provides an investor presentation for BBSI, a PEO company. It summarizes BBSI's business model of partnering closely with small and mid-sized businesses to help improve their success rates. BBSI utilizes a decentralized structure with local teams to closely support over 6,500 client businesses. The presentation outlines BBSI's growth strategies including organic growth through referrals and expansion in existing and new geographic markets. Financial highlights show BBSI has consistently grown annual gross billings, revenues, and earnings per share over recent years.
KPIT offers exposure to a highly attractive, rapidly expanding market (Automotive Electronics, Manufacturing and Energy & Utility), alongside an ability to capitalise as a low‐cost disruptor with compelling technology like ‘Revolo’. KPIT has one of the strongest industry positioning profiles in the Automotive Segments. Retain buy.
Revolution in Investment Research by Alphametry - June 2015Fabrice Bouland
Equity research faces growing business and regulatory issues today. Shrinking market volumes, new regulatory requirements and transparency obligations are forcing financial market players to re-think the role of equity research in capital markets.
Despite being a key part of the investment value chain, research is more than ever looking for fair valuation. Alphametry CEO Fabrice Bouland in his most recent keynote shares his findings, thoughts and insights on the fundamental challenges — the production, distribution and consumption of investment research.
Learn more about:
* The changing role of equity research in the investment process
* How technology is transforming research procurement
* What to expect from the upcoming MiFID II regulations
* New trends and opportunities
Presentation given by CEO Jeff Weiner, and CFO Steve Sordello, at LinkedIn Q3 2014 Earnings Call. For more information, check out http://investors.linkedin.com/.
This survey compiled responses from 552 European Chamber member companies and was produced in partnership with Roland Berger Strategy Consultants. European Chamber members are knowledge leaders in their areas of industry, and are the chief contributors to the Chamber's influential publications.
This document provides an agenda and overview for a management project on Kodak. It includes an introduction to Kodak's history and products. The project will analyze Kodak's organizational profile, vision and mission statements, SWOT analysis using Porter's Five Forces, financial analysis comparing Kodak to competitors before and after bankruptcy, and identify problems facing Kodak to develop recommendations to sustain growth. The document outlines the agenda, provides background on Kodak, and summarizes the analyses that will be conducted as part of the project.
Monthly newsletter by seeman distributors February editionAshis Kumar Dey
This newsletter article discusses the market outlook after the Indian Union Budget 2021. It provides perspectives from multiple equity market experts. They believe the increased fiscal spending on infrastructure will help boost corporate earnings and the overall economy. Sectors like power, utilities and construction materials are expected to benefit. The electric vehicle and agriculture technology sectors also present opportunities. Investors are advised to adopt a balanced approach through diversified mutual funds and stay invested in equities for long-term gains.
Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
1. A N A L Y S I S O N S P I C E J E T
0 9 / 0 8 / 2 0 1 7
- A n u p r e e t , A i s h a n i , S h u b h a m ,
S i d d h a r t h , K u n a l , R a h u l -
2. A N A L Y S I S A N D
V A L U A T I O N G r o u p 4
SPICEJET LIMITED
BUY RECOMMENDATION
3. P R O F I T M A K I N G
Net profit for FY 2017 stood at INR 430.7 Crore,
making this the second successive year of profitable
growth.
H I G H E B I T D A R
On an EBITDAR basis, the profit is INR 363 crore for
the fourth quarter and INR 1654.9 crore for the fiscal
2017.
H I G H P A X L O A D
Its load factor of over 90% for 24 months in a row has
no parallel globally.
BUSINESS DESCRIPTION
Introduction Economy Industry Company Valuation Financial Analysis
4. I N D I A N E C O N O M Y
4 - S T R O N G F A C T O R S
G D P F O R E C A S T - > 7 % - 8 %
A c c o r d i n g t o I M F ,
G D P o f I n d i a w i l l
g r o w a t 7 - 8 % i n
c o m i n g f i s c a l s .
U D A N S C H E M E
R e g i o n a l C o n n e c t i v i t y
S c h e m e f o r c o m m o n
c i t i z e n . T a r g e t o f
1 . 3 M P a s s e n g e r s b y
2 0 1 9 .
L O W I N F L A T I O N
T h e I n f l a t i o n h a s
d e c l i n e d s i g n i f i c a n t l y
f r o m 4 . 6 % i n F Y 1 6 T O
3 . 1 % i n F Y 1 7
O I L P R I C E S & E X C H A N G E
R A T E S
I n c r e a s e i n f u e l c o s t
b y 4 6 % a n d
d e p r e c i a t i o n o f I N R
a f f e c t e d a i r l i n e
i n d u s t r y
Introduction Economy Industry Company Valuation Financial Analysis
5. PORTER'S 5 FORCES
Rivlary within the
industry
5
Intense rivlary due to staggered industry which as it has arrived to a mature stage
Pricing strategies and wars are very common in the industry
Poor yield environment
Threat of new entrant 2
large amount of capital needed to operate
leverages the efficiencies and the synergies from the economies of scale
airlines willing to incur in losses or by lowering fares so they maintain competitiveness
Bargaining power of
customer
4
There are two different groups of buyers: the individual flyers& travel agencies
airlines to give customers the best mix of options to choose from
switching costs in the industry are very low(increased due to third parts websites and apps
Threat of substitute 1
currently there isn’t any technology or mean of transportation that is as fast and reliable as
an airplane
business traveling, webcast services and other technologies are considered an indirect
substitute
the customer will evaluate other means for short distances because of the fact that it is often
less expensive
Bargaining power of
suppliers
4
limited number of manufacturers and high switching costs
the transition costs in training and adapting facilities will be extremely high
Introduction Economy Industry Company Valuation Financial Analysis
0
1
2
3
4
5
Rivlary
within the
industry
Threat of
new entran
Bargaining
power of
customer
Threat of
substitute
Bargaining
power of
suppliers
6. 0 1
R O B U S T D E M A N D
0 2C I V I L A V I A T I O N
P O L I C Y
0 3
I N C R E A S E I N L O W
C O S T C A R R I E R S
0 4
I N P U T C O S T S
0 5E X C H A N G E R A T E
0 6
M A R K E T G R O W T H
PAX increased
by 22% for the
industry in FY17
Introduction Economy Industry Company Valuation Financial Analysis
Enhancement in
ease of doing
business
CAGR 17% -
Domestic, CAGR
60% -
International
Increased by
46% last
quarter, but still
low
Rupee is
depreciating –
Point of concern
IATA Estimates –
15% growth in
coming fiscals
7. 01
FINANCIAL STABILITY
Using Profits to reduce
expensive working capital
financing
02
RESERVES
Stabilising balance sheet by
creating reserve to address
seasonality pressures
03
FLEET SIZE
33- Boeing 737 NG
18- Bombardier
Order of 205 Aircrafts
04
REVENUE ENHANCEMENT
improving loads through
advance purchase sales
and promotions designed
to stimulate the market.
05
BRAND POSITIONING
SpiceJet is positioned as
the ‘antidote’ to travel
boredom. The airline is
credited with bringing the
fun, the
anticipation, the
experience or in other
words, the ‘spice’ back in
flying
D E V E L O P M E N T S
I N S P I C E J E T
Introduction Economy Industry Company Valuation Financial Analysis
8. V A L U A T I O N I N F O G R A P H I C
O F S P I C E J E T
Introduction Economy Industry Company Valuation Financial Analysis
₹ 0.00
₹ 200.00
₹ 400.00
₹ 600.00
₹ 800.00
₹ 1,000.00
₹ 1,200.00
₹ 1,400.00
₹ 0.00
₹ 2,000.00
₹ 4,000.00
₹ 6,000.00
₹ 8,000.00
₹ 10,000.00
₹ 12,000.00
₹ 14,000.00
₹ 16,000.00
₹ 18,000.00
₹ 20,000.00
2018E 2019E 2020E 2021E 2022E 2023E 2024E
Forecasted Value
Revenue Expenses EBIT
Competitior Jet Airways Indigo Spice Jet Industry Average
EV/Core EBITDA(x) 18.65 16.65 16.21 17.17
PE 15.42 24.55 19.6 19.85666667
₹ 105.65
₹ 133.34
₹ 0.00
₹ 20.00
₹ 40.00
₹ 60.00
₹ 80.00
₹ 100.00
₹ 120.00
₹ 140.00
₹ 160.00
CMP TP
PRICE
0
500
1000
1500
2000
2500
₹10.32
₹23.99
₹37.67
₹51.34
₹65.01
₹78.69
₹92.36
₹106.03
₹119.70
₹133.38
₹147.05
₹160.72
₹174.40
₹188.07
₹201.74
₹215.42
₹229.09
₹242.76
₹256.44
MonteCarlo Simulation
Buy
SellRECOMMENDATION:
BUY
CMP IS TAKEN
AS CLOSING
PRICE OF 5TH
JUNE 2017
93% BUY PROBABILITY
9. H I S T O R I C A L F I N A N C I A L S
F I N A N C I A L A N A L Y S I S
Introduction Economy Industry Company Valuation Financial Analysis
Turnover Ratio Spicejet
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Sales 5,600.68 6,304.23 5,243.07 5,088.07 6,191.14
Assets 3,071.01 2,947.02 2,606.59 2,703.79 2,988.00
Turnover Ratio 1.82 2.14 2.01 1.88 2.07
Operating Margin Spicejet
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
PBIT 9.34 (715.64) (456.75) 579.04 652.12
Sales 5,600.68 6,304.23 5,243.07 5,088.07 6,191.14
Operating Margin 0.00 (0.11) (0.09) 0.11 0.11
Interest Burden Spicejet
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
PBT (191.08) (1,003.24) (687.05) 407.20 427.02
PBIT 9.34 (715.64) (456.75) 579.04 652.12
Interest Burden (20.46) 1.40 1.50 0.70 0.65
₹ -800.00
₹ -600.00
₹ -400.00
₹ -200.00
₹ -
₹ 200.00
₹ 400.00
₹ 600.00
₹ 800.00
₹ -
₹ 1,000.00
₹ 2,000.00
₹ 3,000.00
₹ 4,000.00
₹ 5,000.00
₹ 6,000.00
₹ 7,000.00
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
Revenue Power & Aircraft Fuel Expenses Operating Profit