The most special feature of MOSt Research is the Wealth Creation Report. It is work of the foremost value investor in India and the joint MD and promoter– Mr. Raamdeo Agrawal. An equity research stalwart, Mr. Agrawal analyses the most consistent, the fastest and the biggest value creators in the Indian equity universe every year. Though the study is done every year, the report is timeless in its use. The report is unveiled at a special annual function, where the best are felicitated. The Wealth Creation Report is available on request as soft copy or printed format
The most special feature of MOSt Research is the Wealth Creation Report. It is work of the foremost value investor in India and the joint MD and promoter– Mr. Raamdeo Agrawal. An equity research stalwart, Mr. Agrawal analyses the most consistent, the fastest and the biggest value creators in the Indian equity universe every year. Though the study is done every year, the report is timeless in its use. The report is unveiled at a special annual function, where the best are felicitated. The Wealth Creation Report is available on request as soft copy or printed format
The most special feature of MOSt Research is the Wealth Creation Report. It is work of the foremost value investor in India and the joint MD and promoter– Mr. Raamdeo Agrawal. An equity research stalwart, Mr. Agrawal analyses the most consistent, the fastest and the biggest value creators in the Indian equity universe every year. Though the study is done every year, the report is timeless in its use. The report is unveiled at a special annual function, where the best are felicitated. The Wealth Creation Report is available on request as soft copy or printed format
The most special feature of MOSt Research is the Wealth Creation Report. It is work of the foremost value investor in India and the joint MD and promoter– Mr. Raamdeo Agrawal. An equity research stalwart, Mr. Agrawal analyses the most consistent, the fastest and the biggest value creators in the Indian equity universe every year. Though the study is done every year, the report is timeless in its use. The report is unveiled at a special annual function, where the best are felicitated. The Wealth Creation Report is available on request as soft copy or printed format
The most special feature of MOSt Research is the Wealth Creation Report. It is work of the foremost value investor in India and the joint MD and promoter– Mr. Raamdeo Agrawal. An equity research stalwart, Mr. Agrawal analyses the most consistent, the fastest and the biggest value creators in the Indian equity universe every year. Though the study is done every year, the report is timeless in its use. The report is unveiled at a special annual function, where the best are felicitated. The Wealth Creation Report is available on request as soft copy or printed format.
The most special feature of MOSt Research is the Wealth Creation Report. It is work of the foremost value investor in India and the joint MD and promoter– Mr. Raamdeo Agrawal. An equity research stalwart, Mr. Agrawal analyses the most consistent, the fastest and the biggest value creators in the Indian equity universe every year. Though the study is done every year, the report is timeless in its use. The report is unveiled at a special annual function, where the best are felicitated. The Wealth Creation Report is available on request as soft copy or printed format
The most special feature of MOSt Research is the Wealth Creation Report. It is work of the foremost value investor in India and the joint MD and promoter– Mr. Raamdeo Agrawal. An equity research stalwart, Mr. Agrawal analyses the most consistent, the fastest and the biggest value creators in the Indian equity universe every year. Though the study is done every year, the report is timeless in its use. The report is unveiled at a special annual function, where the best are felicitated. The Wealth Creation Report is available on request as soft copy or printed format.
The most special feature of MOSt Research is the Wealth Creation Report. It is work of the foremost value investor in India and the joint MD and promoter– Mr. Raamdeo Agrawal. An equity research stalwart, Mr. Agrawal analyses the most consistent, the fastest and the biggest value creators in the Indian equity universe every year. Though the study is done every year, the report is timeless in its use. The report is unveiled at a special annual function, where the best are felicitated. The Wealth Creation Report is available on request as soft copy or printed format.
The most special feature of MOSt Research is the Wealth Creation Report. It is work of the foremost value investor in India and the joint MD and promoter– Mr. Raamdeo Agrawal. An equity research stalwart, Mr. Agrawal analyses the most consistent, the fastest and the biggest value creators in the Indian equity universe every year. Though the study is done every year, the report is timeless in its use. The report is unveiled at a special annual function, where the best are felicitated. The Wealth Creation Report is available on request as soft copy or printed format
The most special feature of MOSt Research is the Wealth Creation Report. It is work of the foremost value investor in India and the joint MD and promoter– Mr. Raamdeo Agrawal. An equity research stalwart, Mr. Agrawal analyses the most consistent, the fastest and the biggest value creators in the Indian equity universe every year. Though the study is done every year, the report is timeless in its use. The report is unveiled at a special annual function, where the best are felicitated. The Wealth Creation Report is available on request as soft copy or printed format
The most special feature of MOSt Research is the Wealth Creation Report. It is work of the foremost value investor in India and the joint MD and promoter– Mr. Raamdeo Agrawal. An equity research stalwart, Mr. Agrawal analyses the most consistent, the fastest and the biggest value creators in the Indian equity universe every year. Though the study is done every year, the report is timeless in its use. The report is unveiled at a special annual function, where the best are felicitated. The Wealth Creation Report is available on request as soft copy or printed format
The most special feature of MOSt Research is the Wealth Creation Report. It is work of the foremost value investor in India and the joint MD and promoter– Mr. Raamdeo Agrawal. An equity research stalwart, Mr. Agrawal analyses the most consistent, the fastest and the biggest value creators in the Indian equity universe every year. Though the study is done every year, the report is timeless in its use. The report is unveiled at a special annual function, where the best are felicitated. The Wealth Creation Report is available on request as soft copy or printed format
The most special feature of MOSt Research is the Wealth Creation Report. It is work of the foremost value investor in India and the joint MD and promoter– Mr. Raamdeo Agrawal. An equity research stalwart, Mr. Agrawal analyses the most consistent, the fastest and the biggest value creators in the Indian equity universe every year. Though the study is done every year, the report is timeless in its use. The report is unveiled at a special annual function, where the best are felicitated. The Wealth Creation Report is available on request as soft copy or printed format.
The most special feature of MOSt Research is the Wealth Creation Report. It is work of the foremost value investor in India and the joint MD and promoter– Mr. Raamdeo Agrawal. An equity research stalwart, Mr. Agrawal analyses the most consistent, the fastest and the biggest value creators in the Indian equity universe every year. Though the study is done every year, the report is timeless in its use. The report is unveiled at a special annual function, where the best are felicitated. The Wealth Creation Report is available on request as soft copy or printed format
The most special feature of MOSt Research is the Wealth Creation Report. It is work of the foremost value investor in India and the joint MD and promoter– Mr. Raamdeo Agrawal. An equity research stalwart, Mr. Agrawal analyses the most consistent, the fastest and the biggest value creators in the Indian equity universe every year. Though the study is done every year, the report is timeless in its use. The report is unveiled at a special annual function, where the best are felicitated. The Wealth Creation Report is available on request as soft copy or printed format.
The most special feature of MOSt Research is the Wealth Creation Report. It is work of the foremost value investor in India and the joint MD and promoter– Mr. Raamdeo Agrawal. An equity research stalwart, Mr. Agrawal analyses the most consistent, the fastest and the biggest value creators in the Indian equity universe every year. Though the study is done every year, the report is timeless in its use. The report is unveiled at a special annual function, where the best are felicitated. The Wealth Creation Report is available on request as soft copy or printed format.
The most special feature of MOSt Research is the Wealth Creation Report. It is work of the foremost value investor in India and the joint MD and promoter– Mr. Raamdeo Agrawal. An equity research stalwart, Mr. Agrawal analyses the most consistent, the fastest and the biggest value creators in the Indian equity universe every year. Though the study is done every year, the report is timeless in its use. The report is unveiled at a special annual function, where the best are felicitated. The Wealth Creation Report is available on request as soft copy or printed format
This document summarizes the findings of an 11th annual wealth creation study conducted in India from 2001-2006. Some of the key findings include:
- The top wealth creator was ONGC, which created Rs. 1678 billion in net wealth. Reliance Industries and Indian Oil also created over Rs. 1000 billion each.
- Companies with dominant market positions created 85% of total net wealth, while growing at an average speed of 36% annually.
- Industries like oil & gas, banks, metals and engineering contributed the most to overall wealth creation during this period.
- Large capitalized companies (market cap over Rs. 45 billion) represented only 23 companies but created 51% of total wealth
The most special feature of MOSt Research is the Wealth Creation Report. It is work of the foremost value investor in India and the joint MD and promoter– Mr. Raamdeo Agrawal. An equity research stalwart, Mr. Agrawal analyses the most consistent, the fastest and the biggest value creators in the Indian equity universe every year. Though the study is done every year, the report is timeless in its use. The report is unveiled at a special annual function, where the best are felicitated. The Wealth Creation Report is available on request as soft copy or printed format.
The document summarizes the findings of a 19th annual wealth creation study covering 2009-2014. It identifies the top 100 wealth creators in India as measured by increase in market capitalization adjusted for corporate actions. TCS created the most wealth at Rs. 3,63,799 crores, with a price CAGR of 51%. Eicher Motors, Bajaj Finance, and Supreme Industries were among the fastest wealth creators, with price increases over 88%. The document also discusses factors contributing to wealth creation such as quality businesses, management, growth, and purchasing undervalued stocks. Overall, IT, consumer, financial, auto and healthcare sectors contributed most to wealth creation, while PSUs destroyed the most wealth.
This document discusses whether it is better to take a "time-in" approach or attempt to time the market when investing in Indian equities. It notes that corporate profits in India have halved as a percentage of GDP and profitability has declined significantly for cyclical sectors. However, defensive sectors have seen rising profits. The document argues that India's macroeconomic fundamentals have improved, with lower inflation, fiscal deficits, and a stronger currency and reserves. It believes the worst is behind for Indian corporates and valuations are reasonable, suggesting the best is yet to come for Indian equities with a long-term "time-in" approach.
Financial statements analysis of bank of communications, ChinaPrem Thapamagar
We used common sized analysis, CAMELS framework and Du Pont analysis to analyze financial statements of Bank of Communications, a state owned bank and a fortune 500 company in China. As financial statements of banks are different from that of a manufacturing company, analysis techniques are used in a different manner as well.
Tata Consultancy Services (TCS) is a leading global IT services company that has grown significantly over the past 50 years. It has over 420,000 employees serving clients in 50 countries. While TCS has increased its revenues and profits in recent years, it has also substantially increased its debt levels. Based on the company's financial performance and market valuation, the current share price of TCS appears to be overvalued relative to its intrinsic value.
Booz Allen Hamilton - 2016 Cleveland Research Company Stock Pitch CompetitionMatthew R. Thomas
Booz Allen Hamilton is a management consulting firm focused on government contracts, especially in defense and cybersecurity. The analysts recommend Booz Allen as a buy with a 12-month price target of $35.10, representing 25.99% upside. Key points include Booz Allen's focus on growing areas like cybersecurity, anticipated margin growth from more fixed-price contracts, and potential in commercial markets. Valuation analyses show the stock is currently undervalued compared to peers on a price/earnings and enterprise value/EBITDA basis.
Maruti Suzuki is India's leading car manufacturer. It was originally 18.28% owned by the Indian government and 54.2% owned by Suzuki of Japan. Maruti's major competitors are Hyundai, Tata Motors, Hindustan Motors, Mahindra & Mahindra, and Toyota. The presentation provides an analysis of Maruti Suzuki's financial performance and ratios from 2008-2012, including earnings per share, operating margin, return on investment, debt-to-equity ratio, current ratio, and dividend payout ratio.
Larsen & Toubro Limited (L&T) is an Indian multinational engaged in engineering, procurement and construction projects. The summary analyzes L&T's financial ratios over three years ending March 2010. Key highlights include high debt-equity and interest coverage ratios, healthy returns on equity and investment, and improving gross and net profit margins. However, the average collection period has nearly doubled over three years, posing a potential risk if not addressed. Overall, the ratios indicate a financially strong and profitable company.
LCC Asia Pacific Engineering, Contractors & Services Weekly Research_310317Nicholas Assef
LCC Asia Pacific produces a weekly update on the Australian public companies that trade in the Engineering, Mining Services, Contracting and Services Sector.
The latest weekly report covers valuations in sector, M & A updates as well as news on various companies
The document examines how the top performing upstream oil and gas companies are able to deliver higher returns on capital employed compared to their peers. It analyzes 74 of the largest global oil and gas companies based on data from 2006-2012. The top performers significantly outperformed the industry average, achieving a 38% return on capital employed versus 21% for the industry. The key differentiators of the top companies were selectivity in capital investment rather than velocity of spending, higher capital productivity through generating more revenue per dollar invested, and a strong focus on operating excellence through lower production costs. While the top companies demonstrated a positive relationship between returns and pursuit of growth, capital productivity was declining across the industry as exploration moved to more challenging areas.
A presentation I made to the Automotive News World Congress in 2004. A lot of it is still true today, but it is most interesting to me to compare the predictions with what actually happened
This document provides highlights and financial results from Localiza Rent a Car S.A.'s 2006 presentation. Some key points:
1. The company experienced strong growth in 2006 with a 31% increase in average fleet size and 29% revenue growth.
2. Profitability also increased with net income growing 32% and EBITDA margin declining slightly from 32.6% to 27.3%.
3. Localiza continued to invest heavily in expanding its footprint, doubling used car points of sale and increasing rental locations by 24%.
4. The company maintained a consistent spread between return on invested capital and weighted average cost of capital, generating increased economic value added of 29.9% in
The document provides a comparison of returns across various asset classes from 2007-2014 using indices from Russell, MSCI, Standard & Poor's, NAREIT and Barclay's Capital. It notes that perfect replication of index performance is impossible due to liquidity issues, transaction costs and taxes. The final section provides brief disclosures on the indices used and their methodology.
- Sonata Software is primarily an IT services company that focuses on outsourced product development, travel/tourism, and retail & distribution. Its key differentiator is investing in intellectual property to fortify its services and drive faster growth.
- The document analyzes Sonata's financial performance and growth outlook. It expects the company's IT services margins to remain steady as investments are complete. The domestic business is also expected to be steadily profitable.
- The report initiates coverage on Sonata Software with a "Buy" rating based on a target price to earnings ratio of 12 times, taking into account the proportions of its IT services and domestic businesses.
The document discusses the increasing concentration of industries globally, with the top 2-3 companies in each industry dominating over 70% of the market share. It analyzes 600 top performing niche players (TPNs) that have managed to carve out market share in the remaining 30% of concentrated markets. The key strategies used by TPNs include developing international product niches through innovation, pursuing organic growth and acquisitions, and centralizing organizational structures once reaching critical revenues of $0.7-1.5 billion. Slovenian companies are shown to have revenue growth comparable to TPNs but need to increase profitability and scale faster to effectively compete against global industry consolidation.
This document discusses the potential benefits and challenges for US companies pursuing initial public offerings (IPOs) on the Alternative Investment Market (AIM) in London as an alternative to the NASDAQ. Some key points made:
- AIM allows for earlier IPOs than NASDAQ as it targets micro-cap and early-stage companies. Transaction costs are similar but AIM offers more ownership liquidity at the IPO.
- From 2001-2006, there were only 44 US company IPOs on AIM compared to over 1,500 listings total. However, US listings have been increasing in recent years.
- Successful AIM IPOs typically have experienced management, a clear growth strategy,
This presentation provides an overview of modern portfolio theory and asset allocation. It discusses how diversification reduces risk over the long term, even during periods of market stress, and how alternative asset classes can provide liquidity premiums. The presentation examines average returns over different time periods, correlation between asset classes, and performance under stress. It emphasizes that the average is not always a good indicator and that asset allocation is important to balance risk.
The document recommends buying shares of Hertz (HTZ) with a target price of $35, representing 62% upside. Key reasons for the recommendation include Hertz's consistent growth through travel industry expansion and brand growth from its acquisition of Dollar and Thrifty, as well as expected value creation from spinning off its equipment rental business. Financial projections show revenue and profit margin expansion through 2018 driven by market share gains, improved efficiency, and diversification.
G4S PLC is the largest private security company in the world, operating in over 120 countries. The document provides an overview of G4S, including its subsidiaries and financial performance over the past 5 years. It also analyzes G4S's share price performance compared to benchmarks and conducts a SWOT and financial analysis. The analysis concludes that G4S is undervalued and recommends buying the stock.
Motilal oswal 17th wealth creation study presentation economic moat - dec 2012Varad Laghate
This document summarizes the key findings from Motilal Oswal's 17th Annual Wealth Creation Study for 2007-2012. Some of the main points covered include:
- Financials was the biggest wealth creating sector, creating over Rs. 367,000 crores in wealth. ITC was the largest individual wealth creator.
- Companies with higher profit growth rates outperformed. Economic moats helped sustain profits and ensured wealth creation.
- Companies with low valuation metrics like P/E, P/B and payback period under 1x saw superior returns.
- Lack of an economic moat led to massive wealth destruction for companies like Reliance Communications, Unitech and Suz
Use Investment PowerPoint Presentation Slides to educate your clients about various investment schemes, long term investments, benefits, and more. Investment manager can present their different portfolios to the potential investors. This content-ready investment PowerPoint complete presentation deck aims to meet particular investment goals for the benefit of the investors. Incorporate templates like investment objectives, investment instruments, mutual funds, types of mutual funds, SIPs, exchange traded funds, and more. This investment complete presentation slideshow can be used on various other topics like asset allocation, financial statement analysis, stock selection, monitoring of existing investments, plan implementation, etc. Investment management PowerPoint templates are completely customizable. You can edit the PPT slides as per your convenience. Edit the color, text, icon, and font size as per your need. Add or delete the content from presentation if needed. Download ready-to-use investment PowerPoint presentation templates to create an investment portfolio for your clients. Get folks familiar with the field of computers with our Investment Powerpoint Presentation Slides. Be able to increase digital exposure.
This document summarizes the findings of an 11th annual wealth creation study conducted in India from 2001-2006. Some of the key findings include:
- The top wealth creator was ONGC, which created Rs. 1678 billion in net wealth. Reliance Industries and Indian Oil also created over Rs. 1000 billion each.
- Companies with dominant market positions created 85% of total net wealth, while growing at an average speed of 36% annually.
- Industries like oil & gas, banks, metals and engineering contributed the most to overall wealth creation during this period.
- Large capitalized companies (market cap over Rs. 45 billion) represented only 23 companies but created 51% of total wealth
The most special feature of MOSt Research is the Wealth Creation Report. It is work of the foremost value investor in India and the joint MD and promoter– Mr. Raamdeo Agrawal. An equity research stalwart, Mr. Agrawal analyses the most consistent, the fastest and the biggest value creators in the Indian equity universe every year. Though the study is done every year, the report is timeless in its use. The report is unveiled at a special annual function, where the best are felicitated. The Wealth Creation Report is available on request as soft copy or printed format.
The document summarizes the findings of a 19th annual wealth creation study covering 2009-2014. It identifies the top 100 wealth creators in India as measured by increase in market capitalization adjusted for corporate actions. TCS created the most wealth at Rs. 3,63,799 crores, with a price CAGR of 51%. Eicher Motors, Bajaj Finance, and Supreme Industries were among the fastest wealth creators, with price increases over 88%. The document also discusses factors contributing to wealth creation such as quality businesses, management, growth, and purchasing undervalued stocks. Overall, IT, consumer, financial, auto and healthcare sectors contributed most to wealth creation, while PSUs destroyed the most wealth.
This document discusses whether it is better to take a "time-in" approach or attempt to time the market when investing in Indian equities. It notes that corporate profits in India have halved as a percentage of GDP and profitability has declined significantly for cyclical sectors. However, defensive sectors have seen rising profits. The document argues that India's macroeconomic fundamentals have improved, with lower inflation, fiscal deficits, and a stronger currency and reserves. It believes the worst is behind for Indian corporates and valuations are reasonable, suggesting the best is yet to come for Indian equities with a long-term "time-in" approach.
Financial statements analysis of bank of communications, ChinaPrem Thapamagar
We used common sized analysis, CAMELS framework and Du Pont analysis to analyze financial statements of Bank of Communications, a state owned bank and a fortune 500 company in China. As financial statements of banks are different from that of a manufacturing company, analysis techniques are used in a different manner as well.
Tata Consultancy Services (TCS) is a leading global IT services company that has grown significantly over the past 50 years. It has over 420,000 employees serving clients in 50 countries. While TCS has increased its revenues and profits in recent years, it has also substantially increased its debt levels. Based on the company's financial performance and market valuation, the current share price of TCS appears to be overvalued relative to its intrinsic value.
Booz Allen Hamilton - 2016 Cleveland Research Company Stock Pitch CompetitionMatthew R. Thomas
Booz Allen Hamilton is a management consulting firm focused on government contracts, especially in defense and cybersecurity. The analysts recommend Booz Allen as a buy with a 12-month price target of $35.10, representing 25.99% upside. Key points include Booz Allen's focus on growing areas like cybersecurity, anticipated margin growth from more fixed-price contracts, and potential in commercial markets. Valuation analyses show the stock is currently undervalued compared to peers on a price/earnings and enterprise value/EBITDA basis.
Maruti Suzuki is India's leading car manufacturer. It was originally 18.28% owned by the Indian government and 54.2% owned by Suzuki of Japan. Maruti's major competitors are Hyundai, Tata Motors, Hindustan Motors, Mahindra & Mahindra, and Toyota. The presentation provides an analysis of Maruti Suzuki's financial performance and ratios from 2008-2012, including earnings per share, operating margin, return on investment, debt-to-equity ratio, current ratio, and dividend payout ratio.
Larsen & Toubro Limited (L&T) is an Indian multinational engaged in engineering, procurement and construction projects. The summary analyzes L&T's financial ratios over three years ending March 2010. Key highlights include high debt-equity and interest coverage ratios, healthy returns on equity and investment, and improving gross and net profit margins. However, the average collection period has nearly doubled over three years, posing a potential risk if not addressed. Overall, the ratios indicate a financially strong and profitable company.
LCC Asia Pacific Engineering, Contractors & Services Weekly Research_310317Nicholas Assef
LCC Asia Pacific produces a weekly update on the Australian public companies that trade in the Engineering, Mining Services, Contracting and Services Sector.
The latest weekly report covers valuations in sector, M & A updates as well as news on various companies
The document examines how the top performing upstream oil and gas companies are able to deliver higher returns on capital employed compared to their peers. It analyzes 74 of the largest global oil and gas companies based on data from 2006-2012. The top performers significantly outperformed the industry average, achieving a 38% return on capital employed versus 21% for the industry. The key differentiators of the top companies were selectivity in capital investment rather than velocity of spending, higher capital productivity through generating more revenue per dollar invested, and a strong focus on operating excellence through lower production costs. While the top companies demonstrated a positive relationship between returns and pursuit of growth, capital productivity was declining across the industry as exploration moved to more challenging areas.
A presentation I made to the Automotive News World Congress in 2004. A lot of it is still true today, but it is most interesting to me to compare the predictions with what actually happened
This document provides highlights and financial results from Localiza Rent a Car S.A.'s 2006 presentation. Some key points:
1. The company experienced strong growth in 2006 with a 31% increase in average fleet size and 29% revenue growth.
2. Profitability also increased with net income growing 32% and EBITDA margin declining slightly from 32.6% to 27.3%.
3. Localiza continued to invest heavily in expanding its footprint, doubling used car points of sale and increasing rental locations by 24%.
4. The company maintained a consistent spread between return on invested capital and weighted average cost of capital, generating increased economic value added of 29.9% in
The document provides a comparison of returns across various asset classes from 2007-2014 using indices from Russell, MSCI, Standard & Poor's, NAREIT and Barclay's Capital. It notes that perfect replication of index performance is impossible due to liquidity issues, transaction costs and taxes. The final section provides brief disclosures on the indices used and their methodology.
- Sonata Software is primarily an IT services company that focuses on outsourced product development, travel/tourism, and retail & distribution. Its key differentiator is investing in intellectual property to fortify its services and drive faster growth.
- The document analyzes Sonata's financial performance and growth outlook. It expects the company's IT services margins to remain steady as investments are complete. The domestic business is also expected to be steadily profitable.
- The report initiates coverage on Sonata Software with a "Buy" rating based on a target price to earnings ratio of 12 times, taking into account the proportions of its IT services and domestic businesses.
The document discusses the increasing concentration of industries globally, with the top 2-3 companies in each industry dominating over 70% of the market share. It analyzes 600 top performing niche players (TPNs) that have managed to carve out market share in the remaining 30% of concentrated markets. The key strategies used by TPNs include developing international product niches through innovation, pursuing organic growth and acquisitions, and centralizing organizational structures once reaching critical revenues of $0.7-1.5 billion. Slovenian companies are shown to have revenue growth comparable to TPNs but need to increase profitability and scale faster to effectively compete against global industry consolidation.
This document discusses the potential benefits and challenges for US companies pursuing initial public offerings (IPOs) on the Alternative Investment Market (AIM) in London as an alternative to the NASDAQ. Some key points made:
- AIM allows for earlier IPOs than NASDAQ as it targets micro-cap and early-stage companies. Transaction costs are similar but AIM offers more ownership liquidity at the IPO.
- From 2001-2006, there were only 44 US company IPOs on AIM compared to over 1,500 listings total. However, US listings have been increasing in recent years.
- Successful AIM IPOs typically have experienced management, a clear growth strategy,
This presentation provides an overview of modern portfolio theory and asset allocation. It discusses how diversification reduces risk over the long term, even during periods of market stress, and how alternative asset classes can provide liquidity premiums. The presentation examines average returns over different time periods, correlation between asset classes, and performance under stress. It emphasizes that the average is not always a good indicator and that asset allocation is important to balance risk.
The document recommends buying shares of Hertz (HTZ) with a target price of $35, representing 62% upside. Key reasons for the recommendation include Hertz's consistent growth through travel industry expansion and brand growth from its acquisition of Dollar and Thrifty, as well as expected value creation from spinning off its equipment rental business. Financial projections show revenue and profit margin expansion through 2018 driven by market share gains, improved efficiency, and diversification.
G4S PLC is the largest private security company in the world, operating in over 120 countries. The document provides an overview of G4S, including its subsidiaries and financial performance over the past 5 years. It also analyzes G4S's share price performance compared to benchmarks and conducts a SWOT and financial analysis. The analysis concludes that G4S is undervalued and recommends buying the stock.
Motilal oswal 17th wealth creation study presentation economic moat - dec 2012Varad Laghate
This document summarizes the key findings from Motilal Oswal's 17th Annual Wealth Creation Study for 2007-2012. Some of the main points covered include:
- Financials was the biggest wealth creating sector, creating over Rs. 367,000 crores in wealth. ITC was the largest individual wealth creator.
- Companies with higher profit growth rates outperformed. Economic moats helped sustain profits and ensured wealth creation.
- Companies with low valuation metrics like P/E, P/B and payback period under 1x saw superior returns.
- Lack of an economic moat led to massive wealth destruction for companies like Reliance Communications, Unitech and Suz
Use Investment PowerPoint Presentation Slides to educate your clients about various investment schemes, long term investments, benefits, and more. Investment manager can present their different portfolios to the potential investors. This content-ready investment PowerPoint complete presentation deck aims to meet particular investment goals for the benefit of the investors. Incorporate templates like investment objectives, investment instruments, mutual funds, types of mutual funds, SIPs, exchange traded funds, and more. This investment complete presentation slideshow can be used on various other topics like asset allocation, financial statement analysis, stock selection, monitoring of existing investments, plan implementation, etc. Investment management PowerPoint templates are completely customizable. You can edit the PPT slides as per your convenience. Edit the color, text, icon, and font size as per your need. Add or delete the content from presentation if needed. Download ready-to-use investment PowerPoint presentation templates to create an investment portfolio for your clients. Get folks familiar with the field of computers with our Investment Powerpoint Presentation Slides. Be able to increase digital exposure.
Summary of the Supply Chains to Admire AnalysisLora Cecere
The Supply Chains to Admire analysis, now in its seventh year, is a data-driven methodology to analyze relative improvement and performance against sector peer groups. The data source is public balance sheet information for the period of 2010-2019. The analysis is for 440 public companies in 28 industry sectors. Only 4% of companies are outperforming their peer group while driving improvement at a faster rate than peers.
Mercer Capital's Business Development Companies Quarterly Newsletter | Q3 2014Mercer Capital
"Business development companies are an important and growing source of funding for middle market companies. Along with private equity and other investment funds, BDCs provide billions of dollars of investment capital to private companies in every segment of the economy.
For over thirty years, Mercer Capital has met the valuation needs of the same middle market companies to which BDCs and other funds provide capital.
This quarterly newsletter tracks the financial and stock market performance of the public BDCs."
The document provides an overview of the Indian macroeconomic environment and corporate performance. Some key points:
- Interest rates are expected to remain higher than the last decade, with implications for economic growth and asset valuations.
- Indian corporate earnings growth has averaged around 11% annually over the last three decades, with periods of higher and lower growth. Sustaining 12-13% earnings growth over the next decade is possible given factors like government spending and economic reforms.
- Valuations of Indian equities have moderated and are at more reasonable levels compared to historical averages. Small and mid-cap stocks remain attractively valued relative to large caps.
The fund focuses on investing in companies with strong fundament
The document provides an overview of the Indian macroeconomic environment and corporate performance. Some key points:
- Interest rates are expected to remain higher than the last decade, with implications for economic growth and asset valuations.
- Indian corporate earnings growth has averaged around 11% annually over the last three decades, with periods of higher and lower growth. Sustaining 12-13% earnings growth over the next decade is possible given factors like government spending and economic reforms.
- Valuations of Indian equities have moderated and are at more reasonable levels currently compared to historical averages. Small and mid-cap stocks remain at a valuation discount to large caps.
The fund focuses on investing in companies with strong
The document provides an overview of the Indian macroeconomic environment and corporate performance. Some key points:
- Interest rates are expected to remain higher than the last decade, with implications for economic growth and asset valuations.
- Indian corporate earnings growth has averaged around 11% annually over the last three decades, with periods of higher and lower growth. Sustaining 12-13% earnings growth over the next decade is possible given factors like government spending and economic reforms.
- Valuations of Indian equities are high relative to history but have corrected and become more reasonable recently. Small and mid-cap stocks remain attractively valued relative to large caps.
- The fund focuses on investing in companies with strong
The document analyzes the financial health of Qlik Technologies, Inc. by comparing its financial ratios and performance metrics to competitors and industry averages. Qlik has strong liquidity with current ratios above 2, indicating it can easily pay short-term debts. While return on assets is lower than competitors and the industry average, Qlik has high gross margins and its stock has outperformed others in recent months. The analysis finds that Qlik is financially stable but could improve returns by better utilizing capital.
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Annual Wealth Creation Study 3
13th
Annual Wealth Creation Study
Concept of Wealth Creation:
The process by which a company enhances market
value of the capital entrusted to it by its shareholders
Net Wealth Created:
Change in Market Cap over the study period
adjusted for corporate actions
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Annual Wealth Creation Study 4
Wealth Creation Study - Methodology
Wealth Creators:
Though Rs 100 crores of net wealth created is the
qualifying criteria, the top 100th
wealth creating
company managed Rs 4,000 crores.
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Annual Wealth Creation Study 5
The 10 Biggest Wealth Creators
Rank Company Net Wealth Created Price Price PAT
Rs crores % Share Apprec. (x) CAGR(%) CAGR(%)
1 Reliance Inds 307,727 12.1 10.1 58.7 36.5
2 ONGC 159,336 6.3 4.1 32.8 9.7
3 Bharti Airtel 150,478 5.9 29.2 96.4 L to P
4 NMDC 135,554 5.3 115.0 158.3 59.8
5 MMTC 108,409 4.3 193.9 186.8 51.6
6 BHEL 95,204 3.7 18.4 79.1 45.1
7 L&T 81,259 3.2 32.8 100.9 38.1
8 SAIL 72,674 2.9 21.0 83.8 L to P
9 State Bank 70,064 2.8 6.3 44.4 16.7
10 ITC 61,682 2.4 4.9 37.5 17.9
Total of above 1,242,387 48.9
Total of top 100 2,539,047 Dominance of commodities
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Annual Wealth Creation Study 6
The 10 Fastest Wealth Creators
Rank Company Price Price Mkt Cap (Rs crores)
Apprec. (x) CAGR(%) 2008 2003
1 Unitech 837 284 44,830 54
2 Jai Corp 316 216 9,186 28
3 MMTC 194 187 108,971 562
4 Financial Tech 164 177 7,359 36
5 BF Utilities 152 173 4,001 26
6 Aban Offshore 118 160 11,433 94
7 NMDC 115 158 136,743 1,189
8 Godrej Inds 108 155 8,294 70
9 Sesa Goa 102 152 12,321 121
10 REI Agro 99 150 7,078 44
Nothing is more profitable than investing in an early stage bubble
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Annual Wealth Creation Study 7
The Most Consistent Wealth Creators
Rank Company
Appeared in last 10
WC Studies (x)
10 Yr Price
CAGR (%)
1 Infosys Tech. 10 25.7
2 Hero Honda Motor 10 16.5
3 Ranbaxy Labs 10 8.7
4 Sun Pharma 9 46.0
5 Reliance Inds 9 40.5
6 HDFC 9 40.2
7 Cipla 9 21.8
8 Satyam Computer 9 19.2
9 Piramal Healthcare 9 16.6
10 ITC 9 13.9
Non-cyclicality of business is key for consistent wealth creation
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Annual Wealth Creation Study 9
Wealth Creation by Industry
Industry (No of cos.) Wealth Created (Rs cr) Share (%)
Oil & Gas (8) 582,623 22.9
Metals (13) 441,617 17.4
Banking & Finance (15) 328,235 12.9
Engineering (10) 260,328 10.3
Telecom (2) 163,638 6.4
IT (5) 123,365 4.9
FMCG (6) 118,049 4.6
Pharma (8) 73,292 2.9
Auto (7) 68,033 2.7
Ultility (4) 63,519 2.5
Cement (4) 52,733 2.1
Construction / Real Estate
(2) 49,076 1.9
Media (2) 14,657 0.6
Retail (2) 9,580 0.4
Others (12) 190,301 7.5
Total 2,539,047 100.0
Commodities
may give way to
users of
commodities
going forward
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Annual Wealth Creation Study 10
165
103 99
74
51 57
3333
< 200 200-500 500-1,000 1,000-
2,000
2,000-
5,000
5,000-
10,000
10,000-
20,000
> 20,000
Avg Price CAGR: 50%
Wealth Creation by Mcap (Base Year)
Price CAGRby Base YearMCap
2003 Market Cap Range (Rs crores)
Rapidly growing and deregulating Indian
economy will produce many young and
fast-growing enterprises
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Annual Wealth Creation Study 11
Wealth Creation by Earnings Growth
2003-08 Earnings Growth Range (%)
Price CAGRby Earnings Growth Range : Hig he r the be tte r
27
49
67
108
98
43 45
0-10 10-20 20-30 30-40 40-50 50-70 >70
Avg Price CAGR: 50%
Markets are unable to fully price in hypergrowth
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Annual Wealth Creation Study 12
Wealth Creation based on ROE
Price CAGRby ROE in 2003
92
56
32
15
39
36
77
61
<5 5-10 10-15 15-20 20-25 25-30 30-40 >40
Avg Price CAGR: 50%
Bargains
Risk-reward balance
Bargains are found when
markets are blind to change
2003 ROE Range (%)
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Annual Wealth Creation Study 13
Wealth Creation by Valuation Parameters
P/E
(x) No. of companies
% Wealth
Created
Price CAGR
%
<5 36 41 55
5-10 27 26 57
10-15 18 18 59
15-20 7 5 25
>20 12 11 37
Total 100 100 50
High margin of safety in single digit P/Es
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Annual Wealth Creation Study 14
Wealth Creation by Valuation Parameters
Price/Book
(x)
No. of
companies
% Wealth
Created
Price CAGR
%
<1 47 34 67
1-2 32 49 54
>2 21 17 30
Total 100 100 50
Price /Bookof less than 2x – 83% of wealth created
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Annual Wealth Creation Study 15
Wealth Creation by Valuation Parameters
Watch out forPrice /Sales < 1
Price/Sales
(x)
No. of
companies
% Wealth
Created
Price CAGR
%
<0.25 19 15 66
0.25-0.5 19 13 63
0.5-1.0 28 37 62
1-2 14 18 47
>2 20 17 30
Total 100 100 50
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Annual Wealth Creation Study 16
Wealth Creation by Valuation Parameters
Paybackof less than 1x – 84% of wealth created
Payback
Ratio
No. of
companies
% Wealth
Created
Price CAGR
%
<0.25 22 18 116
0.25-0.5 28 19 59
0.5-1.0 32 48 50
1-2 9 10 38
>2 9 6 22
Total 100 100 50
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Annual Wealth Creation Study 17
“There is absolutely no substitute forpaying right price.
In the Bible, it says that love covers a multitude of sins. Well, in
the investing field, price covers a multitude of mistakes.
Forhuman beings, there is no substitute forlove.
Forinvesting there is no substitute forpaying
right price – absolutely none.”
— VanDenBerg, OID, April 2004
Wealth Creation by Valuation Parameters
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Annual Wealth Creation Study 19
Warren Buffett says –
“Think of three types of savings accounts.
• The Great one pays an extraordinarily high interest
rate that will rise as the years pass.
• The Good one pays an attractive rate of interest that
will be earned also on deposits that are added.
• Finally, the Gruesome account both pays an
inadequate interest rate and requires you to
keep adding money at those disappointing
returns.”
Great, Good, Gruesome – Definition
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Annual Wealth Creation Study 21
Great companies –
• Require very little incremental capital for growth
• High and steadily rising RoE
Good companies –
• “Put up more to earn more” phenomenon
Gruesome companies
• Consume lot of capital
• Earn little or no money
Great, Good, Gruesome – Key difference
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Annual Wealth Creation Study 22
Great, Good, Gruesome – Characteristics
Criteria Great Good Gruesome
Competitive
advantage
High and rising long-
term competitive
advantage from
brand / low-cost
production
Steady competitive
advantage
Low or no competitive
advantage
Nature of
business
Stable business i.e.
no rapid or
continuous change
Subject to moderate
change
Business likely to
have rapid changes
Pricing power High Moderate Absent
Management Low dependence on
greatness of
management
Management, key
success factor
High dependence on
management
Growth Typically moderate
growth; high growth
rates a rarity
Moderate-to-high
growth rate
High growth rates
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Annual Wealth Creation Study 23
Great, Good, Gruesome – Characteristics (contd.)
Criteria Great Good Gruesome
Capital
intensity
Low capital
intensity; high level
of intangible assets
Moderate-to-high
capital intensity
Very high capital
intensity
RoE Very high and rising
RoE
Stable and
attractive RoE
Low / falling RoE
Dividend
payout
Typically high Moderate Low or no payout
Examples Hero Honda,
Nestle, GSK
Pharma, Infosys
HDFC Bank, L&T,
BHEL, Tata Steel
Tata Tele (Mah),
Jet Airways, Arvind
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Annual Wealth Creation Study 24
Great, Good, Gruesome – Typical Financial Profile
Nestle HDFC Bank Tata Tele
(Great) (Good) (Gruesome)
10-yearCAGR(%) -
Sales 10.0 44.0 101.0
PAT 19.0 39.0 Loss to Loss
Capital Empd (Rs cr) -109 * 11,158 1,742
RoE (%) -
Latest 102.5 17.7 NWeroded
10 years ago 36.4 26.4 -10.3
10-yearincr. RoE 230.0 14.0 Not calculable
In last 10 years -
Cumulative PAT (Rs cr) 2,231 5,875 -2,670
Total Dividend (Rs cr) 1,818 1,205 0.0
Average Payout (%) 81.0 21.0 0.0
* Net worth
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Annual Wealth Creation Study 26
Key takeaways -
• Great companies are fountains of dividends
• Good companies are fountains of earnings
• Gruesome companies are bottomless pits
of capital consumption
Great, Good, Gruesome – Typical Financial Profile
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Annual Wealth Creation Study 28
Key takeaways -
• Both have deployed very little incremental capital
• Incremental PAT / Capital Employed is high for both
• Both are proving to be huge cash machines
• At 21.4%, Nestle’s return is same as 21.7% for See’s
• Main difference:
In Nestle’s case, much of the return is by way of
earnings growth, whereas in See’s it is by way
of earnings yield (i.e. higher margin of safety)
Two Greats – See’s Candy vs Nestle India
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Annual Wealth Creation Study 29
Great investments are the result of huge
margin of safety at the time of purchase
Benjamin Grahamon margin of safety
• “It is a favorable difference between price [paid]
and indicated or appraised value.”
• “The function of margin of safety is, in essence, that of rendering
unnecessary an accurate estimate of the future.”
• “Margin of safety lies in an expected earning power
considerably above the going rate for bonds.”
Great companies need not be great investments
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Annual Wealth Creation Study 31
Great, Good, Gruesome – Investment Payoff Matrix
Best investment strategy
• Buy good companies at great price, or
• Buy great companies at good price
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Annual Wealth Creation Study 32
Great, Good, Gruesome – Investment Payoff Matrix
Benjamin Graham on good- and low-quality stocks
• The risk of paying too high a price for good-quality
stocks is not the chief hazard …
• … chief losses to investors come from the purchase of
low-quality securities at times of favorable business
conditions.
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Annual Wealth Creation Study 33
Great, Good, Gruesome – Investment Payoff Matrix
CharlierMungeron high- and low-quality businesses
• Over the long term, it’s hard for a stock to earn a much better return
than the business which underlies it earns.
• If the business earns 6% on capital over 40 years and you hold it for
that 40 years, you’re not going to make much different than a 6%
return – even if you originally buy it at a huge discount.
• Conversely, if a business earnings 18% on
capital over 20 or 30 years, even if you pay
an expensive looking price, you’ll end up with
one hell of a result.
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Annual Wealth Creation Study 41
• Understanding of Great, Good and Gruesome companies is
critical to investment success.
• Great time to buy Great companies (perpetual bonds) at
reasonable prices, as interest rates are likely to remain low
for quite some time.
• Gruesome companies are best avoided.
• Market is likely to see a sector churn – dominance of
commodities will probably give way to users of commodities.
• Corporate profit boom of last five years is unlikely to
continue. However, we have probably seen the market
bottom at Sensex levels of 7,700.
In Conclusion