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Drapeau de India Chennai, India
Membre depuis October, 2010
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ValueHunt Research provides equity research services to US Hedge funds which invest in fundamentally attractive companies (any country worldwide) that are restructuring to create shareholder value. Restructuring includes special situations events like Spin-off, Divestiture, Recapitalization, Bankruptcy (Chapter11), Stock Buyback, Special Dividend, Rights Offering etc. ValueHunt Research also provide equity research & analysis services for other events which causes temporary supply-demand imbalance in stock liquidity like fraud, management turmoil, accounting restatement, failure to declare expected dividend, deletion of stock form index, bond rating downgrade by rating agencies etc. ValueHunt Research provides Corporate & Govt Bonds, CDOs, MBS, ABS etc analysis services also. Bottom-up approach Responsibilities: 1. In depth fundamental analysis & research- For Equity: a) Financial Modeling - • Running Pro forma normalized earnings & valuation post restructuring and analysis. • Laying out Historical Free Cash Flow Valuation & Capital Allocation Analysis (historical Capex/D&A, acquisitions, debt pay down, dividend, buyback etc) • Historical Performance & Valuation Analysis. Understanding average performance & valuation over a business cycle. • Relative Current & Historical Valuation & Analysis and comparison with Subject Company. • Laying out Projections & valuation, SOTP Valuation and Target Price using best case and worst case scenario numbers. b) Research - • Company Research, Industry Research and Economy Research (Currency, Stability etc) and understanding company, industry and economy risk. The key is to understand Business strength i.e. competitive advantage, pricing power, economic moat, market share etc • Management Research, Management Shareholding & stock options outstanding, recent insider trading activities. Management Variable Compensation Analysis (whether stock Price based or economic value added (EVA) based compensation system which is tied to return on capital employed (ROCE), cash flow etc.). The key is to find out what the interest of insiders is and whether management is acting steward to shareholders. • Reading sell-side analyst report and there recommendation. We like to see more negative reports and take contrarian bet. • Looking into CCTs (Conference call transcripts) to get additional information c) Conversations with Investor Relation Manager/CFO and sometimes with sell-side analysts to get answered specific queries. d) Identifying potential short (hedging/Long Short/Pair Trade) in some cases. For Bonds: • Understanding sustainability of Coverage Ratio like EBIT / Interest Exp or EBIT-Capex / Interest Exp, Debt/Fcf, Debt/Ebit etc. • Debt Amortization (if there is substantial debt amort, then there is the risk the company may have trouble paying it off or refinancing). • Understanding value of Collateral. • Recourse or Non-Recourse loan • Checking level of floating vs. fixed rate debt. If the co has a lot of floating rate debt (and no swaps to convert to fixed rate) it is subject to the risk that interest payments may go up (as interest rates rise). • FCF & Capital Allocation Analysis (Cash used for Dividend & buyback reduces cash available to service bonds and bank debt) • Company Research, Management Research, Industry Research and Economy Research. 2. Keywords (like Spin-off, Chapter 11 etc) search to pull articles/Press Releases of companies that have announced restructuring. 3. Running Standard Screens using Bloomberg like out of favor stock through 52 week lows, Plungers, Dividend Yield etc. 4. Screening open market purchase of stock by Insiders for US, UK, Sweden, German, Canadian, Australian, Indian etc companies. Insiders have superior information than others and they purchase only for one reason i.e they think stock price will go up. 5. Idea Generation Screens based on • Valuation Screening using ratios like ev/ebit, p/e, Discount to NAV etc, • Balance Sheet Screening like P/TBV(Tangible Book Value), P/NN (Net Net working capital) etc, • Income Statement Screening like Operating Margin Growth etc and • Cash Flow Screening like 3 yrs positive FCF , Dividend Growth, Capex/D&A, Buyback etc. • Combination of above like historical organic revenue Growth > historical Capex Growth etc • Bonds Screening like Investment grade bond yield, junk bonds yield etc. 6. Tracking Form 13F filings (Qtly portfolio reporting) by Value Investors like Seth Klarman (Baupost Group), Martin Whitman (Third Avenue), Mike Burry (Scion Capital), David Einhorn (Greenlight Capital) etc and generating ideas. 7. Reading high quality online Newspapers and Blogs by value investors like distressed debt investing, Grants Interest Rate Observer, Gurufocus etc. and generating ideas. 8. Daily follow-up of stock price/Bond Price and news of portfolio companies and potential portfolio companies.
$10 $ US / h
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