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At Emkay we follow a
time-tested and structured Research Process, which has
stood the test of time. |
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Using our database we do a thorough analysis of a
company |
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This includes analysis of its growth rate, margins,
capital efficiency, capacity additions etc. |
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We probe all the published information about the
company. This helps us appraise the business dynamics
and the company's strategy, its strengths, weaknesses
and the challenges faced by it. This also helps us
understand its management's capabilities |
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We also hold a dialog with the senior management of
the company with set of questionnaires |
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Eventually we are able to comprehend the company's
strategy and attempt to perfect future financials |
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We also cross check with competitors, trade
associations, company contacts and if necessary change
our model accordingly |
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Based on our revenue model, we attempt to project the
possible price using various ratios such as P/E, P/BV,
EV/EBIDTA, EV/Sales, Discounted Cash Flows etc. |
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We also check technical factors such as liquidity,
institutional ownership, management holdings, past
share price behaviour etc. |
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and finally we award a rating of the stock |
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Rating Model |
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We also have our
stock-rating model for PMS. Through this model
we rate every stock we buy on a few broad
parameters. This gives us an objective view of
all decisions we make. |
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