Akhil Dhawan presented his in-depth investment thesis on IDFC Limited (India: IDFC) at Asian Investing Summit 2017.
IDFC Limited is a financial services company with a ~$1.3 billion market cap and four main businesses: a 53% stake in IDFC Bank (the rest of which was spun off from this company and listed in November 2016), an asset management business in India (mutual funds and alternatives), a retail and institutional broking business, a newly established infrastructure lending platform. IDFC was historically a non-bank financier of infrastructure assets and its erstwhile loan book was shifted to the bank before its spin-off. IDFC Bank started with $13 billion in assets and ~$2 billion in equity and plans to transform into a differentiated, digital-centric bank in India. It has a market cap of ~$3 billion. IDFC’s asset management business has $11 billion of total AUM, with $8.5 billion in mutual funds and $2.5 billion in alternatives. Its brokerage business is small but profitable. The overall holding company (IDFC) is exposed to growing businesses in an under-penetrated market and is available for a large discount to the sum of its parts (it currently sells for less than the value its stake in IDFC Bank).
About the instructor:
Akhil Dhawan serves as Managing Director of Locus Investment Group, based in India. He has served in this role since 2007. Previously, he held positions as Senior Analyst at Karsch Capital, Associate at SG Capital Partners, Co-CEO of Medrishi.com, and Financial Analyst at Goldman Sachs. He holds a BA in Mathematics and Economics from Cornell University and an MBA from The Wharton School.
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