Rajeev Agrawal of DoorDarshi Advisors presented his in-depth investment thesis on JM Financial (India: JMFINANCIL) (JMF) at Asian Investing Summit 2019.

Thesis summary:

JM Financial is an integrated and diversified financial services group in India. Over the years, JMF has been associated with high repute as they have been in marquee partnership with the likes of Morgan Stanley and Vikram Pandit (CEO of Citigroup). Over the last 8 years (from FY 10 to FY 18) JMF has delivered a revenue growth of 23.5%, PAT growth of 19.5%, EPS growth of 17.8% and ROE improved from 10% to 16%.

The conservative sum of parts valuation equals a value of INR 132 per share, versus the current price of INR 94 per share. In February 2018, JMF raised capital at INR 162 per share. Rajeev expects the gap between sum of parts valuation and current price (40% upside) to get bridged within the next year, as some of their key businesses perform and the short-term concerns (around liquidity and national elections) fade.

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About the instructor:

Rajeev Agrawal is the Founder and Adviser at DoorDarshi Advisors. Rajeev has been investing in the US and Indian equity markets for 15+ years. Rajeev follows Value Investing principles and finds that Indian equity market provides wonderful opportunities for his style of investing. Prior to starting DoorDarshi, Rajeev was a Technology executive focusing on the Financial Industry. He retired from IHS Markit as MD and CTO. Prior to that he has worked in US in various senior positions at Goldman Sachs, Bank of America, JP Morgan and Dresdner Bank. Rajeev completed his B.Tech from IIT Bombay and MBA from IIM Calcutta. He is also a CFA charterholder.