Institutional-grade equity models built from audited annual reports. Each company gets a full 6-tab workbook, 3-statement model, FCFF DCF, peer comparables, scenario analysis, sensitivity tables, and an executive dashboard.
Full institutional models with sourced historical data and forward forecasts. Each model is built independently from scratch using audited filings, no third-party data aggregators.
India's second-largest listed discount broker by active clients. The thesis centres on structural retail participation growth and MTF as a recurring revenue engine, weighed against SEBI's FY25 F&O fee compression and competitive pressure from Zerodha and Groww.
These companies are under consideration for the next model build. Each will follow the same methodology, audited data only, no estimates from third-party aggregators.
Full-service broker with significant wealth management and AMC operations. Higher-margin business mix than pure discount brokers, useful peer benchmark for Angel One.
Smallest listed discount broker, useful for understanding the floor economics of the model. Direct comparator to Angel One on unit economics and client acquisition costs.
High-quality wealth management platform with strong recurring revenue from AUM-based fees. Contrasting business model to discount brokers, lower volume sensitivity, higher client LTV.
Formerly Edelweiss Wealth. Listed wealth platform with institutional brokerage and private wealth segments. Completes the broking-to-wealth spectrum comparison.
Every model follows the same six-step process. No shortcuts, data sourced directly from filings, models built from first principles.
5+ years of audited consolidated financials pulled directly from BSE/NSE filings, P&L, Balance Sheet, Cash Flow, and MD&A notes.
Income Statement, Balance Sheet, and Cash Flow linked together. Historical actuals populate yellow cells; forward forecasts are formula-driven from a central assumptions block.
FCFF-based DCF with CAPM-derived WACC. Terminal value via Gordon Growth. Equity bridge to per-share intrinsic value.
EV/EBITDA, EV/Revenue, and P/E multiples for the company and 4–5 listed peers. Blended implied price from trading comps.
Bull / Base / Bear scenarios with explicit assumption sets. Two sensitivity tables: price vs WACC / terminal growth, and price vs margin assumptions.
One-page live summary pulling from all tabs. Implied price, upside/downside to market, EBITDA margin trajectory, and a valuation bridge chart.