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1. ValueAdd Research | Introduction to Corporate Credit Research | June 2017 1
Business Strategy & Consulting Research
Investment Banking
Equity Research
Fixed Income & Credit Research
INTRODUCTORY PRESENTATION
Confidential | June 2017
Introduction to Corporate Credit Research Solutions
2. ValueAdd Research | Introduction to Corporate Credit Research | June 2017 2
About Us
Company
Founded by experienced professionals from research, banking, and engineering
domain. End-to-end service delivery to global clients across regions, sectors, and
research areas. Truly a customer-centric organization
Clients
Our reputed clientele includes global sell-side and buy-side firms, global banks, private
equity firms, corporations, business consulting firms, and market research firms
Services
Comprehensive offerings including equity research, fixed income and credit research,
investment banking research, and business/strategic & market research
Sectors
We provide service across sectors including automotive, telecom, BFSI, media,
technology, energy, oil & gas, utilities, retail, food, and healthcare
Analyst team
Our team of analysts is well experienced in respective areas, sectors, and regions; and
are also cross-trained on multiple areas of research
3. ValueAdd Research | Introduction to Corporate Credit Research | June 2017 3
Dynamic Leadership Team with Strong Domain
Girish Bhise (Founder, CEO)
Girish has over 15+ years of research experience across investment banking, equity research, fixed
income and credit research, and business strategy research for large global clients including asset
management firms, investment banks, brokerage firms, corporations, private equity & venture capital
firms. Has extensive experience in successfully managing large-scale research right-shoring
transitions across multiple regions. He is an MBA with specialization in Finance from the University of
Pune, and Bachelor in Commerce from the University of Mumbai.
Vaishali V. (Director)
Vaishali has over 30 years of commercial banking experience with one of the largest Indian banking
groups â State Bank of India. Has vast experience across different banking functions including,
corporate banking, SME banking, banking operations, and branch audit and account finalization. She
was part of core banking implemention team in various branches across the state. She is a Bachelor
in Arts, and majored in Sociology from the University of Mumbai
4. ValueAdd Research | Introduction to Corporate Credit Research | June 2017 4
Dynamic Leadership Team with Strong Domain
Andy Smith (Special Advisor â Capital Markets Research)
Andy is one of the worldâs leading developed & emerging market analysts with more than 20 yearsâ
experience as a #1 rated analyst, Head of Investment Research and distinguished Hedge Fund
manager. As the MD and Head of EM consumer research at Bank of America Merrill Lynch, Dubai,
he lead the BAML EM consumer team to the #2 position in the Institutional Investor Survey. In 2014
Andy was voted as âHead of Research for EEMEAâ in the independent Sammons survey of global
investors. Has won many accolades in his career as Global Head of Research at Sberbank/ Troika
Dialog, MF Global, Millennium Capital (NY & London), Citadel LLP, Citigroup, ABN AMRO Hoare
Govett, and Unilever. He is an MBA from Cranfield University, and MA & M Eng. from Cambridge
University
Sachin Kulkarni (Advisor - Business & Technology Research )
Sachin has over 10 years of industry experience with Google Inc., Versata and Persistent Systems.
Expertise in project management, software programming, and technologies including distributed
systems, parallel computing, data mining, and audience-based Ad targeting. Presently, he is a Software
Engineer with Google Inc., since 2008, and is based in California, USA. Also, earlier worked with
Versata and Persistent Systems in India. Has been a rank holder throughout. Was a 3rd Rank holder in
Master in Technology in Computer Science, at IIT Kharagpur, India (2007); and a Bachelor of
Engineering in Computer Science from Pune, India (2003).
5. ValueAdd Research | Introduction to Corporate Credit Research | June 2017 5
ValueAddâs exhaustive industry coverage spans across mainstream and
niche industries across regions
âȘ Our team has experts in the mainstream and
as well as a few niche sectors
âȘ Adept with regional nuances of sectors
âȘ Hands-on experience in supporting large
clients across the globe
âȘ Adequate documentation of industry drivers
and other dynamics for internal training
purposes
âȘ Staffing of ValueAdd research analysts is
done based on prior experience in the
concerned sector
Key Highlights Wide Industry Coverage
Automotive
12%
Healthcare
12%
Retail
10%
Telecom
10%
Technology
8%
Industrials
7%
Oil & Gas
7%
BFSI
6%
Metals,mining
4%
Paper &
Packaging
4%
Utilities
3%
Others
15%
Transportation
2%
Have collectively delivered ~4,000 financial models, written 3,500 reports/tearsheets, ~120 sector updates, supported
~75 transactions, across the sectors
6. ValueAdd Research | Introduction to Corporate Credit Research | June 2017 6
Our offerings span across the research spectrum â Suite of Services
Industry Research
Corporate Strategy & M&A
Research
Corporate Business Surveillance
Equity Capital Market
Debt Capital Market
M&A Advisory
Prop Trading Desk
Valuation Modeling
Equity Research Reports
Coverage Maintenance
Idea Generation /screening
Technical analysis/
News Monitoring
Corporate Credit / Financials
Structured Finance
Macro Research
Counter-Party Credit Risk
Procurement Research
Intellectual Property Research
Technology Solutions Across Research Segments
7. ValueAdd Research | Introduction to Corporate Credit Research | June 2017 7
Fixed Income & Credit Research â Bouquet of Services
Corporate credit Structured finance Counter-party credit
Fixed Income
Research
âȘ Investment grade
analysis
âȘ High yield analysis
âȘ Distressed debt
analysis
âȘ Leveraged loans
analysis
âȘ CMBS/RMBS
analysis
âȘ ABS analysis
âȘ CDO/CLO
analysis
âȘ Deal analysis &
surveillance
âȘ Credit risk
assessment
âȘ Counter-party credit
scoring/rating
âȘ Coverage
maintenance
âȘ Vendor risk
assessment
Macro research
âȘ Economic
research &
analysis
âȘ Sovereign analysis
âȘ Municipals
analysis
âȘ News monitoring &
database updates
Have experienced professionals for each of these sub-segments of fixed income research to offer best quality research
8. ValueAdd Research | Introduction to Corporate Credit Research | June 2017 8
Corporate Credit Research â Deep Dive
Investment grade High Yield Leveraged Loans
Fixed Income
Research
âȘ Model/reports initiation
& updates
âȘ Earning blurbs & credit
event notes
âȘ Capital structure &
liquidity analysis
âȘ Business & financial
profiling
âȘ Sovereign analysis
âȘ News support &
impact analysis
âȘ Pro-forma adjusted
cash flow model
âȘ Investment
recommendation
notes
âȘ Capital structure &
liquidity analysis
âȘ Covenants &
headroom analysis
âȘ Peer/bond/loan
comps
âȘ Shadow rating &
sensitivity analysis
âȘ Model initiation & monitoring
âȘ New & Drive-by deals analysis
âȘ Amendments (A-to-E
covenants), restructuring,
waivers
âȘ Refinancing/re-pricing deal
analysis
âȘ Tear sheet & credit memo
âȘ Transaction summary & term
sheet
âȘ Guidance & Flex activity
monitoring
Distressed Debt
âȘ Bankruptcy &
recovery valuation
âȘ DIP, Liquidation, and
restructuring
âȘ Screening âproblem
assetsâ
âȘ News monitoring &
impact analysis
âȘ Shareholder/credit
agreement review
Have experienced professionals for each of these sub-segments of fixed income research to offer best quality research
9. ValueAdd Research | Introduction to Corporate Credit Research | June 2017 9
Comprehensive Credit Research Solution:
âȘ Initiated credit models & trading notes & tear sheets for 120+ crossover and high
yield credits, across automotive, media, energy, and utilities sectors
âȘ Published sector dashboards highlighting key themes, demand-supply, future
outlook and peer comps
Ongoing Coverage Update:
âȘ Regular update of models & notes for earnings, corporate actions, and news
releases
Products Publication Support:
âȘ Support on daily morning meeting notes, market wraps, weekly market roundup,
monthly sector update, quarterly & annual strategy reports, and annual sector
packs
Client Requirements
A fixed income trading desk of a brokerage firm based in the US needed research support for select sectors to accelerate the number of new
trade ideas
ValueAdd Solution
âȘ ~400% increase in trading commissions
through expansion of trade idea generation
with the help of in-house and ValueAdd team
âȘ High quality research notes & tear sheets
with investment recommendations
âȘ Cost-effective research solution, and
relatively quicker delivery than Do-It-Yourself
option
Key Client Benefits
Live Case Example:
~4x increase in trading commissions through accelerated trade idea
generation for a US-based brokerage firm
10. ValueAdd Research | Introduction to Corporate Credit Research | June 2017 10
Smooth Transition of Research Coverage:
âȘ The ValueAddâs fixed income research team smoothly took over
the coverage responsibility from client analysts
Ongoing Updates:
âȘ The models and reports are updated for quarterly earnings
releases, credit events/actions, and material news releases
Clientâs Virtual Team:
âȘ ValueAdd team closely coordinates with client team to ensure
complete transparency & efficiency
Client Requirements
A UK-based broking firm was facing a bandwidth constraint for increasing the coverage. And was looking for an outsourced research
solution for regular coverage maintenance
ValueAdd Solution
âȘ Client analysts could expand their coverage
1.5x by outsourcing routine coverage update
âȘ Maintained their research quality benchmarks
through high quality research and quick
delivery from ValueAdd
âȘ Clientâs bandwidth released for more value-
added initiatives such as Investee
management meetings, client-facing
initiatives, and commission generation
through effective idea generation
Key Client Benefits
Live Case Example:
A UK-based brokerage house could expand their coverage 1.5x by
leveraging ValueAddâs credit research maintenance support
11. ValueAdd Research | Introduction to Corporate Credit Research | June 2017 11
Hands-on experience on databases
12. ValueAdd Research | Introduction to Corporate Credit Research | June 2017 12
We offer customized engagement models to suit clientsâ unique
requirements
Description: ValueAdd supports its clients with dedicated
analyst(s) who exclusively work on specific client mandates
Suitability: Mostly suitable for recurring and ongoing
requirements with visibility of volumes
Period: Generally annuity (12 months)
Pros & Cons:
+ Continuity of service
+ High probability of achieving productivity benefits & cost
saving
+ Volume-discounted pricing
+ Direct contact with ValueAdd analyst(s)
Innovative engagement models for optimal positive impact
ValueAdd offers two types of engagement models, a) full-time equivalent analyst model, and b) Bespoke or ad hoc model
Full-time equivalent (FTE) model
Description: ValueAdd supports its clients for bespoke project
requirements with best suitable analysts
Suitability: Mostly suitable for ad hoc or bespoke requirements
Period: Bespoke
Pros & Cons:
+ Flexibility
+ Manage projectâs profitability effectively
+ Relevant analysts (e.g. sector expert) for varied/niche
requirements
- Less probability of achieving productivity benefits
- Relatively higher pricing to factor the downtime
Bespoke or ad hoc model
ValueAdd provides corporate credit support over various industries in both public and private sector. To more about our service visit
valueadd.
13. ValueAdd Research | Introduction to Corporate Credit Research | June 2017 13
511, Marathon Max, LBS Road, Mulund
(W), Mumbai â 400 080, India
info@valueadd-research.com
www.valueadd-research.com
US: +1 646 461 1721
India: +91-982 076 3536
Note: This is an exclusive property of ValueAdd Research & Analytics Solutions, and neither full nor part of this presentation may be used, shared, modified,
disseminated without written consent. All rights reserved.
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