Pushpak Jain

Breaking down the cost of CFA – All 3 levels - 2025 Version [1] One Time Enrolment Fees ($350) = INR 29,500 [2] Early Registration Fee L1 ($990) = INR 83,200 [3] Early Registration Fee L2 ($990) = INR 83,200 [4] Early Registration Fee L3 ($990) = INR 83,200 [5] +18% GST on (1+2+3+4) = INR 50,200 [6] Coaching Fees = 30,000 (L1) + 30,000 (L2) + 30,000 (L3) = INR 90,000 (Taking an average rate) [7] Texas BA II Plus Financial Calculator = INR 3,500 (You can only use CFA Institute specified calculators in the exam) [8] Schweser Books = Around INR 5,000 for all the three levels [9] Passport = INR 1,500 (It is mandatory to have a valid Passport before appearing for the CFA exam) TOTAL = INR 4,30,000 (approx) (Four lakhs thirty thousand) Some other points:- • You will have to pay the registration fee again if re-appearing. • 3-4% forex conversion fee will apply if you are paying the fees through credit card, depending on your bank. • For Standard Registration you will have to pay $300 (INR 25,200) more. P.S. Actual cost may differ from student to student. Ready to elevate your CFA | FRM | SCR | ESG | CAIA journey? Fintelligents and me are just a tap away 💡 I help people build a career in Finance. Book a Call now. 📞 (https://lnkd.in/dhX5KC2H) #cfa #cfalevel1 #finance

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📈 PE vs. PEG Ratios:- Your Quick Guide to Stock Valuation 📊 Understanding PE Ratio 🧐 The Price-to-Earnings (PE) Ratio shows how much investors are willing to pay for each dollar of earnings. Company A -Stock Price:- $10, EPS:-$1 - PE Ratio:- 10 - Value Investing lower PE might suggest undervaluation. Company B - Stock Price:- $30, EPS:-$1 - PE Ratio:- 30 - Value Investing higher PE could imply overvaluation . Drawbacks⚠️ -No Growth Consideration:- PE doesn’t account for future growth. -Earnings Volatility:- Earnings fluctuations can distort the ratio. -Industry Differences:-PE norms vary across industries. Unveiling the PEG Ratio 🔍 The Price/Earnings-to-Growth (PEG) Ratio refines PE by incorporating growth:- - PEG Formula:-PE Ratio / Annual EPS Growth Rate Example Comparison:- Company A - PE Ratio:- 10 - Growth Rate:- 5% - PEG Ratio:-2.0 Company B - PE Ratio:- 30 - Growth Rate:-20% - PEG Ratio:-1.5 Advantages:- - Growth Adjustment:-PEG accounts for expected growth, giving a clearer picture. - Better Insight:-Lower PEG often indicates better value relative to growth as in above computation is Company B PEG Ratio by Economy 🌍 - Developed Economies:-Ideal PEG Ratio is around 1.0 – 1.5. - Developing Economies:-PEG Ratio of 1.5 – 2.0 can still be favorable. PEG Ratio by Sector 🔧 - Best for:- High growth sectors like tech. - Less Useful:- Stable sectors with minimal growth. Summary:-Use PEG for a nuanced view of stock value, balancing price and growth expectations. 📈💡 #finance #stockmarket #thevaluationschool

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The new and growing source of fundraising for private equity (PE) firms is the retail market. PE firms are looking to tap into the retail market by offering PE retail products or rolling out such products. This is similar to what has been done in the real estate and credit fund sectors. Retail investors, who have a significant amount of capital allocated to the private markets, are seen as a large growth catalyst for PE firms to expand their assets under management (AUM). BlackRock, for example, has launched a PE retail fund called BXPE, which had its first close of $1.3 billion in January. Other firms, such as KKR and Carlyle, are also planning to enter the PE retail market. This trend is driven by the belief that the retail market has a low single-digit allocation to the private markets, presenting an opportunity for PE firms to attract retail investors and increase their AUM. #Privateequity #MA #investment banking

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JP Morgan Bond Index inclusion date is passing in an uneventful manner with USDINR appreciating a little to 83.40 on opening and now at 83.46. Bond yields also a tad higher with 10yr at 7%. Most of the impact was already built in with long lead time between the announcement and the event. During this phase of USD strength (DXY106), INR did touch 83.60 but has not sustained due to central bank's stance in line with lower USDCNY, range bound crude and good inflows into equity and debt markets in last few days. FPIs turning bullish on supposedly undervalued or fairly valued largecap stocks has helped. Slight appreciation of INR may be expected. Dollar made a comeback with higher yields due to expectations of higher long-term inflation building up. While the short-term indicators in the US are showing a slowdown with highest jobless claims since Nov'21, lower capital goods orders (-0.60% vs +0.1% expected) and tepid GDP growth of 1.4% in 1st qrtr, though revised up from 1.3% but still much lower than 3.4% in the prev qrter. Markets keenly await the PCE inflation today and is concerned about the uptick in inflation Australia and Canada. While Australia in on a rate hike path, Canada has cut rates already. Looking at the global commodity price increases, tariff wars and numerous geo-political hotspots opening up affecting the supply side, the inflation over a longer term is likely becoming well entrenched and the self-imposed inflation targets of 2% across the developed world may not be seen very soon. This means that the rates markets are experiencing a sort of schizophrenia - building in rate cuts by the FED and ECB over next six months but still pushing long term yields higher. Higher chances of Trump's winning are contributing to dollar strength as well and tonight's debate will be watched for the signs of upcoming tariff regimes. USDJPY touched 161 in spite of furious statements by multiple ministers and govt officials. Japan also changed its top currency management official today, sparking anticipation of intervention. However, the last intervention in April '24 cost USD 61bn, causing USDJPY to fall to a low of 152 and it took two months to reclaim 160. Hence, BOJ has to come up with something innovative this time. Otherwise, a lower than expected core PCE in US can only save the day for JPY. Iron ore prices recovered above $106 on news of local govt support to real estate but the actual reason may be short covering. Most commodities are rangebound around the recently elevated levels. Natural gas in US corrected with HH at $2.68 on news of higher than usual storage. Gold ($2320) traded weak due to dollar strength and will await today's inflation data. Overall market scenario feels very similar to the 2007 time with low vols, tight credit spreads, high liquidity supporting equity and commodity prices, high interest rates not deterring the risk taking and last but most important, the USDJPY carry trade pushing new levels every day. 

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Financial modelling

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Emerald Finance Ltd Empowering Your Financial Freedom Bull Case Target: ₹79.36 CMP: ₹ 57.1 Market Capitalization: ₹ 172 Cr. Emerald Finance unveils an innovative EWA product aimed at addressing traditional credit challenges in India, with plans to 8x-10x their revenue and 5x their current corporate partnerships. This solution allows employees to access their earned wages before payday without the high costs associated with credit cards, effectively reducing financial stress and preventing debt traps. The EWA program boasts nearly zero delinquencies and features secure repayments, ensuring high margins and minimal risk for Emerald Finance. Positioned in the trillion-dollar global EWA market, the company is set for significant growth, supported by strategic partnerships and expert leadership. Research Platforms used: Sovrenn, Trendlyne.com, BSEIndia, Emerald Finance Limited Learning From: Parth Verma, Sovrenn Stock Insights with Aditya,Piyush Kumar, Harsh Goela #equityresearch #stocks #researchreport #investing #equity #investing Disclosure: I hold positions in the following symbol Disclaimer: All information is for educational and informational purpose only and should not be treated as a Buy/Sell recommendation. I am not a SEBI registered analyst. Do your own research and analysis before investing/trading in the stock market or consult a SEBI Registered Investment Advisor. Investing/Trading in Stock Market is subject to Market Risk and may lead to financial losses.

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If you are investing in Structured Products, remember the concept of Caveat Emptor or Buyer Beware. Structured products/ structured notes/ fixed coupon notes/ principal protected notes etc., are mostly sold to HNIs. They are sold as elixirs which can give you upside potential while at the same time giving downside protection. And are super complex to understand. As Charlie Munger once said, "Simplicity has a way of improving performance by enabling us to better understand what we are doing." In the case of structured products, HNI investors do the exact opposite thing. They put their money into complex instruments, which they barely understand, and would need detailed risk models even for banks. And may see their principal eroded which they wanted to protect initially. Let's try to understand these structured products. What are these Structured Notes? Banks issue structured notes, that are simply debt obligations with an embedded derivative component. The value of the derivative is derived from an underlying asset or group of assets, also known as a benchmark. The risks associated are: 1. Credit Risk: If you invest in a structured note, then you want to hold it to maturity. But did you research the creditworthiness of the note’s issuer? You bear the risk that the issuing investment bank might get into trouble and forfeit its obligation. If that happens, the underlying derivatives can have a positive return, and the notes could still be worthless—which is exactly what happened to investors in 2008 during the collapse of Lehman Brothers structured notes. 2. Liquidity Risk: Structured products rarely trade in a secondary market. If you need to get out for any personal reason or because the market is crashing, your only option for an early exit is to sell to the original issuer, who may not give you a fair price or be willing to even buy it from you. 3. Inaccurate Pricing: Since structured notes don’t trade after issuance, the odds of accurate daily pricing are low. Prices are usually calculated by a matrix, which is different from net asset value. Matrix pricing is essentially a best-guess approach. And the original issuer does the guessing :) 4. Call Risk: For some structured notes, it’s possible for the issuer to redeem the note before maturity, regardless of the price. This means it’s possible that an investor will be forced to receive a price that’s well below face value. 5. Tax Risk: Investors may be responsible for paying taxes on structured notes, even if the note hasn’t reached maturity and the investor has not received any cash. Also, when sold, the proceeds may be taxed at the ordinary income rate, rather than at the more favorable capital gains rate. In addition to the above, one ends up paying 2.7% - 3% as fee (which is inbuilt in the product) for the issuer’s costs for selling, structuring, and hedging. So, great product for banks as this kind of fee is amazing. And not such a great one for investors.

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I am very delighted to share all of the Linkedin people that I have done Financial Modelling of Mahindra & Mahindra (M&M). This model includes the following contents: One page company profile Historical Financial statement Ratio analysis Forecasting Common size statement WAAC Intrinsic growth FCFF Relative valuation Dupont analysis Altman's Z score My special thanks to Parth Verma sir and The Valuation School. Disclaimer: This report is made as part of educational assignment and is meant for educational purpose only. The author of this report is not liable for any losses due to action taken basis on this report. It is advised to consult SEBI Registered Research analyst before making any investment. Source: Screener Yahoo Finance Equity Master Company's Annual report

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Is Equity research or investment banking in a KPO is worth ? Well the answer is mixed with few critical points - 1. Worklife balance is better or less worst in KPOs , compared to big investment banks . 2. Quality of work remains a long lasting challenge , as mostly it relates to data input , validation and some part relates to presentation as well. 3. Not all , but most of the KPOs generally cater to a small proportion of the overall client portfolio. 4. Client acquisition, maintenance and retention, remains a heavy challenge in KPOs, with number of clients being limited. 5. In my personal opinion, starting Equity or IB career from KPOs should be avoided as much as possible because either you would learn everything or nothing , and chances are equal. 6. Obviously KPOs provide a global exposure but that too upto a limited level. 7. Proving your excellence or getting the work as per your calibre remains a tuff task in KPOs and no way IB section of KPOs is compatible to IB section of investment banks. Opinions are purely personal. You may disagree and I respect them . #equityresearch #research #KPOs #linkedinforcreators

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📊Tata Steel's Interest Coverage Ratio (ICR) Journey 📈 Embark on a journey through 𝐓𝐚𝐭𝐚 𝐒𝐭𝐞𝐞𝐥'𝐬 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞 𝐑𝐚𝐭𝐢𝐨 (ICR) landscape, where numbers tell a tale of financial fortitude, strategic maneuvers, and market dynamics. From fluctuations in coverage ratios to the flow of financial resilience, Tata Steel's ICR journey unveils insights into its financial health and debt management strategies. Join the conversation as we dissect Tata Steel's ICR trends, exploring the factors influencing its performance and implications for the steel industry. Let's decode the numbers and uncover the story behind Tata Steel's financial resilience. #tatasteel #InterestCoverageRatio #financialanalysis #steelindustry #debtmanagement #linkedininsights #management #innovation #startup #finance #ratioanalysis #education #tatagroup

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Soft and hard commitments in Private Equity: Soft Commitments 1. Non-binding expressions of interest 2. Indicative of investor's willingness to invest 3. Typically made before fund launch 4. May include conditions (e.g., fund size, strategy) 5. Allow fund managers to gauge interest and build momentum 6. Can be subject to change or withdrawal Types of soft commitments: 1. Letter of Intent (LOI) 2. Memorandum of Understanding (MOU) 3. Indicative Term Sheet Hard Commitments 1. Binding agreements to invest 2. Legally enforceable 3. Typically made after fund launch 4. Include specific terms and conditions 5. Provide a more accurate picture of fund capital 6. May include conditions (e.g., closing date, minimum investment) Types of hard commitments: 1. Subscription Agreement 2. Investment Agreement 3. Limited Partnership Agreement (LPA) Key Differences 1. Binding nature: Soft commitments are non-binding, while hard commitments are legally enforceable. 2. Timing: Soft commitments precede fund launch, while hard commitments follow. 3. Specificity: Soft commitments are often vague, while hard commitments outline specific terms. Importance of Soft Commitments 1. Gauge investor interest 2. Build momentum 3. Inform fund strategy 4. Secure anchor investors Importance of Hard Commitments 1. Secure funding 2. Define investment terms 3. Establish investor obligations 4. Provide clarity on fund capital Challenges and Considerations: 1. Managing investor expectations 2. Balancing soft and hard commitments 3. Addressing conditional commitments 4. Ensuring compliance with regulations. Follow me Ujwal Kalanouria for such content. #PrivateEquity #Learning #FundAccounting

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Why Are All Investment Enthusiasts Opting For CFA in 2024 Hi LinkedIn community, The CFA (Chartered Financial Analyst) designation is gaining immense popularity, and for good reason. Here’s why so many professionals are pursuing this credential in 2024. First, the CFA designation is globally recognized and respected 🌍. With over 170,000 charterholders across 165 countries, it serves as a VIP pass to the financial industry worldwide. The 2008 financial crisis highlighted the need for trust in financial professionals 💼. The CFA program, with its rigorous curriculum and ethical focus, helps restore this trust. Employers view CFA charterholders as credible professionals committed to high ethical standards. In today's job market, having "CFA" after one's name provides a significant edge 🏆. Whether the focus is on investment management, equity research, or financial analysis, employers actively seek CFA charterholders. It opens doors to some of the most competitive roles in the industry. The complexity of financial markets is ever-increasing 📈. CFAs are equipped with extensive knowledge of financial markets, investment strategies, and risk management, making them the superheroes of finance who can tackle even the trickiest challenges. Moreover, CFAs are adept at staying ahead of the curve. With tighter regulations and a growing emphasis on sustainability, CFAs integrate Environmental, Social, and Governance (ESG) principles into investment strategies 🌱. This expertise is invaluable in today’s regulatory and sustainability-focused environment. Nick Polland of the CFA Institute notes that India currently has 3,500 charterholders. However, India is one of the largest candidate markets for the CFA program globally, with more candidates than the United States. As this talent pool expands, so does the job market. For those considering the CFA credential in 2024, a free counseling session could be the first step towards enhancing a finance career - fill in the form to avail the same! https://lnkd.in/eDMx-cZ9 #CFA #Finance #CareerGrowth #InvestmentManagement #ESG #FinancialMarkets #CFA2024 #ProfessionalDevelopment

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PRIVATE EQUITY IN INDIA: THE NEXT BIG THING! DID YOU KNOW? India's private equity market is expected to reach $150 billion by 2025! The market is growing at a staggering rate of 20% YoY! TOP FIRMS ARE EXPANDING THEIR INDIAN OPERATIONS! #KKR #Blackstone #JPMorgan CAREER BENEFITS Seems like coming year having alot Benefits,growth and opportunities Chance to work with top firms and influential leaders! ARE YOU READY TO TAKE THE LEAP? Share your thoughts and experiences in the comments below! Let's connect and explore the exciting world of private equity together! #PrivateEquity #India #CareerGrowth #JobOpportunities #Finance #Investment #GrowthMindset #linkdin #linkdinpost #linkdinnews

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Krsnaa Diagnostics - Blockbuster Results Re Rating to play out soon Valuations: Cheap compared to peers EV/EBITDA - 13 Q1FY25 REVA 22%-170 Cr EBITDA 39% - 44 Cr PATA 22%-18 Cr Aims to sustain the growth trajectory Growth Driver - Tap the growing under penetrated diagnostic market - Increase presence and expand existing infra - Scaling B2C vertical - Improving profitability with the centre maturing and operational efficiency

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From a valuation perspective the S&P index has still not crossed the P/E ratio that was witnessed at the start of 2022 and neither is close to what it was during the Dot.com phase. We can't make any big conclusions without considering a lot of other factors. The biggest difference between the 2022 start and present scenario is the 10 year treasury rate. Data source : Mike Zaccardi #valuation #growth #inflation #treasury #multiples #dotcom #bullrun

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ISB Debt Servicing from 2024-2038 under the Joint Working Framework * GDP threshold #1 (avg. GDP 2025-2027: $100Bn) * GDP threshold #2 (avg. GDP 2025-2027: $96Bn) * GDP threshold #3 (avg. GDP 2025-2027: $92Bn) * IMF baseline (avg. GDP 2025-2027: $88.6Bn) * Below IMF baseline #1 (avg. GDP 2025-2027: $86.7Bn) * Below IMF baseline #2 (avg. GDP 2025-2027: $84.7Bn)

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