Buy-side Research

Maxim’s Buy-side Research provides end-to-end research support to buy-side clients such as hedge funds, family offices, private equity & venture capital firms and other asset management companies. We work with clients across the entire lifecycle spanning across capital raising phase to steady state investment phase. Maxim provides research support across asset classes viz. Equities, Fixed Income, structured products and FX etc. across both developed and emerging markets.

Hedge Funds
Maxim works with hedge funds across the entire life cycle spanning from capital raising phase to steady state investment phase. Maxim provides research support across both equities and fixed income and provides alpha generating investment opportunities on both long and short side.

The services targeted at Equity and Fixed Income hedge funds are provided below:

Equity Long/Short Hedge Funds
⇒ Financial Modeling & Valuation Analysis (DCF, LBO, Sensitivity Analysis)
⇒ Equity Comps (Comparable Companies Analysis)
⇒ Analyze & Screen Securities & Provide Alerts
⇒ New companies research
⇒ On-going Portfolio companies review
⇒ Sector/Thematic Research
⇒ News Tracking & Monitoring
⇒ Analyst Recommendation Summaries

Fixed Income/Credit Hedge Funds
⇒ Financial Modeling
⇒ Debt Comps and Peer Group Analysis
⇒ Cash Flow Modeling
⇒ Covenant & Indenture Analysis
⇒ Capital Structure & Leverage Analysis
⇒ Rating Analysis and Risk Profiling
⇒ New Issue Notes
⇒ On-going Portfolio companies review
⇒ Sector/Thematic Research

Asset management companies

Maxim provides research support to asset management companies both in terms of on-going portfolio surveillance as well as identifying new investment opportunities. The research support provided is listed below:

⇒ Working model on portfolio stocks
⇒ Quick quarterly earnings analysis and detailed quarterly earnings notes of portfolio companies
⇒ Detailed quarterly earnings note of portfolio companies
⇒ Preparatory notes for a company for Q&A with management
⇒ Comparable tables on public companies
⇒ Company report with basic financial model
⇒ High level pre IPO valuation for investment decision
⇒ Tracking analyst and Bloomberg estimates on portfolio companies
⇒ Summary company report summarising analyst reports
⇒ Building stock screens for short listing equities in sectors/geographies
⇒ Debt Comps and Peer Group Analysis
⇒ Financial modelling including DCF. LBO, Credit Capital Structure/Covenant/Cash flow modeling.

Sell-side Research

Maxim's Sell-side Research is primarily targeted at independent research providers, investment banks and brokerage firms researching global bonds and stocks across market capitalizations (large, midcaps and small/micro caps). Maxim's unique selling proposition is providing differentiated independent research across asset classes (equity, fixed income) and identifying contrarian calls both on long and short side.

The range of services in Equity Research include:

Company and sector research support
⇒ Tracking the coverage universe for news and views
⇒ Company initiation reports
⇒ Earnings previews and reviews
⇒ End-to-end modeling
⇒ Building and maintaining industry comp sheets
⇒ Sector thematic reports
⇒ Publication of periodicals
⇒ Event updates
⇒ Channel checks

Equity Strategy support
⇒ Conceptualize research ideas
⇒ Identify themes and build strategy templates
⇒ Maintain quantitative models and scorecards

The range of services in Fixed Income include:

Credit Research
⇒ Research on both high-yield and high-grade bonds and convertibles
⇒ Sector and Thematic research reports
⇒ Financial Modeling
⇒ Capital Structure, indenture and collateral analysis
⇒ Credit strategy formulation
⇒ Trade idea generation

Foreign Exchange & Economics Research
⇒ Macroeconomic research
⇒ Quantitative research
⇒ Periodical reports covering important news, strategy
⇒ Design and generate economics-related indices
⇒ Maintain databases to track macro variables and major releases/events
⇒ Periodicals on macro variables and market indicators

Maxim follows four pillared framework while tracking a stock:

1. Fundamental View - Measures the company growth prospects, company's positioning within the industry, overall competitive dynamics. Also assesses earnings risk by analyzing leading indicators of earnings slow down such and/or spotting Earnings Management techniques.
2. Valuations View - Measuring the extent of over-valuation or under-valuation of stock on absolute basis and on relative basis with respect to peers and its own historical performance. This is measured factoring in the operational performance of the stock under review.
3. Technical View - Measuring how the stock fares based on the technical indicators (both short term and long term).
4.Scuttlebutt View - In addition to the above metrics, Maxim employs Philip Fisher's Scuttlebutt approach to research the company by tracking the company's customers, suppliers and its competitors.

Engagement models:

1. FTE (Full Time Equivalent) Model: In a dedicated FTE model, we provide sectoral support as well as Equity strategy support to the sell-side clients. As a part of this arrangement a dedicated analyst is assigned to the client engagement.
2. Project based model: Under Project based model, we provide bespoke research services customized to the client's needs.

IB and PE Support

Maxim’s IB and PE Support segment provides support in data collection, and analysis to the Investment Banking and Private Equity professionals.

Investment Banking (IB):

Following is a list of services we provide in IB

   M&A Support
   ⇒ Target screening and identification
   ⇒ Company and sector profiles
   ⇒ Due diligence support
   ⇒ Financial modeling
   ⇒ Public comps analysis
   ⇒ Precedent transaction analysis
   ⇒ Capital structure analysis
   ⇒ DCF and LBO modeling
   ⇒ Merger modeling - Control and Synergy analysis
   ⇒ Information memorandums

   Equity Capital Markets (ECM)
   ⇒ Public comps analysis
   ⇒ Precedent transaction analysis
   ⇒ Capital structure analysis
   ⇒ IPO modeling and Valuation
   ⇒ Company and Sector report

   Debt Capital Markets (DCM)
   ⇒ Debt and capital structure and covenants analysis
   ⇒ Credit quality and rating analysis
   ⇒ Liquidity and leverage analysis
   ⇒ Newsletters

   Valuation Advisory Services
   Tax Valuation
   ⇒ 409A Valuation (Stock Options) or equivalent
   ⇒ S-Corp Election (IRC1374)
   ⇒ NOLs & Built in Gains (IRC382)
   ⇒ Business valuation

   Financial reporting Valuation services
   ⇒ Purchase Price Allocations (ASC 805)
   ⇒ Goodwill Impairment (ASC 350)
   ⇒ REIT Valuation

   Transactional Valuation
   ⇒ Fairness Opinion – Merger & Acquisitions

Private Equity (PE) :

Maxim works closely with private equity firms providing research support across the entire deal life cycle spanning from pre-transaction to post transaction support.

   1. Pre-Transaction support

   ⇒ Hypothesis testing and market analysis: Testing the investment hypothesis through in-depth research & analysis.
   ⇒ Deal sourcing/Short-listing targets based on custom filters: Screening companies based on filters such as geography, revenue/assets, profitability trends, market
      position, growth plans and corporate structure/governance.
   ⇒ Profiling identified companies: Creating detailed company and sector profiles of identified targets which facilitate next steps in the investment process.
   ⇒ Continuous market monitoring: Covering important events and news and analysis within the countries, sector or companies of interest.
   ⇒ Preparing reports such as Investor Memoranda & Presentations etc.

   2. During Transaction support

   ⇒ Due diligence support: Detailed business & financial due diligence on target companies including forensic checks on financial statements, business practices,
      corporate governance etc.
   ⇒ Financial modeling for the deal: Financial modeling (DCF, LBO etc) for the deal & helping build the business case
   ⇒ Valuation support based on "Comps": Detailed valuation benchmarks and price discovery in case of privately held companies.
   ⇒ Industry Landscaping & Profiling

   3. Post Transaction support
   ⇒ Building & tracking target performance through dashboards:
     Building and ongoing monitoring of target performance through executive dashboards of portfolio companies, commitment committee materials.
   ⇒ On-going deal support:
     Data normalization, due diligence, scenario planning and valuation support when the target company releases internal data

Customized Research

Maxim provides various related services to Coporates (CFO office), Advisory firms, and Research Industry.

The services include:
⇒ Business Research and Consulting Services
⇒ Data Aggregation
⇒ Database Maintenance
⇒ CFO support
⇒ Investor Relation Services
⇒ Sponsored Research
⇒ Financial Modeling
⇒ Credit Analysis, Risk Analytics, Regulatory Compliance and reporting
⇒ ESG Research