Distinguishing Secular Trends from Cyclical Waves in Indian Equities

Imagine you are reviewing the quarterly performance of a major Indian auto-ancillary manufacturer. The company reports a sharp dip in operating margins, which your colleague immediately attributes to a structural loss of...

Valuing Deep-Cyclical Firms: Beyond Price-to-Earnings Multiples

Imagine you are drafting an initiating coverage report on a major Indian integrated steel manufacturer. As you build your discounted cash flow (DCF) model, you notice that the company’s current earnings are at a...