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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Strategy
GameChanger
Alchemy: IPL makes capital out of cricket, again. Even after ending one political
career and few corporate ones, IPL hasn’t lost its swing. It has inspired GameChanger,
our thematic product, to take another walk on the wild side (the last time being the
football world cup). In this issue, we look at this golden goose, the amount of money it
generates and winning prospects – we use a few of our tools to take a shot at the
performance of IPL-4 squads based on current form and past performance. A brief
snapshot of the note is below, but do enjoy the full report from our research desk.
IPL contract sizes soar: Inflation doesn’t spare IPL
The recent IPL auction saw contract rates soar almost 40-45% as the 10 franchisee’s upped their
bids for Indian talent. Past performers were rewarded as the likes of Gautam Gambhir and Robin
Uthappa bagged the most expensive contracts. In fact, the top 10 most expensive bids averaged
US$2 mn. Batsmen were the most sought after asset as only one bowler (Shane Warne) made it
into the top 10 list. The 10 highest paid bowler contracts averaged a relatively cheaper rate of
US$1.1mn while non-Indian players bagged an average of US$1.3 mn.
Past performers compensated: ‘Due diligence’ determined valuations
We find familiar comfort our jargon makes an appearance on the pitch—‘due diligence’ and ‘need
gap analysis’ being among the tools used by team managers during their selections and bidding. A
first glance at the IPL auction left observers stunned as newbies scored over regional iconic players
like Saurav Ganguly, Rahul Dravid and VVS, a closer look reveals that past performance played a
key role in the bias towards younger talent. Also, the bias towards batsmen in terms of fatter
packages could be justified by a simple statistic which shows 34 out of 56 ‘Man of the Match’
awards were awarded to batsmen last season.
Teams – A game of musical chairs
Some squads remain predominantly unchanged, while the likes of Kolkata Knight Rider’s have
seen a complete re-jig with the likes of Yusuf Pathan and Gautam Gambhir joining the team this
season. Chennai Super Kings and Mumbai Indian’s seem the strongest teams on paper and past
performance, though all 10 teams are quite close in terms of aggregate batting ability. This implies
a great season of Twenty20 ahead of us.
Our semi-finalists
Based on historical performance and current team strengths, our scoring methodology predicts
Mumbai Indians, Chennai Super Kings, Delhi Daredevils and Kings XI Punjab as the four favorites
for the tournament. Chennai Super Kings and Delhi Daredevils do score well on past performance,
but we note that Mumbai Indians move into the top four based on the strength of their line-up.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Strategy
GameChanger
Alchemy: IPL makes capital out of cricket, again. Even after ending one political
career and few corporate ones, IPL hasn’t lost its swing. It has inspired GameChanger,
our thematic product, to take another walk on the wild side (the last time being the
football world cup). In this issue, we look at this golden goose, the amount of money it
generates and winning prospects – we use a few of our tools to take a shot at the
performance of IPL-4 squads based on current form and past performance. A brief
snapshot of the note is below, but do enjoy the full report from our research desk.
IPL contract sizes soar: Inflation doesn’t spare IPL
The recent IPL auction saw contract rates soar almost 40-45% as the 10 franchisee’s upped their
bids for Indian talent. Past performers were rewarded as the likes of Gautam Gambhir and Robin
Uthappa bagged the most expensive contracts. In fact, the top 10 most expensive bids averaged
US$2 mn. Batsmen were the most sought after asset as only one bowler (Shane Warne) made it
into the top 10 list. The 10 highest paid bowler contracts averaged a relatively cheaper rate of
US$1.1mn while non-Indian players bagged an average of US$1.3 mn.
Past performers compensated: ‘Due diligence’ determined valuations
We find familiar comfort our jargon makes an appearance on the pitch—‘due diligence’ and ‘need
gap analysis’ being among the tools used by team managers during their selections and bidding. A
first glance at the IPL auction left observers stunned as newbies scored over regional iconic players
like Saurav Ganguly, Rahul Dravid and VVS, a closer look reveals that past performance played a
key role in the bias towards younger talent. Also, the bias towards batsmen in terms of fatter
packages could be justified by a simple statistic which shows 34 out of 56 ‘Man of the Match’
awards were awarded to batsmen last season.
Teams – A game of musical chairs
Some squads remain predominantly unchanged, while the likes of Kolkata Knight Rider’s have
seen a complete re-jig with the likes of Yusuf Pathan and Gautam Gambhir joining the team this
season. Chennai Super Kings and Mumbai Indian’s seem the strongest teams on paper and past
performance, though all 10 teams are quite close in terms of aggregate batting ability. This implies
a great season of Twenty20 ahead of us.
Our semi-finalists
Based on historical performance and current team strengths, our scoring methodology predicts
Mumbai Indians, Chennai Super Kings, Delhi Daredevils and Kings XI Punjab as the four favorites
for the tournament. Chennai Super Kings and Delhi Daredevils do score well on past performance,
but we note that Mumbai Indians move into the top four based on the strength of their line-up.
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