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.

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

Underwriting Potential Deals :
Development Research
⇒ Real Estate Mapping on Google maps and Landvis
⇒ Municipal taxes and fees research
⇒ Rent Roll and NOI research using RedIQ
⇒ Rent Comps and Land Comps Analysis on Costar
⇒ Zoning Analysis
⇒ Data arrangement on online platforms like Workfront

Real Estate Financial modelling

⇒ Arranging the Development research data in the model
⇒ Calculating Return on Capital and Cash requirements
⇒ Deal analysis and Compatibility
⇒ HUD Loan Compatibility

Leads Research

Primary Research

⇒ Finding potential vacant lands for Real Estate Development
⇒ Land owners research by Landvision and Google search
⇒ Land analysis by Buildable acreage, Zoning, Flood area, Noise analysis, Land price etc

Leads Analysis

⇒ Arranging Leads according to Sub-markets
⇒ Comparing the Leads as per Land price and other features of Land
⇒ Analysing the best leads to develop in the particular submarket
⇒ Storing Leads information on Insightly

Real Estate Data Management

⇒ Managing Monthly Reports and Files on Workfront
⇒ Saving and Updating Deals Data on Google Drive
⇒ Managing Leads Data on Insightly
⇒ Collecting Near future Offering memorandums, properties’ historical statements, Rent roll and Periodic Data analysis on RedIQ
⇒ Arranging Landowners information, potential Investors list on Google sheets and Excel
⇒ Periodic Data update and Data analysis

Market Research

⇒ Finding the High rents and high profit markets for Real Estate Development
⇒ Economic and Demographic Research of particular market using Costar
⇒ Customer buying behaviour and asking rent research
⇒ Land price and Land assessment research on Municipal Websites
⇒ Analysing Current Real Estate projects Pipeline and Upcoming plans for businesses coming in particular Market

Business Research :
Business Growth Support
⇒ Financial Modeling
⇒ Preparation of Business Plans
⇒ Start-up Modeling Support
⇒ Market studies on identified opportunities
⇒ Industry and PEST analysis
⇒ Business and Economic studies
⇒ Management reports and Publishing support

Competitive Intelligence

⇒ Industry and Technology trends
⇒ End-user industry analysis
⇒ Tracking key customers
⇒ Industry scorecards
⇒ Competitive benchmarking
⇒ Primary research including on-the-ground support
⇒ SWOT analysis

Data Management/Aggregation

⇒ Data Aggregation
⇒ Data Maintenance and updating internal database
⇒ Analytics support using ‘R’ in areas of Customer Analytics, Operations Analytics and Sales& Marketing Analytics

Accounting/Bookkeeping

⇒ Data maintenance and updating the internal database
⇒ Bookkeeping accounting services
⇒ Updating of monthly trackers/ Excel files
⇒ Data extraction of accounting terms into client database

Other Research Services

⇒ Credit Analysis and Risk Analytics
⇒ Regulatory Compliance and Reporting
⇒ Cryptocurrency/Blockchain Research
⇒ ESG Research