Hi guys, I recently analysed a very interesting company in EKI Energy. Unlike the name suggests, it isn’t an energy company per se but rather a carbon credit trading company, essentially, although the company had initially set out to provide environment advisory services.
I think the market is going gaga over the Company due to the ‘carbon credit’ catch phrase and dwelling over semantics. However carbon credits are basically a commodity which are even now trading over European indexes. The value of these credits are also highly correlated with the developing economies of the world.
Please note that the excel analysis is very back of the envelope and is more of a bull case scenario. I have decided to not invest in the Company primarily because I realised the two biggest fixed assets of the company are a BMW and Mercedes for which the promoter has taken a loan through the Company and hasn’t bothered paying off before getting listed in mid-2020. I do not want to pay for his luxuries. 
Please feel free to raise doubts or correct me where I am wrong. EKI Energy.xlsx (1.5 MB) EKI Energy.pdf (1.2 MB)
Valuation is done in the excel in the Profit & Loss sheet.