Given the information that has come out on the demerger, is it possible to know what would happen to the existing share holders of Allsec ?
Is there any value creation in their demerger? if any one is tracking, please share your view on it
Yes, it has an IT business under it whose revenue and net profits should be valued at much higher multiples than workforce management business
very informative video by SOIC on company
Initiating coverage report on Corp by Antique with target of Rs 1000 (25 PE on FY 27 EPS)
no discussion on impact of Tax issue 80JJAA which can impact margin by 20%.
Antique_Initiating_Coverage_on_Quess_Corp,_with_50%_UPSIDE_Improving.pdf (938.1 KB)
Quess Corp | Financial Results
Quess Corp | Management Interview
- Q4 will be slightly muted
- Will end the year with double-digit revenue & EBITDA growth’,
- Expect to get the final regulatory approval for the demerger in Q4
Watch Management interview - https://youtu.be/CsjhfIKJ6f0
Quess Corp | Fairbridge Capital (Mauritius) Limited
Fairbridge Capital (Mauritius) Limited, Promoter (A subsidiary of Fairfax Financial Holdings Limited) has purchased ~3.77L equity shares of the Company
EDIT:
Also acquired by Isaac
Quess Corp | KYC
Watch the interesting video here
Intimation of Record Date for the demerger of the Company i.e. Tuesday, 15th April, 2025
For the purpose of determining the cost of acquisition of equity shares of the Quess, Digitide and Bluspring (post demerger), the apportionate cost of acquisition was published by Quess. It will be in the following manner:
Exchange Link - Cost of Acquisition Notification
Any views on how to calculate the value of the new Quess Corp??
Listing date announced for Digitide Solutions Limited and Bluspring Enterprises Limited.
Effective from Wednesday, June 11, 2025, the equity shares of Digitide Solutions Limited and Bluspring Enterprises Limited shall be listed and admitted to dealings on the Exchanges.
Wondering if there is any management presentation or issued document or concall transcript in which we get clarity on financial numbers (like revenue, EBIDTA, PAT, debt etc.) for three separate entities to evaluate at standalone level each of them - as each is separately listed.
Thanks in advance, if any fellow VP member can help on this plz.
Bluspring financial numbers & business info - https://bluspring.com/wp-content/uploads/2025/05/Information-Memorandum-1.pdf
Digitide - https://digitide.com/wp-content/uploads/2025/06/Information-Memorandum.pdf
TLDR - Bluspring was loss making as of 11 months in 2025 (Feb-Dec). Digitide had a PAT of 130 cr during the same period.
From the Bluspring financial numbers & business info - https://bluspring.com/wp-content/uploads/2025/05/Information-Memorandum-1.pdf, I derived some stats that needs more deep diving. E.g.
- Goodwill in Assets of 386 Cr, pretty high figure of almost 25% of balance sheet, past aquisitions are coming home to roost?
- Receivables of 491Cr (billed) & 310Cr (unbilled) = 801Cr seems to be very huge compared to only 35Cr of Payables. Aging of receivables need to be confirmed.
- 107Cr borrowing might be fine, but other financial liabilities of 327Cr seems to be huge. What are these?
- Goodwill writeoff 150Cr is huge and resulted in loss
- Due to receivables position operating cash flow was negative 83Cr
Assets:
Liabilities:
Cashflow:
I am not saying these are indicators of RED flags, but need more explanation on why these figures are like this. Hoping a management call after Q4 results will answer many of these.
Here’s a comparative analysis of Bluspring Enterprises Limited and Digitide Solutions Limited based on their FY 2023-24 financials:
Key Financial Metrics Comparison
| Metric | Bluspring Enterprises | Digitide Solutions |
|---|---|---|
| Revenue (₹ Mn) | 26,820.66 | 25,362.06 |
| Profit After Tax (₹ Mn) | -1,558.78 | 1,392.26 |
| EPS (₹) | -10.24 | 8.20 |
| Net Asset Value (₹ Mn) | -1,268.25 | 8,363.93 |
Visual Comparison
Insights:
- Revenue: Both companies have similar revenue levels, with Bluspring slightly ahead.
- Profitability: Digitide is profitable, while Bluspring reported a significant loss.
- EPS: Digitide has a positive EPS, indicating earnings per share, whereas Bluspring has a negative EPS.
- Net Asset Value: Digitide has a strong NAV, while Bluspring shows a negative NAV, indicating potential financial stress.
For Bluspring, I would add back the ~162 cr of exceptional items. They are one-time, non-cash expenses.
PBT before exceptional items: 12.5cr.