power finance reviews

Power Finance Corporation (PFC) will raise

$1 billion through a follow-on-public offer (FPO) which is the first divestment by the Government for FY12.Note the government of India has set a target to raise $9 billion through divestment of public sector (PSU) companies stocks.PTC India Financial Services another company operating in the same segment offering finance to power generation companies came out with an IPO.Despite advantages of growth,a good business model in India’s booming Energy Sector,the valuation of the company had been kept too high leading to 20-30% losses from the IPO price.However PFC does not have a high valuation trading for around 9-10x P/E which is comparable to the competitors like REC.However the valuation is not very low also keeping in mind the rising interest rate environment which is making life tough for the Indian Banks and financial intermediaries.

Price Band,Dates and Offer Size of Power Finance Corporation

PFC price band has been set at Rs 193-203 per share with a discount of 5 per cent in the issue price to retail investors and eligible employees. The FPO will opens on May 10 and close on May 13 with institutional bidders able to bid till 12 May only. It comprises a fresh issue of 17.2 crore shares and an offer for sale of 5.7, crore shares by the government.The government is divesting 5 per cent of its stake in the public sector company. The government first sold off a 10 % stake through IPO in March 2007 which relieved a huge response.

Pros and Cons of Power Finance Corporation (PFC)

1) Leading Position as a Strategic Organization in the Power Sector– Company has played a strategic role in, the GoI’s initiatives for the promotion and development of the power sector in India for more than two decades.Acted as the nodal agency for the UMPP and the R-APDRP and as a bid process coordinator for the ITP scheme.The company has management significant experience in the power sector and the financial services industry.

2) Financial and Business Model – The Financial of the company are quite good though lower than REC and other.The Net Margin at more than 25% for the last 5 years is also quite good.The company has seen a profit of Rs 8000 crores with Rs 2250 crore of profit in FY 2010.

3) Growth – The company has been growing at a rapid pace since inception.Total loans increased from 35581 crores in 2006 to 921,18 crores in 2010 with a CAGR of 22.6% .The revenues and profits have also grown at a comparable aboe 20% CAGR.

4) Power Industry Attractiveness – The current revised capacity target for the 11th Plan is 78,700 MW. A tentative capacity addition of approximately 100,000 MW has been envisaged for the 12th Plan. The total fund requirement to achieve the 11th Plan target was estimated as `10,316.00 billion. Similarly, the total fund requirement to achieve the targeted capacity addition under the 12th Plan is estimated at `11,000.00 billion.

5) Navratna and non-deposit taking systemically important NBFC (“NBFC”) IFC by RBI – The company is registered with the RBI as a non-deposit taking systemically important NBFC (“NBFC”) and were classified as an IFC in July 2010. We believe that our NBFC and IFC classification enables us to effectively capitalize on available financing opportunities in the power sector in India. In addition, as a government-owned NBFC, loans made by us to Central and State entities in the power sector are currently exempt from the RBI’s prudential lending (exposure) norms that are applicable to other non-government owned NBFCs

a) It is entitled to lend up to 25% of its owned funds to a single borrower in the infrastructure sector, compared to 20%

of owned funds by other NBFCs that have not been granted IFC status.

b) It is also eligible to raise ECBs up to 50% of owned funds without prior RBI approval.

c) It can raise capital through issuance of infrastructure bonds at comparatively lower yields, as holders of such bonds are entitled to tax benefits

6) Focus on Renewable Energy – Solar Power in India is expected to grow rapidly even as Wind Power in India has already become the 5th largest sector in the world.PFC is establishing a separate division to concentrate on this fast growing renewable energy sector.

1) High Exposure to small number of Customers and Electricity Sector– PFC has almost 35% of its loans made to 5 customers which makes it vulnerable to a collapse of a major customer.Electricity Sector in India is looking like a Bubble as well (for the short term at least) as every Tom,Dick and Harry enters the power sector in India.Building a thermal power plant has become the latest hobby amongst every business group.This has already led to problems of merchant price crashing and coal prices skyrocketing.

2) Higher Interest Rate Spread and Margins will come down – PFC has had it higher interest spreads under pressure due to rising interest rates as RBI throws in the kitchen sink to fight double digit inflation

3) Competition Rising in the Power Finance Sector – The company is facing increasing competition with a number of public sector infrastructure finance companies, public sector banks, private banks (including foreign banks), financial

institutions and other NBFCs entering the sector

Power Finance Corp Valuation

Power Laws in Economics and Finance

NBER Working Paper No. 14299

Issued in September 2008

A power law is the form taken by a large number of surprising empirical regularities in economics and finance. This article surveys well-documented empirical power laws concerning income and wealth, the size of cities and firms, stock market returns, trading volume, international trade, and executive pay. It reviews detail-independent theoretical motivations that make sharp predictions concerning the existence and coefficients of power laws, without requiring delicate tuning of model parameters. These theoretical mechanisms include random growth, optimization, and the economics of superstars coupled with extreme value theory. Some of the empirical regularities currently lack an appropriate explanation. This article highlights these open areas for future research.

Power finance reviews

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w14299

PowerWallet Review 2017 – Simple Online Money Management

Power finance reviews

Review of: PowerWallet

Reviewed by: Kevin Mercadante

Last modified: August 9, 2017

Power finance reviews

PowerWallet is a personal finance planning tool is excellent for budgeting, managing all your accounts and reaching future goals -- all at a glance.

The budgeting platform field is starting to get crowded, but there is a relative newcomer to the pack. It’s called PowerWallet, and it seems to be coming on strong and drawing attention. It’s a online money management tool that’s simple enough for everyone.

PowerWallet may or may not be the right budgeting platform for you, but the variety of such platforms is proving there’s a money management system available for whatever your needs are.

If you’re looking for a very simple, but safe, money and budgeting service, PowerWallet could be perfect for you!

PowerWallet came into existence in 2012, though the idea for the application was actually hatched in 2008. It was the brainchild of Howard Dvorkin, a man with decades of financial expertise.

He saw the way people (especially families) were struggling with the poor economy of the Great Recession, and decided to create an easy to use application that would benefit ordinary people.

He teamed up with Bob Sullivan, who’s also something of a financial expert but more from the technical side. The two put together a budgeting program in the mold of Mint.com, and other budgeting platforms.

PowerWallet describes itself as an “invaluable, personal financial planning tool. It’s a program to help everyday people rebuild and secure their finances not just during a time of economic crisis, but for years to come”.

PowerWallet has established a single platform from which you can manage your bank accounts, investment accounts, expenses, cash flow, and budgeting.

It’s easy to sign up — all you need is to provide your email address, create a password, enter your ZIP code, and you’re in. You can start adding accounts immediately, and no fees are required.

Power finance reviews

It works with a four-step process:

  1. Add all your accounts in one central place.
  2. Create budgets & track your spending.
  3. Set up bill alerts & never pay late fees again.
  4. Gain personal financial insight & meet your goals.

The system analyzes your expenses and shows how you’re spending your money, which enables you to create a workable budget. Once your budget is established, the platform will alert you in the event you go over budget. It will also make recommendations that will keep you on track with your overall financial plan.

The service also provides a calendar that will show your daily activities, as well as provide you with reminders of upcoming bills that need to be paid.

Bonus Feature: Discounts! Based on your interests and spending patterns, PowerWallet will also alert you to discounts that are available based on your specific financial needs. Some are offered directly through the site, and offer printable coupons. Since your spending patterns are evident, it will be able to offer discounts that you can use, rather than a bunch of bogus offers for products and services you don’t need.

PowerWallet is also set up for mobile applications. You can access the platform from your smartphone’s browser, and it is preparing to release an app for both iPhone and Android.

If you are interested in a steady stream of financially relevant articles, PowerWallet has its own blog, called PowerBlog.

Though the articles typically don’t deal specifically with issues related to PowerWallet itself, they can provide topics that can help engage you in personal finance. That can be important if you’re new to the concept of budgeting and need both additional incentives and information.

Power finance reviews

Security is a major concern today, and there would naturally be a strong desire to be certain that a platform that contains all of your financial information is completely safe and secure. Security is therefore built into the system.

PowerWallet it is a read-only product and doesn’t store any of your data, while it uses 256-bit SSL encryption. In addition, no one can transfer or remove funds. The system is monitored by security powerhouses such as McAfee, VeriSign and Truste, and offers maximum protection against a variety of threats including identity theft, viruses and spyware.

Also, PowerWallet vows it will not sell or distribute your personal and confidential information “at any time, for any reason”.

Overall the platform is easy to use and easy to navigate. It seems to live up to its promises of being a one-stop site for all of your financial management needs. Still, there are couple of issues you might be concerned about.

The platform was established only last year, which could be a bit of a concern considering the amount of financial information that you’ll be trusting to the site. Though it isn’t apparent, there can be glitches in the system that will come out as time goes on.

This is more personal preference than anything else. I tend to prefer systems that have some miles behind them, that way it‘s had time to make mistakes, and then straighten them out. A year or so in existence just seems a little bit lean to me.

The other concern is that the site is simple, as in really simple. From a user standpoint, that is a major advantage. However, it doesn’t seem it’s possible to get all the information you might need.

For example, I found nothing on the site that indicated any kind of fee structure. And when I entered my question in the search bar, it took me to a series of about a half a dozen articles that have nothing to do with PowerWallet fees.

My final conclusion is that there are no fees, based on the fact that the site does not specifically mention any, and on the fact that I have not been charged as a result of signing up. Still, it’s a bit of a tough way to learn something so basic.

But overall, PowerWallet looks like it’s a winning addition to the growing cast of financial management platforms.

Have you used PowerWallet? What was you experience?

Finance Ratings And Reviews J D Power

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