Nikhil Bhauwala, CFA
Small & Mid-Cap Equities · Technology · Healthcare · Critical Metals · Mining · Clean Energy
Nikhil Bhauwala, CFA, is the founder of Alliance Equity Research, where he leads equity research, financial modeling, valuation, and company analysis across public markets, with a particular focus on undercovered companies and businesses that require detailed fundamental and industry analysis. Before founding Alliance Equity Research, he worked as a senior investment research analyst at an investment bank, evaluating opportunities across public and private equity markets. His work combines bottom-up company research with operating-driver forecasts, scenario analysis, financial statement modeling, and valuation. He holds an MBA in Finance and is a CFA charterholder.
Research Reports
ASML Holding N.V.
ASML
A Near-Monopoly Lithography Franchise Powering Global Semiconductor Supply Chain with EUV Dominance and High-NA Optionality
Initiation coverage examining EUV leadership, High-NA optionality, DUV economics, installed-base services, competitive moat, semiconductor demand drivers, valuation summary, and key risks.
Dexcom, Inc.
DXCM
Dominant CGM Franchise Leveraging Technology, Coverage Expansion, and Consumer Tailwinds to Sustain Multi-Year Growth
Initiation coverage examining CGM market leadership, product strategy, reimbursement expansion, recurring sensor economics, international growth, valuation summary, and key risks.
Authored Insights
Mining & Critical MineralsNextSource’s $30 Million Japanese Investment Highlights the Valuation Gap Between Critical-Mineral Projects and Their Developers
Hanwa and Japan’s JOGMEC are investing $30 million for 15% of NextSource Materials’ Abu Dhabi battery-anode project, implying a $200 million project-level valuation. That is several times NextSource’s public-market value, but the comparison also exposes the financing, execution and dilution still required before project value can translate into equity value.
Mining & Critical MineralsSouth Crofty’s Tin Economics Have Changed Dramatically, but Cornish Metals Still Has a $161 Million Financing Test
Tin prices near $54,000 per tonne have lifted Cornish Metals’ estimated South Crofty NPV from £180 million to roughly £550 million, while construction continues toward mid-2028 production. But $215.8 million of bond proceeds remain trapped in escrow until the company completes at least $161 million of equity financing, making capital structure rather than commodity economics the project’s immediate constraint.
Mining & Critical MineralsCritical Minerals Are Forcing Aerospace to Rethink Materials, but Substitution Has Limits
Aerospace suppliers are testing alternatives to rare-earth-dependent coatings as China’s dominance in critical-mineral production and processing keeps supply-chain risk elevated. Substitution can reduce exposure in selected applications, but it does not solve the wider problem of concentrated refining and component supply.