sed command help

Can anyone tell me what does the below sed command do?

Value=`grep 'hello world' filename | sed '/^.*=//'`

Correct me if anything is wrong in that command.

Please explain /^.*=/ ..

It searches for 'something=' in each line and removes it if it exists. 'something' can be anything or nothing.

So if a line was 'a=b hello world' it'd turn it to 'b hello world'.

I'm not really sure why it's there.