Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

SmartRent Inc operates as an enterprise smart home automation company. The Company develops software and hardware that empowers property owners, managers, and homebuilders to manage, protect, and automate daily operational processes. SmartRent serves customers worldwide.

<ul><li>SmartRent is undergoing a strategic transformation toward a Software-as-a-Service (SaaS)-focused business model.</li><li>This shift is reflected in the growth of the company’s recurring SaaS subscriptions, which increased to 38% of total revenue in the fourth quarter, up from 19% in the previous year.</li><li>Annual recurring revenue (ARR) grew to $54.4 million, reflecting a year-over-year increase, and SaaS revenue showed a 17% increase during the same period.</li></ul>

SmartRent is undergoing a strategic transformation toward a Software-as-a-Service (SaaS)-focused business model.This shift is reflected in the growth of the company’s recurring SaaS subscriptions, which increased to 38% of total revenue in the fourth quarter, up from 19% in the previous year.Annual recurring revenue (ARR) grew to $54.4 million, reflecting a year-over-year increase, and SaaS revenue showed a 17% increase during the same period.

SmartRent Inc.: Is The Expansion of Recurring SaaS Revenue Expected To Last In These Tough Times?

Your Partner for Growth, Hybridan

Hybridan

Your Partner for Growth

Our passion is raising growth capital for exciting, fast growth companies that want to take their business to the next level. We raise capital for companies both listed and unlisted in the most efficient manner possible and pride ourselves as being one of the few consistently profitable broking firms in the City. This has been achieved through a highly disciplined approach when seeking to create both corporate and institutional relationships.

TMT Investments PLC is an investment company. The Company was formed to identify and acquire, or make and dispose of investments in the TMT Sector. TMT seeks to provide equity and equity-related investment capital, such as convertible loans, to private companies which are seeking capital for growth and development, consolidation or acquisition, or as a pre-IPO financing.

<ul>
<li>TMT manages a globally diversified IT investment portfolio of over 50 companies, focused primarily on Big Data/Cloud, Ecommerce, Edtech, Mobility, FinTech and SaaS (software-as-a-service).</li>
<li>These technologies are main growth drivers of the global economy.</li>
<li>Its finals to FY December 2024 reported a stable Net Asset Value (NAV) of $205.9m which is little changed from £208.1m (Dec 2023).</li>
</ul>


TMT manages a globally diversified IT investment portfolio of over 50 companies, focused primarily on Big Data/Cloud, Ecommerce, Edtech, Mobility, FinTech and SaaS (software-as-a-service).
These technologies are main growth drivers of the global economy.
Its finals to FY December 2024 reported a stable Net Asset Value (NAV) of $205.9m which is little changed from £208.1m (Dec 2023).


Hybridan Research: TMT Investments Plc: Stable and Steady...a Result

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Fortnox AB provides internet-based business software programs for office applications including accountancy, bookkeeping, payroll, and invoicing.

<ul>
<li>EQT and First Kraft’s SEK 90 per share bid values Fortnox at SEK 54.9 billion, offering a 38% premium and reflecting confidence in Fortnox’s high-growth, high-margin SaaS model.</li>
<li>Fortnox’s Board, supported by a fairness opinion, unanimously recommends the offer. Olof Hallrup’s 18.9% stake is committed, making competing bids highly unlikely.</li>
<li>The current gross spread is 4.36%, offering an estimated annualized return of 20.1% to arbitrage investors, assuming a purchase at SEK 86.24 and settlement by late June.</li>
</ul>


EQT and First Kraft’s SEK 90 per share bid values Fortnox at SEK 54.9 billion, offering a 38% premium and reflecting confidence in Fortnox’s high-growth, high-margin SaaS model.
Fortnox’s Board, supported by a fairness opinion, unanimously recommends the offer. Olof Hallrup’s 18.9% stake is committed, making competing bids highly unlikely.
The current gross spread is 4.36%, offering an estimated annualized return of 20.1% to arbitrage investors, assuming a purchase at SEK 86.24 and settlement by late June.


Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

1Spatial Plc is a business and technology consultant. The Company provides advisory services and distributes software solutions in the corporate performance management market.

<p>1Spatial has announced its third deal for its key 1Streetworks SaaS application, with Kent County Council (KCC). The deal is worth £0.5m over 12 months, further contributing to the company’s positive start to the year. Notably, through using 1Streetworks to review roadwork requests and reduce disruption, it is estimated a reduction of at least 40% in road closures could be achieved. Such a success rate should deliver a strong return on investment (ROI) for KCC as well as significant societal benefits. Consequently, while it is taking time and investment to penetrate the UK market with 1Streetworks, we continue to believe in the potential for this product to gain significant market share in the UK and materially enhance 1Spatial’s margin profile over time.</p>

1Spatial has announced its third deal for its key 1Streetworks SaaS application, with Kent County Council (KCC). The deal is worth £0.5m over 12 months, further contributing to the company’s positive start to the year. Notably, through using 1Streetworks to review roadwork requests and reduce disruption, it is estimated a reduction of at least 40% in road closures could be achieved. Such a success rate should deliver a strong return on investment (ROI) for KCC as well as significant societal benefits. Consequently, while it is taking time and investment to penetrate the UK market with 1Streetworks, we continue to believe in the potential for this product to gain significant market share in the UK and materially enhance 1Spatial’s margin profile over time.

1Spatial — Kent County Council adopts 1Streetworks

UiPath, Inc. provides software solutions. The Company designs and develops robotic process automation software to build, manage, run, engage, measure, and govern automations across departments within an organization. UiPath serves customers worldwide.

<ul><li>UiPath reported its fourth-quarter and full-year fiscal 2025 financial performance, marking several high and low points that are critical for investors to examine as they consider their future involvement with the company.</li><li>On the positive side, UiPath achieved a quarterly revenue of $424 million, with only a slight impact from foreign exchange fluctuations.</li><li>For the full fiscal year, revenue increased to $1.43 billion, reflecting a 9% improvement year-over-year.</li></ul>

UiPath reported its fourth-quarter and full-year fiscal 2025 financial performance, marking several high and low points that are critical for investors to examine as they consider their future involvement with the company.On the positive side, UiPath achieved a quarterly revenue of $424 million, with only a slight impact from foreign exchange fluctuations.For the full fiscal year, revenue increased to $1.43 billion, reflecting a 9% improvement year-over-year.

UiPath: A Tale Of Cloud Transition & SaaS Growth With An Astounding 98% Retention!

SaaS
Software as a Service (SaaS) Analysis

SmartRent Inc.: Is The Expansion of Recurring SaaS Revenue Expected To Last In These Tough Times?

SmartRent is undergoing a strategic transformation toward a Software-as-a-Service (SaaS)-focused business model. This shift is reflected in the...

Baptista Research

Hybridan Research: TMT Investments Plc: Stable and Steady...a Result

TMT manages a globally diversified IT investment portfolio of over 50 companies, focused primarily on Big Data/Cloud, Ecommerce, Edtech, Mobility,...

Hybridan

Cloud Control: EQT Logs In to Fortnox

EQT and First Kraft offer SEK 90 per share for Fortnox, reflecting confidence in high-growth SaaS model. Board recommends offer, making competing...

Jesus Rodriguez Aguilar

1Spatial — Kent County Council adopts 1Streetworks

1Spatial has announced its third deal for its key 1Streetworks SaaS application, with Kent County Council (KCC). The deal is worth £0.5m over 12...

Edison Investment Research

UiPath: A Tale Of Cloud Transition & SaaS Growth With An Astounding 98% Retention!

UiPath reported its fourth-quarter and full-year fiscal 2025 financial performance, marking several high and low points that are critical for...

Baptista Research

SmartRent Inc.: Is The Expansion of Recurring SaaS Revenue Expected To Last In These Tough Times?

SmartRent is undergoing a strategic transformation toward a Software-as-a-Service (SaaS)-focused business model. This shift is reflected in the...

Baptista Research

Hybridan Research: TMT Investments Plc: Stable and Steady...a Result

TMT manages a globally diversified IT investment portfolio of over 50 companies, focused primarily on Big Data/Cloud, Ecommerce, Edtech, Mobility,...

Hybridan

Cloud Control: EQT Logs In to Fortnox

​EQT and First Kraft offer SEK 90 per share for Fortnox, reflecting confidence in high-growth SaaS model. Board recommends offer, making competing...

Jesus Rodriguez Aguilar

1Spatial — Kent County Council adopts 1Streetworks

1Spatial has announced its third deal for its key 1Streetworks SaaS application, with Kent County Council (KCC). The deal is worth £0.5m over 12...

Edison Investment Research

UiPath: A Tale Of Cloud Transition & SaaS Growth With An Astounding 98% Retention!

UiPath reported its fourth-quarter and full-year fiscal 2025 financial performance, marking several high and low points that are critical for...

Baptista Research

EQT and First Kraft offer SEK 90 per share for Fortnox, reflecting confidence in high-growth SaaS model. Board recommends offer, making competing...