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

Oracle Corporation supplies software for enterprise information management. The Company offers databases and relational servers, application development and decision support tools, and enterprise business applications. Oracle's software runs on network computers, personal digital assistants, set-top devices, PCs, workstations, minicomputers, mainframes, and massively parallel computers.

<ul><li>Oracle Corporation's recent earnings for the second quarter of fiscal year 2025 highlighted a strong performance driven by significant growth in their cloud services segment.</li><li>Total revenue reached $14.1 billion, reflecting a 9% increase from the previous year, while non-GAAP earnings per share were reported at $1.47, marking a 10% growth year-over-year.</li><li>Such results slightly surpassed expectations, given the challenging currency fluctuations owing to a strengthening U.S. dollar.</li></ul>

Oracle Corporation's recent earnings for the second quarter of fiscal year 2025 highlighted a strong performance driven by significant growth in their cloud services segment.Total revenue reached $14.1 billion, reflecting a 9% increase from the previous year, while non-GAAP earnings per share were reported at $1.47, marking a 10% growth year-over-year.Such results slightly surpassed expectations, given the challenging currency fluctuations owing to a strengthening U.S. dollar.

Oracle’s Astonishing SaaS Expansion Promises to Catapult Stock Prices! - Major Drivers

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

Thematic (Sector/Industry)

<ul><li>Below we highlight some tips and takeaways from VRS Team’s engagement in valuation assignments with regard to SaaS startup companies in Europe and North America.</li><li>The order of presentation is random and by no means there is an aim to exhaust the particular subject via this note.</li><li>The startup company is important to fully demonstrate the following: A clear and transparent business model, in relation to what it offers to the customer, how it sells the product or service, and how it generates income.</li></ul>

Below we highlight some tips and takeaways from VRS Team’s engagement in valuation assignments with regard to SaaS startup companies in Europe and North America.The order of presentation is random and by no means there is an aim to exhaust the particular subject via this note.The startup company is important to fully demonstrate the following: A clear and transparent business model, in relation to what it offers to the customer, how it sells the product or service, and how it generates income.

Valuing Software Startups in Europe and North America

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jst-group" target="_blank" data-smartkarma-citation="entities:39885:1" rel="noopener">JST Group (1703609D CH)</a> is looking to raise up to US$100m in its upcoming Hong Kong IPO.</li>
<li>It is China’s largest and most popular e-commerce SaaS ERP provider to facilitate the connection of merchants with over 400 e-commerce platforms in China and across the world.</li>
<li>In this note, we look at the firm's past performance.</li>
</ul>



JST Group (1703609D CH) is looking to raise up to US$100m in its upcoming Hong Kong IPO.
It is China’s largest and most popular e-commerce SaaS ERP provider to facilitate the connection of merchants with over 400 e-commerce platforms in China and across the world.
In this note, we look at the firm's past performance.


JST Group Pre-IPO: Growing Rapidly but with Some Accounting Red Flags

CDW Corporation of Delaware provides information technology products and services. The Company offers hardware, software, computer peripherals, cloud computing, mobile devices, network communication, and security solutions. CDW serves business, government, education, and healthcare customers throughout North America.

<ul><li>CDW's third-quarter performance in 2024 highlighted both challenges and areas of resilience amidst a tough market landscape.</li><li>The financial results show mixed signals with some underwhelming outcomes paired with areas of growth indicating a complex operational environment.</li><li>Gross profit amounted to $1.2 billion, marking a 2% decline from the previous year, while net sales decreased by 3.5% on an average daily sales basis to $5.5 billion.</li></ul>

CDW's third-quarter performance in 2024 highlighted both challenges and areas of resilience amidst a tough market landscape.The financial results show mixed signals with some underwhelming outcomes paired with areas of growth indicating a complex operational environment.Gross profit amounted to $1.2 billion, marking a 2% decline from the previous year, while net sales decreased by 3.5% on an average daily sales basis to $5.5 billion.

CDW Corporation: Enhanced Cloud and SaaS Focus Driving Our Optimism! - Major Drivers

Varonis Systems, Inc. designs and develops data security software solutions. The Company offers data management systems to organize, manage, and protect unstructured and semi-structured data such as documents, spreadsheets, presentations, media files, and other business data. Varonis Systems operates worldwide.

<ul><li>Varonis Systems, Inc., a premier provider of data security and analytics software, has provided an extensive insight into its operational and financial achievements along with its ongoing strategic initiatives in the third quarter of 2024.</li><li>Continued evolution towards a SaaS-based model and the introduction of new Managed Data Detection and Response (MDDR) services, alongside early impacts from generative AI, delineate a transformative phase for the company.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Varonis Systems, Inc., a premier provider of data security and analytics software, has provided an extensive insight into its operational and financial achievements along with its ongoing strategic initiatives in the third quarter of 2024.Continued evolution towards a SaaS-based model and the introduction of new Managed Data Detection and Response (MDDR) services, alongside early impacts from generative AI, delineate a transformative phase for the company.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Varonis Systems Inc.: Expansion of SaaS & MDDR Offerings To Up The Ante! - Major Drivers

SaaS
Software as a Service (SaaS) Analysis

Oracle’s Astonishing SaaS Expansion Promises to Catapult Stock Prices! - Major Drivers

Oracle Corporation's recent earnings for the second quarter of fiscal year 2025 highlighted a strong performance driven by significant growth in...

Baptista Research

Valuing Software Startups in Europe and North America

Below we highlight some tips and takeaways from VRS Team’s engagement in valuation assignments with regard to SaaS startup companies in Europe and...

VRS (Valuation & Research Specialists)

JST Group Pre-IPO: Growing Rapidly but with Some Accounting Red Flags

JST Group (JST) is looking to raise up to US$100m in its upcoming Hong Kong IPO. It is China’s largest and most popular e-commerce SaaS ERP provider.

Nicholas Tan

CDW Corporation: Enhanced Cloud and SaaS Focus Driving Our Optimism! - Major Drivers

CDW's third-quarter performance in 2024 highlighted both challenges and areas of resilience amidst a tough market landscape. The financial results...

Baptista Research

Varonis Systems Inc.: Expansion of SaaS & MDDR Offerings To Up The Ante! - Major Drivers

Varonis Systems, Inc., a premier provider of data security and analytics software, has provided an extensive insight into its operational and...

Baptista Research