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

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

Research Coverage on Small and Micro-Cap Companies, Zacks Small Cap Research

Zacks Small Cap Research

Research Coverage on Small and Micro-Cap Companies

Zacks Small Cap Research provides research coverage on small- and micro-cap companies that are “under-followed” or “under-valued” by Wall Street. We produce high quality equity research for the institutional and retail investor on microcap firms we believe are well positioned for future growth. The Zacks SCR analyst team has an average of 20 years of experience in investment research. We conduct significant due diligence in an effort to maintain the highest quality small-cap universe.

Perfect Corp provides software as a service. The Company offers virtual try-on technology which allows users to see what makeup would look like on their faces before buying cosmetics. Perfect serves customers worldwide.

<ul><li>Perfect Corp. provides an AI and machine learning based B2B SaaS platform for virtual try on and marketing of beauty and fashion products as well as six mobile apps sold B2C for makeup suggestions, try-on, tutorials, photo and video editing and most recently, Gen AI creation and editing.</li><li>It is expanding its offering to new verticals and has strong IP as well as the largest database for AI training in the industry.</li><li>It has a dominant market share and serves almost all the major beauty brands worldwide.</li></ul>

Perfect Corp. provides an AI and machine learning based B2B SaaS platform for virtual try on and marketing of beauty and fashion products as well as six mobile apps sold B2C for makeup suggestions, try-on, tutorials, photo and video editing and most recently, Gen AI creation and editing.It is expanding its offering to new verticals and has strong IP as well as the largest database for AI training in the industry.It has a dominant market share and serves almost all the major beauty brands worldwide.

PERF:  Perfect Corp. Reports a Solid Q3 With 43% Non-IFRS EPS Growth

Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

kaonavi,inc. provides human resources management cloud services. The Company offers talent database, organization tree diagram, employee list and questionnaire, and evaluation workflow, as well as employee data graph and information sort, application programming interface cooperation, and other services. kaonavi serves clients across Japan.

<ul>
<li>Japan's leading developer of talent management software, used by companies to manage their staff. Key selling points include staff deployment, periodic evaluations, surveys, training, internal recruitment</li>
<li>Low valuation at 2.1x EV/Sales, long-term operating margin guidance of 20%+ on top of predictable 20-30% sustainable growth</li>
<li>Near-Term catalysts include the recent releases of labor management service “Roum Mate”, budget control system called “Yojitsutic”</li>
</ul>


Japan's leading developer of talent management software, used by companies to manage their staff. Key selling points include staff deployment, periodic evaluations, surveys, training, internal recruitment
Low valuation at 2.1x EV/Sales, long-term operating margin guidance of 20%+ on top of predictable 20-30% sustainable growth
Near-Term catalysts include the recent releases of labor management service “Roum Mate”, budget control system called “Yojitsutic”


Director, RaaS Research Group, Research as a Service (RaaS)

Research as a Service (RaaS)

Director, RaaS Research Group

Insightful Financial Models and Research Analysis

Connect to the right investors through smart and insightful financial models and research analysis.

Kinatico Ltd operates as a technology company. The Company offers platform which helps employers to manage their workforce and meet their regulatory compliance needs. Kinatico serves customers worldwide.

<ul><li>RaaS has published an update report on Know Your People' regtech company, Kinatico (ASX:KYP) following its Q1 revenue announcement in which it reported that total revenue had grown 10% on the pcp to a record $8m and SaaS revenue jumped 50% on the pcp to $3m.</li><li>We see the Q1 result as a positive start for FY25.</li><li>On an annualised basis, SaaS revenue is running at $12.1m, with current momentum indicating that it could end the year higher.</li></ul>

RaaS has published an update report on Know Your People' regtech company, Kinatico (ASX:KYP) following its Q1 revenue announcement in which it reported that total revenue had grown 10% on the pcp to a record $8m and SaaS revenue jumped 50% on the pcp to $3m.We see the Q1 result as a positive start for FY25.On an annualised basis, SaaS revenue is running at $12.1m, with current momentum indicating that it could end the year higher.

Kinatico Ltd - Q1 SaaS revenue tops $3m, 38% of total revenue

SaaS
Software as a Service (SaaS) Analysis

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

PERF: Perfect Corp. Reports a Solid Q3 With 43% Non-IFRS EPS Growth

Perfect Corp. provides an AI and machine learning based B2B SaaS platform for virtual try on and marketing of beauty and fashion products as well...

Zacks Small Cap Research

Kaonavi (4435 JP)

Recruit’s talent management SaaS platform at 2.1x EV/Sales with business model margins of 20%+ and sustainable growth well above 20%

Asian Century Stocks

Kinatico Ltd - Q1 SaaS revenue tops $3m, 38% of total revenue

RaaS has published an update report on Know Your People' regtech company, Kinatico (ASX:KYP) following its Q1 revenue announcement in which it...

Research as a Service (RaaS)