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

<ul><li>Comcast's second quarter earnings call highlighted various areas of performance in the company's operations.</li><li>On the broadband front, despite the competitive market conditions prevalent in recent quarters, Comcast's strategy has been consistent, focusing on generating considerable broadband revenue growth through a balance between rate and volume.</li><li>With an established customer base of 32 million subscribers, the company is implementing market segmentation.</li></ul>

Comcast's second quarter earnings call highlighted various areas of performance in the company's operations.On the broadband front, despite the competitive market conditions prevalent in recent quarters, Comcast's strategy has been consistent, focusing on generating considerable broadband revenue growth through a balance between rate and volume.With an established customer base of 32 million subscribers, the company is implementing market segmentation.

Comcast Corporation: Continuing Expansion in Customer Base & NBA Contract Driving Our Optimism! - Major Drivers

<ul><li>Comcast Corporation reported Q1 earnings recently highlighted by a strategic execution where the company maintained dominance in a competitive and evolving market.</li><li>The company's resilient capital allocation strategy and strong balance sheet place it in a favorable position, allowing it to invest aggressively in its six diverse growth businesses- Residential Broadband, Wireless, Business Services, Theme Parks, Studios, and Streaming.</li><li>These sectors made up more than 55% of the company's total revenue in Q1, and this proportion is set to grow.</li></ul>

Comcast Corporation reported Q1 earnings recently highlighted by a strategic execution where the company maintained dominance in a competitive and evolving market.The company's resilient capital allocation strategy and strong balance sheet place it in a favorable position, allowing it to invest aggressively in its six diverse growth businesses- Residential Broadband, Wireless, Business Services, Theme Parks, Studios, and Streaming.These sectors made up more than 55% of the company's total revenue in Q1, and this proportion is set to grow.

Comcast Corporation: A Story Of Superior Product Innovation & An Improving Market Position! - Major Drivers

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<div><p>We have been longtime fans of Netflix the product and Netflix’s management team can rightfully be described as visionary. They had the vision to have the public markets fund an experiment in business models that appears now set to breakeven on FCF in 2021. Over the course of the past year we have gone from being short Netflix to long Netflix beginning this past summer, which has played out...and now we return to the sidelines (but not interested in reshorting Netflix), as we think to get more bullish on Netflix from here requires greater clarity on future revenue optionality around gaming and consumer products. The increasingly saturated streaming space means Netflix will only be growing subs ~10% for the forseeable future, with most of that growth from lower priced regions, while it will be investing with a vengeance to drive more content, likely capping expectations for continued margin expansion and FCF.</p></div><div><div><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.  </p></div></div></div>

We have been longtime fans of Netflix the product and Netflix’s management team can rightfully be described as visionary. They had the vision to have the public markets fund an experiment in business models that appears now set to breakeven on FCF in 2021. Over the course of the past year we have gone from being short Netflix to long Netflix beginning this past summer, which has played out...and now we return to the sidelines (but not interested in reshorting Netflix), as we think to get more bullish on Netflix from here requires greater clarity on future revenue optionality around gaming and consumer products. The increasingly saturated streaming space means Netflix will only be growing subs ~10% for the forseeable future, with most of that growth from lower priced regions, while it will be investing with a vengeance to drive more content, likely capping expectations for continued margin expansion and FCF.Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.  

<p>Comcast and Charter have had big pullbacks in the past month, leading to an attractive setup into earnings with valuations having compressed significantly over transitory weakness in broadband due to tough COVID comps and overstated competitive concerns. We'd be buyers of both. </p><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div>

Comcast and Charter have had big pullbacks in the past month, leading to an attractive setup into earnings with valuations having compressed significantly over transitory weakness in broadband due to tough COVID comps and overstated competitive concerns. We'd be buyers of both. Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

<ul><li>Comcast Corporation presented its financial position strongly in the fourth-quarter conference call, posting the highest ever revenue, adjusted EBITDA, and adjusted EPS for the third consecutive year.</li><li>The company emphasized its robust cash flow and solid balance sheet, which have facilitated organic investments and significant share repurchases, offering impressive capital return.</li><li>It showcased the gains made in the connectivity businesses, with a 24% increase in Xfinity Mobile subscriber lines and 20% upsurge in total domestic wireless revenue, thereby demonstrating its resilience despite an intensely competitive environment.</li></ul>

Comcast Corporation presented its financial position strongly in the fourth-quarter conference call, posting the highest ever revenue, adjusted EBITDA, and adjusted EPS for the third consecutive year.The company emphasized its robust cash flow and solid balance sheet, which have facilitated organic investments and significant share repurchases, offering impressive capital return.It showcased the gains made in the connectivity businesses, with a 24% increase in Xfinity Mobile subscriber lines and 20% upsurge in total domestic wireless revenue, thereby demonstrating its resilience despite an intensely competitive environment.

Comcast Corporation: Commercial Opportunities with NFL Partnerships and Upcoming Massive Developments in Theme Parks! - Major Drivers

United States

Comcast Corporation provides media and television broadcasting services. The Company offers video streaming, television programming, high-speed internet, cable television, and communication services. Comcast serves customers worldwide.

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Comcast Corp Class A (CMCSA US)

Comcast Corporation: Continuing Expansion in Customer Base & NBA Contract Driving Our Optimism! - Major Drivers

Comcast's second quarter earnings call highlighted various areas of performance in the company's operations. On the broadband front, despite the...

Baptista Research

Comcast Corporation: A Story Of Superior Product Innovation & An Improving Market Position! - Major Drivers

Comcast Corporation reported Q1 earnings recently highlighted by a strategic execution where the company maintained dominance in a competitive and...

Baptista Research

Netflix 3Q21: Saved By Squid Game

Over the course of the past year we have gone from being short Netflix to long Netflix...and now we return to the sidelines. We need greater...

Aaron Gabin

US Cable: Good Entry Point

Comcast and Charter have had big pullbacks in the past month, leading to an attractive setup with valuations having compressed due to tough COVID...

Aaron Gabin

Comcast Corporation: Commercial Opportunities with NFL Partnerships and Upcoming Massive Developments in Theme Parks! - Major Drivers

Comcast Corporation presented its financial position strongly in the fourth-quarter conference call, posting the highest ever revenue, adjusted...

Baptista Research

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