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>Xerox Holdings Corporation reported a challenging first quarter for the fiscal year 2024, marked by significant organizational changes and revenue decline.</li><li>The company reported a revenue of $1.5 billion, which is a decrease of 12.4% in actual currency and 13.2% in constant currency.</li><li>Notable was the adjusted earnings per share (EPS) of $0.06, which represented a decline of $0.43 compared to the same period last year.</li></ul>

Xerox Holdings Corporation reported a challenging first quarter for the fiscal year 2024, marked by significant organizational changes and revenue decline.The company reported a revenue of $1.5 billion, which is a decrease of 12.4% in actual currency and 13.2% in constant currency.Notable was the adjusted earnings per share (EPS) of $0.06, which represented a decline of $0.43 compared to the same period last year.

Xerox Holdings Corporation: Can The Cost Efficiency & Restructuring Initiatives Improve The Bottom-Line? - Major Drivers

External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

<ul><li>Xerox is considered a short position due to being in a declining industry and losing market share, having a leveraged capital structure with rising costs, and facing hidden liabilities</li><li>The company's free cash flow is believed to be overstated from receivables financing, making it more expensive than it appears</li><li>Xerox has been criticized for poor capital allocation, corporate governance issues, and an Icahn greenmail exit, making it a risky investment in a struggling market.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Xerox is considered a short position due to being in a declining industry and losing market share, having a leveraged capital structure with rising costs, and facing hidden liabilitiesThe company's free cash flow is believed to be overstated from receivables financing, making it more expensive than it appearsXerox has been criticized for poor capital allocation, corporate governance issues, and an Icahn greenmail exit, making it a risky investment in a struggling market.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Xerox Holdings Corp (XRX) - Friday, Apr 5, 2024

<ul><li>Xerox Holdings Corporation experienced a challenging 2023 marked by an uneven macroeconomic environment, resulting in strong growth in full year adjusted operating income and free cash flow but a decrease in revenue.</li><li>The corporation was able to maintain profit and cash flow targets despite weaker-than-expected macroeconomic conditions in the second half of the year, demonstrating a culture of operating discipline and resilience against operational and macroeconomic challenges.</li><li>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></ul>

Xerox Holdings Corporation experienced a challenging 2023 marked by an uneven macroeconomic environment, resulting in strong growth in full year adjusted operating income and free cash flow but a decrease in revenue.The corporation was able to maintain profit and cash flow targets despite weaker-than-expected macroeconomic conditions in the second half of the year, demonstrating a culture of operating discipline and resilience against operational and macroeconomic challenges.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.

Xerox Holdings Corporation: Innovating for the Hybrid Workplace with New Digital Solutions! - Major Drivers

<ul><li>Xerox Holdings Corporation delivered mixed results for the previous quarter, with revenues well below analyst expectations but managed earnings beat.</li><li>In the third quarter, Xerox grew in adjusted operating income, EPS, and free cash flow despite a 5.7% decline in revenue ($1.65 billion) in actual currency and a 7.4% decline in constant currency.</li><li>By 2026, the plan aims to deliver a minimum $300 million improvement in adjusted operating income, reinstating double-digit operating income margins.</li></ul>

Xerox Holdings Corporation delivered mixed results for the previous quarter, with revenues well below analyst expectations but managed earnings beat.In the third quarter, Xerox grew in adjusted operating income, EPS, and free cash flow despite a 5.7% decline in revenue ($1.65 billion) in actual currency and a 7.4% decline in constant currency.By 2026, the plan aims to deliver a minimum $300 million improvement in adjusted operating income, reinstating double-digit operating income margins.

Xerox Holdings Corporation: Will The New Reinvention Strategy & Business Simplification Help Revive Their Fortunes? - Major Drivers

<ul><li>Xerox Holdings Corporation delivered mixed results for the previous quarter, with revenues below the analyst consensus.</li><li>This quarter, Quocirca recognized Xerox as a leader in cloud print services, recognizing the company for its breadth of customer service as well as its strategic vision.</li><li>Xerox Holdings received the renewal of a leading healthcare service company this quarter, boosting the yearly contract value by about 40%.</li></ul>

Xerox Holdings Corporation delivered mixed results for the previous quarter, with revenues below the analyst consensus.This quarter, Quocirca recognized Xerox as a leader in cloud print services, recognizing the company for its breadth of customer service as well as its strategic vision.Xerox Holdings received the renewal of a leading healthcare service company this quarter, boosting the yearly contract value by about 40%.

Xerox Holdings Corporation: Decoding Their Strategy to Slash Costs & Gain A Strong Position In Cloud Print! - Major Drivers

United States

Avid Technology, Inc. develops, markets, sells, and supports a variety of software and systems for creating and manipulating digital media content. The Company develops and sells digital editing systems and newsroom computer systems, as well as digital audio systems.  Avid's products are used worldwide in production and post-production film, video, and television facilities.

NCR Corporation manufactures financial transaction machines and other products. The Company produces automated teller machines (ATM), self-checkout and self-service kiosks, point-of-sale workstations and scanners; manufactures printer consumable products; and manages networks and servers for ATMs and kiosks.

Stratasys Ltd. manufactures three-dimensional printers.  The printers build three-dimensional models by depositing multiple layers of resin one on top of another based on data from three-dimensional computer aided design files.  The Company's products are used by designers, engineers and manufacturers to visualize, verify and communicate product designs.

3D Systems Corporation provides comprehensive 3D products and services. The Company develops, manufactures, and markets 3D printers, print materials, software, haptic devices, scanners, and virtual surgical simulators. 3D Systems operates worldwide.

Eastman Kodak Company develops, manufactures, and markets imaging products for businesses.  The Company provides disruptive technologies and imaging solutions in the product goods packaging, functional and digital printing markets.  Eastman Kodak also offers products and services in Entertainment Imaging and Commercial Films.

Immersion Corporation develops and licenses hardware and software technologies that enable users to interact with computers using their sense of touch.  The Company's patented TouchSense technologies enable computer peripheral devices to deliver tactile sensations that correspond to on-screen events.

CPI Card Group Inc. provides financial payment card solutions and related services. The Company engages in the design, production, data personalization, packaging, and fulfillment of retail gift and loyalty cards. CPI Card Group serves customers worldwide.

CTS Corporation designs and manufactures electronic components and sensors to original equipment manufacturers in the automotive, communications, medical, defense and aerospace, industrial and computer markets.

PC Connection, Inc. is a direct marketer of personal computers and related peripherals, software, accessories, and networking products. The Company sells to small and medium-sized businesses. PC Connection carries high turnover products in inventory, and in addition provides customer service and technical support.

Benchmark Electronics, Inc. provides contract electronics manufacturing and design services.  The Company serves original equipment manufacturers of medical devices, industrial control equipment, testing and instrumentation products, and telecommunications equipment.  Benchmark also offers product design, printed circuit board layout, prototyping and test development services.

Legend Holdings Corporation, through its subsidiaries, operates in information technology, real estate, financial services, agriculture and food, modern service, and chemical and energy materials sectors in China and internationally.

Hiyes International Co., Ltd. manufactures and markets image scanners, scanner peripheral products, speakers, personal computers, main boards, workstations, and notebook computers.

Ennoconn Corporation is involved in the design and development of industrial mother boards primarily in Taiwan.  The Company provides hardware system solutions to various market applications, including point-of-sales (POS), banking automation, kiosk, lottery, and industrial automation.

Founder Technology Group Corp. manufactures and markets computer products and office appliances.  The Company's products include personal computers, servers, notebooks, printers, digital cameras, MP3 products, blueprint machines, blue printing paper, and shredding machines.  Founder Technology also develops computer software and produces multi-layer printed circuit boards (PCBs).

HTC Corporation designs, manufactures, assembles, processes, and sells smart mobile devices; and provides after-sales services worldwide.

Primax Electronics Ltd mainly manufactures consumer and business electronics. Products include imaging products, computer peripherals, office equipment and communication devices.

Konica Minolta Inc is mainly engaged in manufacturing office equipment and performance materials. It also operates health care businesses. The Company also makes copiers, personal computer peripherals, optical lenses, and measuring instruments.

TOSHIBA TEC CORPORATION manufactures electronic equipment for distribution system, document processing, and household use.  The Company's products include Point of Sale (POS) systems, bar code scanners, copy machines, printers, and vacuum cleaners.

Transcend Information Inc. manufactures and markets dynamic random access memory (DRAM) modules and computer mother boards.  The Company exports most of its products worldwide.

Mitac Holdings Corporation distributes GPS and server products worldwide.  The Company has developed a comprehensive range of cloud services and cloud computing products with a focus on enterprise and terminal products, as well as smart handheld devices.

Xerox Holdings Corporation operates as a holding company. The Company, through its subsidiaries provides printers, scanners, supplies, and accessories. Xerox Holdings serves health care, insurance, government and retail sectors worldwide.

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Xerox Holdings (XRX US)

Xerox Holdings Corporation: Can The Cost Efficiency & Restructuring Initiatives Improve The Bottom-Line? - Major Drivers

Xerox Holdings Corporation reported a challenging first quarter for the fiscal year 2024, marked by significant organizational changes and revenue...

Baptista Research

Xerox Holdings Corp (XRX) - Friday, Apr 5, 2024

Xerox is considered a short position due to being in a declining industry and losing market share, having a leveraged capital structure with rising...

Value Investors Club

Xerox Holdings Corporation: Innovating for the Hybrid Workplace with New Digital Solutions! - Major Drivers

Xerox Holdings Corporation experienced a challenging 2023 marked by an uneven macroeconomic environment, resulting in strong growth in full year...

Baptista Research

Xerox Holdings Corporation: Will The New Reinvention Strategy & Business Simplification Help Revive Their Fortunes? - Major Drivers

Xerox Holdings Corporation delivered mixed results for the previous quarter, with revenues well below analyst expectations but managed earnings...

Baptista Research

Xerox Holdings Corporation: Decoding Their Strategy to Slash Costs & Gain A Strong Position In Cloud Print! - Major Drivers

Xerox Holdings Corporation delivered mixed results for the previous quarter, with revenues below the analyst consensus. This quarter, Quocirca...

Baptista Research

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