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>UScellular, under TDS (Telephone and Data Systems, Inc.), has reported a mix of positive developments and ongoing challenges in their Q1 2024 results.</li><li>On the positive side, the company has seen notable year-over-year improvements in adjusted EBITDA and ARPU (Average Revenue Per User), which reflects sound operational management and strategic pricing adjustments.</li><li>Postpaid ARPU growth stands out, especially as it has risen by 3%, showcasing effective pricing strategy in face of rising competition and a significant consumer drift towards lower-priced plans.</li></ul>

UScellular, under TDS (Telephone and Data Systems, Inc.), has reported a mix of positive developments and ongoing challenges in their Q1 2024 results.On the positive side, the company has seen notable year-over-year improvements in adjusted EBITDA and ARPU (Average Revenue Per User), which reflects sound operational management and strategic pricing adjustments.Postpaid ARPU growth stands out, especially as it has risen by 3%, showcasing effective pricing strategy in face of rising competition and a significant consumer drift towards lower-priced plans.

United States Cellular Corporation (USCellular): Their Efforts Towards Expanding Fiber Network Operations Bearing Fruit? - Major Drivers

<ul><li>This is our first report on UScellular, a leading regional wireless network operator in the US.</li><li>The company has been focusing on improving its fiscal outcomes while concurrently innovating in its network capabilities and service offerings.</li><li>We have added reasonable forecasts of the annualized income statement and cash flows and carried out a DCF valuation of the company using its Weighted Average Cost of Capital (WACC) to determine a forecasted share price.</li></ul>

This is our first report on UScellular, a leading regional wireless network operator in the US.The company has been focusing on improving its fiscal outcomes while concurrently innovating in its network capabilities and service offerings.We have added reasonable forecasts of the annualized income statement and cash flows and carried out a DCF valuation of the company using its Weighted Average Cost of Capital (WACC) to determine a forecasted share price.

United States Cellular Corporation: Initiation of Coverage - What Is Their Biggest Competitive Advantage? - Major Drivers

<ul><li>This is a special one-time research report on United States Cellular Corporation (UScellular).</li><li>In light of recent announcements, the company emerges as a subject of intricate valuation and examination for potential investors and acquisition entities.</li><li>With the strategic review underway without a definitive completion timetable, it’s crucial for investors to understand the merits and demerits of UScellular as an acquisition target.</li></ul>

This is a special one-time research report on United States Cellular Corporation (UScellular).In light of recent announcements, the company emerges as a subject of intricate valuation and examination for potential investors and acquisition entities.With the strategic review underway without a definitive completion timetable, it’s crucial for investors to understand the merits and demerits of UScellular as an acquisition target.

UScellular’s Exploration of Sale: A Strategic Move Or A Desperate Measure?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

This market is still fighting an uphill battle following the S&amp;P 500's breakdown below its 200-day moving average - a level that is now acting as formidable resistance. Our outlook remains extremely cautious due to overhead supply and the additional themes highlighted within this report.  There are a few bright spots, also in today's report we highlight attractive Groups and stocks within the Communications and Consumer Discretionary Sectors.

This market is still fighting an uphill battle following the S&amp;P 500's breakdown below its 200-day moving average - a level that is now acting as formidable resistance. Our outlook remains extremely cautious due to overhead supply and the additional themes highlighted within this report.  There are a few bright spots, also in today's report we highlight attractive Groups and stocks within the Communications and Consumer Discretionary Sectors.

U.S. Equity Update: Internals Deteriorating, Banks & Semis Have Broken Down.

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Thematic (Sector/Industry)

New Street Research attended this year's Mobile World Congress in Barcelona recently. While the move to 5G will bring huge increases in localized wireless capacity, the transition around 2020 to 5G looks increasingly likely to be smooth for many operators, with little impact on capex or revenue trajectories. 5G does not change the key economics of network densification. Where these are good, 5G will thrive. Where they are poor, 5G deployment will be slower. Only in markets with strong asymmetry…

New Street Research attended this year's Mobile World Congress in Barcelona recently. While the move to 5G will bring huge increases in localized wireless capacity, the transition around 2020 to 5G looks increasingly likely to be smooth for many operators, with little impact on capex or revenue trajectories. 5G does not change the key economics of network densification. Where these are good, 5G will thrive. Where they are poor, 5G deployment will be slower. Only in markets with strong asymmetry…

Report from Mobile World Congress: The Transition to 5G Comes into Focus.

United States

Telephone and Data Systems, Inc. is a diversified telecommunications company. The Company operates primarily in the cellular, local telephone, and personal communications services markets.  Telephone and Data Systems provides telecommunications services throughout the United States.

Shenandoah Telecommunications Company provides telecommunications services through its subsidiaries.  The Company offers integrated, full service telecommunications products and services in the Northern Shenandoah Valley and surrounding areas.  Shenandoah Telecommunications also holds paging and other radio telecommunications licenses.

Shenandoah Telecommunications Company (SHEN US)

Spok Holdings, Inc. is a two-way wireless Internet messaging and wireless information company that operates offices and company-owned stores across the United States.  The Company provides local, regional, and nationwide wireless messaging and information services to customers throughout the United States and the Caribbean.

Iridium Communications, Inc. offers mobile satellite communications services. The Company's satellites operate in a low-earth orbit and provide 100% global coverage.  Iridium Holdings offers voice and data communications services to the United States and foreign governments; businesses; non-governmental organizations; and consumers.

Cogent Communications Holdings Inc. is a next generation optical Internet servic e provider focused on delivering ultra-high speed Internet access and transport services.The Company serves businesses in the multi-tenant marketplace and servi ce providers located in major metropolitan areas across the United States.

Liberty Global plc owns interests in broadband, distribution, and content companies operating outside the continental United States, principally in Europe, Asia, and Latin America.

Globalstar, Inc. provides mobile voice and data communications services via satellite. The Company primarily provides business and recreational communications to industry, government, and individual customers located in remote areas throughout the world.

IDT Corporation offers consumer services focused primarily on the telecommunications industry. The Company, through its subsidiaries, provides retail and wholesale telecommunications services and products, including pre-paid and rechargeable calling cards and wholesale carrier services.

Anterix Inc. provides wireless communications applications. The Company focuses on delivering transformative broadband that enables the modernization of critical infrastructure for energy, transportation, and logistics sectors. Anterix serves customers in the United States.

Consolidated Communications Holdings, Inc. offers telecommunications services. The Company offers local and long distance telephone, digital telephone, high-speed Internet access, and digital television services to individuals and businesses in Illinois, Pennsylvania, and Texas.

Axiata Group Berhad is a telecommunication company.  The Company's main activities is the establishment, maintenance, and provision of telecommunications and related services.

PLDT Inc. is a telecommunications and digital services provider. The company offers fixed line, wireless, and fiber optic communication technology services in The Philippines.

Philippine Long Distance Telephone (Adr) (PHI US)

Globe Telecom, Inc. provides wireless application protocol services and digital wireless communication services via GSM network. The Company also offers service which allows users access to a wide range of information and services via a user-friendly menu. In addition, Globe  provides wire line voice and data services.

Safaricom PLC provides telecommunication services. The Company offers wireless solutions. Safaricom serves customers in Kenya.

Maxis Berhad operates as a mobile and fixed communication service provider. The Company, through mobile and fiber telecommunications along with IT infrastructure services, offers mobile and fixed data products, voice and SMS services, mobile payment solutions, remote health monitoring, Cloud solutions, and a business directory to businesses and individuals in Malaysia.

PT Indosat Tbk is a telecommunication and information service provider in Indonesia that provides cellular services (prepaid and postpaid), fixed data services or MIDI (Multimedia, Internet & Data Communication) and fixed voice services including fixed wireless access services.

Airtel Africa PLC provides telecommunication services. The Company offers postpaid and prepaid plans, transfer of credit, conference call, mobile Internet, messaging, voicemail, and roaming facilities. Airtel Africa serves customers worldwide.

Total Access Communication Public Company Limited provides cellular mobile telephone services under WorldPhone 800 and WorldPhone 1800 brand names throughout Thailand. The Company also sells cellular handsets and other telecommunications equipment through its WorldMedia network of retail stores.

Intouch Holdings Public Company Limited is a holding company that invests in diversified telecommunication and media and advertising businesses.  The Company, through its subsidiaries, provides television broadcasting, cellular phone and wireless services.

United States Cellular Corporation provides wireless telecommunications services. The Company offers its customers various national plans with voice, messaging, and data usage options, along with an array of smartphones, tablets, and other wireless devices. United States Cellular caters to customers throughout the United States.

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US Cellular (USM US)

United States Cellular Corporation (USCellular): Their Efforts Towards Expanding Fiber Network Operations Bearing Fruit? - Major Drivers

UScellular, under TDS (Telephone and Data Systems, Inc.), has reported a mix of positive developments and ongoing challenges in their Q1 2024...

Baptista Research

United States Cellular Corporation: Initiation of Coverage - What Is Their Biggest Competitive Advantage? - Major Drivers

This is our first report on UScellular, a leading regional wireless network operator in the US. The company has been focusing on improving its...

Baptista Research

UScellular’s Exploration of Sale: A Strategic Move Or A Desperate Measure?

This is a special one-time research report on United States Cellular Corporation (UScellular). In light of recent announcements, the company...

Baptista Research

U.S. Equity Update: Internals Deteriorating, Banks & Semis Have Broken Down.

This market is still fighting an uphill battle following the S&P 500's breakdown below its 200-day moving average - a level that is now acting...

Vermilion Research

Report from Mobile World Congress: The Transition to 5G Comes into Focus.

New Street Research attended this year's Mobile World Congress in Barcelona recently. While the move to 5G will bring huge increases in localized...

New Street Research

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