Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Intuit Inc.'s share price is now trailing the tech sector.</li>
<li>Intuit investors relying on Non-GAAP figures should be careful as there are significant risks involved, according to the company's share price.</li>
<li>The company's legacy brands are the key driver behind revenue growth and profitability, says Intuit.</li>
</ul>


Intuit Inc.'s share price is now trailing the tech sector.
Intuit investors relying on Non-GAAP figures should be careful as there are significant risks involved, according to the company's share price.
The company's legacy brands are the key driver behind revenue growth and profitability, says Intuit.


Intuit - Strong Pricing Power Is Keeping It Together

<ul>
<li>Following the massive drop in Adobe's share price, more investors are looking favourably at the business.</li>
<li>In my view, capital allocation decisions within the company raise some red flags that are hard to overlook.</li>
<li>As a long-term shareholder, I still have a hard time rating Adobe as a buy.</li>
</ul>


Following the massive drop in Adobe's share price, more investors are looking favourably at the business.
In my view, capital allocation decisions within the company raise some red flags that are hard to overlook.
As a long-term shareholder, I still have a hard time rating Adobe as a buy.


Adobe Is A High Quality Business With Capital Allocation Problems

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 Capital Markets

<ul><li>Intuit had another strong quarter managed to deliver an all-around beat with revenues, operating income, and earnings per share rising.</li><li>In the Self-Employed Group and the Small Business, revenue grew during the quarter.</li><li>This quarter, Intuit launched a QuickBooks business network for millions of QuickBooks customers for further digitizing B2B payments in the U.S.</li></ul>

Intuit had another strong quarter managed to deliver an all-around beat with revenues, operating income, and earnings per share rising.In the Self-Employed Group and the Small Business, revenue grew during the quarter.This quarter, Intuit launched a QuickBooks business network for millions of QuickBooks customers for further digitizing B2B payments in the U.S.

<ul><li>Intuit had a successful first quarter and managed to surpass Wall Street expectations in terms of revenues as well as earnings.</li><li>TurboTax also had a strong finish with a number of improvements introduced and tested during the quarter.</li><li>Intuit is also developing its own bill-pay feature for QuickBooks and intends to make it available in the future.</li></ul>

Intuit had a successful first quarter and managed to surpass Wall Street expectations in terms of revenues as well as earnings.TurboTax also had a strong finish with a number of improvements introduced and tested during the quarter.Intuit is also developing its own bill-pay feature for QuickBooks and intends to make it available in the future.

Intuit Inc: The SeedFi Acquisition & Other Drivers

<ul><li>Intuit had a strong quarter and delivered an all-around beat while continuing its focus on small businesses and customers.</li><li>It delivered strong margins and strong growth in the quarter.</li><li>There was a rise in the volatility in personal loans and various personal loan partners tightened the undertaking, but with volume from the other partners, Intuit was able to offset this negative impact.</li></ul>

Intuit had a strong quarter and delivered an all-around beat while continuing its focus on small businesses and customers.It delivered strong margins and strong growth in the quarter.There was a rise in the volatility in personal loans and various personal loan partners tightened the undertaking, but with volume from the other partners, Intuit was able to offset this negative impact.

United States

VMware, Inc. provides virtualization solutions from the desktop to the data center. The Company's solution products addresses a range of IT problems, which includes cost and operational inefficiencies, business continuity, software lifecycle management and desktop management.

Electronic Arts Inc. develops, publishes, and distributes branded interactive entertainment software worldwide for video game consoles, personal computers, handheld game players, and cellular handsets. The Company also provides online game-related services.

ServiceNow, Inc. provides enterprise information technology (IT) management software. The Company designs, develops, and produces prepackaged computer software, cloud services, and IT service management platform. ServiceNow serves customers throughout the United States.

Check Point Software Technologies Ltd. develops, markets and supports a range of software and hardware products and services for information technology (IT) security and offers its customers a network and gateway security solutions, data and endpoint security solutions and management solutions.

SS&C Technologies Holdings, Inc. develops and markets computer software for financial services providers.  The software enables trading and modeling, portfolio management and reporting, accounting, performance measurement, reconciliation, reporting, processing, and clearing.

Fair Isaac Corporation provides analytics, including predictive modeling, decision analysis, intelligence management, decision management systems, and consulting services.  The Company helps companies in countries around the world acquire customers more efficiently, increase customer value, reduce fraud, lower operating expenses, and enter new markets more profitably.

Synopsys, Inc. supplies electronic design automation solutions to the global electronics market.  The Company provides design technologies to creators of advanced integrated circuits, electronic systems, and systems on a chip. Synopsys also provides consulting services and support to its customers to streamline the overall design process and accelerate time to market.

Activision Blizzard, Inc. publishes, develops, and distributes interactive entertainment software and peripheral products. The Company's products cover diverse game categories, including action/adventure, action sports, racing, role playing, simulation, first-person action, music-based gaming and strategy.

Workday, Inc. provides enterprise cloud-based applications. The Company offers human capital, spend, and financial management, as well as payroll, initiatives and higher education solutions. Workday serves the finance, healthcare, manufacturing, education, and technology industries worldwide.

HubSpot, Inc. provides a cloud-based marketing and sales software platform. The Company offers integrated applications that helps in lead generation and social marketing.

Nintendo Co., Ltd. globally develops, manufactures and sells home-use video game hardware and software in home entertainment business.  The company also produces home-game products including cards.

Nexon Co., Ltd. mainly develops and services, online games for PC and mobile devices. The company also offers consulting services related to online-games. Nexon operates in Japan.

Dassault Systemes operates as a software company. The develops and offers 3Dexperience platform to create innovative new products and services using virtual experiences. Dassault Systemes serves aerospace, construction, business services, consumer packaged goods, high-tech, life science, health care, marine, energy, and industrial equipment industries worldwide.

WiseTech Global Pty Ltd provides various technology and information technology management solutions. The Company offers cloud based various technology platforms, market specific software and logistics technology solutions, such as edienterprise, a platform supply chain logistics management system, software-as-a-service, and clinical management software. 

Constellation Software Inc is a software holding company.  The Company acquires mission-critical, vertical market software companies, and helps them to grow.

Spotify Technology S.A. provides music streaming services. The Company offers commercial free music and ad-supported services to subscribers. Spotify Technology serves clients worldwide.

Dassault Systemes is a technology company. The company provides software applications services designed to support client company's innovation processes. The company's line of business includes provision of 3D design software, 3D digital mock up and product lifecycle Management. Dassault Systemes also provides several software brands.

Xero Limited offers an online accounting system.  The software features bank transaction importing, a cashbook, a general ledger, invoicing, accounts receivable, accounts payable, financial reporting, and management of expense claims.

CAPCOM CO., LTD. develops consumer video game software.  The Company also develops, manufactures, markets, and leases arcade game machines.  Capcom also operates amusement facilities.

International Games System Co., Ltd. plans, designs, develops, manufactures, and markets software and hardware for arcade games, PC games, and Internet on-line games.

Intuit Inc. develops and markets business and financial management software solutions for small and medium sized businesses, financial institutions, consumers, and accounting professionals  The Company provides software for small business management and payroll processing, personal finance, and tax preparation and filing.

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Intuit Inc (INTU US)

Intuit - Strong Pricing Power Is Keeping It Together

Intuit investors relying on Non-GAAP figures should be careful as there are significant risks involved, according to the company's share price.

Vladimir Dimitrov, CFA

Adobe Is A High Quality Business With Capital Allocation Problems

In my view, capital allocation decisions within the company raise some red flags that are hard to overlook. As a long-term shareholder, I still...

Vladimir Dimitrov, CFA

Intuit Inc.: Major Drivers

Intuit had another strong quarter managed to deliver an all-around beat with revenues, operating income, and earnings per share rising. In the...

Baptista Research

Intuit Inc: The SeedFi Acquisition & Other Drivers

Intuit had a successful first quarter and managed to surpass Wall Street expectations in terms of revenues as well as earnings. TurboTax also had...

Baptista Research

Intuit Inc: Value Proposition

Intuit had a strong quarter and delivered an all-around beat while continuing its focus on small businesses and customers. It delivered strong...

Baptista Research

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