Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Block's share price has remained relatively flat over the past year, but that's hardly good news.</li>
<li>The highly supportive outside environment was not able to propel the share price anywhere near its previous highs.</li>
<li>When adjusting for risks, Block remains as one of the worst performers within its peer group, according to analysts.</li>
</ul>


Block's share price has remained relatively flat over the past year, but that's hardly good news.
The highly supportive outside environment was not able to propel the share price anywhere near its previous highs.
When adjusting for risks, Block remains as one of the worst performers within its peer group, according to analysts.


Block: When A Flat Share Price Is A Cause Of Concern

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.

<ul><li>Visa had a successful Q1 2023, with significant domestic transaction volumes and continued improvement in cross-border travel which resulted in an all-around beat.</li><li>Payment volume increased by 7% year-on-year or 135% compared to three years ago, aligned with Q4.</li><li>Cross-border volumes, excluding intra-Europe, surged 31% year-on-year and 132% compared to three years ago, up five points from Q4.</li></ul>

Visa had a successful Q1 2023, with significant domestic transaction volumes and continued improvement in cross-border travel which resulted in an all-around beat.Payment volume increased by 7% year-on-year or 135% compared to three years ago, aligned with Q4.Cross-border volumes, excluding intra-Europe, surged 31% year-on-year and 132% compared to three years ago, up five points from Q4.

Visa Inc: Cross-Border Travel Recovery & Strategic Partnerships Leading The Way – Key Drivers

<ul>
<li>Fiserv's delivered a 30% return since October of last year, when I laid out my full investment thesis.</li>
<li>Fiserv is laying the groundwork for long-term growth, says the company's market commentators.</li>
<li>The company continues to outmaneuver its direct competitors, according to analysts.</li>
</ul>


Fiserv's delivered a 30% return since October of last year, when I laid out my full investment thesis.
Fiserv is laying the groundwork for long-term growth, says the company's market commentators.
The company continues to outmaneuver its direct competitors, according to analysts.


Fiserv: Achieving Industry-Leading Returns Is Not As Hard As You Might Think

<ul>
<li>Visa has become one of the best-performing stocks within its peer group.</li>
<li>The risk of a recession is still casting a shadow over Visa, but implications from the inflationary environment should not be ignored.</li>
<li>The business continues to perform better than expected, and investors should keep a close eye on the upcoming earnings report.</li>
</ul>


Visa has become one of the best-performing stocks within its peer group.
The risk of a recession is still casting a shadow over Visa, but implications from the inflationary environment should not be ignored.
The business continues to perform better than expected, and investors should keep a close eye on the upcoming earnings report.


Visa: Don't Follow Narratives And Focus On What Matters In Upcoming Earnings

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Thematic (Sector/Industry)

<ul>
<li>Bitcoin could find the bottom and strongly rebounded in 1Q23. We believe BTC mining companies could be sellers of crypto assets on strong bounce and limit room for further upside. </li>
<li>Our bear case scenario assumes an average BTC price of $25K in 2023 with an opportunity to reach as high as $30K. Leading crypto miners began to offload Bitcoin holdings. </li>
<li>Investors should be more selective on the crypto miner names during a prolonged bear market. Our top picks include Marathon Digital Holdings, Riot Blockchain, and Cipher Mining. </li>
</ul>


Bitcoin could find the bottom and strongly rebounded in 1Q23. We believe BTC mining companies could be sellers of crypto assets on strong bounce and limit room for further upside. 
Our bear case scenario assumes an average BTC price of $25K in 2023 with an opportunity to reach as high as $30K. Leading crypto miners began to offload Bitcoin holdings. 
Investors should be more selective on the crypto miner names during a prolonged bear market. Our top picks include Marathon Digital Holdings, Riot Blockchain, and Cipher Mining. 


Crypto Mining Industry Series: Strong Start In 2023. Bitcoin Is Up ~40% YTD

United States

Visa Inc. operates a retail electronic payments network and manages global financial services.  The Company also offers global commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses and government entities.

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Visa (V US)

Visa Inc: Cross-Border Travel Recovery & Strategic Partnerships Leading The Way – Key Drivers

Visa had a successful Q1 2023, with significant domestic transaction volumes and continued improvement in cross-border travel which resulted in an...

Baptista Research

Fiserv: Achieving Industry-Leading Returns Is Not As Hard As You Might Think

Fiserv's delivered a 30% return since October of last year, when I laid out my full investment thesis. Fiserv is laying the groundwork for long...

Vladimir Dimitrov, CFA

Visa: Don't Follow Narratives And Focus On What Matters In Upcoming Earnings

The risk of a recession is still casting a shadow over Visa, but implications from the inflationary environment should not be ignored.

Vladimir Dimitrov, CFA

Crypto Mining Industry Series: Strong Start In 2023. Bitcoin Is Up ~40% YTD

We believe the crypto contagion is finally over, and a rally in Bitcoin may restore investor confidence after 12 months of a bear market

Andrei Zakharov

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52-week Range

Market Cap (USDm)

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Block: When A Flat Share Price Is A Cause Of Concern

The highly supportive outside environment was not able to propel the share price anywhere near its previous highs. When adjusting for risks, Block...

Vladimir Dimitrov, CFA

Visa Inc: Cross-Border Travel Recovery & Strategic Partnerships Leading The Way – Key Drivers

Visa had a successful Q1 2023, with significant domestic transaction volumes and continued improvement in cross-border travel which resulted in an...

Baptista Research

Fiserv: Achieving Industry-Leading Returns Is Not As Hard As You Might Think

Fiserv's delivered a 30% return since October of last year, when I laid out my full investment thesis. Fiserv is laying the groundwork for long...

Vladimir Dimitrov, CFA

Visa: Don't Follow Narratives And Focus On What Matters In Upcoming Earnings

The risk of a recession is still casting a shadow over Visa, but implications from the inflationary environment should not be ignored.

Vladimir Dimitrov, CFA

Crypto Mining Industry Series: Strong Start In 2023. Bitcoin Is Up ~40% YTD

We believe the crypto contagion is finally over, and a rally in Bitcoin may restore investor confidence after 12 months of a bear market

Andrei Zakharov