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>As a result of the rapid adoption of digital technologies, Adobe’s relevance has increased with content and creativity becoming more important than ever.</li><li>While the stock price of the company has taken a beating like most other tech stocks coupled with the slower-than-expected growth of the Creative Cloud, its long-term outlook remains positive.</li><li>Individuals, solopreneurs, and small business owners are increasingly adopting Adobe’s offerings to monetize their passions, products, and services thanks to the rapid rise of the creator economy.</li></ul>

As a result of the rapid adoption of digital technologies, Adobe’s relevance has increased with content and creativity becoming more important than ever.While the stock price of the company has taken a beating like most other tech stocks coupled with the slower-than-expected growth of the Creative Cloud, its long-term outlook remains positive.Individuals, solopreneurs, and small business owners are increasingly adopting Adobe’s offerings to monetize their passions, products, and services thanks to the rapid rise of the creator economy.

Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Adobe's high quality business model does not matter much in a sector where topline growth is the main driver of valuations.</li>
<li>In the meantime, the company's organic growth is showing signs of slowing down which could result in more risk taking by the management.</li>
</ul>


Adobe's high quality business model does not matter much in a sector where topline growth is the main driver of valuations.
In the meantime, the company's organic growth is showing signs of slowing down which could result in more risk taking by the management.


Adobe: Compelling Fundamentals But Stale Returns Ahead

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.

<ul>
<li>Adobe's stock has pulled back 35% since November, a far larger drawdown than megacap software peers on fears of pulled in growth for Creative Cloud.</li>
<li>Weak initial guidance for 2022 was reiterated this past week, implying reacceleration in 2H22.</li>
<li>Price increases should serve as a tailwind in 2H22, providing a good entry point on a quality compounder that is trading at 5 year trough multiples.</li>
</ul>


Adobe's stock has pulled back 35% since November, a far larger drawdown than megacap software peers on fears of pulled in growth for Creative Cloud.
Weak initial guidance for 2022 was reiterated this past week, implying reacceleration in 2H22.
Price increases should serve as a tailwind in 2H22, providing a good entry point on a quality compounder that is trading at 5 year trough multiples.


Adobe: Price Increase Bullish or Bearish?

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<ul>
<li>This year the market presents investors with opportunities, especially in the technology sector, and we believe VC-backed Amplitude is one of them. </li>
<li>The market cap of the leading product and data analytics unicorn fell to ~$2.3B, keeping in mind last private round valuation was ~$4B in June of 2021. </li>
<li>$21 valuation, based on ~10x 2022E EV/Revenue and ~8x 2023E EV/Revenue, applies to our bear case revenue estimates of $226M in CY22 and $287M in CY23.</li>
</ul>


This year the market presents investors with opportunities, especially in the technology sector, and we believe VC-backed Amplitude is one of them. 
The market cap of the leading product and data analytics unicorn fell to ~$2.3B, keeping in mind last private round valuation was ~$4B in June of 2021. 
$21 valuation, based on ~10x 2022E EV/Revenue and ~8x 2023E EV/Revenue, applies to our bear case revenue estimates of $226M in CY22 and $287M in CY23.


Amplitude – Our Stock Pick With Huge Upside Potential

House of Market Insights, Market Radar

Market Radar

House of Market Insights

Quick market updates and lot of ideas for your investments from a multi-asset portfolio manager working for a family office.

Quick Market Updates

Technical Analysis

<ul><li>Today I would like to show you some useful charts that could give you potential ideas for your next investment. </li><li>Bitcoin: the breakout we were waiting for! After a big drawdown, Bitcoin finally broken the descending trendline.</li><li>The most important cryptocurrency is 35% below its highs, but from a technical point of view, the situation looks more constructive after the breakout.</li></ul>

Today I would like to show you some useful charts that could give you potential ideas for your next investment. Bitcoin: the breakout we were waiting for! After a big drawdown, Bitcoin finally broken the descending trendline.The most important cryptocurrency is 35% below its highs, but from a technical point of view, the situation looks more constructive after the breakout.

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.

Oracle Corporation supplies software for enterprise information management. The Company offers databases and relational servers, application development and decision support tools, and enterprise business applications. Oracle's software runs on network computers, personal digital assistants, set-top devices, PCs, workstations, minicomputers, mainframes, and massively parallel computers.

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.

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.

Adobe Systems Incorporated develops, markets, and supports computer software products and technologies.  The Company's products allow users to express and use information across all print and electronic media.  Adobe offers a line of application software products, type products, and content for creating, distributing, and managing information.

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Adobe Systems (ADBE US)

Adobe Inc.: Financial & Price Forecasts

As a result of the rapid adoption of digital technologies, Adobe’s relevance has increased with content and creativity becoming more important...

Baptista Research

Adobe: Compelling Fundamentals But Stale Returns Ahead

Adobe's high quality business model does not matter much in a sector where topline growth is the main driver of valuations. In the meantime, the...

Vladimir Dimitrov, CFA

Adobe: Price Increase Bullish or Bearish?

Adobe is down 2-3x more than large cap software peers. Price increases should serve as a tailwind in 2H22, providing a good entry point on a...

Aaron Gabin

Amplitude – Our Stock Pick With Huge Upside Potential

Our fundamental analysis suggests that Amplitude stock has a limited downside potential and is trading at a significant discount valuation to peers.

Andrei Zakharov

Charts to Watch

Today I would like to show you some useful charts that could give you potential ideas for your next investment. Bitcoin: the breakout we were...

Market Radar

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