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>Analyzing the latest financial results for ADT presents a mixed picture but outlines several strategic avenues the company is pursuing, which indicate both resilience and areas of concern.</li><li>ADT's revenue growth of 3% year over-year marks a positive development, reflecting consistent demand for its security services despite a challenging macroeconomic environment characterized by higher interest rates and a slowdown in housing relocations, a typical catalyst for the security industry.</li><li>This growth reflects ADT’s stable market demand and operating capabilities.</li></ul>

Analyzing the latest financial results for ADT presents a mixed picture but outlines several strategic avenues the company is pursuing, which indicate both resilience and areas of concern.ADT's revenue growth of 3% year over-year marks a positive development, reflecting consistent demand for its security services despite a challenging macroeconomic environment characterized by higher interest rates and a slowdown in housing relocations, a typical catalyst for the security industry.This growth reflects ADT’s stable market demand and operating capabilities.

ADT Inc: These Are The 5 Pivotal Factors Driving Its Performance In 2025 & Beyond! - Major Drivers

<ul><li>The first quarter 2024 results of ADT Inc. highlight the company's positive growth and future investment opportunities.</li><li>The company continues to focus on its consumer-oriented core security and smart home business, serving a vast market.</li><li>Being an industry leader, ADT benefits from its trusted brand, national footprints, and the ability to tap stable and predictable cash flows to service and reduce its debt obligations.</li></ul>

The first quarter 2024 results of ADT Inc. highlight the company's positive growth and future investment opportunities.The company continues to focus on its consumer-oriented core security and smart home business, serving a vast market.Being an industry leader, ADT benefits from its trusted brand, national footprints, and the ability to tap stable and predictable cash flows to service and reduce its debt obligations.

ADT Inc.: A Streamlined Business Model Driving Growth! - Major Drivers

<ul><li>The full-year 2023 earnings of ADT revealed notable developments and financial figures in its operation highlights.</li><li>The company has seen a solid performance, with investments for its future and a shift towards its core security and smart home business as primary focuses.</li><li>The plan to exit its residential solar business promises simplicity and concentration on expanding its consumer oriented model.</li></ul>

The full-year 2023 earnings of ADT revealed notable developments and financial figures in its operation highlights.The company has seen a solid performance, with investments for its future and a shift towards its core security and smart home business as primary focuses.The plan to exit its residential solar business promises simplicity and concentration on expanding its consumer oriented model.

ADT Inc.: Can The Google Partnership Become A Potential Game Changer? - Major Drivers

<ul><li>This is our first report on security and smaart-home solutions provider, ADT.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li><li>These additional layers of analysis serve to provide a comprehensive and robust valuation, giving investors a nuanced understanding of the inherent risks and opportunities.</li></ul>

This is our first report on security and smaart-home solutions provider, ADT.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.These additional layers of analysis serve to provide a comprehensive and robust valuation, giving investors a nuanced understanding of the inherent risks and opportunities.

ADT Inc: Initiation of Coverage - How The Company Is Revolutionizing Smart Homes - Major Drivers

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Equity Capital Markets

<ul>
<li>Suppose we grouped S1 and Taiwan Secom with the Physical/Integrated Security weighting and then applied the Cybersecurity weighing to Ahnlab and CyberOne. <strong>We would have 11.40x, substantially lower than 14.85x</strong>.</li>
<li>SK Shieldus' sales were ₩1.55T, an increase of ₩0.22T (16.8%) from the previous year. But<strong> 65% of last year's sales increase was derived from the internal deals with SK Group</strong>.</li>
<li>How the company and the bankers will respond to those mentioned above two controversial aspects will be the most crucial point in determining the success or failure of this IPO.</li>
</ul>


Suppose we grouped S1 and Taiwan Secom with the Physical/Integrated Security weighting and then applied the Cybersecurity weighing to Ahnlab and CyberOne. We would have 11.40x, substantially lower than 14.85x.
SK Shieldus' sales were ₩1.55T, an increase of ₩0.22T (16.8%) from the previous year. But 65% of last year's sales increase was derived from the internal deals with SK Group.
How the company and the bankers will respond to those mentioned above two controversial aspects will be the most crucial point in determining the success or failure of this IPO.


SK Shieldus Controversies: Excessive Valuations & Suspicious Surge in Internal Sales

United States

ADT Inc. provides commercial security systems and services. The Company offers home and business automation solutions which includes temperature, burglary, flood, fire and smoke, and medical alert monitoring, as well as security cameras, remote access, and wireless home security systems. ADT serves customers in the United States.

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ADT (ADT US)

ADT Inc: These Are The 5 Pivotal Factors Driving Its Performance In 2025 & Beyond! - Major Drivers

Analyzing the latest financial results for ADT presents a mixed picture but outlines several strategic avenues the company is pursuing, which...

Baptista Research

ADT Inc.: A Streamlined Business Model Driving Growth! - Major Drivers

The first quarter 2024 results of ADT Inc. highlight the company's positive growth and future investment opportunities. The company continues to...

Baptista Research

ADT Inc.: Can The Google Partnership Become A Potential Game Changer? - Major Drivers

The full-year 2023 earnings of ADT revealed notable developments and financial figures in its operation highlights. The company has seen a solid...

Baptista Research

ADT Inc: Initiation of Coverage - How The Company Is Revolutionizing Smart Homes - Major Drivers

This is our first report on security and smaart-home solutions provider, ADT. In this report, we have carried out a fundamental analysis of the...

Baptista Research

SK Shieldus Controversies: Excessive Valuations & Suspicious Surge in Internal Sales

This post investigates two controversial aspects found in SK Shieldus' revised IPO prospectus as the bookbuilding is currently in progress.

Sanghyun Park

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