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>Affirm Holdings, Inc. recently provided an update on its fiscal first-quarter performance for 2025, sharing various insights regarding its current operations and strategic direction.</li><li>Throughout the session led by Founder and CEO Max Levchin, as well as other key executives, the company highlighted strong financial metrics, ongoing initiatives, and future considerations, all of which culminated in both opportunities and challenges for investors assessing its market potentials and risks.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Affirm Holdings, Inc. recently provided an update on its fiscal first-quarter performance for 2025, sharing various insights regarding its current operations and strategic direction.Throughout the session led by Founder and CEO Max Levchin, as well as other key executives, the company highlighted strong financial metrics, ongoing initiatives, and future considerations, all of which culminated in both opportunities and challenges for investors assessing its market potentials and risks.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Affirm Holdings Inc.: Dealing With Funding Strategy Vulnerabilities & 4 Other Challenges! - Major Drivers

<ul><li>Affirm Holdings recently reported its Fourth Quarter Fiscal 2024 Earnings and the management emphasized the company's robust performance both in terms of growth and profitability for the fiscal year.</li><li>The discussion underlined Affirm's management's ability to leverage technological advancements, particularly in artificial intelligence and machine learning, to maintain control over credit outcomes, which they describe as an intentional result of their strategies.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Affirm Holdings recently reported its Fourth Quarter Fiscal 2024 Earnings and the management emphasized the company's robust performance both in terms of growth and profitability for the fiscal year.The discussion underlined Affirm's management's ability to leverage technological advancements, particularly in artificial intelligence and machine learning, to maintain control over credit outcomes, which they describe as an intentional result of their strategies.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Affirm Holdings: Expanded Adoption of Wallet Partnerships & Other Major Drivers

<ul><li>Affirm Holdings Inc. reported a strong fiscal third quarter for 2024, reflecting robust growth and strategic initiatives that seem to be paying off, while also highlighting areas that warrant caution.</li><li>Firstly, the positives emerging from the quarter include notable advancements in volume growth.</li><li>Gross Merchandise Volume (GMV) increased by 36%, which is compelling evidence of the company's capability to attract and retain users despite a competitive landscape.</li></ul>

Affirm Holdings Inc. reported a strong fiscal third quarter for 2024, reflecting robust growth and strategic initiatives that seem to be paying off, while also highlighting areas that warrant caution.Firstly, the positives emerging from the quarter include notable advancements in volume growth.Gross Merchandise Volume (GMV) increased by 36%, which is compelling evidence of the company's capability to attract and retain users despite a competitive landscape.

Affirm Holdings Inc.: Emergent Payment Models

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Klarna Group, a Swedish fintech company and BNPL provider, filed for an IPO and submitted a registration statement F-1 form with the SEC.</li>
<li>The company believes that AI and product diversification will boost profitability in the coming years coupled with aggressive cost-cutting and better underwriting process.</li>
<li>However, Klarna delayed its planned IPO due to extreme volatility and Trump’s tariffs, which are a headwind for BNPL players, including Affirm and Klarna.</li>
</ul>


Klarna Group, a Swedish fintech company and BNPL provider, filed for an IPO and submitted a registration statement F-1 form with the SEC.
The company believes that AI and product diversification will boost profitability in the coming years coupled with aggressive cost-cutting and better underwriting process.
However, Klarna delayed its planned IPO due to extreme volatility and Trump’s tariffs, which are a headwind for BNPL players, including Affirm and Klarna.


Klarna IPO Preview: The Dominant BNPL Player in Europe, Trump’s Tariffs Are a Headwind

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Thematic (Sector/Industry)

<ul>
<li>We update Klarna’s pre-IPO valuation based on recent private share transactions and that of Stripe; Indian payments company Pine Labs is reputedly looking for an IPO valuation of USD6bn</li>
<li>Our 2H24 recommended shares performance was suboptimal; only two of our four longs delivered gains, and our short’s share price was strong in the “risk on” investor climate</li>
<li>We downgrade Shift4 to neutral, keeping PagSeguro as our core value pick along with European value play Nexi and US megacap Visa; we keep our sell rating on Affirm</li>
</ul>


We update Klarna’s pre-IPO valuation based on recent private share transactions and that of Stripe; Indian payments company Pine Labs is reputedly looking for an IPO valuation of USD6bn
Our 2H24 recommended shares performance was suboptimal; only two of our four longs delivered gains, and our short’s share price was strong in the “risk on” investor climate
We downgrade Shift4 to neutral, keeping PagSeguro as our core value pick along with European value play Nexi and US megacap Visa; we keep our sell rating on Affirm


Payment Companies – Key Picks and Potential IPOs in Focus

United States

Affirm Holdings, Inc. is a financial technology company. The Company builds platform for digital and mobile-first commerce. Affirm Holdings offers financial services tool that allows consumers to purchase goods and services. Affirm Holdings serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Affirm Holdings (AFRM US)

Affirm Holdings Inc.: Dealing With Funding Strategy Vulnerabilities & 4 Other Challenges! - Major Drivers

Affirm Holdings, Inc. recently provided an update on its fiscal first-quarter performance for 2025, sharing various insights regarding its current...

Baptista Research

Affirm Holdings: Expanded Adoption of Wallet Partnerships & Other Major Drivers

Affirm Holdings recently reported its Fourth Quarter Fiscal 2024 Earnings and the management emphasized the company's robust performance both in...

Baptista Research

Affirm Holdings Inc.: Emergent Payment Models

Affirm Holdings Inc. reported a strong fiscal third quarter for 2024, reflecting robust growth and strategic initiatives that seem to be paying...

Baptista Research

Klarna IPO Preview: The Dominant BNPL Player in Europe, Trump’s Tariffs Are a Headwind

Klarna, a Swedish fintech player and the dominant BNPL player in Europe, plans to raise up to $1B in US IPO. I’m cautious about buying into...

Andrei Zakharov

Payment Companies – Key Picks and Potential IPOs in Focus

PagSeguro is our core value pick, Nexi and Visa are also buys, Affirm still rated a sell, Shift4 is now neutral. Updated Klarna and Stripe pre-IPO...

Victor Galliano

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Affirm Holdings Inc.: Dealing With Funding Strategy Vulnerabilities & 4 Other Challenges! - Major Drivers

Affirm Holdings, Inc. recently provided an update on its fiscal first-quarter performance for 2025, sharing various insights regarding its current...

Baptista Research

Affirm Holdings: Expanded Adoption of Wallet Partnerships & Other Major Drivers

Affirm Holdings recently reported its Fourth Quarter Fiscal 2024 Earnings and the management emphasized the company's robust performance both in...

Baptista Research

Affirm Holdings Inc.: Emergent Payment Models

Affirm Holdings Inc. reported a strong fiscal third quarter for 2024, reflecting robust growth and strategic initiatives that seem to be paying...

Baptista Research

Klarna IPO Preview: The Dominant BNPL Player in Europe, Trump’s Tariffs Are a Headwind

Klarna, a Swedish fintech player and the dominant BNPL player in Europe, plans to raise up to $1B in US IPO. I’m cautious about buying into...

Andrei Zakharov

Payment Companies – Key Picks and Potential IPOs in Focus

PagSeguro is our core value pick, Nexi and Visa are also buys, Affirm still rated a sell, Shift4 is now neutral. ​Updated Klarna and Stripe pre-IPO...

Victor Galliano

PagSeguro is our core value pick, Nexi and Visa are also buys, Affirm still rated a sell, Shift4 is now neutral. Updated Klarna and Stripe pre-IPO...