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>AppLovin Corporation, a mobile tech company specializing in developing software for developers and marketers, reported strong financial results for the first quarter ended March 31, 2024.</li><li>The company recorded a total revenue of $1.06 billion and an adjusted EBITDA of $549 million, demonstrating a 52% margin.</li><li>AppLovin's CFO, Matt Stumpf, noted that the company's revenue grew by almost 50% compared to the same period last year, and the adjusted EBITDA has doubled.</li></ul>

AppLovin Corporation, a mobile tech company specializing in developing software for developers and marketers, reported strong financial results for the first quarter ended March 31, 2024.The company recorded a total revenue of $1.06 billion and an adjusted EBITDA of $549 million, demonstrating a 52% margin.AppLovin's CFO, Matt Stumpf, noted that the company's revenue grew by almost 50% compared to the same period last year, and the adjusted EBITDA has doubled.

AppLovin Corporation: What Is Their Performance-Based Advertising Strategy? - Major Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the December 2024 index rebal event.</li>
<li>We expect two regular changes in December 2024. There are also several live spin-off and M&amp;A events which could trigger intra-review index changes in late-2024/early-2025.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the December 2024 index rebal event.
We expect two regular changes in December 2024. There are also several live spin-off and M&amp;A events which could trigger intra-review index changes in late-2024/early-2025.


Quiddity Leaderboard S&P 500 Dec 24: APP, APO, and TPL May Be ADDs, Watch SP600 DELs

<ul><li>AppLovin closed the fiscal year ended December 31, 2023 on a high note after surpassing the upper end of its forecast and demonstrating a pattern of exceptional performance throughout the year.</li><li>Despite a challenging 2022 characterized by stagnant growth, the company reported a 76% increase in revenue from its software platform in 2023, testament to the potential of its AI advertising engine, AXON. While the performance shows the company's financial strength, uncertainties prevail woven within the statements of forward-looking nature minus respective obligations of updating these unless required by law.</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>

AppLovin closed the fiscal year ended December 31, 2023 on a high note after surpassing the upper end of its forecast and demonstrating a pattern of exceptional performance throughout the year.Despite a challenging 2022 characterized by stagnant growth, the company reported a 76% increase in revenue from its software platform in 2023, testament to the potential of its AI advertising engine, AXON. While the performance shows the company's financial strength, uncertainties prevail woven within the statements of forward-looking nature minus respective obligations of updating these unless required by law.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.

AppLovin Corporation: Is The Robust Performance Of APP's Software Platform Expected To Continue To Grow Revenues? - Major Drivers

<ul><li>AppLovin Corporation delivered an all-around beat in the previous quarter, experiencing substantial year-over-year and quarter-over-quarter revenue growth.</li><li>As part of the portfolio optimization program, the apps sector marked its first quarter of quarter-over-quarter revenue growth, generating a total revenue of $864 million, surpassing guidance with an adjusted EBITDA of $490 million, up 63% year-over-year.</li><li>In the app segment, revenue grew 5% sequentially to $360 million, representing the initial quarter of growth since the portfolio optimization initiative began.</li></ul>

AppLovin Corporation delivered an all-around beat in the previous quarter, experiencing substantial year-over-year and quarter-over-quarter revenue growth.As part of the portfolio optimization program, the apps sector marked its first quarter of quarter-over-quarter revenue growth, generating a total revenue of $864 million, surpassing guidance with an adjusted EBITDA of $490 million, up 63% year-over-year.In the app segment, revenue grew 5% sequentially to $360 million, representing the initial quarter of growth since the portfolio optimization initiative began.

AppLovin Corporation: AI-Driven Tech Powering Advertising – A Deep Dive! - Major Drivers

US-EU Index Rebalances / Quantitative Researcher, Ortex

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

Ortex

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Monolithic Power Systems, Inc / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/monolithic-power-systems-inc" target="_blank" data-smartkarma-citation="entities:2088:1" rel="noopener">Monolithic Power Systems (MPWR US)</a> is a direct addition followed by <a href="https://www.smartkarma.com/entities/applovin-corp" target="_blank" data-smartkarma-citation="entities:32989:1" rel="noopener">AppLovin (APP US)</a> which is a conditional addition but close to be direct. Demand is ~$1.8bn and ~3.5 ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/dollar-tree-inc" target="_blank" data-smartkarma-citation="entities:10913:1" rel="noopener">Dollar Tree Inc (DLTR US)</a> is a direct deletion with the highest exclusion probability as it is  ranked above the exit rank of 125. </li>
<li>
<a href="https://www.smartkarma.com/entities/super-micro-computer-inc" target="_blank" data-smartkarma-citation="entities:7921:1" rel="noopener">Super Micro Computer (SMCI US)</a> , <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a> and <a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna (MRNA US)</a> are amongst the prioritized constituents preventing eligible candidates from entering the index. </li>
</ul>



Monolithic Power Systems (MPWR US) is a direct addition followed by AppLovin (APP US) which is a conditional addition but close to be direct. Demand is ~$1.8bn and ~3.5 ADV.

Dollar Tree Inc (DLTR US) is a direct deletion with the highest exclusion probability as it is  ranked above the exit rank of 125. 

Super Micro Computer (SMCI US) , ARM Holdings (ARM US) and Moderna (MRNA US) are amongst the prioritized constituents preventing eligible candidates from entering the index. 


Nasdaq-100 December 2024 Forecasts: Monolithic Power & AppLovin It; Dollar Tree Needs Watering

United States

AppLovin Corporation provides software solutions. The Company offers an end-to-end software that optimizes monetization, and uses machine learning to make data-driven marketing decisions for profitable growth. AppLovin serves clients worldwide.

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AppLovin (APP US)

AppLovin Corporation: What Is Their Performance-Based Advertising Strategy? - Major Drivers

AppLovin Corporation, a mobile tech company specializing in developing software for developers and marketers, reported strong financial results...

Baptista Research

Quiddity Leaderboard S&P 500 Dec 24: APP, APO, and TPL May Be ADDs, Watch SP600 DELs

The S&P500/400/600 Dec24 review will be announced in just over 10 days. There is an intra-review change in SP600 first, and perhaps a few more in...

Travis Lundy

AppLovin Corporation: Is The Robust Performance Of APP's Software Platform Expected To Continue To Grow Revenues? - Major Drivers

AppLovin closed the fiscal year ended December 31, 2023 on a high note after surpassing the upper end of its forecast and demonstrating a pattern...

Baptista Research

AppLovin Corporation: AI-Driven Tech Powering Advertising – A Deep Dive! - Major Drivers

AppLovin Corporation delivered an all-around beat in the previous quarter, experiencing substantial year-over-year and quarter-over-quarter...

Baptista Research

Nasdaq-100 December 2024 Forecasts: Monolithic Power & AppLovin It; Dollar Tree Needs Watering

MPWR and APP are the top candidates for inclusion with an average forecasted demand at nearly $2bn and 3.5 ADV, while DLTR and ILMN face a high...

Dimitris Ioannidis

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

AppLovin Corporation: What Is Their Performance-Based Advertising Strategy? - Major Drivers

AppLovin Corporation, a mobile tech company specializing in developing software for developers and marketers, reported strong financial results...

Baptista Research

Quiddity Leaderboard S&P 500 Dec 24: APP, APO, and TPL May Be ADDs, Watch SP600 DELs

The S&P500/400/600 Dec24 review will be announced in just over 10 days. There is an intra-review change in SP600 first, and perhaps a few more in...

Travis Lundy

AppLovin Corporation: Is The Robust Performance Of APP's Software Platform Expected To Continue To Grow Revenues? - Major Drivers

AppLovin closed the fiscal year ended December 31, 2023 on a high note after surpassing the upper end of its forecast and demonstrating a pattern...

Baptista Research

AppLovin Corporation: AI-Driven Tech Powering Advertising – A Deep Dive! - Major Drivers

AppLovin Corporation delivered an all-around beat in the previous quarter, experiencing substantial year-over-year and quarter-over-quarter...

Baptista Research

Nasdaq-100 December 2024 Forecasts: Monolithic Power & AppLovin It; Dollar Tree Needs Watering

​MPWR and APP are the top candidates for inclusion with an average forecasted demand at nearly $2bn and 3.5 ADV, while DLTR and ILMN face a high...

Dimitris Ioannidis

MPWR and APP are the top candidates for inclusion with an average forecasted demand at nearly $2bn and 3.5 ADV, while DLTR and ILMN face a high...