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>BigCommerce, headquartered in Austin, Texas, conducted its earnings call for the second quarter of 2024, marking significant strides in the company's growth amidst challenging business environments.</li><li>This complex economic landscape presents both opportunities as well as challenges which BigCommerce aims to strategically navigate.</li><li>As reported, BigCommerce's revenue for the quarter was slightly under $82 million, reflecting an 8% year-over year increase.</li></ul>

BigCommerce, headquartered in Austin, Texas, conducted its earnings call for the second quarter of 2024, marking significant strides in the company's growth amidst challenging business environments.This complex economic landscape presents both opportunities as well as challenges which BigCommerce aims to strategically navigate.As reported, BigCommerce's revenue for the quarter was slightly under $82 million, reflecting an 8% year-over year increase.

BigCommerce Holdings Inc.:Enhanced Enterprise Solutions

<ul><li>BigCommerce has made notable strides in improving its business model and focusing on efficient revenue growth, particularly in the first quarter of 2024.</li><li>As expressed by the company's CEO, Brent Bellm, and CFO, Daniel Lentz, on their latest financial results, BigCommerce reported a 12% year-over-year revenue increase to approximately $80 million.</li><li>This growth combined with an adjusted EBITDA of just over $4 million, indicating a trajectory towards sustainable profitability.</li></ul>

BigCommerce has made notable strides in improving its business model and focusing on efficient revenue growth, particularly in the first quarter of 2024.As expressed by the company's CEO, Brent Bellm, and CFO, Daniel Lentz, on their latest financial results, BigCommerce reported a 12% year-over-year revenue increase to approximately $80 million.This growth combined with an adjusted EBITDA of just over $4 million, indicating a trajectory towards sustainable profitability.

BigCommerce Holdings - Special M&A Report - What Valuation Can It Extract In The Event Of A Potential Acquisition?  - Financial Forecasts

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bigtincan-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29067:1" rel="noopener">Bigtincan Holdings Ltd (BTH AU)</a> disclosed a non-binding indicative offer of A$0.80 per share offer from SQN, a skinny 17.6% premium to the undisturbed price.</li>
<li>The offer is unattractive on several fronts and is the latest beaten-down ASX tech stock to be subject to a PE bid. Expect the Board to reject the offer.</li>
<li>Bigtincan also revealed other non-binding expressions of interest. This offer could flush out other potential bidders. At the last close, the gross spread is 6.0%.</li>
</ul>



Bigtincan Holdings Ltd (BTH AU) disclosed a non-binding indicative offer of A$0.80 per share offer from SQN, a skinny 17.6% premium to the undisturbed price.
The offer is unattractive on several fronts and is the latest beaten-down ASX tech stock to be subject to a PE bid. Expect the Board to reject the offer.
Bigtincan also revealed other non-binding expressions of interest. This offer could flush out other potential bidders. At the last close, the gross spread is 6.0%.


Bigtincan (BTH AU)’s Lightweight A$0.80 Offer from SQN

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<ul>
<li>Shares of <a href="https://www.smartkarma.com/entities/bigcommerce-holdings-inc" target="_blank" data-smartkarma-citation="entities:29196:1" rel="noopener">BigCommerce Holdings (BIGC US)</a>  slipped below the IPO price of <strong>$24.00</strong> per share, and at current valuation, we see limited downside risk for BigCommerce stock investors.  </li>
<li>In 2020, <a href="https://www.smartkarma.com/entities/intuit-inc" target="_blank" data-smartkarma-citation="entities:8235:1" rel="noopener">Intuit Inc (INTU US)</a>  offered to acquire BigCommerce for $1.5 billion, according to CNBC and other public sources. Both BigCommerce and Intuit didn’t provide a comment.</li>
<li>Insider selling activity has slowed down noticeably over the past three months and <a href="https://www.smartkarma.com/entities/bigcommerce-holdings-inc" target="_blank" data-smartkarma-citation="entities:29196:1" rel="noopener">BigCommerce Holdings (BIGC US)</a>  insiders sold ~$5 million worth of shares. </li>
</ul>


Shares of BigCommerce Holdings (BIGC US)  slipped below the IPO price of $24.00 per share, and at current valuation, we see limited downside risk for BigCommerce stock investors.  
In 2020, Intuit Inc (INTU US)  offered to acquire BigCommerce for $1.5 billion, according to CNBC and other public sources. Both BigCommerce and Intuit didn’t provide a comment.
Insider selling activity has slowed down noticeably over the past three months and BigCommerce Holdings (BIGC US)  insiders sold ~$5 million worth of shares. 


BigCommerce: Stock Selloff Looks Finished As Valuation Hit $1.5 Billion

<p><a href="https://www.smartkarma.com/entities/bigcommerce-holdings-inc" target="_blank" data-smartkarma-citation="entities:29196:1" rel="noopener">BigCommerce Holdings Inc (BIGC US)</a> , provider of e-commerce scalable SaaS platform for B2B and B2C segments, went public on August 5, 2020. Company has raised ~$170 million of net proceeds from an IPO and the IPO price was $24.00 per share. Currently, BigCommerce stock is trading at about $60.00 per share and IPO investors are still up ~150%. BigCommerce has raised ~$228 million in funding over 6 rounds and their last $64 million Series F round was led by Goldman Sachs at a $450 million pre-money valuation keeping in mind IPO valuation was ~$1.8 billion and now market cap of BigCommerce reached ~$4.5 billion on a fully diluted basis. In our insight we will provide outlook for CY’22 and specify reasons why we have negative view on BigCommerce stock.   </p>

BigCommerce Holdings Inc (BIGC US) , provider of e-commerce scalable SaaS platform for B2B and B2C segments, went public on August 5, 2020. Company has raised ~$170 million of net proceeds from an IPO and the IPO price was $24.00 per share. Currently, BigCommerce stock is trading at about $60.00 per share and IPO investors are still up ~150%. BigCommerce has raised ~$228 million in funding over 6 rounds and their last $64 million Series F round was led by Goldman Sachs at a $450 million pre-money valuation keeping in mind IPO valuation was ~$1.8 billion and now market cap of BigCommerce reached ~$4.5 billion on a fully diluted basis. In our insight we will provide outlook for CY’22 and specify reasons why we have negative view on BigCommerce stock.   

BigCommerce Insiders Dumped ~$480 Million Worth of Shares During One Year After IPO

United States

BigCommerce Holdings, Inc. operates as a software company. The Company offers SaaS platform for cross-channel commerce and cloud-based e-commerce solution that scales with business growth. BigCommerce Holdings serves customers worldwide.

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BigCommerce Holdings (BIGC US)

BigCommerce Holdings Inc.:Enhanced Enterprise Solutions

BigCommerce, headquartered in Austin, Texas, conducted its earnings call for the second quarter of 2024, marking significant strides in the...

Baptista Research

BigCommerce Holdings - Special M&A Report - What Valuation Can It Extract In The Event Of A Potential Acquisition? - Financial Forecasts

BigCommerce has made notable strides in improving its business model and focusing on efficient revenue growth, particularly in the first quarter...

Baptista Research

Bigtincan (BTH AU)’s Lightweight A$0.80 Offer from SQN

Expect the Board to reject the offer as it is light. The indicative offer could spark other interested parties to show their hand. We would be...

Arun George

BigCommerce: Stock Selloff Looks Finished As Valuation Hit $1.5 Billion

Our analysis suggests risk/reward for BigCommerce shares looks strong, and downside potential may be limited as BigCommerce stock is undervalued...

Andrei Zakharov

BigCommerce Insiders Dumped ~$480 Million Worth of Shares During One Year After IPO

We turn bearish on BigCommerce shares and forecast 30% downside potential as insider selling intensifies and revenue growth will slow down next year

Andrei Zakharov

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