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>dLocal, an emerging markets-focused payments company, recently reported its fourth quarter and full-year 2024 financial results, demonstrating strong performance and strategic positioning in the digital payments industry.</li><li>The company achieved a record Total Payment Volume (TPV) of $26 billion for the year, reflecting a 45% increase compared to the previous year, with significant contributions from key markets such as Argentina, Egypt, and other regions in Latin America, Africa, and Asia.</li><li>This growth highlights dLocal's successful expansion into frontier markets and its ability to adapt to the evolving needs of global merchants.</li></ul>

dLocal, an emerging markets-focused payments company, recently reported its fourth quarter and full-year 2024 financial results, demonstrating strong performance and strategic positioning in the digital payments industry.The company achieved a record Total Payment Volume (TPV) of $26 billion for the year, reflecting a 45% increase compared to the previous year, with significant contributions from key markets such as Argentina, Egypt, and other regions in Latin America, Africa, and Asia.This growth highlights dLocal's successful expansion into frontier markets and its ability to adapt to the evolving needs of global merchants.

DLocal Unlocks New Growth Avenues Through Emerging Market Penetration & Innovation in Payment Orchestration!

<ul><li>DLocal, a leading Latin American payments provider with a market value of $3.6 billion, is reportedly exploring a potential sale.</li><li>The Montevideo, Uruguay-based company, backed by private equity firm General Atlantic, is working with Morgan Stanley to evaluate interest from private equity firms and major fintech players.</li><li>This development marks the second time DLocal has been linked to sale discussions, following a similar evaluation last year that did not culminate in an agreement.</li></ul>

DLocal, a leading Latin American payments provider with a market value of $3.6 billion, is reportedly exploring a potential sale.The Montevideo, Uruguay-based company, backed by private equity firm General Atlantic, is working with Morgan Stanley to evaluate interest from private equity firms and major fintech players.This development marks the second time DLocal has been linked to sale discussions, following a similar evaluation last year that did not culminate in an agreement.

DLocal: A Payments Pioneer Exploring New Frontiers Amid Potential Sale Talks!

<ul><li>dLocal Limited experienced a robust third quarter in 2024, demonstrating strong operational performance with record levels in both Total Payment Volume (TPV) and gross profit.</li><li>Key developments indicate the company is effectively regaining momentum after a less-than-stellar start to the year.</li><li>Positives from the quarter include a notable 41% year-over-year increase in TPV, reaching $6.5 billion.</li></ul>

dLocal Limited experienced a robust third quarter in 2024, demonstrating strong operational performance with record levels in both Total Payment Volume (TPV) and gross profit.Key developments indicate the company is effectively regaining momentum after a less-than-stellar start to the year.Positives from the quarter include a notable 41% year-over-year increase in TPV, reaching $6.5 billion.

dLocal Limited: Its Efforts Towards Geographic Diversification & Market Expansion & Other Major Drivers

<ul><li>DLocal's Q2 2024 earnings report indicates a complex blend of growth, challenges, and strategic adaptation amid volatile market conditions.</li><li>The company reported a significant achievement with its Total Payment Volume (TPV) reaching $6 billion, depicting a strong year-on-year growth of 38% despite a high comparative in the previous year.</li><li>This growth attests to DLocal's ongoing capability to deepen relationships with existing global merchants and to attract new ones, contributing positively toward its long-term expansion prospects.</li></ul>

DLocal's Q2 2024 earnings report indicates a complex blend of growth, challenges, and strategic adaptation amid volatile market conditions.The company reported a significant achievement with its Total Payment Volume (TPV) reaching $6 billion, depicting a strong year-on-year growth of 38% despite a high comparative in the previous year.This growth attests to DLocal's ongoing capability to deepen relationships with existing global merchants and to attract new ones, contributing positively toward its long-term expansion prospects.

DLocal Limited: Initiation Of Coverage - Continuous TPV Growth and Market Expansion As A Critical Growth Lever! - Major Drivers

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

DLocal Limited of Uruguay provides payment solutions. The Company offers single payment platform which accept payments, send payouts, and settle funds. DLocal serves customers worldwide.

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DLocal (DLO US)

DLocal Unlocks New Growth Avenues Through Emerging Market Penetration & Innovation in Payment Orchestration!

dLocal, an emerging markets-focused payments company, recently reported its fourth quarter and full-year 2024 financial results, demonstrating...

Baptista Research

DLocal: A Payments Pioneer Exploring New Frontiers Amid Potential Sale Talks!

DLocal, a leading Latin American payments provider with a market value of $3.6 billion, is reportedly exploring a potential sale. The Montevideo,...

Baptista Research

dLocal Limited: Its Efforts Towards Geographic Diversification & Market Expansion & Other Major Drivers

dLocal Limited experienced a robust third quarter in 2024, demonstrating strong operational performance with record levels in both Total Payment...

Baptista Research

DLocal Limited: Initiation Of Coverage - Continuous TPV Growth and Market Expansion As A Critical Growth Lever! - Major Drivers

DLocal's Q2 2024 earnings report indicates a complex blend of growth, challenges, and strategic adaptation amid volatile market conditions. The...

Baptista Research

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)

DLocal Unlocks New Growth Avenues Through Emerging Market Penetration & Innovation in Payment Orchestration!

dLocal, an emerging markets-focused payments company, recently reported its fourth quarter and full-year 2024 financial results, demonstrating...

Baptista Research

DLocal: A Payments Pioneer Exploring New Frontiers Amid Potential Sale Talks!

DLocal, a leading Latin American payments provider with a market value of $3.6 billion, is reportedly exploring a potential sale. The Montevideo,...

Baptista Research

dLocal Limited: Its Efforts Towards Geographic Diversification & Market Expansion & Other Major Drivers

dLocal Limited experienced a robust third quarter in 2024, demonstrating strong operational performance with record levels in both Total Payment...

Baptista Research

DLocal Limited: Initiation Of Coverage - Continuous TPV Growth and Market Expansion As A Critical Growth Lever! - Major Drivers

DLocal's Q2 2024 earnings report indicates a complex blend of growth, challenges, and strategic adaptation amid volatile market conditions. The...

Baptista Research

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...