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>DoubleVerify's first quarter 2024 results showcase robust revenue growth, enhanced profitability, and increased operational cash flow, which reflect positively on the company's ability to adapt and capitalize on dynamic market trends, particularly in the digital advertising sectors like Connected TV (CTV) and social media.</li><li>The company reported a revenue of $141 million, marking a 15% year-over-year increase and exceeded the top end of its guidance ranges on both revenue and adjusted EBITDA, demonstrating effective management and solid operational execution.</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>

DoubleVerify's first quarter 2024 results showcase robust revenue growth, enhanced profitability, and increased operational cash flow, which reflect positively on the company's ability to adapt and capitalize on dynamic market trends, particularly in the digital advertising sectors like Connected TV (CTV) and social media.The company reported a revenue of $141 million, marking a 15% year-over-year increase and exceeded the top end of its guidance ranges on both revenue and adjusted EBITDA, demonstrating effective management and solid operational execution.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.

DoubleVerify Holdings Inc.: Development and Adoption of Social Media Measurement Tools Upping The Game? - Major Drivers

<ul><li>DoubleVerify Holdings, Inc. continues to deliver decent results.</li><li>Revenues, which increased by 27% to reach $572.5 million, underlined DoubleVerify’s successful third year as a public company.</li><li>Additionally, the company's platform processed over seven trillion billable media transactions across various digital media devices and formats.</li></ul>

DoubleVerify Holdings, Inc. continues to deliver decent results.Revenues, which increased by 27% to reach $572.5 million, underlined DoubleVerify’s successful third year as a public company.Additionally, the company's platform processed over seven trillion billable media transactions across various digital media devices and formats.

DoubleVerify Holdings: The Meta Opportunity & 3 Other Critical Growth Drivers

<ul><li>This is our first report on DoubleVerify Holdings, a renowned software platform for digital media measurement, data, and analytics.</li><li>Based on DoubleVerify's third quarter 2023 earnings, the company exhibits decent performance in revenue growth and expanding its client base.</li><li>DoubleVerify delivered an outstanding Q3 supported by key growth drivers across all leading global markets and key digital media environments such as social, programmatic, retail media, and CTV.</li></ul>

This is our first report on DoubleVerify Holdings, a renowned software platform for digital media measurement, data, and analytics.Based on DoubleVerify's third quarter 2023 earnings, the company exhibits decent performance in revenue growth and expanding its client base.DoubleVerify delivered an outstanding Q3 supported by key growth drivers across all leading global markets and key digital media environments such as social, programmatic, retail media, and CTV.

DoubleVerify: Initiation of Coverage - The Surprising Way User-Generated Content Is Boosting Their Business - Major Drivers

Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Thematic (Sector/Industry)

<ul>
<li>Earlier this week, our team attended the Vancouver Resource Investment Conference (VRIC) in order to explore new ideas in the metals &amp; mining industry.</li>
<li>This report dives into a brief overview of some of the projects that we found to be the most promising out of the 200+ exhibitors.</li>
<li>DV is a leading Canadian silver and gold exploration company, currently advancing one of the largest high-grade silver/precious metals assets in BC’s Golden Triangle, the Kitsault Valley project. I</li>
</ul>


Earlier this week, our team attended the Vancouver Resource Investment Conference (VRIC) in order to explore new ideas in the metals &amp; mining industry.
This report dives into a brief overview of some of the projects that we found to be the most promising out of the 200+ exhibitors.
DV is a leading Canadian silver and gold exploration company, currently advancing one of the largest high-grade silver/precious metals assets in BC’s Golden Triangle, the Kitsault Valley project. I


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

United States

Blackbaud, Inc. provides software and related services designed specifically for non-profit organizations. The Company's products and services enable non-profit organizations to increase donations, reduce fundraising costs, improve communication with constituents, manage their finances, and optimize internal operations.

RingCentral, Inc. is a provider of software-as-a-service, or SaaS, solutions for business communications. The Company offers a multi-user, enterprise-grade communications solution that enables customers and their employees to communicate via voice, text, HD video and web conferencing and fax, on multiple devices, including smartphones, tablets, PCs and desk phones.

Progress Software Corporation develops, markets, and distributes application development, deployment, and integration software to business, industry, and government worldwide.  The Company's products include databases, application servers, messaging servers, and development tools for Internet/Web, extranet, and intranet applications as well as for client/server and host applications.

Rapid7, Inc. provides security data and analytic software solutions. The Company offers services to collect, contextualize, and analyze security data to reduce threat exposure and detect compromise in real-time.

ACI Worldwide, Inc. develops, markets, and supports software products for the global electronics funds transfer market.  The Company's products are used to process transactions involving credit cards, debit cards, smartcards, home banking services, checks, and automated clearing and settlement.

Workiva Inc. provides cloud-based and mobile-enabled platforms for enterprises. The Company offers software to collect, manage, report and analyze business data in real time.

BlackLine, Inc. develops and markets enterprise software. The Company offers cloud-based software that automates and manages complex, manual, and repetitive accounting processes. BlackLine serves customers in the United States.

Instructure Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides learning management system dedicated to elevating student success, amplifying the power of teaching, and inspiring everyone to learn together.

Life360, Inc. designs and develops technological products. The Company offers mobile application for multi-channel messaging and tracking platform for family communication, lost item retrieving, and medical treatment services. Life360 serves customers in the United States.

Appian Corporation develops enterprise software solutions. The Company offers business process and cash management software. Appian serves customers worldwide.

Kingdee International Software Group Company Limited, through its subsidiaries, develops and sells enterprise management software, e-commerce application software and middleware software.  The Company also provides internet-based services and setting up e-commerce platforms for enterprises. In addition, Kingdee provides solution consulting and technical support services.

Kingsoft Corporation Ltd. develops and markets computer software.  The Company develops role-playing computer games and security, word processing, and spreadsheet software.

Technology One Limited is an Australian-based company that is engaged in the development, marketing, sales, implementation, support, and distribution of financial management and enterprise software solutions. The Company has operations in New Zealand, the United Kingdom, the South Pacific, and Malaysia.

Beijing Venustech Inc. provides a variety of information security products, information security services and information security solutions.  The Company's products and services are intrusion detection systems, intrusion prevention systems, firewalls, real-time monitoring and security management certification training services.

NCSOFT Corporation develops and markets on-line games that enable users to play over the Internet and computer software, such as web editing software.  The Company also designs and constructs databases, Intranet, and commercial Internet access systems.

Glodon Company Limited develops application softwares for basic construction industry. The Company's products include construction engineering cost management software and project cost management software. The Company also provides related training and consulting services.

SQUARE ENIX HOLDINGS CO., LTD. develops and sells entertainment software for home video game consoles including Dragon Quest and Final Fantasy series. The Company also publishes books such as informational guide books for its game software, and comic magazines and books.  Additionally, Square Enix sells character goods and stationery items from its software products.

China National Software & Service Co., Ltd designs, develops, and integrates application software used for the taxation, railway telecommunication, military, commercial aviation, and financial industries.  The Company also designs Chinasoft Linux operating system and develops language conversion software to support Chinese, English, and Japanese

OBIC Business Consultants Co.,Ltd. develops and markets business solution packaged software. The Company's products include software for accounting, banking, wage calculation, sales management, inventory control, and tax calculation. OBIC Business Consultants Co Ltd. also provides support and training services.

FUJI SOFT INCORPORATED is an independent software developer, specializing in communications and machine control software, business application software for bank and insurance companies, and operating system software.  Fuji Soft also installs, manages, and maintains computer systems.  The Company develops and sells word processing packaged software and also provides internet service.

DoubleVerify Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides software platform for digital media measurement and analytics. DoubleVerify Holdings serves customers worldwide.

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DoubleVerify (DV US)

DoubleVerify Holdings: The Meta Opportunity & 3 Other Critical Growth Drivers

DoubleVerify Holdings, Inc. continues to deliver decent results. Revenues, which increased by 27% to reach $572.5 million, underlined...

Baptista Research

DoubleVerify: Initiation of Coverage - The Surprising Way User-Generated Content Is Boosting Their Business - Major Drivers

This is our first report on DoubleVerify Holdings, a renowned software platform for digital media measurement, data, and analytics. Based on...

Baptista Research

Top Ideas from VRIC 2024

Earlier this week, our team attended the Vancouver Resource Investment Conference (VRIC) in order to explore new ideas in the metals & mining...

Atrium 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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

DoubleVerify Holdings Inc.: Development and Adoption of Social Media Measurement Tools Upping The Game? - Major Drivers

DoubleVerify's first quarter 2024 results showcase robust revenue growth, enhanced profitability, and increased operational cash flow, which...

Baptista Research

DoubleVerify Holdings: The Meta Opportunity & 3 Other Critical Growth Drivers

DoubleVerify Holdings, Inc. continues to deliver decent results. Revenues, which increased by 27% to reach $572.5 million, underlined...

Baptista Research

DoubleVerify: Initiation of Coverage - The Surprising Way User-Generated Content Is Boosting Their Business - Major Drivers

This is our first report on DoubleVerify Holdings, a renowned software platform for digital media measurement, data, and analytics. Based on...

Baptista Research

Top Ideas from VRIC 2024

Earlier this week, our team attended the Vancouver Resource Investment Conference (VRIC) in order to explore new ideas in the metals & mining...

Atrium 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