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>Electronic Arts managed to surpass the revenue expectations as well as the earnings expectations of Wall Street in its recent quarterly result.</li><li>The fiscal year 2023 saw EA SPORTS FIFA thrive, with double-digit growth in net bookings and FIFA 23 becoming the best-selling title in franchise history.</li><li>We give Electronic Arts Inc. a 'Hold' rating with a revised target price.</li></ul>

Electronic Arts managed to surpass the revenue expectations as well as the earnings expectations of Wall Street in its recent quarterly result.The fiscal year 2023 saw EA SPORTS FIFA thrive, with double-digit growth in net bookings and FIFA 23 becoming the best-selling title in franchise history.We give Electronic Arts Inc. a 'Hold' rating with a revised target price.

Electronic Arts Inc.: New Game Launches & Other Drivers

<ul><li>Electronic Arts delivered a mixed set of results in the last quarter.</li><li>In the quarter more than 10 million new players entered into the community which drives strong engagement.</li><li>The player network of EA also continues to grow and its flagship, EA SPORTS FIFA delivered strong engagement this quarter across the company’s entire ecosystem.</li></ul>

Electronic Arts delivered a mixed set of results in the last quarter.In the quarter more than 10 million new players entered into the community which drives strong engagement.The player network of EA also continues to grow and its flagship, EA SPORTS FIFA delivered strong engagement this quarter across the company’s entire ecosystem.

Electronic Arts (EA): Collaboration With Marvel Entertainment & Other Drivers

<ul><li>EA’s stock trajectory has remained sideways even after a disappointing quarterly result where the company failed to meet Wall Street expectations in terms of revenues as well as earnings.</li><li>Its EA Sports portfolio and its multiplatform live services businesses have helped the company thrive in a tough phase.</li><li>During the quarter, EA launched Premier Sports Games and delivered its largest EA Sports FIFA console and PC launch.</li></ul>

EA’s stock trajectory has remained sideways even after a disappointing quarterly result where the company failed to meet Wall Street expectations in terms of revenues as well as earnings.Its EA Sports portfolio and its multiplatform live services businesses have helped the company thrive in a tough phase.During the quarter, EA launched Premier Sports Games and delivered its largest EA Sports FIFA console and PC launch.

Electronic Arts Inc: New Windows Application & Other Developments

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Lionheart Studio  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lionheart-studio-corporation" target="_blank" data-smartkarma-citation="entities:36417:1" rel="noopener">Lionheart Studio (426630 KS)</a>, a game development studio based in South Korea,  aims to raise around US$420m via its South Korean IPO.</li>
<li>The company is majority owned by <a href="https://www.smartkarma.com/entities/kakao-games-corp" target="_blank" data-smartkarma-citation="entities:26730:1" rel="noopener">Kakao Games Corp (293490 KS)</a>, which after having recently hiked its stake, owned 54.94% of the company prior to listing.  </li>
<li>We spoke about the company’s past performance and undertook a peer comparison in our previous note. In this note, we’ll talk about our earnings estimates and valuation.</li>
</ul>



Lionheart Studio (426630 KS), a game development studio based in South Korea,  aims to raise around US$420m via its South Korean IPO.
The company is majority owned by Kakao Games Corp (293490 KS), which after having recently hiked its stake, owned 54.94% of the company prior to listing.  
We spoke about the company’s past performance and undertook a peer comparison in our previous note. In this note, we’ll talk about our earnings estimates and valuation.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/lionheart-studio-corporation" target="_blank" data-smartkarma-citation="entities:36417:1" rel="noopener">Lionheart Studio (426630 KS)</a>, a game development studio based in South Korea,  aims to raise around US$420m via its South Korean IPO.</li>
<li>The company is majority owned by <a href="https://www.smartkarma.com/entities/kakao-games-corp" target="_blank" data-smartkarma-citation="entities:26730:1" rel="noopener">Kakao Games Corp (293490 KS)</a>, which after having recently hiked its stake, owned 54.94% of the company prior to listing.  </li>
<li>We spoke about the company’s past performance in our previous note. In this note, we’ll undertake a peer comparison.</li>
</ul>



Lionheart Studio (426630 KS), a game development studio based in South Korea,  aims to raise around US$420m via its South Korean IPO.
The company is majority owned by Kakao Games Corp (293490 KS), which after having recently hiked its stake, owned 54.94% of the company prior to listing.  
We spoke about the company’s past performance in our previous note. In this note, we’ll undertake a peer comparison.


LionHeart Studio IPO - Peer Comparison - Youngest and Most Untested

United States

Electronic Arts Inc. develops, publishes, and distributes branded interactive entertainment software worldwide for video game consoles, personal computers, handheld game players, and cellular handsets. The Company also provides online game-related services.

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Electronic Arts (EA US)

Electronic Arts Inc.: New Game Launches & Other Drivers

Electronic Arts managed to surpass the revenue expectations as well as the earnings expectations of Wall Street in its recent quarterly...

Baptista Research

Electronic Arts (EA): Collaboration With Marvel Entertainment & Other Drivers

Electronic Arts delivered a mixed set of results in the last quarter. In the quarter more than 10 million new players entered into the community...

Baptista Research

Electronic Arts Inc: New Windows Application & Other Developments

EA’s stock trajectory has remained sideways even after a disappointing quarterly result where the company failed to meet Wall Street expectations...

Baptista Research

Lionheart IPO - Thoughts on Valuation

Lionheart Studio (426630 KS), a game development studio based in South Korea, aims to raise around US$420m via its South Korean IPO. In this note,...

Sumeet Singh

LionHeart Studio IPO - Peer Comparison - Youngest and Most Untested

Lionheart Studio, a game development studio based in South Korea, aims to raise around US$420m via its South Korean IPO. In this note, we...

Sumeet Singh

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