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>Etsy, the global marketplace for unique and creative goods, reported mixed results in its third-quarter 2024 financials, showcasing resolute management efforts amidst macroeconomic uncertainties.</li><li>The continued pursuit of differentiated customer experiences remains central to Etsy's strategy, although headwinds have temporarily impacted its growth metrics, notably the Gross Merchandise Sales (GMS).</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>

Etsy, the global marketplace for unique and creative goods, reported mixed results in its third-quarter 2024 financials, showcasing resolute management efforts amidst macroeconomic uncertainties.The continued pursuit of differentiated customer experiences remains central to Etsy's strategy, although headwinds have temporarily impacted its growth metrics, notably the Gross Merchandise Sales (GMS).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.

Etsy Inc.: Leveraging Technology for Enhanced Discovery and Personalization! - Major Drivers

<ul><li>Etsy, during the company's Second Quarter 2024 Earnings, reported a Gross Merchandise Sales (GMS) of $2.9 billion, reflecting a slight year-over-year decline of 2.1% on a consolidated basis.</li><li>Despite the dip in GMS, revenue saw an uptick of 3%, totaling $648 million.</li><li>Moreover, Etsy maintained a robust adjusted EBITDA margin of approximately 28%.</li></ul>

Etsy, during the company's Second Quarter 2024 Earnings, reported a Gross Merchandise Sales (GMS) of $2.9 billion, reflecting a slight year-over-year decline of 2.1% on a consolidated basis.Despite the dip in GMS, revenue saw an uptick of 3%, totaling $648 million.Moreover, Etsy maintained a robust adjusted EBITDA margin of approximately 28%.

Etsy Inc.: Leveraging Advanced Technologies for Enhanced User Experience! - Major Drivers

<ul><li>Etsy Inc.'s Q1 2024 earnings had a cautious tone, reflecting a less-than-expected performance due to external factors such as inflation and increasing costs of essentials, which have contributed to depressed consumer sentiment and squeezed consumer wallets.</li><li>Consolidated Gross Merchandise Sales (GMS) for the period were reported at $3 billion, down 3.7% from last year.</li><li>Revenue grew slightly by 0.8% to $646 million, and the company delivered $168 million in adjusted EBITDA, a recommended EBITDA margin of approximately 26%.</li></ul>

Etsy Inc.'s Q1 2024 earnings had a cautious tone, reflecting a less-than-expected performance due to external factors such as inflation and increasing costs of essentials, which have contributed to depressed consumer sentiment and squeezed consumer wallets.Consolidated Gross Merchandise Sales (GMS) for the period were reported at $3 billion, down 3.7% from last year.Revenue grew slightly by 0.8% to $646 million, and the company delivered $168 million in adjusted EBITDA, a recommended EBITDA margin of approximately 26%.

Etsy Inc.: Improving Search Algorithms for Enhanced Customer Experience But Will They Indirectly Boost Revenues? - 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.

Event-Driven

<ul>
<li>Index Committee's discretion decreases the predictability of index changes. Even when a company passes all eligibility criteria and thresholds, it might still not be selected.</li>
<li>Understanding triggers for index changes, types of additions/deletions and selection patterns, narrows down the pool of candidates and increases conviction of forecasts.</li>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> is currently the main candidate to be added by transition to the S&amp;P 500 in September 2024 Quarterly Rebalance.</li>
</ul>


Index Committee's discretion decreases the predictability of index changes. Even when a company passes all eligibility criteria and thresholds, it might still not be selected.
Understanding triggers for index changes, types of additions/deletions and selection patterns, narrows down the pool of candidates and increases conviction of forecasts.

Dell Technologies (DELL US) is currently the main candidate to be added by transition to the S&amp;P 500 in September 2024 Quarterly Rebalance.


S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/atrenew-inc" target="_blank" data-smartkarma-citation="entities:33426:1" rel="noopener">ATRenew (RERE US)</a> operates the largest pre-owned consumer electronics transactions and services platform in China. It is listed in June 2021 at US$14 per ADS. </li>
<li>The shares are down 63% YTD largely due to the tech market sell-off. Unlike most tech companies, ATRenew is starting to deliver growth with profits, cash generation and share buybacks.</li>
<li>The valuation is undemanding compared to a peer group of pre-owned marketplaces and global online retail marketplaces. It will also appeal to investors with an ESG mandate.</li>
</ul>



ATRenew (RERE US) operates the largest pre-owned consumer electronics transactions and services platform in China. It is listed in June 2021 at US$14 per ADS. 
The shares are down 63% YTD largely due to the tech market sell-off. Unlike most tech companies, ATRenew is starting to deliver growth with profits, cash generation and share buybacks.
The valuation is undemanding compared to a peer group of pre-owned marketplaces and global online retail marketplaces. It will also appeal to investors with an ESG mandate.


ATRenew (RERE US): Pre-Owned Satisfaction

United States

Etsy, Inc. provides e-commerce services. The Company offers handmade and vintage items, art, and supplies, as well as regular items such as clothing, housewares, paper goods, candles, bags and purses, music, and wood working items. Etsy serves users throughout the United States.

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Etsy Inc (ETSY US)

Etsy Inc.: Leveraging Technology for Enhanced Discovery and Personalization! - Major Drivers

Etsy, the global marketplace for unique and creative goods, reported mixed results in its third-quarter 2024 financials, showcasing resolute...

Baptista Research

Etsy Inc.: Leveraging Advanced Technologies for Enhanced User Experience! - Major Drivers

Etsy, during the company's Second Quarter 2024 Earnings, reported a Gross Merchandise Sales (GMS) of $2.9 billion, reflecting a slight...

Baptista Research

Etsy Inc.: Improving Search Algorithms for Enhanced Customer Experience But Will They Indirectly Boost Revenues? - Major Drivers

Etsy Inc.'s Q1 2024 earnings had a cautious tone, reflecting a less-than-expected performance due to external factors such as inflation and...

Baptista Research

S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

S&P Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...

Dimitris Ioannidis

ATRenew (RERE US): Pre-Owned Satisfaction

Unlike most tech companies, ATRenew is starting to deliver growth with profits, cash generation and share buybacks. The valuation remains undemanding.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Etsy Inc.: Leveraging Technology for Enhanced Discovery and Personalization! - Major Drivers

Etsy, the global marketplace for unique and creative goods, reported mixed results in its third-quarter 2024 financials, showcasing resolute...

Baptista Research

Etsy Inc.: Leveraging Advanced Technologies for Enhanced User Experience! - Major Drivers

Etsy, during the company's Second Quarter 2024 Earnings, reported a Gross Merchandise Sales (GMS) of $2.9 billion, reflecting a slight...

Baptista Research

Etsy Inc.: Improving Search Algorithms for Enhanced Customer Experience But Will They Indirectly Boost Revenues? - Major Drivers

Etsy Inc.'s Q1 2024 earnings had a cautious tone, reflecting a less-than-expected performance due to external factors such as inflation and...

Baptista Research

S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

S&P ​Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...

Dimitris Ioannidis

ATRenew (RERE US): Pre-Owned Satisfaction

Unlike most tech companies, ATRenew is starting to deliver growth with profits, cash generation and share buybacks. The valuation remains undemanding.

Arun George

S&P Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...