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

Fidelity National Info Serv / Equity Bottom-Up

<ul><li>The latest earnings announcement by Fidelity National Information Services (FIS) reflects a company leveraging its core strengths and strategic initiatives to navigate through a competitive and dynamic financial technology landscape.</li><li>Under the leadership of CEO Stephanie Ferris and CFO James Kehoe, the company has demonstrated a sustained focus on accelerating profitable revenue growth and has reported a notable improvement in both revenue and profit margins.</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>

The latest earnings announcement by Fidelity National Information Services (FIS) reflects a company leveraging its core strengths and strategic initiatives to navigate through a competitive and dynamic financial technology landscape.Under the leadership of CEO Stephanie Ferris and CFO James Kehoe, the company has demonstrated a sustained focus on accelerating profitable revenue growth and has reported a notable improvement in both revenue and profit margins.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.

Fidelity National Information Services: Expansion into Digital and Payment Solutions While Strengthening Core Banking Services! - Major Drivers

<ul><li>Fidelity National Information Services (FIS) reported a robust start to 2024, demonstrating clear strategic execution and financial strength.</li><li>Notably, this represents the fifth consecutive quarter of financial performance that not only aligned with but exceeded company forecasts, showing a strong trajectory of sustained improvement.</li><li>The company’s Future Forward strategy, implemented in 2023, appears to be effectively enhancing operational efficiencies and financial outcomes.</li></ul>

Fidelity National Information Services (FIS) reported a robust start to 2024, demonstrating clear strategic execution and financial strength.Notably, this represents the fifth consecutive quarter of financial performance that not only aligned with but exceeded company forecasts, showing a strong trajectory of sustained improvement.The company’s Future Forward strategy, implemented in 2023, appears to be effectively enhancing operational efficiencies and financial outcomes.

Fidelity National Information Services: Are Their Recurring Revenues Reliable? - Major Drivers

<ul><li>Fidelity National Information Services (FIS) presented its Q4 2023 earnings, reflecting significant progress the company has made during the year despite economic uncertainties and pressures posed by the banking crisis and inflation.</li><li>The positive outcomes are attributed to the company's decisive actions and the renewal of its focus, vision, and measurable results.</li><li>During 2023, FIS completed a majority sale of the Worldpay business to GTCR, marking a landmark transaction that enhances strategic flexibility and operational focus for both companies to optimize growth and margin opportunities.</li></ul>

Fidelity National Information Services (FIS) presented its Q4 2023 earnings, reflecting significant progress the company has made during the year despite economic uncertainties and pressures posed by the banking crisis and inflation.The positive outcomes are attributed to the company's decisive actions and the renewal of its focus, vision, and measurable results.During 2023, FIS completed a majority sale of the Worldpay business to GTCR, marking a landmark transaction that enhances strategic flexibility and operational focus for both companies to optimize growth and margin opportunities.

Fidelity National Information Services: Digital Sales and Money Movement Capabilities Driving Demand! - Major Drivers

<ul><li>Fidelity National Information Services, Inc. delivered a disappointing set of results as they were unable to meet Wall Street's revenue and earnings expectations.</li><li>Their success is attributed to a 4% organic revenue surge, primarily driven by a remarkable 7% growth in recurring revenue within the Banking and Capital Markets segments.</li><li>The company maintains a strong free cash flow trajectory, achieving an impressive 94% conversion year-to-date and poised to surpass the 2023 target of over 80%.</li></ul>

Fidelity National Information Services, Inc. delivered a disappointing set of results as they were unable to meet Wall Street's revenue and earnings expectations.Their success is attributed to a 4% organic revenue surge, primarily driven by a remarkable 7% growth in recurring revenue within the Banking and Capital Markets segments.The company maintains a strong free cash flow trajectory, achieving an impressive 94% conversion year-to-date and poised to surpass the 2023 target of over 80%.

Fidelity National Information Services Inc.: Catering Beyond Financial Giants - What's Their Secret? - 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.

<ul>
<li>In 2H23 our longs Visa and PagSeguro delivered positive returns, whilst PayPal was in negative territory; among our shorts, Kakao Pay was modestly successful, DLocal and Affirm continued to appreciate</li>
<li>We retain card network megacap Visa as a core holding, and keep PagSeguro and PayPal adding Cielo to the buy list</li>
<li>We keep our negative views on DLocal and Affirm, and remove Kakao Pay from the sell list for its less marked price-to-sales multiple valuation</li>
</ul>


In 2H23 our longs Visa and PagSeguro delivered positive returns, whilst PayPal was in negative territory; among our shorts, Kakao Pay was modestly successful, DLocal and Affirm continued to appreciate
We retain card network megacap Visa as a core holding, and keep PagSeguro and PayPal adding Cielo to the buy list
We keep our negative views on DLocal and Affirm, and remove Kakao Pay from the sell list for its less marked price-to-sales multiple valuation


Payment Companies – Our High Conviction Calls for 1H 2024

United States

Fidelity National Information Services, Inc. is a payment services provider. The Company provides credit and debit card processing, electronic banking services, check risk management, check cashing, and merchant card processing services to financial institutions and merchants.

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Fidelity National Info Serv (FIS US)

Fidelity National Information Services: Expansion into Digital and Payment Solutions While Strengthening Core Banking Services! - Major Drivers

The latest earnings announcement by Fidelity National Information Services (FIS) reflects a company leveraging its core strengths and strategic...

Baptista Research

Fidelity National Information Services: Are Their Recurring Revenues Reliable? - Major Drivers

Fidelity National Information Services (FIS) reported a robust start to 2024, demonstrating clear strategic execution and financial...

Baptista Research

Fidelity National Information Services: Digital Sales and Money Movement Capabilities Driving Demand! - Major Drivers

Fidelity National Information Services (FIS) presented its Q4 2023 earnings, reflecting significant progress the company has made during the year...

Baptista Research

Fidelity National Information Services Inc.: Catering Beyond Financial Giants - What's Their Secret? - Major Drivers

Fidelity National Information Services, Inc. delivered a disappointing set of results as they were unable to meet Wall Street's revenue and...

Baptista Research

Payment Companies – Our High Conviction Calls for 1H 2024

In payments, we stick with Visa, PayPal and PagSeguro, adding Cielo to the buy list; we remain negative on DLocal and Affirm, removing Kakao Pay...

Victor Galliano

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