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.

Credit

<ul><li>Global Payments is a financial technology player providing payment solutions and services in the U.S.</li><li>The company has decent fundamentals and performed well in 2022 despite the increased global macroeconomic uncertainties.</li><li>With EVO, they strengthened their position as a major provider of payments technology with broad reach around the globe.</li></ul>

Global Payments is a financial technology player providing payment solutions and services in the U.S.The company has decent fundamentals and performed well in 2022 despite the increased global macroeconomic uncertainties.With EVO, they strengthened their position as a major provider of payments technology with broad reach around the globe.

Global Payments Inc.: Initiation of Coverage – Detailed Credit Analysis & Financial Strength Evaluation Report

Equity Bottom-Up

<ul><li>This is our first report on Global Payments Inc., a financial technology company providing payment solutions and services in the U.S.</li><li>The company managed an all-around beat in its last result with a strong performance in Global Payments despite the increased global macroeconomic uncertainties.</li><li>The most significant development was that their core Issuer business once more produced sequential financial and operational improvement, in line with their expectations and the strongest results since their merger with TSYS in 2019.</li></ul>

This is our first report on Global Payments Inc., a financial technology company providing payment solutions and services in the U.S.The company managed an all-around beat in its last result with a strong performance in Global Payments despite the increased global macroeconomic uncertainties.The most significant development was that their core Issuer business once more produced sequential financial and operational improvement, in line with their expectations and the strongest results since their merger with TSYS in 2019.

Global Payments Inc.: Initiation of Coverage – Recent Restructuring & Other Drivers

Equity Capital Markets

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 28 October, church donor management play <strong><a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ/PPH AU)</a></strong> announced a Scheme with BGH/Sixth Street at NZ$1.34/share,  a 30.1% premium to undisturbed.</li>
<li>The Scheme Booklet is now out. The shareholder meeting will take place on the 3 March. The independent advisor concluded the Offer price is within its valuation range. </li>
<li>Assuming 11 April payment, this is trading at a gross/annualised spread of 3.0%/18.0%.</li>
</ul>


Back on the 28 October, church donor management play Pushpay Holdings (PPH NZ/PPH AU) announced a Scheme with BGH/Sixth Street at NZ$1.34/share,  a 30.1% premium to undisturbed.
The Scheme Booklet is now out. The shareholder meeting will take place on the 3 March. The independent advisor concluded the Offer price is within its valuation range. 
Assuming 11 April payment, this is trading at a gross/annualised spread of 3.0%/18.0%.


Pushpay Holdings: 3rd March Scheme Meeting. IA Says Fair

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a> has offered, Potentia, four weeks of due diligence access to “<em>develop a significantly improved proposal.</em>” The Board rejected Potentia’s previous A$1.60 offer on 12 December.</li>
<li>Since the rejection of the offer, the FY2023 guidance has been upgraded and peers have re-rated. Therefore, Potentia can afford to be more generous with its terms. </li>
<li>Press reports suggest that an offer of around A$1.85 per share would be supported by shareholders. We would be buyers as Tyro is undervalued at the last close price.</li>
</ul>



Tyro Payments (TYR AU) has offered, Potentia, four weeks of due diligence access to “develop a significantly improved proposal.” The Board rejected Potentia’s previous A$1.60 offer on 12 December.
Since the rejection of the offer, the FY2023 guidance has been upgraded and peers have re-rated. Therefore, Potentia can afford to be more generous with its terms. 
Press reports suggest that an offer of around A$1.85 per share would be supported by shareholders. We would be buyers as Tyro is undervalued at the last close price.


Tyro Payments (TYR AU): Bid Revived as Potentia Secures Due Diligence

United States

Global Payments Inc. provides electronic transaction processing, information systems, and services.  The Company serves the financial, corporate, government, and merchant communities on a worldwide basis.  Global Payments provides funds transfer, merchant services, merchant accounting, Internet services, and other services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Global Payments (GPN US)

Global Payments Inc.: Initiation of Coverage – Detailed Credit Analysis & Financial Strength Evaluation Report

Global Payments is a financial technology player providing payment solutions and services in the U.S. The company has decent fundamentals and...

Baptista Research

Global Payments Inc.: Initiation of Coverage – Recent Restructuring & Other Drivers

This is our first report on Global Payments Inc., a financial technology company providing payment solutions and services in the U.S. The company...

Baptista Research

Global Payments Inc.: Initiation of Coverage – Recent Restructuring & Other Drivers

This is our first report on Global Payments Inc., a financial technology company providing payment solutions and services in the U.S. The company...

Baptista Research

Pushpay Holdings: 3rd March Scheme Meeting. IA Says Fair

The shareholder meeting will take place on the 3 March. The independent advisor concluded the Offer price is within its valuation range. Trading at...

David Blennerhassett

Tyro Payments (TYR AU): Bid Revived as Potentia Secures Due Diligence

Since the rejection of the offer, the FY2023 guidance has been upgraded and peers have re-rated. Therefore, Potentia can afford to be more generous...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)