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>In the second quarter, GoDaddy delivered on-par revenues and below-par earnings while continuing to offer diverse solutions to a global customer base.</li><li>Their robust business health is evidenced by their acquisition of high-quality customers, strong retention rates, and improved attachment rates.</li><li>Customers are increasingly bundling new solutions, reflecting the company's innovation and driving higher monetization through attachment and pricing while ensuring strong retention rates.</li></ul>

In the second quarter, GoDaddy delivered on-par revenues and below-par earnings while continuing to offer diverse solutions to a global customer base.Their robust business health is evidenced by their acquisition of high-quality customers, strong retention rates, and improved attachment rates.Customers are increasingly bundling new solutions, reflecting the company's innovation and driving higher monetization through attachment and pricing while ensuring strong retention rates.

GoDaddy Inc.: How AI-Powered Innovations are Revolutionizing Their Customer Retention! - Major Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On Friday, the S&amp;P index committee announced the June 2024 changes to the three major indices in the S&amp;P1500 universe. </li>
<li>KKR, Crowdstrike (CRWD), and GoDaddy (GDDY) replace Robert Half (RHI), Comerica (CMA), and Illumina (ILMN) in the S&amp;P500. There are 6 ADDs to S&amp;PMidCap400, 13 DELETEs from Sm600. </li>
<li>There are some BIG and impactful flows here. Some are very big. Netted 2-way flow on 21 June is ~US$66-80bn. But as always, details matter. </li>
</ul>


On Friday, the S&amp;P index committee announced the June 2024 changes to the three major indices in the S&amp;P1500 universe. 
KKR, Crowdstrike (CRWD), and GoDaddy (GDDY) replace Robert Half (RHI), Comerica (CMA), and Illumina (ILMN) in the S&amp;P500. There are 6 ADDs to S&amp;PMidCap400, 13 DELETEs from Sm600. 
There are some BIG and impactful flows here. Some are very big. Netted 2-way flow on 21 June is ~US$66-80bn. But as always, details matter. 


Jun24 S&P 500/400/600 Index Rebal - Both More and Less Interesting Than You Think, But 3 Big Buys

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>On June 24, Crowdstrike Holdings (CRWD US) will officially join the S&amp;P 500, which follows strong financial results and guidance. Investors anticipated this inclusion, driven by improved profitability and operational efficiency.</li>
<li>The volume traded has so far been on average 2x the 3-month daily average prior to the news. The enduring effect will be on liquidity (hedging basket for index exposure).</li>
<li>CrowdStrike's inclusion in the S&amp;P 500 index increases the representation of pure cybersecurity stocks. Median IBES consensus PT is $400 (7.5% upside).</li>
</ul>


On June 24, Crowdstrike Holdings (CRWD US) will officially join the S&amp;P 500, which follows strong financial results and guidance. Investors anticipated this inclusion, driven by improved profitability and operational efficiency.
The volume traded has so far been on average 2x the 3-month daily average prior to the news. The enduring effect will be on liquidity (hedging basket for index exposure).
CrowdStrike's inclusion in the S&amp;P 500 index increases the representation of pure cybersecurity stocks. Median IBES consensus PT is $400 (7.5% upside).


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>There are 3 changes for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a>, 7 changes for the S&amp;P Midcap400 Index and 13 changes for the S&amp;P SmallCap600 Index at the June rebalance.</li>
<li>There is huge size to trade in <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co (KKR US)</a> and <a href="https://www.smartkarma.com/entities/crowdstrike-holdings-inc" target="_blank" data-smartkarma-citation="entities:28117:1" rel="noopener">Crowdstrike Holdings (CRWD US)</a> and both stocks were up big in the after-hours market.</li>
<li>There has been positioning in some stocks recently but stocks including <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co</a>, <a href="https://www.smartkarma.com/entities/rb-global-inc" target="_blank" data-smartkarma-citation="entities:25475:1" rel="noopener">RB Global</a> and <a href="https://www.smartkarma.com/entities/texas-pacific-land-corp" target="_blank" data-smartkarma-citation="entities:28693:1" rel="noopener">Texas Pacific Land</a> could see further positioning in the next week.</li>
</ul>


There are 3 changes for the S&amp;P 500 INDEX, 7 changes for the S&amp;P Midcap400 Index and 13 changes for the S&amp;P SmallCap600 Index at the June rebalance.
There is huge size to trade in KKR &amp; Co (KKR US) and Crowdstrike Holdings (CRWD US) and both stocks were up big in the after-hours market.
There has been positioning in some stocks recently but stocks including KKR &amp; Co, RB Global and Texas Pacific Land could see further positioning in the next week.


S&P500/400/600 Index Rebalance: Huge Size to Trade in a Few Stocks

Equity Capital Markets

Godaddy Inc Class A / Equity Capital Markets

<ul><li>In the first quarter, GoDaddy drove double-digit growth in its Commerce and Applications segment, supported by 10% ARR growth in its Create and Grow products.</li><li>The Core Platform revenue of GoDaddy was $698 million, with a strong normalized EBITDA margin.</li><li>The newly managed WooCommerce store offering of GoDaddy replaced its old managed WordPress Commerce offering.</li></ul>

In the first quarter, GoDaddy drove double-digit growth in its Commerce and Applications segment, supported by 10% ARR growth in its Create and Grow products.The Core Platform revenue of GoDaddy was $698 million, with a strong normalized EBITDA margin.The newly managed WooCommerce store offering of GoDaddy replaced its old managed WordPress Commerce offering.

GoDaddy Inc: Tapping Into The AI Market For Growth? – Major Drivers

United States

GoDaddy, Inc. provides a cloud-based web platform for small businesses, web design professionals and individuals. The Company's platform provides applications that help them connect to their customers, manage their businesses and get found online.

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

Godaddy Inc Class A (GDDY US)

GoDaddy Inc.: How AI-Powered Innovations are Revolutionizing Their Customer Retention! - Major Drivers

In the second quarter, GoDaddy delivered on-par revenues and below-par earnings while continuing to offer diverse solutions to a global customer...

Baptista Research

Jun24 S&P 500/400/600 Index Rebal - Both More and Less Interesting Than You Think, But 3 Big Buys

The S&P500/400/600 rebalance is interesting. As usual, some names will get overbought early, and others will not get bought enough. For a bunch of...

Travis Lundy

CrowdStrike Joins S&P 500

On June 24, Crowdstrike Holdings (CRWD US) will officially join the S&P 500, which follows strong financial results and guidance. Investors...

Jesus Rodriguez Aguilar

S&P500/400/600 Index Rebalance: Huge Size to Trade in a Few Stocks

KKR, Crowdstrike and GoDaddy will be added to the SP500 at the close on 21 June. There are a bunch of changes for the SP400/600 indices too. There...

Brian Freitas

GoDaddy Inc: Tapping Into The AI Market For Growth? – Major Drivers

In the first quarter, GoDaddy drove double-digit growth in its Commerce and Applications segment, supported by 10% ARR growth in its Create and...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)