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>GoDaddy's first quarter results for 2024 demonstrate a strong start to the year and contribute to the positive reputation of the company.</li><li>Notably, through their free cash flow, the company has achieved growth of 26% year-over-year, thanks to their profitable growth model that converts customer value to shareholder value.</li><li>This has been largely driven by a surge in the applications and commerce sector, which has seen bookings growth of 22% and normalized EBITDA margin expansion of 400 basis points.</li></ul>

GoDaddy's first quarter results for 2024 demonstrate a strong start to the year and contribute to the positive reputation of the company.Notably, through their free cash flow, the company has achieved growth of 26% year-over-year, thanks to their profitable growth model that converts customer value to shareholder value.This has been largely driven by a surge in the applications and commerce sector, which has seen bookings growth of 22% and normalized EBITDA margin expansion of 400 basis points.

GoDaddy Inc.: Utilizing Data and AI for Pricing and Bundling & Other Major Drivers

<ul><li>In summarizing GoDaddy's fourth quarter and annual 2023 results, it appears like the company has maintained a steady growth trajectory, particularly in its Applications & Commerce segment that achieved a 16% bookings growth.</li><li>The company has also successfully driven a 2023 normalized EBITDA margin that surpassed previous guidance due to its investment in growth and cost structure management.</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>

In summarizing GoDaddy's fourth quarter and annual 2023 results, it appears like the company has maintained a steady growth trajectory, particularly in its Applications & Commerce segment that achieved a 16% bookings growth.The company has also successfully driven a 2023 normalized EBITDA margin that surpassed previous guidance due to its investment in growth and cost structure management.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.

GoDaddy Inc: A Story Of Penetration of Existing Customer Base with Payment Services! - 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

<ul><li>In the third quarter, GoDaddy managed a decent performance delivering revenues on par with market expectations and managing an earnings beat.</li><li>The company reported a noteworthy 250 basis points sequential increase in normalized EBITDA margins, mainly attributed to reduced technology and development expenditures.</li><li>The integration of generative AI extends beyond customer care and marketing functions, establishing GoDaddy as a leader in the industry.</li></ul>

In the third quarter, GoDaddy managed a decent performance delivering revenues on par with market expectations and managing an earnings beat.The company reported a noteworthy 250 basis points sequential increase in normalized EBITDA margins, mainly attributed to reduced technology and development expenditures.The integration of generative AI extends beyond customer care and marketing functions, establishing GoDaddy as a leader in the industry.

GoDaddy Inc.: Dominating Digital Domains with Advanced AI and Cloud Integration! - Major Drivers

<ul>
<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 the main candidate for addition-transition with uncertainty arising from the 'Multiple Share Classes' criterion. Forecasted demand is ~$7bn and ~4 ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/williams-sonoma-inc" target="_blank" data-smartkarma-citation="entities:11383:1" rel="noopener">Williams Sonoma (WSM US)</a> is one of the top candidates for addition-migration with uncertainty due to the migrations' inconsistent market cap selection pattern. Forecasted demand is $840m and ~2.6 ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/american-airlines-group-inc" target="_blank" data-smartkarma-citation="entities:3663:1" rel="noopener">American Airlines Group (AAL US)</a> is one of the main candidates for deletion with uncertainty due to price hence ranking fluctuations until cut-off. Forecasted supply is $290m and ~0.8 ADV.</li>
</ul>



Dell Technologies (DELL US) is the main candidate for addition-transition with uncertainty arising from the 'Multiple Share Classes' criterion. Forecasted demand is ~$7bn and ~4 ADV.

Williams Sonoma (WSM US) is one of the top candidates for addition-migration with uncertainty due to the migrations' inconsistent market cap selection pattern. Forecasted demand is $840m and ~2.6 ADV.

American Airlines Group (AAL US) is one of the main candidates for deletion with uncertainty due to price hence ranking fluctuations until cut-off. Forecasted supply is $290m and ~0.8 ADV.


S&P 500 September Forecasts: Saved by the Dell?

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.

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Godaddy Inc Class A (GDDY US)

GoDaddy Inc.: Utilizing Data and AI for Pricing and Bundling & Other Major Drivers

GoDaddy's first quarter results for 2024 demonstrate a strong start to the year and contribute to the positive reputation of the company. Notably,...

Baptista Research

GoDaddy Inc: A Story Of Penetration of Existing Customer Base with Payment Services! - Major Drivers

In summarizing GoDaddy's fourth quarter and annual 2023 results, it appears like the company has maintained a steady growth trajectory,...

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

GoDaddy Inc.: Dominating Digital Domains with Advanced AI and Cloud Integration! - Major Drivers

In the third quarter, GoDaddy managed a decent performance delivering revenues on par with market expectations and managing an earnings beat. The...

Baptista Research

S&P 500 September Forecasts: Saved by the Dell?

Dell Technologies is the biggest candidate for inclusion in the S&P 500 with forecasted demand of ~$7bn and ~4 days of volume. Uncertainty arises...

Dimitris Ioannidis

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

GoDaddy Inc.: Utilizing Data and AI for Pricing and Bundling & Other Major Drivers

GoDaddy's first quarter results for 2024 demonstrate a strong start to the year and contribute to the positive reputation of the company. Notably,...

Baptista Research

GoDaddy Inc: A Story Of Penetration of Existing Customer Base with Payment Services! - Major Drivers

In summarizing GoDaddy's fourth quarter and annual 2023 results, it appears like the company has maintained a steady growth trajectory,...

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

GoDaddy Inc.: Dominating Digital Domains with Advanced AI and Cloud Integration! - Major Drivers

In the third quarter, GoDaddy managed a decent performance delivering revenues on par with market expectations and managing an earnings beat. The...

Baptista Research

S&P 500 September Forecasts: Saved by the Dell?

​Dell Technologies is the biggest candidate for inclusion in the S&P 500 with forecasted demand of ~$7bn and ~4 days of volume. Uncertainty arises...

Dimitris Ioannidis

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

Dell Technologies is the biggest candidate for inclusion in the S&P 500 with forecasted demand of ~$7bn and ~4 days of volume. Uncertainty arises...