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>IAC managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>The company's emphasis on core fundamentals and operational efficiency has yielded profitability and improved customer experiences.</li><li>IAC is also focused on driving revenue growth through investments in customer experience and strategic revenue reallocation.</li></ul>

IAC managed to exceed analyst expectations in terms of revenue as well as earnings.The company's emphasis on core fundamentals and operational efficiency has yielded profitability and improved customer experiences.IAC is also focused on driving revenue growth through investments in customer experience and strategic revenue reallocation.

IAC Inc.: 4 Ways In Which This Company Is Shaping Its Long-Term Growth Prospects! – Key Drivers

Credit

<ul><li>IAC/ InterActiveCorp is a major media and internet player publishing original and engaging digital content in the form of articles, illustrations, and videos and images across various fields.</li><li>They had a HomeAdvisor that connected customers with service providers based on what the customer wanted to be done and what the service provider was qualified to accomplish.</li><li>Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.</li></ul>

IAC/ InterActiveCorp is a major media and internet player publishing original and engaging digital content in the form of articles, illustrations, and videos and images across various fields.They had a HomeAdvisor that connected customers with service providers based on what the customer wanted to be done and what the service provider was qualified to accomplish.Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

IAC/InterActiveCorp: Detailed Credit Analysis & Financial Strength Evaluation Report

Equity Capital Markets

<ul><li>This is our first report on IAC, a major media and internet player publishing original and engaging digital content in the form of articles, illustrations, and videos and images across various fields.</li><li>They had a HomeAdvisor that connected customers with service providers based on what the customer wanted to be done and what the service provider was qualified to accomplish.</li><li>Looking forward, IAC’s management intends to increase margins by generating additional revenue from a fixed-cost basis and they anticipate double-digit revenue growth in the coming quarters.</li></ul>

This is our first report on IAC, a major media and internet player publishing original and engaging digital content in the form of articles, illustrations, and videos and images across various fields.They had a HomeAdvisor that connected customers with service providers based on what the customer wanted to be done and what the service provider was qualified to accomplish.Looking forward, IAC’s management intends to increase margins by generating additional revenue from a fixed-cost basis and they anticipate double-digit revenue growth in the coming quarters.

IAC/InterActiveCorp: Initiation of Coverage – Business Strategy & Key Drivers

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<ul>
<li>Match guided down 3Q22 revenues by 10% and EBITDA by 17% and telegraphed continued issues in 4Q, before returning to growth in 2023. </li>
<li>Long list: Tinder mis-execution , Hyperconnect's failure, ongoing reopening issues in Japan, and a tsunami of FX headwinds.  </li>
<li>New CEO Bernard Kim's mobile gaming monetization background informed many of the strategic pivots: exiting investments in virtual currency and metaverse as not realistic.</li>
</ul>


Match guided down 3Q22 revenues by 10% and EBITDA by 17% and telegraphed continued issues in 4Q, before returning to growth in 2023. 
Long list: Tinder mis-execution , Hyperconnect's failure, ongoing reopening issues in Japan, and a tsunami of FX headwinds.  
New CEO Bernard Kim's mobile gaming monetization background informed many of the strategic pivots: exiting investments in virtual currency and metaverse as not realistic.


<ul>
<li>Match is down 52% over the past 6 months and at $71, Match trades at a 5% FCF yield, ~17x Fwd EBITDA, for ~20% growth / ~35% EBITDA margin</li>
<li>Covid restrictions lifted in Japan (2nd biggest market) should be tailwind for 2H22</li>
<li>New CEO from Zynga brings unique mobile monetization skillset ideally suited for coming Tinder Coins summer launch.</li>
</ul>


Match is down 52% over the past 6 months and at $71, Match trades at a 5% FCF yield, ~17x Fwd EBITDA, for ~20% growth / ~35% EBITDA margin
Covid restrictions lifted in Japan (2nd biggest market) should be tailwind for 2H22
New CEO from Zynga brings unique mobile monetization skillset ideally suited for coming Tinder Coins summer launch.


United States

IAC Inc operates as a holding company. The Company, through its subsidiaries, provides media and Internet services. IAC serves customers worldwide.

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IAC (IAC US)

IAC Inc.: 4 Ways In Which This Company Is Shaping Its Long-Term Growth Prospects! – Key Drivers

IAC managed to exceed analyst expectations in terms of revenue as well as earnings. The company's emphasis on core fundamentals and operational...

Baptista Research

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IAC/InterActiveCorp: Initiation of Coverage – Business Strategy & Key Drivers

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Baptista Research

Match Group: Going Down in Flames?

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Revisiting Long Ideas: Match Group

We think Match Group offers an attractive entry point. Always highly valued, but it’s a highly profitable (35% EBITDA margins) platform with a...

Aaron Gabin

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