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>Light & Wonder's third-quarter earnings reflect a balance of positive growth trends and strategic challenges.</li><li>The company reported a 12% year-over-year increase in consolidated revenue to $817 million, marking its 14th consecutive quarter of revenue growth.</li><li>This growth was driven by strong performance across its diversified portfolio, including land-based, social, and iGaming channels.</li></ul>

Light & Wonder's third-quarter earnings reflect a balance of positive growth trends and strategic challenges.The company reported a 12% year-over-year increase in consolidated revenue to $817 million, marking its 14th consecutive quarter of revenue growth.This growth was driven by strong performance across its diversified portfolio, including land-based, social, and iGaming channels.

Light & Wonder: An Insight Into Its Strategic Portfolio & Product Pipeline Expansion & Other Major Drivers

<ul><li>Light & Wonder has presented its Q2 2024 earnings with noteworthy results, primarily reflecting continuous growth across its multiple segments.</li><li>The company reported consolidated revenue growth of 12% year-over-year, reaching $818 million, and a 17% increment in Consolidated AEBITDA, which stands at $330 million for the quarter.</li><li>Notable is the increase in Adjusted NPATA by 40% year-over-year to $130 million.</li></ul>

Light & Wonder has presented its Q2 2024 earnings with noteworthy results, primarily reflecting continuous growth across its multiple segments.The company reported consolidated revenue growth of 12% year-over-year, reaching $818 million, and a 17% increment in Consolidated AEBITDA, which stands at $330 million for the quarter.Notable is the increase in Adjusted NPATA by 40% year-over-year to $130 million.

Light & Wonder Inc.: Will Its Robust Investments in Technology & Content Diversity Pay Off? - Major Drivers

<ul><li>Light & Wonder, during its 2024 first-quarter performance presentation, revealed strong financial and operational progress, underlining its vigorous posture within the gaming industry.</li><li>The company reported substantial revenue growth and provided a detailed update on its performance across various segments including gaming, SciPlay, and iGaming.</li><li>Recognizing the positives from the report, Light & Wonder marked its twelfth consecutive quarter of year-over-year revenue growth and highlighted robust performance across all business lines.</li></ul>

Light & Wonder, during its 2024 first-quarter performance presentation, revealed strong financial and operational progress, underlining its vigorous posture within the gaming industry.The company reported substantial revenue growth and provided a detailed update on its performance across various segments including gaming, SciPlay, and iGaming.Recognizing the positives from the report, Light & Wonder marked its twelfth consecutive quarter of year-over-year revenue growth and highlighted robust performance across all business lines.

Light & Wonder Inc.: Enhanced Direct-to-Consumer Platforms Catalyzing The Top-line Growth! - Major Drivers

<ul><li>This is our first report on gaming major, Light & Wonder.</li><li>The company showed a commendable performance in Q4, reflecting strong execution and continuous momentum, marked by the 11th consecutive quarter of year-over-year growth.</li><li>Following five consecutive quarters of double-digit revenue growth across all three business segments, namely Gaming, SciPlay, and iGaming, the company reported a record consolidated revenue increase of 16%, totalling $2.9 billion for the year.</li></ul>

This is our first report on gaming major, Light & Wonder.The company showed a commendable performance in Q4, reflecting strong execution and continuous momentum, marked by the 11th consecutive quarter of year-over-year growth.Following five consecutive quarters of double-digit revenue growth across all three business segments, namely Gaming, SciPlay, and iGaming, the company reported a record consolidated revenue increase of 16%, totalling $2.9 billion for the year.

Light & Wonder Inc.: Initiation of Coverage - Does It Have A Sustainable Competitive Advantage? - Major Drivers

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

Index Rebalance

Kurita Water Industries / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/light-wonder-inc" target="_blank" data-smartkarma-citation="entities:36929:1" rel="noopener">Light &amp; Wonder (LNW US)</a>/ <a href="https://www.smartkarma.com/entities/light-wonder-inc-7e7d040f-e811-4fb9-9710-796a39af299e" target="_blank" data-smartkarma-citation="entities:40171:1" rel="noopener">Light &amp; Wonder (LNW AU)</a> replaced <a href="https://www.smartkarma.com/entities/united-malt-group-ltd" target="_blank" data-smartkarma-citation="entities:29116:1" rel="noopener">United Malt Group Ltd (UMG AU)</a> in the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> last week.</li>
<li>
<a href="https://www.smartkarma.com/entities/newcrest-mining-ltd" target="_blank" data-smartkarma-citation="entities:691:1" rel="noopener">Newcrest Mining (NCM AU)</a> stops trading this week and should be replaced by <a href="https://www.smartkarma.com/entities/newmont-mining-corp" target="_blank" data-smartkarma-citation="entities:14503:1" rel="noopener">Newmont Mining (NEM US)</a> CDIs in the ASX indices.</li>
<li>Another week of ETF outflows for China with the largest outflows from trackers benchmarked to the CSI 1000 Index.</li>
</ul>



Light &amp; Wonder (LNW US)/ Light &amp; Wonder (LNW AU) replaced United Malt Group Ltd (UMG AU) in the S&amp;P/ASX 200 (AS51 INDEX) last week.

Newcrest Mining (NCM AU) stops trading this week and should be replaced by Newmont Mining (NEM US) CDIs in the ASX indices.
Another week of ETF outflows for China with the largest outflows from trackers benchmarked to the CSI 1000 Index.


Index Rebalance & ETF Flow Recap: NKY, ASX, Liontown, J&T Express, JP/IN Positioning, IndusInd Bank

United States

Light & Wonder Inc. provides gambling products and services. The Company creates content and products for land-based casino gaming, social, and digital organizations. Light & Wonder serves customers worldwide.

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Light & Wonder (LNW US)

Light & Wonder: An Insight Into Its Strategic Portfolio & Product Pipeline Expansion & Other Major Drivers

Light & Wonder's third-quarter earnings reflect a balance of positive growth trends and strategic challenges. The company reported a 12%...

Baptista Research

Light & Wonder Inc.: Will Its Robust Investments in Technology & Content Diversity Pay Off? - Major Drivers

Light & Wonder has presented its Q2 2024 earnings with noteworthy results, primarily reflecting continuous growth across its multiple...

Baptista Research

Light & Wonder Inc.: Enhanced Direct-to-Consumer Platforms Catalyzing The Top-line Growth! - Major Drivers

Light & Wonder, during its 2024 first-quarter performance presentation, revealed strong financial and operational progress, underlining its...

Baptista Research

Light & Wonder Inc.: Initiation of Coverage - Does It Have A Sustainable Competitive Advantage? - Major Drivers

This is our first report on gaming major, Light & Wonder. The company showed a commendable performance in Q4, reflecting strong execution and...

Baptista Research

Index Rebalance & ETF Flow Recap: NKY, ASX, Liontown, J&T Express, JP/IN Positioning, IndusInd Bank

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

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