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>Lightspeed Commerce Inc. has delivered a mixed but generally positive performance in its third quarter of fiscal 2025.</li><li>On the positive side, the company achieved a 17% year-over-year revenue growth, reaching approximately $280 million, and reported software revenue growth of 9% year-over-year, marking the highest growth rate over the last nine quarters.</li><li>Moreover, Lightspeed reported an adjusted EBITDA of $16.6 million, which exceeded its previously established outlook of $14 million, demonstrating improved profitability and operational efficiency.</li></ul>

Lightspeed Commerce Inc. has delivered a mixed but generally positive performance in its third quarter of fiscal 2025.On the positive side, the company achieved a 17% year-over-year revenue growth, reaching approximately $280 million, and reported software revenue growth of 9% year-over-year, marking the highest growth rate over the last nine quarters.Moreover, Lightspeed reported an adjusted EBITDA of $16.6 million, which exceeded its previously established outlook of $14 million, demonstrating improved profitability and operational efficiency.

Lightspeed Commerce Doubles Down on Outbound Sales—Is This the Ultimate Growth Weapon?

<ul><li>Lightspeed Commerce Inc. reported its fiscal Q2 2025 earnings, showcasing robust performance with a 20% year-over-year increase in total revenue to $277.2 million, surpassing their projected range of $270-$275 million.</li><li>This growth was driven by a significant rise in payment services penetration and effective cost control measures, resulting in a record adjusted EBITDA of $14 million, up from breakeven in the same quarter last year.</li><li>Furthermore, Lightspeed’s trailing 12-month revenue exceeded $1 billion, demonstrating positive momentum for the company as it celebrates its 20th anniversary.</li></ul>

Lightspeed Commerce Inc. reported its fiscal Q2 2025 earnings, showcasing robust performance with a 20% year-over-year increase in total revenue to $277.2 million, surpassing their projected range of $270-$275 million.This growth was driven by a significant rise in payment services penetration and effective cost control measures, resulting in a record adjusted EBITDA of $14 million, up from breakeven in the same quarter last year.Furthermore, Lightspeed’s trailing 12-month revenue exceeded $1 billion, demonstrating positive momentum for the company as it celebrates its 20th anniversary.

Lightspeed Commerce Inc.: These Are The 7 Biggest Factors Impacting Its Performance In 2025 & Beyond! - Major Drivers

<ul><li>Lightspeed Commerce has made significant strides in its financial performance, positioning itself as a potential acquisition target.</li><li>As the company explores “potential strategic alternatives,” it has attracted attention from private equity firms and global payment providers like Worldpay, who are logical contenders to acquire the company.</li><li>The company's strong revenue growth and improving profitability, highlighted in its latest earnings report, demonstrate its appeal to larger players in the commerce and payment solutions space.</li></ul>

Lightspeed Commerce has made significant strides in its financial performance, positioning itself as a potential acquisition target.As the company explores “potential strategic alternatives,” it has attracted attention from private equity firms and global payment providers like Worldpay, who are logical contenders to acquire the company.The company's strong revenue growth and improving profitability, highlighted in its latest earnings report, demonstrate its appeal to larger players in the commerce and payment solutions space.

Why Private Equity Firms & Worldpay Are Eyeing Lightspeed Commerce as a Hot Acquisition Target!

<ul><li>Lightspeed reported a robust fiscal fourth quarter for 2024, with several key achievements that reflect both the company's growth trajectory and the challenges it faces in a rapidly evolving market.</li><li>The company, under the renewed leadership of CEO Dax Dasilva, is positioning itself for a phase of profitable growth, emphasizing the successful integration of payment solutions and the strategic realignment of sales efforts to drive software adoption.</li><li>From a financial perspective, Lightspeed's revenue in the fourth quarter reached $230.2 million, marking a 25% increase year-over-year, surpassing the previously established outlook.</li></ul>

Lightspeed reported a robust fiscal fourth quarter for 2024, with several key achievements that reflect both the company's growth trajectory and the challenges it faces in a rapidly evolving market.The company, under the renewed leadership of CEO Dax Dasilva, is positioning itself for a phase of profitable growth, emphasizing the successful integration of payment solutions and the strategic realignment of sales efforts to drive software adoption.From a financial perspective, Lightspeed's revenue in the fourth quarter reached $230.2 million, marking a 25% increase year-over-year, surpassing the previously established outlook.

Lightspeed POS: Unified Platform Integration & Payment Penetration As A Critical Growth Catalyst! - Major Drivers

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.</li>
<li>We've discussed since mid-October how we would use any pre-election pullback in the MSCI ACWI or the SPX (U.S. remains our only country overweight) as an opportunity to add exposure</li>
<li>And we continue to see a high probability of significant upside going into year-end and the early part of 2025.</li>
</ul>


Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.
We've discussed since mid-October how we would use any pre-election pullback in the MSCI ACWI or the SPX (U.S. remains our only country overweight) as an opportunity to add exposure
And we continue to see a high probability of significant upside going into year-end and the early part of 2025.


Buy the Pullback in MSCI ACWI and S&P 500; Buys in Uranium, Transports, Services, Technology, More

Canada

Lightspeed Commerce Inc. provides cloud based point of sale (POS) software solutions. The Company offers e-commerce, payment processing, accounting, multi-location management, and reporting and analysis solutions. Lightspeed Commerce serves customers worldwide.

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Lightspeed Commerce (LSPD CN)

Lightspeed Commerce Doubles Down on Outbound Sales—Is This the Ultimate Growth Weapon?

Lightspeed Commerce Inc. has delivered a mixed but generally positive performance in its third quarter of fiscal 2025. On the positive side, the...

Baptista Research

Lightspeed Commerce Inc.: These Are The 7 Biggest Factors Impacting Its Performance In 2025 & Beyond! - Major Drivers

Lightspeed Commerce Inc. reported its fiscal Q2 2025 earnings, showcasing robust performance with a 20% year-over-year increase in total revenue...

Baptista Research

Why Private Equity Firms & Worldpay Are Eyeing Lightspeed Commerce as a Hot Acquisition Target!

Lightspeed Commerce has made significant strides in its financial performance, positioning itself as a potential acquisition target. As the...

Baptista Research

Lightspeed POS: Unified Platform Integration & Payment Penetration As A Critical Growth Catalyst! - Major Drivers

Lightspeed reported a robust fiscal fourth quarter for 2024, with several key achievements that reflect both the company's growth trajectory and...

Baptista Research

Buy the Pullback in MSCI ACWI and S&P 500; Buys in Uranium, Transports, Services, Technology, More

Buy the Pullback in MSCI $ACWI and $SPX; Still bullish on global equities with $ACWI and the SPX holding above their respective bases at $117 and...

Vermilion Research

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