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

Madison Square Garden Sports Corp. / Equity Bottom-Up

<ul><li>Madison Square Garden Sports Corp. has recently shared its fiscal 2024 second quarter results, offering a mix of solid strengths and areas for cautious observation.</li><li>The company reported revenues of approximately $327 million and an adjusted operating income of $37 million for the quarter.</li><li>This reflects a dynamic scenario where, despite 9 fewer Knicks and Rangers home games comparative to the prior year, per game revenues across the majority of categories including tickets, suites, food, beverage, and merchandise increased, indicating robust per unit profitability and consumer spending resilienc 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>

Madison Square Garden Sports Corp. has recently shared its fiscal 2024 second quarter results, offering a mix of solid strengths and areas for cautious observation.The company reported revenues of approximately $327 million and an adjusted operating income of $37 million for the quarter.This reflects a dynamic scenario where, despite 9 fewer Knicks and Rangers home games comparative to the prior year, per game revenues across the majority of categories including tickets, suites, food, beverage, and merchandise increased, indicating robust per unit profitability and consumer spending resilienc 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.

Madison Square Garden Sports Corp.: Strengthening Of Local & National Media Rights Agreements & Major Drivers

<ul>
<li>This is our first report on Madison Square Garden Sports Corp.</li>
<li>The company's Fiscal 2024 second quarter exhibited a mix of positives and negatives that provide a balanced perspective for potential investors.</li>
<li>Beginning with the positives, the company's performance reflected a positive operational momentum that has resulted in a growth in revenues and adjusted operating income.</li>
</ul>


This is our first report on Madison Square Garden Sports Corp.
The company's Fiscal 2024 second quarter exhibited a mix of positives and negatives that provide a balanced perspective for potential investors.
Beginning with the positives, the company's performance reflected a positive operational momentum that has resulted in a growth in revenues and adjusted operating income.


Madison Square Garden Sports: Strong Starts for Knicks and Rangers

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.

<div><p>Our investment philosophy attracts us to investing behind THE major secular trend in the world today…offline to online transition of massive TAMs. Even the largest TAMs in the world – groceries, entertainment, autos, commerce, finance, real estate, etc. are still incredibly early in the long term re-platforming of how the global economy functions, but <span>COVID has turbocharged these trends. Gambling has been online in Europe and Australia and parts of Asia for a few years now, but the US is jusssst scratching the surface. We think DraftKings is a great long term holding and had a good tactical entry point yesterday when we wrote this...it was up 9% today on news that Illinois (~4% of the US population) had reinstated remote registration for online gambling, just ahead of the start of NFL season. We think there's still 15%+ upside in our base case, and 56% in our bull case. </span></p></div><div></div><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div>

Our investment philosophy attracts us to investing behind THE major secular trend in the world today…offline to online transition of massive TAMs. Even the largest TAMs in the world – groceries, entertainment, autos, commerce, finance, real estate, etc. are still incredibly early in the long term re-platforming of how the global economy functions, but COVID has turbocharged these trends. Gambling has been online in Europe and Australia and parts of Asia for a few years now, but the US is jusssst scratching the surface. We think DraftKings is a great long term holding and had a good tactical entry point yesterday when we wrote this...it was up 9% today on news that Illinois (~4% of the US population) had reinstated remote registration for online gambling, just ahead of the start of NFL season. We think there's still 15%+ upside in our base case, and 56% in our bull case. Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

Equity Analyst, LightStream Research

Supun Walpola

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Event-Driven

<p>Bloomberg reported last week that <a href="https://www.smartkarma.com/entities/wanda-sports-group-co-ltd" target="_blank" data-smartkarma-citation="entities:28119:1" rel="noopener">Wanda Sports Group (WSG US)</a> (Wanda) is planning to sell its Ironman brand (under which it operates IRONMAN and IRONMAN 70.3 triathlon events globally) for $1bn. Bloomberg’s report stated that Wanda Sports is working with an adviser to determine whether or not to proceed with the sale, adding that the company has already had discussions with interested private equity buyers.</p><p><iframe src="https://www.youtube.com/embed/qjxxYoL7nSU" width="560" height="315" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="allowfullscreen"></iframe></p><div style="text-align: left;" class="content-caption">Source: Youtube</div><div class="content-highlight"><p>At an EV/Revenue multiple of 10x (versus the peer average of 5x) the expected $1bn valuation for Ironman seems to be on the expensive side. Hence, there is a good chance that the transaction would eventually go through at a lower price. However, it is doubtful as to whether Wanda would be willing to sell Ironman at a lower price, given that proceeds are presumably expected to cover its loan commitments worth c.$1bn maturing over the next two years.</p></div>

Bloomberg reported last week that Wanda Sports Group (WSG US) (Wanda) is planning to sell its Ironman brand (under which it operates IRONMAN and IRONMAN 70.3 triathlon events globally) for $1bn. Bloomberg’s report stated that Wanda Sports is working with an adviser to determine whether or not to proceed with the sale, adding that the company has already had discussions with interested private equity buyers.Source: YoutubeAt an EV/Revenue multiple of 10x (versus the peer average of 5x) the expected $1bn valuation for Ironman seems to be on the expensive side. Hence, there is a good chance that the transaction would eventually go through at a lower price. However, it is doubtful as to whether Wanda would be willing to sell Ironman at a lower price, given that proceeds are presumably expected to cover its loan commitments worth c.$1bn maturing over the next two years.

Wanda Sports: Ironman Offer Seems Expensive But Would Do Well for Solvency If Goes Through

United States

Nexstar Broadcasting Group, Inc, is a television broadcasting company focused on the acquisition, development, and operation of television stations in medium using traditional media, e-MEDIA, digital and mobile media platforms. Nexstar Broadcasting Group, Inc offers its services in the central east part of United States.

Nexstar Broadcasting Group, Inc (NXST US)

DISH Network Corp. provides a direct broadcast satellite subscription television, audio programming and interactive television services to commercial and residential subscribers in the United States.

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Cinemark Holdings, Inc. operates movie theaters.  The Company operates in the United States and Latin America.

Liberty Global plc owns interests in broadband, distribution, and content companies operating outside the continental United States, principally in Europe, Asia, and Latin America.

TEGNA Inc. is an international broadcasting and digital media company. The Company owns and operates television and radio stations, delivering news and informative content. TEGNA also provides digital marketing solutions in the automotive, human capital and digital marketing industries for individuals and businesses.

Liberty Broadband Corporation invests in communication companies. The Company has principal assets in TruePosition and Time Warner Cable.

Grupo Televisa S.A.B., operates media and entertainment businesses in the Spanish speaking world. The Company has interests in television production and broadcasting, programming, direct-to-home satellite services, publishing and publishing distribution, cable television, radio production, show business, feature films and Internet portals.

IMAX Corporation offers end-to-end cinematic solution combining proprietary software, theater architecture and equipment. The Company designs and manufactures premium theater systems and digitally re-masters films into the IMAX format and the exhibition of those films in the IMAX theater network.

Sinclair Broadcast Group, Inc. is a diversified broadcasting company that owns or provides programming services to television stations across the United States.  The Company's television group includes FOX, WB, ABC, CBS, NBC, and UPN affiliates.

TOHO CO., LTD. produces and distributes motion pictures for cinema, television, and video.  The Company also sells character merchandise based on their media productions, distributes foreign films, operates musical theaters, and produces musical shows. In addition, Toho manages movie theaters in urban areas.

Jiangsu Phoenix Publishing & Media Corporation Limited publishes, distributes books, publications and audio-visual products, and sells cultural goods. The Company's main products include textbooks, teaching aids, and general books.

TOKYO BROADCASTING SYSTEM HOLDINGS, INC. is a media company that broadcasts television and radio programs nationally.  The Company offers a variety of TV programs & film production, visual & music software production, and cable television programming.  Tokyo Broadcasting System provides digital satellite broadcasting services and also operates real estate business.

Sun TV Network Ltd. offers television channels. The Company operates Tamil and Malayalam language channels in southern India.

TOEI ANIMATION CO., LTD. plans and produces animated cartoon movies.  The Company also grants broadcasting rights and licenses for other companies to produce and sell the animated characters' merchandise.  Toei Animation stages its own promotional shows and events to advertise movies.

Nippon Television Holdings Inc is a commercial television broadcaster which provides programs through a national network system.  The Company is expanding into digital satellite broadcasting. Nippon Television also operates publication and entertainment business such as concerts and exhibitions. The Company is affiliated with Yomiuri Shimbun.

Compagnie du Cambodge is an investment holding company that invests in companies active in agriculture, industry, real estate and finance.  The Company owns and operates plantations in Malaysia and forests in Cameroon.

JC Decaux SA offers advertising services.  The Company sells advertising on street furniture such as bus shelters, free standing panels, columns, and automatic toilets, billboards, and posters on buses, trains, and subways, and at railroad stations and airports.

Lagardere S.C.A. operates communications and media, and high technology businesses. The Company publishes newspapers, magazines, and books, operates radio broadcasting stations, produces movies and television programming.

Stroeer SE is a digital multi-channel media company. The Company offers provides online advertising and communication solutions. Stroeer commercializes and operates website in German-speaking countries and provides advertising media in the out-of-home segment throughout Europe.

Madison Square Garden Sports Corp. is a professional sports company that owns and operates sports franchises.

Madison Square Garden Sports Corp. (MSGS US)

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Madison Square Garden Sports Corp. (MSGS US)

Madison Square Garden Sports Corp.: Strengthening Of Local & National Media Rights Agreements & Major Drivers

Madison Square Garden Sports Corp. has recently shared its fiscal 2024 second quarter results, offering a mix of solid strengths and areas for...

Baptista Research

Madison Square Garden Sports: Strong Starts for Knicks and Rangers

This is our first report on Madison Square Garden Sports Corp. The company's Fiscal 2024 second quarter exhibited a mix of positives and negatives...

Baptista Research

DraftKings: First Round Pick

Our investment philosophy attracts us to investing behind THE major secular trend in the world today…offline to online transition of massive TAMs....

Aaron Gabin

Wanda Sports: Ironman Offer Seems Expensive But Would Do Well for Solvency If Goes Through

Bloomberg reported last week that Wanda Sports Group (WSG US) (Wanda) is planning to sell its Ironman brand (under which it operates IRONMAN and...

Supun Walpola

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Market Cap (USDm)

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