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>Mastercard delivered a decent result in the last quarter as consumer spending has been steady.</li><li>Mastercard has strengthened and expanded its long-standing relationship with Citi and Bank of America.</li><li>Mastercard's open banking initiatives are supported by connections to over 3000 banks and other financial institutions in 18 markets.</li></ul>

Mastercard delivered a decent result in the last quarter as consumer spending has been steady.Mastercard has strengthened and expanded its long-standing relationship with Citi and Bank of America.Mastercard's open banking initiatives are supported by connections to over 3000 banks and other financial institutions in 18 markets.

Mastercard Inc: Treasury Intelligence Platform & Other Drivers

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The three companies we write about this week are ASML Holding NV (ASML US) , Bayer AG (BAYN GY)  and Gentex Corp (GNTX US)</li>
<li>We included ChatGPT's innovation assessment for the three companies in the report. The qualitative commentary of ChatGPT though fluffy does somewhat reflect our quantitative assessment from technical literature.</li>
<li>For the nine weeks since inception ended 20 Jan the combined innovation portfolio was +3.5%, versus DJIA -1.1%, S&amp;P500 +0.2%, Nasdaq -0.1%, Russell2000 +1.0%, MSCI-ACWI-ETF +3.1%, all in US$ terms</li>
</ul>


The three companies we write about this week are ASML Holding NV (ASML US) , Bayer AG (BAYN GY)  and Gentex Corp (GNTX US)
We included ChatGPT's innovation assessment for the three companies in the report. The qualitative commentary of ChatGPT though fluffy does somewhat reflect our quantitative assessment from technical literature.
For the nine weeks since inception ended 20 Jan the combined innovation portfolio was +3.5%, versus DJIA -1.1%, S&amp;P500 +0.2%, Nasdaq -0.1%, Russell2000 +1.0%, MSCI-ACWI-ETF +3.1%, all in US$ terms


Value Investing

Vladimir Dimitrov, CFA

<ul>
<li>Visa continues to outperform the market and fully capitalize on the prolonged business cycle.</li>
<li>The company's share price appears fairly valued both relative to peers and to its historical business fundamentals, according to the company's stock price.</li>
<li>The share price seems fairly valued and to the historical business fundamental, says the company.</li>
</ul>


Visa continues to outperform the market and fully capitalize on the prolonged business cycle.
The company's share price appears fairly valued both relative to peers and to its historical business fundamentals, according to the company's stock price.
The share price seems fairly valued and to the historical business fundamental, says the company.


Visa: Looking For Quality As Recession Looms On The Horizon

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<ul>
<li>AvidXchange is one of the leading providers of AP automation software and payment solutions for mid-market businesses and their suppliers. The company was founded in 2000 in the United States. </li>
<li>With a large $20B+ TAM and valuation at ~5x FY23 revenue estimate of $392M – significantly below the average for software and payment peers – we believe shares are undervalued. </li>
<li>Management raised the FY22 revenue outlook and expected a strong FY23. AvidXchange is two years from GAAP profitability, likely making the stock volatile in the coming years.  </li>
</ul>


AvidXchange is one of the leading providers of AP automation software and payment solutions for mid-market businesses and their suppliers. The company was founded in 2000 in the United States. 
With a large $20B+ TAM and valuation at ~5x FY23 revenue estimate of $392M – significantly below the average for software and payment peers – we believe shares are undervalued. 
Management raised the FY22 revenue outlook and expected a strong FY23. AvidXchange is two years from GAAP profitability, likely making the stock volatile in the coming years.  


AvidXchange: How Mid-Market Can Save Money. Attractive Valuation and Low-Risk Entry Point

<ul>
<li>As M&amp;A activity has cooled down, some risks for shareholders have been reduced and management has prioritized higher returns to shareholders.</li>
<li>Although I am turning cautiously positive on Mastercard, there are still risks that need to be considered, according to Mastercard's chief executive.</li>
<li>The performance gap between Mastercard (<span class="ticker-hover-wrapper">NYSE:<a href="https://www.smartkarma.com/search?q=MA" target="_blank" rel="noopener">MA</a></span>) and the S&amp;P 500 that opened in 2021 has now been completely closed.</li>
</ul>


As M&amp;A activity has cooled down, some risks for shareholders have been reduced and management has prioritized higher returns to shareholders.
Although I am turning cautiously positive on Mastercard, there are still risks that need to be considered, according to Mastercard's chief executive.
The performance gap between Mastercard (NYSE:MA) and the S&amp;P 500 that opened in 2021 has now been completely closed.


Mastercard: Turning Cautiously Positive On The Business As Recession Looms Ahead

United States

MasterCard, Inc. is a global payment solutions company that provides a variety of services in support of the credit, debit and related payment programs of financial institutions. The Company offers transaction processing services for credit and debit cards, electronic cash, automated teller machines, and travelers checks.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Mastercard (MA US)

Mastercard Inc: Treasury Intelligence Platform & Other Drivers

Mastercard delivered a decent result in the last quarter as consumer spending has been steady. Mastercard has strengthened and expanded its...

Baptista Research

The Innovations Portfolio - Week Nine

For the nine weeks since inception ended 20 Jan the combined innovation portfolio was +3.5%, versus DJIA -1.1%, S&P500 +0.2%, Nasdaq -0.1%,...

Pyari Menon

Visa: Looking For Quality As Recession Looms On The Horizon

The company's share price appears fairly valued both relative to peers and to its historical business fundamentals, according to the company's...

Vladimir Dimitrov, CFA

AvidXchange: How Mid-Market Can Save Money. Attractive Valuation and Low-Risk Entry Point

AvidXchange’s EV/Revenue multiple is near a trough for a company in our SaaS universe, and we have a favorable view of the company’s business

Andrei Zakharov

Mastercard: Turning Cautiously Positive On The Business As Recession Looms Ahead

As M&A activity has cooled down, some risks for shareholders have been reduced and management has prioritized higher returns to shareholders.

Vladimir Dimitrov, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)