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

Microstrategy Inc Cl A / Equity Bottom-Up

<ul><li>MicroStrategy Incorporated recently delivered its 2024 first quarter earnings, exhibiting a blend of strategic progress and financial outcomes that underscore its unique position in the market as a potent combination of a business intelligence software provider and a proactive Bitcoin investor.</li><li>The company discussed its ongoing commitment to integrating Bitcoin into its treasury while advancing its core software business, primarily directed towards cloud adoption and the integration of artificial intelligence (AI).</li><li>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>

MicroStrategy Incorporated recently delivered its 2024 first quarter earnings, exhibiting a blend of strategic progress and financial outcomes that underscore its unique position in the market as a potent combination of a business intelligence software provider and a proactive Bitcoin investor.The company discussed its ongoing commitment to integrating Bitcoin into its treasury while advancing its core software business, primarily directed towards cloud adoption and the integration of artificial intelligence (AI).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.

MicroStrategy Incorporated: What Is Their Enhanced Bitcoin Acquisition Strategy? - Major Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/microstrategy-inc-cl-a" target="_blank" data-smartkarma-citation="entities:14717:1" rel="noopener">MicroStrategy Inc (MSTR US)</a> is trading at a ~2% discount to NAV as the crypto rout moves into a higher gear.  </li>
<li>Bitcoin briefly dipped below US$25k in the last 24 hours, an 18-month low. If it falls another 18%, this will trigger a margin call on one of MicroStrategy's loans.</li>
<li>All is not well elsewhere in cryptoland. Ethereum touched a 17-month low; the Luna/Terra ecosystem has crashed; and crypto lender Celsus capitulated ~60% this morning after freezing withdrawals. </li>
</ul>



MicroStrategy Inc (MSTR US) is trading at a ~2% discount to NAV as the crypto rout moves into a higher gear.  
Bitcoin briefly dipped below US$25k in the last 24 hours, an 18-month low. If it falls another 18%, this will trigger a margin call on one of MicroStrategy's loans.
All is not well elsewhere in cryptoland. Ethereum touched a 17-month low; the Luna/Terra ecosystem has crashed; and crypto lender Celsus capitulated ~60% this morning after freezing withdrawals. 


MicroStrategy (MSTR US): It's Cratering Time

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>Hello everyone, and welcome back to our weekly positioning watch.</li><li>Main Takeaways: The energy bet is starting to look compelling. Oil positioning is fairly bearish, and it seems hedge funds are starting to play the oil trade from the short side after months of avoiding energy altogether.</li><li>The risk asset trade is still on, but positioning is stretched. The Santa rally suggests higher equity prices, but year-end position squaring could disrupt the long equities play.</li></ul>

Hello everyone, and welcome back to our weekly positioning watch.Main Takeaways: The energy bet is starting to look compelling. Oil positioning is fairly bearish, and it seems hedge funds are starting to play the oil trade from the short side after months of avoiding energy altogether.The risk asset trade is still on, but positioning is stretched. The Santa rally suggests higher equity prices, but year-end position squaring could disrupt the long equities play.

Positioning Watch – The Herd Behavior Strikes Back!

External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

<ul><li>Approval of bitcoin ETFs by the SEC causing volatility in MSTR shares and bitcoin prices</li><li>Opportunity for a trade pairing short sale of MSTR shares with purchase of bitcoin ETF</li><li>Fluctuating premium of MSTR's enterprise value over SOTP value, expected to dissipate with approval of bitcoin ETFs</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Approval of bitcoin ETFs by the SEC causing volatility in MSTR shares and bitcoin pricesOpportunity for a trade pairing short sale of MSTR shares with purchase of bitcoin ETFFluctuating premium of MSTR's enterprise value over SOTP value, expected to dissipate with approval of bitcoin ETFsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Microstrategy Inc (MSTR) - Tuesday, Jan 9, 2024

<ul><li>MicroStrategy Inc's fourth quarter 2023 earnings point towards a strong performance from being the world's largest corporate holder of bitcoin, possessing 190,000 bitcoins with a market value of $8.1 billion.</li><li>Over 2023, the company added another 56,650 bitcoins to its portfolio costing $1.9 billion, making the company's bitcoin strategy a long-term focus.</li><li>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>

MicroStrategy Inc's fourth quarter 2023 earnings point towards a strong performance from being the world's largest corporate holder of bitcoin, possessing 190,000 bitcoins with a market value of $8.1 billion.Over 2023, the company added another 56,650 bitcoins to its portfolio costing $1.9 billion, making the company's bitcoin strategy a long-term focus.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.

MicroStrategy: Is Its Bitcoin Strategy Changing The Game? - Major Drivers

United States

MicroStrategy Incorporated provides business intelligence software and related services.  The Company's technology platform enables departments and enterprises to deploy Web-based reporting and analysis solutions.  MicroStrategy also offers consulting, training, and support services.  Solutions are provided to retail, finance, telecommunications, insurance, dot-com, and healthcare industries.

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Microstrategy Inc Cl A (MSTR US)

MicroStrategy Incorporated: What Is Their Enhanced Bitcoin Acquisition Strategy? - Major Drivers

MicroStrategy Incorporated recently delivered its 2024 first quarter earnings, exhibiting a blend of strategic progress and financial outcomes...

Baptista Research

MicroStrategy (MSTR US): It's Cratering Time

In my last note, I recommended covering. That was an apt call. I would be putting on the short again here. The NAV discount could easily widen out...

David Blennerhassett

Positioning Watch – The Herd Behavior Strikes Back!

Hello everyone, and welcome back to our weekly positioning watch. Main Takeaways:The energy bet is starting to look compelling. Oil positioning is...

Steno Research

Microstrategy Inc (MSTR) - Tuesday, Jan 9, 2024

Approval of bitcoin ETFs by the SEC causing volatility in MSTR shares and bitcoin prices. Opportunity for a trade pairing short sale of MSTR shares...

Value Investors Club

MicroStrategy: Is Its Bitcoin Strategy Changing The Game? - Major Drivers

MicroStrategy Inc's fourth quarter 2023 earnings point towards a strong performance from being the world's largest corporate holder of bitcoin,...

Baptista Research

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