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>MSCI Inc.'s financial results for Q1 2024 reflect strong performance under challenging market conditions.</li><li>The company achieved organic revenue growth of 10%, adjusted earnings per share growth of 12%, and free cash flow growth of 14%.</li><li>Asset-Based Fee (ABF) revenue saw an impressive 13% increase, driven by record assets under management (AUM) in both listed and non-listed products linked to MSCI indices.</li></ul>

MSCI Inc.'s financial results for Q1 2024 reflect strong performance under challenging market conditions.The company achieved organic revenue growth of 10%, adjusted earnings per share growth of 12%, and free cash flow growth of 14%.Asset-Based Fee (ABF) revenue saw an impressive 13% increase, driven by record assets under management (AUM) in both listed and non-listed products linked to MSCI indices.

MSCI Inc.: Expanding Index Options and Volatility Indices & 5 Major Drivers

<ul><li>MSCI, a global provider of benchmark indices enjoyed robust operating metrics for its fourth quarter of 2023, showcasing strong financial performance despite global headwinds.</li><li>The company reported nearly 30% growth in adjusted earnings per share, a considerable 15% surge in organic revenue, and a 24% increase in free cash flow growth.</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>

MSCI, a global provider of benchmark indices enjoyed robust operating metrics for its fourth quarter of 2023, showcasing strong financial performance despite global headwinds.The company reported nearly 30% growth in adjusted earnings per share, a considerable 15% surge in organic revenue, and a 24% increase in free cash flow growth.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.

MSCI Inc.: Expansion Into Private Capital Solutions & 5 Key Drivers

<ul><li>MSCI delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus.</li><li>MSCI reported a robust 21% growth in adjusted earnings per share, a 12% increase in total revenue, a recurring subscription run rate surge of 12%, and an impressive retention rate of 95.4%.</li><li>With Burgiss now part of MSCI, the company boasts the world's largest high-quality private asset class database, exceeding $60 trillion in assets.</li></ul>

MSCI delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus.MSCI reported a robust 21% growth in adjusted earnings per share, a 12% increase in total revenue, a recurring subscription run rate surge of 12%, and an impressive retention rate of 95.4%.With Burgiss now part of MSCI, the company boasts the world's largest high-quality private asset class database, exceeding $60 trillion in assets.

MSCI Inc.: Can The Acquisition Of Trove Research Be A Game Changer? - Major Drivers

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>Despite the rough market for ESG-related indexed funds recently, <a href="https://www.smartkarma.com/entities/msci-inc" target="_blank" data-smartkarma-citation="entities:17865:1" rel="noopener">MSCI (MSCI US)</a> continues to increase its market share and solidify its already dominant position as the top indexer.</li>
<li>MSCI ESG-related indexes currently have a 67% (and still growing) market share of the overall ESG indexing ecosystem with nearly US$250 billion in index-linked ETF assets globally.</li>
<li>MSCI's dominant market position is even stronger in important ESG niches/verticals, and two in particular: 1) climate change-focused indexes, and 2) Asia-Pacific ESG markets.</li>
</ul>


Despite the rough market for ESG-related indexed funds recently, MSCI (MSCI US) continues to increase its market share and solidify its already dominant position as the top indexer.
MSCI ESG-related indexes currently have a 67% (and still growing) market share of the overall ESG indexing ecosystem with nearly US$250 billion in index-linked ETF assets globally.
MSCI's dominant market position is even stronger in important ESG niches/verticals, and two in particular: 1) climate change-focused indexes, and 2) Asia-Pacific ESG markets.


MSCI ESG Indexes Gaining in Market Share Despite ESG's Recent "Bear Market"

<ul>
<li>The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.</li>
<li>It is the right approach for Singapore – a <em>voluntary</em> best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.</li>
<li>No surprise ratings methodology changes. No <em>en masse</em> upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.</li>
</ul>


The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.
It is the right approach for Singapore – a voluntary best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.
No surprise ratings methodology changes. No en masse upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.


Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

United States

The Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company. The Company provides asset and wealth management, asset servicing, issuer, clearing, and treasury services for institutions, corporations, and high net worth individuals.

State Street Corporation services institutional investors and manages financial assets worldwide.  The Company's products and services include custody, accounting, administration, daily pricing, international exchange services, cash management, financial asset management, securities lending, and investment advisory services.

Tradeweb Markets Inc. builds and operates electronic marketplaces for rates, credit, equities/ETFs and money markets. The company serves institutional, wholesale and retail clients in 62 countries including large global asset managers, insurance companies, central banks, financial advisory firms, proprietary trading firms, hedge funds, banks and dealers.

Ameriprise Financial, Inc. is a financial planning and services firm.  The Company provides financial planning, products and services that are designed to be utilized as solutions for its clients' cash and liquidity, asset accumulation, income, protection, and estate and wealth transfer needs.

T. Rowe Price Group Inc. is a financial services holding company. The Company, through its subsidiaries, provides investment advisory services to individual and institutional investors. T. Rowe manages a broad range of U.S. and international stock, blended asset, bond, and money market mutual funds and other investment portfolios.

Nasdaq, Inc. operates a global stock exchange. The Company provides trading, clearing, exchange technology, regulatory, securities listing, and information services. Nasdaq offers its services worldwide.

Ares Management Corporation operates as an asset management firm. The Firm focuses on tradable credit, direct lending, private equity, and real estate markets. The Company also invest in all levels of a company capital structure-from senior debt to common equity. Ares Management serves university endowments, pension and sovereign wealth funds, banks, and insurance companies.

Northern Trust Corporation is a financial holding company that provides investment management, asset and fund administration, fiduciary, and banking solutions for corporations, institutions, and affluent individuals. Northern Trust's banking operations are its primary operations.

LPL Financial Holdings, Inc. offers technology, brokerage and investment advisory services through business relationships with all types of financial advisors. Through proprietary technology, custody and clearing platforms, the Company offers access to financial products and services that enable them to provide financial advice and brokerage services to retail investors.

Raymond James Financial, Inc. provides financial services to individuals, corporations, and municipalities through its subsidiary investment firms. The Company operates throughout the United States, Canada and overseas.

Macquarie Group Ltd. offers banking, financial advisory, investment and funds management services.  The Company offers financial advice, cash management, wealth management and private banking, life insurance, securities brokerage, corporate debt financing, real estate funds management, real estate development financing, investment funds management, and foreign exchange services.

CITIC Securities Co., Ltd. provides securities brokerage, trading, underwriting, investment banking, asset management, and investment consulting services.

Hong Kong Exchanges & Clearing Limited owns and operates the stock exchange, futures exchange, and their related clearing houses in Hong Kong.  The Company provides the trading platforms for a range of cash and derivatives products and the facilities for processing trades.

Deutsche Boerse AG provides a variety of stock exchange introduction, trading, and operational services to institutions and private investors. The Company offers electronic trading systems for buying and selling of securities on stock exchanges in Europe.  Deutsche Boerse offers indices such as DAX, MDAX, SDAX, and XTF, as well as trading in options and futures.

3i Group plc is an international investor focused on private equity, infrastructure and debt management. The Company's investments are located across multiple continents through local investment teams in Europe, Asia and North America.

Hong Kong Exchanges and Clearing Limited provides financial services. The Company offers securities trading, clearing, settlement and depository, and market data services. Hong Kong Exchanges and Clearing serves customers worldwide.

Hong Kong Exchanges & Clearing (HKXCY US)

Haitong Securities Co., Ltd. offers securities services. The Company provides securities brokerage, asset management, securities investment, share transfer agency, and capital intermediary services. Haitong Securities focuses on  online brokerage, wealth management, and institutional investors.

Haitong Securities Co Ltd (A) (600837 CH)

Huatai Securities Co., Ltd. provides financial company. The Company provides securities brokerage services, research consulting services, investment banking and direct investment services, fixed-income services and asset management services.

China Merchants Securities Co., Ltd. provides securities services. The Company offers securities brokerage, securities investment consulting, securities underwriting, and other services. China Merchants Securities also operates investment management.

China Merchants Securities Co Ltd (A) (600999 CH)

MSCI Inc. provides investment decision support tools to investment institutions worldwide. The Company produces indices and risk and return portfolio analytics for use in managing investment portfolios.

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MSCI Inc (MSCI US)

MSCI Inc.: Expanding Index Options and Volatility Indices & 5 Major Drivers

MSCI Inc.'s financial results for Q1 2024 reflect strong performance under challenging market conditions. The company achieved organic revenue...

Baptista Research

MSCI Inc.: Expansion Into Private Capital Solutions & 5 Key Drivers

MSCI, a global provider of benchmark indices enjoyed robust operating metrics for its fourth quarter of 2023, showcasing strong financial...

Baptista Research

MSCI Inc.: Can The Acquisition Of Trove Research Be A Game Changer? - Major Drivers

MSCI delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus. MSCI reported a robust 21% growth in...

Baptista Research

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MSCI Inc.: Expanding Index Options and Volatility Indices & 5 Major Drivers

MSCI Inc.'s financial results for Q1 2024 reflect strong performance under challenging market conditions. The company achieved organic revenue...

Baptista Research

MSCI Inc.: Expansion Into Private Capital Solutions & 5 Key Drivers

MSCI, a global provider of benchmark indices enjoyed robust operating metrics for its fourth quarter of 2023, showcasing strong financial...

Baptista Research

MSCI Inc.: Can The Acquisition Of Trove Research Be A Game Changer? - Major Drivers

MSCI delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus. MSCI reported a robust 21% growth in...

Baptista Research

MSCI ESG Indexes Gaining in Market Share Despite ESG's Recent "Bear Market"

It's been rough for ESG index funds and the ESG indexers that index them. Not for MSCI, though. MSCI continues to gain market share and solidify...

Kyle Rudden

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden