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 Capital Markets

<ul><li>Paychex's stock has started seeing the first signs of recovery after the company delivered a good result, outperforming Wall Street expectations in terms of revenues and earnings.</li><li>This is a logical extension of Paychex's vast, constantly expanding, and widely used self-service capabilities.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Paychex's stock has started seeing the first signs of recovery after the company delivered a good result, outperforming Wall Street expectations in terms of revenues and earnings.This is a logical extension of Paychex's vast, constantly expanding, and widely used self-service capabilities.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Paychex Inc: New Voice Assist Launch & Other Drivers

Equity Bottom-Up

<ul><li>Paychex had a strong quarter with growth driven by strong retention and sales.</li><li>The company delivered an all-around beat surpassing market expectations and there was an increase in total revenue as well as service revenue.</li><li>We provide the stock of Paychex Inc. a ‘Hold’ rating with a revision in the target price.</li></ul>

Paychex had a strong quarter with growth driven by strong retention and sales.The company delivered an all-around beat surpassing market expectations and there was an increase in total revenue as well as service revenue.We provide the stock of Paychex Inc. a ‘Hold’ rating with a revision in the target price.

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

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.

<ul>
<li>The global HRTech market is forecast to grow at a CAGR of 5.8% between 2022-2028E to US$35.68bn driven by increased investment in product and technology development.</li>
<li>We have chosen four companies that will have an exciting year ahead (either bullish or bearish) and have discussed their business models, key drivers, fundamentals and their valuation.</li>
<li>We have chosen two stocks from the US (Ceridian and Automatic Data Processing) and two from Japan (Recruit and Visional) with a market capitalisation of &gt;$1bn and ADTV&gt;$1m.</li>
</ul>


The global HRTech market is forecast to grow at a CAGR of 5.8% between 2022-2028E to US$35.68bn driven by increased investment in product and technology development.
We have chosen four companies that will have an exciting year ahead (either bullish or bearish) and have discussed their business models, key drivers, fundamentals and their valuation.
We have chosen two stocks from the US (Ceridian and Automatic Data Processing) and two from Japan (Recruit and Visional) with a market capitalisation of &gt;$1bn and ADTV&gt;$1m.


HRTech Sector Series: Changing HR Landscape Post-Covid Create Opportunities

<ul><li>Paychex has reported a good financial result for the last quarter as it continues to view positive trends in its key target markets.</li><li>The company saw double-digit growth in the innovative annualized revenue over every business line including insurance, payroll, retirement, and HR outsourcing.</li><li>The demand for its comprehensive PEO and ASO HR offerings and integrated technology of its integrated Paychex Flex human capital is high which is a positive sign.</li></ul>

Paychex has reported a good financial result for the last quarter as it continues to view positive trends in its key target markets.The company saw double-digit growth in the innovative annualized revenue over every business line including insurance, payroll, retirement, and HR outsourcing.The demand for its comprehensive PEO and ASO HR offerings and integrated technology of its integrated Paychex Flex human capital is high which is a positive sign.

Paychex Inc.: Financial & Price Forecasts

<ul>
<li>Paychex reported a solid financial result for the second quarter of fiscal 2022, with revenue from management solutions, PEO, and insurance increasing by double digits year-over-year and adjusted diluted earnings per share increasing by 25%.</li>
<li>The company continued its momentum from the first quarter, with positive trends across all business lines.</li>
<li>Paychex saw its highest year-over-year growth in new annualized revenue in over five years, as well as a record-high amount of annualized revenue sold for the second quarter and the first half of the year.</li>
</ul>


Paychex reported a solid financial result for the second quarter of fiscal 2022, with revenue from management solutions, PEO, and insurance increasing by double digits year-over-year and adjusted diluted earnings per share increasing by 25%.
The company continued its momentum from the first quarter, with positive trends across all business lines.
Paychex saw its highest year-over-year growth in new annualized revenue in over five years, as well as a record-high amount of annualized revenue sold for the second quarter and the first half of the year.


United States

Paychex, Inc. provides comprehensive payroll and integrated human resource and employee benefits outsourcing solutions for small- to medium-sized businesses in the United States. The Company's services range from calculating payroll and filing tax payments to administering retirement plans and workers' compensation.

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Paychex Inc (PAYX US)

Paychex Inc: New Voice Assist Launch & Other Drivers

Paychex's stock has started seeing the first signs of recovery after the company delivered a good result, outperforming Wall Street expectations...

Baptista Research

Paychex Inc.: Revenue Model

Paychex had a strong quarter with growth driven by strong retention and sales. The company delivered an all-around beat surpassing market...

Baptista Research

HRTech Sector Series: Changing HR Landscape Post-Covid Create Opportunities

The global HRTech market has been undergoing rapid changes and in this insight we have discussed 4 companies that will have an exciting year ahead...

Shifara Samsudeen, ACMA, CGMA

Paychex Inc.: Financial & Price Forecasts

Paychex has reported a good financial result for the last quarter as it continues to view positive trends in its key target markets. The company...

Baptista Research

Paychex Inc. - Investment Thesis

Paychex reported a solid financial result for the second quarter of fiscal 2022, with revenue from management solutions, PEO, and insurance...

Baptista Research

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