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>Paycor Holding Corporation's fiscal year 2025 first quarter results highlighted both positive strides and ongoing challenges.</li><li>The company reported substantial revenue growth of 17% year-over-year, reaching $167 million, primarily driven by recurring revenue growth of 16%.</li><li>This growth was attributed to an increase in both the average number of employees on Paycor’s platform and the amount charged per employee per month (PEPM), which grew by 11% to $19.</li></ul>

Paycor Holding Corporation's fiscal year 2025 first quarter results highlighted both positive strides and ongoing challenges.The company reported substantial revenue growth of 17% year-over-year, reaching $167 million, primarily driven by recurring revenue growth of 16%.This growth was attributed to an increase in both the average number of employees on Paycor’s platform and the amount charged per employee per month (PEPM), which grew by 11% to $19.

Paycor HCM: Will Its Upmarket Expansion & Tier 1 Market Growth Help Alter The Playing Field? - Major Drivers

<ul><li>Paycor's fourth quarter and full year 2024 earnings call, which ended on June 30, 2024, reflects a company strategically navigating its growth amidst an evolving market landscape.</li><li>With an 18% revenue growth for the quarter and a 19% increase for the fiscal year, Paycor appears to have successfully executed its strategic initiatives.</li><li>The company managed to increase the average number of employees on its platform by 9% and expanded the amount earned per employee per month by 6%, signaling efficient scaling and value addition.</li></ul>

Paycor's fourth quarter and full year 2024 earnings call, which ended on June 30, 2024, reflects a company strategically navigating its growth amidst an evolving market landscape.With an 18% revenue growth for the quarter and a 19% increase for the fiscal year, Paycor appears to have successfully executed its strategic initiatives.The company managed to increase the average number of employees on its platform by 9% and expanded the amount earned per employee per month by 6%, signaling efficient scaling and value addition.

Paycor HCM Inc.: Their Expanded Enterprise and Embedded Partnerships Is Driving Our Optimism! - Major Drivers

<ul><li>Paycor, a provider of Human Capital Management (HCM) solutions, showcased strong fiscal performance for the third quarter of Fiscal Year 2024.</li><li>The company reported a 16% year-over-year increase in revenue, driven by Recurring Revenue growth of 20% (excluding form filings).</li><li>This growth was attributed to the continued success in the upmarket segment, indicating a strong adoption of Paycor's services among larger Small and Midsize Businesses (SMBs) and enterprises.</li></ul>

Paycor, a provider of Human Capital Management (HCM) solutions, showcased strong fiscal performance for the third quarter of Fiscal Year 2024.The company reported a 16% year-over-year increase in revenue, driven by Recurring Revenue growth of 20% (excluding form filings).This growth was attributed to the continued success in the upmarket segment, indicating a strong adoption of Paycor's services among larger Small and Midsize Businesses (SMBs) and enterprises.

Paycor HCM Inc.: What Gives Them Their Biggest Competitive Edge?  - Major Drivers

<ul><li>This is our first report on human capital management SaaS provider, Paycor HCM.</li><li>The company has made a strong start to fiscal 2024 with revenue growth of 21% reported in the first quarter.</li><li>Despite this, the company continues to invest in its platform and is thankful for the strong demand environment for its human capital management (HCM) suite.</li></ul>

This is our first report on human capital management SaaS provider, Paycor HCM.The company has made a strong start to fiscal 2024 with revenue growth of 21% reported in the first quarter.Despite this, the company continues to invest in its platform and is thankful for the strong demand environment for its human capital management (HCM) suite.

Paycor HCM: Initiation of Coverage - The Future of Work Unveiled! How Their AI and Analytics Are Captivating Clients! - Major Drivers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The IE considers K1’s A$4.85 offer for <a href="https://www.smartkarma.com/entities/elmo-software-ltd" target="_blank" data-smartkarma-citation="entities:24342:1" rel="noopener">Elmo Software (ELO AU)</a> to be fair and reasonable as it is towards the high end of its valuation range of A$4.39-4.98.</li>
<li>K1 has received FIRB and US antitrust approval. The remaining key conditions are shareholders and court approval.</li>
<li>This is a done deal. At the last close price and for the 23 February 2023 payment, the gross and annualised spread is 1.9% and 10.9%, respectively.</li>
</ul>


The IE considers K1’s A$4.85 offer for Elmo Software (ELO AU) to be fair and reasonable as it is towards the high end of its valuation range of A$4.39-4.98.
K1 has received FIRB and US antitrust approval. The remaining key conditions are shareholders and court approval.
This is a done deal. At the last close price and for the 23 February 2023 payment, the gross and annualised spread is 1.9% and 10.9%, respectively.


Elmo Software (ELO AU)’s Scheme Meeting on 30 January

United States

Paycor HCM, Inc. provides human capital management solutions. The Company offers software-as-a-service platform which enables organizations to streamline HCM and payroll workflows and achieve regulatory compliance while serving as the single, secure system of record for all employee data. Paycor HCM serves customers in the United States.

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Paycor HCM (PYCR US)

Paycor HCM: Will Its Upmarket Expansion & Tier 1 Market Growth Help Alter The Playing Field? - Major Drivers

Paycor Holding Corporation's fiscal year 2025 first quarter results highlighted both positive strides and ongoing challenges. The company reported...

Baptista Research

Paycor HCM Inc.: Their Expanded Enterprise and Embedded Partnerships Is Driving Our Optimism! - Major Drivers

Paycor's fourth quarter and full year 2024 earnings call, which ended on June 30, 2024, reflects a company strategically navigating its growth...

Baptista Research

Paycor HCM Inc.: What Gives Them Their Biggest Competitive Edge? - Major Drivers

Paycor, a provider of Human Capital Management (HCM) solutions, showcased strong fiscal performance for the third quarter of Fiscal Year 2024. The...

Baptista Research

Paycor HCM: Initiation of Coverage - The Future of Work Unveiled! How Their AI and Analytics Are Captivating Clients! - Major Drivers

This is our first report on human capital management SaaS provider, Paycor HCM. The company has made a strong start to fiscal 2024 with revenue...

Baptista Research

Elmo Software (ELO AU)’s Scheme Meeting on 30 January

This is a done deal. At the last close price and for the 23 February 2023 payment, the gross and annualised spread is 1.9% and 10.9%, respectively.

Arun George

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