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>Progress Software Corporation's Q1 2024 results highlight a compelling story of financial strength and strategic acquisitions, solidifying its foothold in the enterprise software market.</li><li>The primary narrative revolves around consistent revenue growth and successful integration of acquisitions, particularly MarkLogic.</li><li>However, the nuances in their performance, such as ARR growth and cost management amidst potential macroeconomic challenges, are crucial for a comprehensive investment analysis.</li></ul>

Progress Software Corporation's Q1 2024 results highlight a compelling story of financial strength and strategic acquisitions, solidifying its foothold in the enterprise software market.The primary narrative revolves around consistent revenue growth and successful integration of acquisitions, particularly MarkLogic.However, the nuances in their performance, such as ARR growth and cost management amidst potential macroeconomic challenges, are crucial for a comprehensive investment analysis.

Progress Software Corporation: A Dual Narrative of Growth and Challenges - Major Drivers

<ul><li>Progress Software Corporation concluded its fourth fiscal quarter of 2023 with strong performance across its portfolio, especially in its OpenEdge, DataDirect, and Sitefinity products.</li><li>The company recorded top-line revenues of $178 million, which can be attributed to stable demand for its products.</li><li>Further, the company's net retention rate was commendable, remaining at a steady 100%, and operating margins were better than expected.</li></ul>

Progress Software Corporation concluded its fourth fiscal quarter of 2023 with strong performance across its portfolio, especially in its OpenEdge, DataDirect, and Sitefinity products.The company recorded top-line revenues of $178 million, which can be attributed to stable demand for its products.Further, the company's net retention rate was commendable, remaining at a steady 100%, and operating margins were better than expected.

Progress Software Corporation: Initiation Of Coverage - Decoding the 4 Primary Contributors to Its Growth Surge! - Major Drivers

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

Forensic Accounting

<ul>
<li>This model seeks short-sale candidates among companies that use aggressive accounting and/or exhibit deteriorating quality of earnings.  </li>
<li>They are typically highly idiosyncratic shorts and require thoughtful analyses of upcoming catalysts.  When the company’s issues become well-known, there is often multiple compression as well as a rerating.</li>
<li>These shorts can have high or low betas, valuations based on artificial earnings and exhibit good short responses to subsequently disappointing earnings.</li>
</ul>


This model seeks short-sale candidates among companies that use aggressive accounting and/or exhibit deteriorating quality of earnings.  
They are typically highly idiosyncratic shorts and require thoughtful analyses of upcoming catalysts.  When the company’s issues become well-known, there is often multiple compression as well as a rerating.
These shorts can have high or low betas, valuations based on artificial earnings and exhibit good short responses to subsequently disappointing earnings.


Earnings Quality Short Candidates: Gogo, Progress Software, Envista, Dun & Bradstreet

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Breadth is waning – there’s no question about that. Yet selling appears to be discriminate, so far, as if there’s a reason behind which stocks get hit, not the indiscriminate “sell-button.” But even with waning breadth, the weight-of-the-evidence still supports further upside. We believe this dip in breadth is a favorable sign for stock-pickers, creating an environment where selectivity can aid in outperformance. This week we provide an update to our investment thesis and highlight attractive opportunities within the gaming stocks, and a wide range of other cyclical companies.

Breadth is waning – there’s no question about that. Yet selling appears to be discriminate, so far, as if there’s a reason behind which stocks get hit, not the indiscriminate “sell-button.” But even with waning breadth, the weight-of-the-evidence still supports further upside. We believe this dip in breadth is a favorable sign for stock-pickers, creating an environment where selectivity can aid in outperformance. This week we provide an update to our investment thesis and highlight attractive opportunities within the gaming stocks, and a wide range of other cyclical companies.

A review of Vermilion's Sector Rankings (RSR) reveals Cap-weighted Groups, as a whole, ranking better than average-weighted (or equal-weighted), reflecting the S&amp;P 500's outperformance relative to the Russell 2000.  We share comments on a number of sectors and highlight bottoms-up ideas in the semiconductor and software space.

A review of Vermilion's Sector Rankings (RSR) reveals Cap-weighted Groups, as a whole, ranking better than average-weighted (or equal-weighted), reflecting the S&amp;P 500's outperformance relative to the Russell 2000.  We share comments on a number of sectors and highlight bottoms-up ideas in the semiconductor and software space.

United States

Progress Software Corporation develops, markets, and distributes application development, deployment, and integration software to business, industry, and government worldwide.  The Company's products include databases, application servers, messaging servers, and development tools for Internet/Web, extranet, and intranet applications as well as for client/server and host applications.

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Progress Software (PRGS US)

Progress Software Corporation: A Dual Narrative of Growth and Challenges - Major Drivers

Progress Software Corporation's Q1 2024 results highlight a compelling story of financial strength and strategic acquisitions, solidifying its...

Baptista Research

Progress Software Corporation: Initiation Of Coverage - Decoding the 4 Primary Contributors to Its Growth Surge! - Major Drivers

Progress Software Corporation concluded its fourth fiscal quarter of 2023 with strong performance across its portfolio, especially in its...

Baptista Research

Earnings Quality Short Candidates: Gogo, Progress Software, Envista, Dun & Bradstreet

Earnings Quality shorts lead to idiosyncratic alpha. Today, we show our model rankings and highlight Gogo, Progress Software, Envista, Dun &...

Eric Fernandez, CFA

U.S. Equity Strategy Weekly

Breadth is waning – there’s no question about that. Yet selling appears to be discriminate, so far, as if there’s a reason behind which stocks get...

Vermilion Research

U.S. Equity Sector Rankings

A review of Vermilion's Sector Rankings (RSR) reveals Cap-weighted Groups, as a whole, ranking betterthan average-weighted (or equal-weighted),...

Vermilion Research

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