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>PTC’s fourth-quarter and full fiscal year 2024 earnings presentation reveals a complex landscape with various strategic initiatives and financial outcomes.</li><li>On a positive note, PTC has demonstrated resilience in a challenging macroeconomic environment, achieving a 25% year-over-year increase in free cash flow and a 12% growth in constant currency ARR.</li><li>The strength of their core offerings, particularly in product lifecycle management (PLM) driven by Windchill, and application lifecycle management (ALM) through Codebeamer, underscores their strategic positioning in digital transformation.</li></ul>

PTC’s fourth-quarter and full fiscal year 2024 earnings presentation reveals a complex landscape with various strategic initiatives and financial outcomes.On a positive note, PTC has demonstrated resilience in a challenging macroeconomic environment, achieving a 25% year-over-year increase in free cash flow and a 12% growth in constant currency ARR.The strength of their core offerings, particularly in product lifecycle management (PLM) driven by Windchill, and application lifecycle management (ALM) through Codebeamer, underscores their strategic positioning in digital transformation.

PTC Inc.: Product Diversification & Integration As A Pivotal Factor Driving Growth! - Major Drivers

<ul><li>The recent earnings for PTC reflects a performance narrative that blends consistent progress in specified business areas with a frank acknowledgment of ongoing challenges and strategic adjustments.</li><li>In fiscal Q3 2024, PTC reported a year-over-year constant currency Annual Recurring Revenue (ARR) increase of 12%, signifying a robust demand for its product portfolio despite the prevailing economic conditions.</li><li>This solid performance is further exemplified through a 29% rise in free cash flow compared to the previous year, indicative of effective operational handling and a promising financial health trajectory.</li></ul>

The recent earnings for PTC reflects a performance narrative that blends consistent progress in specified business areas with a frank acknowledgment of ongoing challenges and strategic adjustments.In fiscal Q3 2024, PTC reported a year-over-year constant currency Annual Recurring Revenue (ARR) increase of 12%, signifying a robust demand for its product portfolio despite the prevailing economic conditions.This solid performance is further exemplified through a 29% rise in free cash flow compared to the previous year, indicative of effective operational handling and a promising financial health trajectory.

PTC Inc.: Expansion of Internet of Things (IoT) and Augmented Reality (AR) Solutions! - Major Drivers

<ul><li>PTC experienced robust results in this quarter, continuing the positive trend evident in their product portfolio's resonance with customers.</li><li>Despite changing their mid-term targets, the company has an unequivocal commitment to delivering on its cash flow guidance.</li><li>This will be achieved by updating their mid-term ARR growth objectives, with constant currency ARR growth targeted to be in the low double digits over the mid-term.</li></ul>

PTC experienced robust results in this quarter, continuing the positive trend evident in their product portfolio's resonance with customers.Despite changing their mid-term targets, the company has an unequivocal commitment to delivering on its cash flow guidance.This will be achieved by updating their mid-term ARR growth objectives, with constant currency ARR growth targeted to be in the low double digits over the mid-term.

PTC Inc.: What Is Their  Portfolio Strategy and Cross-Selling Approach? - Major Drivers

<ul><li>The Q1 results of PTC were promising, marking a good start to fiscal 2024.</li><li>The firm demonstrated robust financial results and the smooth execution of the CEO succession process.</li><li>The company’s Chief Executive Officer, Jim Heppelmann, expressed his confidence in the incoming CEO, Neil Barua, who has shown a deep understanding of the PTC business model and possesses the complete trust of the executive team.</li></ul>

The Q1 results of PTC were promising, marking a good start to fiscal 2024.The firm demonstrated robust financial results and the smooth execution of the CEO succession process.The company’s Chief Executive Officer, Jim Heppelmann, expressed his confidence in the incoming CEO, Neil Barua, who has shown a deep understanding of the PTC business model and possesses the complete trust of the executive team.

PTC Inc: Can The ServiceMax Acquisition Be A Game Changer? - 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 <a href="https://www.smartkarma.com/entities/altium-ltd" target="_blank" data-smartkarma-citation="entities:18626:1" rel="noopener">Altium Ltd (ALU AU)</a> IE considers <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a>’ A$68.50 scheme offer fair and reasonable as it is above the midpoint of the A$62.37 to A$70.27 valuation range. </li>
<li>The offer is conditional on remaining regulatory approvals (FIRB, CFIUS) and shareholder approval. </li>
<li>The offer price is attractive and 31% above the all-time high. At the last close and for the 1 August payment, the gross/annualised spread was 1.7%/11.6%.</li>
</ul>


The Altium Ltd (ALU AU) IE considers Renesas Electronics (6723 JP)’ A$68.50 scheme offer fair and reasonable as it is above the midpoint of the A$62.37 to A$70.27 valuation range. 
The offer is conditional on remaining regulatory approvals (FIRB, CFIUS) and shareholder approval. 
The offer price is attractive and 31% above the all-time high. At the last close and for the 1 August payment, the gross/annualised spread was 1.7%/11.6%.


United States

PTC Inc. develops and delivers technology solutions, comprised of software and services. The Company's technology is primarily used by discrete manufacturers to design, operate and maintain complex products. PTC's technology is also used to connect products to the Internet for purposes of capturing and analyzing information from them.

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PTC Inc (PTC US)

PTC Inc.: Product Diversification & Integration As A Pivotal Factor Driving Growth! - Major Drivers

PTC’s fourth-quarter and full fiscal year 2024 earnings presentation reveals a complex landscape with various strategic initiatives and financial...

Baptista Research

PTC Inc.: Expansion of Internet of Things (IoT) and Augmented Reality (AR) Solutions! - Major Drivers

The recent earnings for PTC reflects a performance narrative that blends consistent progress in specified business areas with a frank...

Baptista Research

PTC Inc.: What Is Their Portfolio Strategy and Cross-Selling Approach? - Major Drivers

PTC experienced robust results in this quarter, continuing the positive trend evident in their product portfolio's resonance with...

Baptista Research

PTC Inc: Can The ServiceMax Acquisition Be A Game Changer? - Major Drivers

The Q1 results of PTC were promising, marking a good start to fiscal 2024. The firm demonstrated robust financial results and the smooth execution...

Baptista Research

Altium (ALU AU): Scheme Vote on 12 July

The offer price is attractive and 31% above the all-time high. At the last close and for the 1 August payment, the gross/annualised spread was 1.7%...

Arun George

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