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>Roku demonstrated a solid performance in Q1 2024, with streaming households growing 14% year over-year, streaming hours increasing by 23%, and platform revenue growing by 19% year-over year.</li><li>The company is placing greater emphasis on platform growth and innovation, aiming to accelerate platform revenue, adjusted EBITDA and free cash flow growth in the forthcoming years by focusing on three key opportunities: optimizing the Roku Home Screen as the lead-in for TV, growing Roku-billed subscriptions, and increasing demand for Roku.</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>

Roku demonstrated a solid performance in Q1 2024, with streaming households growing 14% year over-year, streaming hours increasing by 23%, and platform revenue growing by 19% year-over year.The company is placing greater emphasis on platform growth and innovation, aiming to accelerate platform revenue, adjusted EBITDA and free cash flow growth in the forthcoming years by focusing on three key opportunities: optimizing the Roku Home Screen as the lead-in for TV, growing Roku-billed subscriptions, and increasing demand for Roku.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.

Roku Inc.: Driving Subscriber Growth with Roku Pay! - Major Drivers

<ul><li>Roku, the leading streaming entertainment provider, delivered a strong fourth quarter and year-ended 2023 earnings as announced during the company's earnings conference call.</li><li>Roku's CEO, Anthony Wood, and CFO, Dan Jedda, along with other executive members, shared insights into the company's financials and business trajectory.</li><li>On a positive note, Roku achieved adjusted EBITDA and free cash flow a year ahead of schedule, demonstrating the company's focus on operational improvements and platform revenue growth.</li></ul>

Roku, the leading streaming entertainment provider, delivered a strong fourth quarter and year-ended 2023 earnings as announced during the company's earnings conference call.Roku's CEO, Anthony Wood, and CFO, Dan Jedda, along with other executive members, shared insights into the company's financials and business trajectory.On a positive note, Roku achieved adjusted EBITDA and free cash flow a year ahead of schedule, demonstrating the company's focus on operational improvements and platform revenue growth.

Roku Inc.: A Diversified Monetization Strategy Can Save The Day? - Major Drivers

<ul><li>Roku delivered mixed results for the previous quarter, with revenues below the analyst consensus.</li><li>Roku ended the quarter with a global active account base of 75.8 million, marking a robust 16% year-over-year growth.</li><li>Devices revenue experienced a substantial 33% year-over-year surge, fueled by the introduction of Roku-branded TVs and smart home products.</li></ul>

Roku delivered mixed results for the previous quarter, with revenues below the analyst consensus.Roku ended the quarter with a global active account base of 75.8 million, marking a robust 16% year-over-year growth.Devices revenue experienced a substantial 33% year-over-year surge, fueled by the introduction of Roku-branded TVs and smart home products.

Roku Inc.: A Glimpse Into the Future of Digital Entertainment! - Major Drivers

<ul><li>Roku Inc. managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.</li><li>The company demonstrated growth in scale, engagement, and platform revenue.</li><li>Roku's TV streaming platform and its innovation and scale continue to attract users, advertisers, streaming services, and content owners.</li></ul>

Roku Inc. managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.The company demonstrated growth in scale, engagement, and platform revenue.Roku's TV streaming platform and its innovation and scale continue to attract users, advertisers, streaming services, and content owners.

Roku Inc.: What Strategies Are Making It the Top-selling TV OS? - Financial Forecasts

Independent Investment Research & Investor, Maverick Equity Research

Maverick Equity Research

Independent Investment Research & Investor

Independent Investment Research & Investor: value, dividend and growth stocks. Risk management & hedging for an all weather portfolio.

Thematic (Sector/Industry)

<ul><li>All 6 ETFs positive in 2023 while ARKW ARKF ARKK ARKQ booming with 35%, 27%, 25% &amp; 17% respectively.</li><li>Risk appetite for the Innovation/Hyper Growth thematic is on!</li><li>Enhanced Price Action view: Ark 6 ETFs 2023 Returns &amp; Rebounders from their 52-week low + I added S&amp;P 500 (SPY) and the Nasdaq 100 (QQQ) for comparison</li></ul>

All 6 ETFs positive in 2023 while ARKW ARKF ARKK ARKQ booming with 35%, 27%, 25% &amp; 17% respectively.Risk appetite for the Innovation/Hyper Growth thematic is on!Enhanced Price Action view: Ark 6 ETFs 2023 Returns &amp; Rebounders from their 52-week low + I added S&amp;P 500 (SPY) and the Nasdaq 100 (QQQ) for comparison

United States

Endeavor Group Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, offers entertainment content, as well as specializes in marketing and licensing, representation, and event management. Endeavor Group Holdings serves customers worldwide.

Lions Gate Entertainment Corporation develops and distributes film entertainment contents. The Company produces motion pictures, television programming, animation, and digital media. Lions Gate Entertainment serves customers worldwide.

AMC Entertainment Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides theatrical exhibition, movie screening, food distribution, online ticket booking, and other related services. AMC Entertainment offers movie theaters worldwide.

World Wrestling Entertainment, Inc. operates as a media and entertainment company. The Company offers live wrestling events, television programming, music publishing, advertising, licensing, and home video streaming services. World Wrestling distributes its programs worldwide in various languages.

Match Group, Inc. is a dating service provider. The Company offers diverse portfolio of apps and services which enables connections across the spectrum of age, race, gender, sexual orientation, and backgrounds. Match Group serves customers worldwide.

LiveOne, Inc. operates as a digital media company. The Company provides live music streaming platform that delivers digital music experiences streamed live through audio and on-demand from the world's top music festivals and concerts. LiveOne also helps users to have access to songs and various stations.

IAC Inc operates as a holding company. The Company, through its subsidiaries, provides media and Internet services. IAC serves customers worldwide.

News Corporation operates in the publishing industry. The Company provides publications consisting of newspapers, magazines, books and promotional inserts.

Magnite, Inc. provides online advertising solutions. The Company offers real-time cloud and big data computing systems. Magnite serves customers worldwide.

John Wiley & Sons, Inc. publishes print and electronic products. The Company specializes in scientific, technical, and medical books and journals, as well as professional and consumer books and subscription services. Wiley also provides textbooks and educational materials.

HYBE Co., Ltd. operates as an entertainment company. The Company provides music production, album distribution, entertainers management, publicity, planning, training, and other services. HYBE also makes television shows.

37 Interactive Entertainment Network Technology Group Co.,Ltd designs, develops, and operates mobile games and web games. The Company also provides game promotion, customer service, top-up payment, and other services. 37 Interactive Entertainment Network Technology Group conducts its businesses in China.

37 Interactive Entertainment N (002555 CH)

Kunlun Tech Co., Ltd. offers comprehensive Internet value-added services. The Company focuses on social network interactive and online game fields. Kunlun Tech also provides localized translation outsourcing and agency advertising services.

Bilibili Inc. provides online entertainment services. The Company offers a platform that covers a wide array of genres and media formats, including videos, live broadcasting, mobile games, animation, and comics. Bilibili serves customers in China.

China Ruyi Holdings Limited operates as a holding company. The Company, through its subsidiaries, focuses on online streaming video and internet community businesses. China Ruyi Holdings also manufactures and sells photographic, electronic, and multimedia accessories.

Netmarble Corporation develops and publishes mobile games. The Company develops and publishes casual games, action, sports games, strategy, simulation games, and social casino games. Netmarble offers services worldwide.

Pearl Abyss Corp. operates as a computer games making company. The Company offers games development, games exporting, and other services. Pearl Abyss serves customers worldwide.

Saregama India Limited manufactures, sells and deals in Audio Cassettes, CD's and DVDs, which they market in India, Europe, the USA, Canada, the Caribbean Islands and South Africa. The Group's range of music encompasses both new and old Hindi films, regional films, ghazals, classical, Indipop and International. Saregama also has a film business, which produces films and TV serials.

Kakao Games Corp. operates as a multiply platform gaming company. The Company provides mobile games, computer games, virtual reality games, and other related products. Kakao Games markets its products worldwide.

Zhejiang Huace Film & TV Co., Ltd. specializes in entertainment media production. The Company's products include Mandarin films, TV programs and advertisements.

Zhejiang Huace Film & Televisi (300133 CH)

Roku, Inc. designs and manufactures consumer electronic products. The Company offers wireless enabled devices that stream audio and video content from the internet to home entertainment systems. Roku serves customers globally.

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Roku (ROKU US)

Roku Inc.: Driving Subscriber Growth with Roku Pay! - Major Drivers

Roku demonstrated a solid performance in Q1 2024, with streaming households growing 14% year over-year, streaming hours increasing by 23%, and...

Baptista Research

Roku Inc.: A Diversified Monetization Strategy Can Save The Day? - Major Drivers

Roku, the leading streaming entertainment provider, delivered a strong fourth quarter and year-ended 2023 earnings as announced during the...

Baptista Research

Roku Inc.: A Glimpse Into the Future of Digital Entertainment! - Major Drivers

Roku delivered mixed results for the previous quarter, with revenues below the analyst consensus. Roku ended the quarter with a global active...

Baptista Research

Roku Inc.: What Strategies Are Making It the Top-selling TV OS? - Financial Forecasts

Roku Inc. managed to surpass the revenue expectations as well as the earnings expectations of Wall Street. The company demonstrated growth in...

Baptista Research

ARK Invest Short & Squeeze - Edition #3

All 6 ETFs positive in 2023 while ARKW ARKF ARKK ARKQ booming with 35%, 27%, 25% & 17% respectively. Risk appetite for the Innovation/Hyper Growth...

Maverick Equity Research

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