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>This is our first report on streaming major, Roku.</li><li>The company had a strong first quarter of 2022 with Platform revenue up 39% yearly, driven by increased content distribution and advertising revenue.</li><li>As one of the industry's top platforms for streaming TV, the company anticipates long-term growth in active users and platform revenue.</li></ul>

This is our first report on streaming major, Roku.The company had a strong first quarter of 2022 with Platform revenue up 39% yearly, driven by increased content distribution and advertising revenue.As one of the industry's top platforms for streaming TV, the company anticipates long-term growth in active users and platform revenue.

Roku Inc: Expansion Of Free Streaming In Mexico & Other Drivers

<ul><li>Roku is witnessing a slow period as a significant slowdown is seen in TV advertising spending because of the macroeconomic environment that is pressuring the platform business growth of Roku in the short term.</li><li>However, the active accounts of the company and the TV advertising market share of the company continue to increase.</li><li>Roku remains differentiated by its unique assets, proprietary Roku TV OS, innovative advertisement platform for connected TV, and The Roku Channel.</li></ul>

Roku is witnessing a slow period as a significant slowdown is seen in TV advertising spending because of the macroeconomic environment that is pressuring the platform business growth of Roku in the short term.However, the active accounts of the company and the TV advertising market share of the company continue to increase.Roku remains differentiated by its unique assets, proprietary Roku TV OS, innovative advertisement platform for connected TV, and The Roku Channel.

Roku Inc: The Buzz & Other System Enhancements

Equity Bottom-Up

<ul>
<li>This is our first report on streaming major, Roku.</li>
<li>The company had a strong first quarter of 2022 with Platform revenue up 39% yearly, driven by increased content distribution and advertising revenue.</li>
<li>As one of the industry's top platforms for streaming TV, the company anticipates long-term growth in active users and platform revenue.</li>
</ul>


This is our first report on streaming major, Roku.
The company had a strong first quarter of 2022 with Platform revenue up 39% yearly, driven by increased content distribution and advertising revenue.
As one of the industry's top platforms for streaming TV, the company anticipates long-term growth in active users and platform revenue.


Roku Inc.: Initiation of Coverage – Business Strategy

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<ul>
<li>Tesla is a short. We know. You can't short it. But it is a short.</li>
<li>We continue to look for businesses that overearned and pulled in growth during the pandemic...some more recently identified examples: CHWY, ROKU</li>
<li>Spotify remains one of our top short ideas, bad business model, and now increasing competition from alternative listening services. </li>
</ul>


Tesla is a short. We know. You can't short it. But it is a short.
We continue to look for businesses that overearned and pulled in growth during the pandemic...some more recently identified examples: CHWY, ROKU
Spotify remains one of our top short ideas, bad business model, and now increasing competition from alternative listening services. 


<ul>
<li>DoubleVerify is a provider of advertising solutions to businesses that helps with ad verification, fraud prevention, and brand safety.</li>
<li>Profitable business model and reasonable valuation (12x forward sales) for its growth/margin profile that ranks well on the Rule of 40 metric.</li>
<li>Recent acquisition of OpenSlate looks synergistic as it expands DV's prebid offerings.</li>
</ul>


DoubleVerify is a provider of advertising solutions to businesses that helps with ad verification, fraud prevention, and brand safety.
Profitable business model and reasonable valuation (12x forward sales) for its growth/margin profile that ranks well on the Rule of 40 metric.
Recent acquisition of OpenSlate looks synergistic as it expands DV's prebid offerings.


United States

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: Expansion Of Free Streaming In Mexico & Other Drivers

This is our first report on streaming major, Roku. The company had a strong first quarter of 2022 with Platform revenue up 39% yearly, driven by...

Baptista Research

Roku Inc: The Buzz & Other System Enhancements

Roku is witnessing a slow period as a significant slowdown is seen in TV advertising spending because of the macroeconomic environment that is...

Baptista Research

Roku Inc.: Initiation of Coverage – Business Strategy

This is our first report on streaming major, Roku. The company had a strong first quarter of 2022 with Platform revenue up 39% yearly, driven by...

Baptista Research

1H22 Obex Research Short Portfolio

Our top short ideas for 2022: Tesla, Roku, Palantir, Spotify, Doordash, Expensify, AMC, and Teradata. Continue to like pandemic related...

Aaron Gabin

Recent IPO Insights: DoubleVerify

DoubleVerify is a provider of advertising solutions to businesses that helps with ad verification, fraud prevention, and brand safety. Fast growing...

Aaron Gabin

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