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>Roper Technologies held its third-quarter 2024 earnings call, disclosing financial gains and strategical expansions.</li><li>In Q3, the company achieved a 13% total revenue growth with 4% of that being organic, and EBITDA increased by 10%.</li><li>This was complemented by a significant 15% increase in free cash flow.</li></ul>

Roper Technologies held its third-quarter 2024 earnings call, disclosing financial gains and strategical expansions.In Q3, the company achieved a 13% total revenue growth with 4% of that being organic, and EBITDA increased by 10%.This was complemented by a significant 15% increase in free cash flow.

Roper Technologies Inc.: Expanding Market Presence through Strategic Acquisitions & Other Major Drivers

<ul><li>Roper Technologies recently disclosed their financial performance for the second quarter of 2024, with the presentation focused on solid quarterly achievements and updating fiscal guidance.</li><li>The company, a diversified technology firm, visually demonstrated its continual growth and groundwork for future investments particularly simplifying operational processes and broadening its market presence through strategic acquisitions.</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>

Roper Technologies recently disclosed their financial performance for the second quarter of 2024, with the presentation focused on solid quarterly achievements and updating fiscal guidance.The company, a diversified technology firm, visually demonstrated its continual growth and groundwork for future investments particularly simplifying operational processes and broadening its market presence through strategic acquisitions.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.

Roper Technologies Inc.: Enhanced Product Integration and SaaS Solutions Catalyzing Growth! - Major Drivers

<ul><li>Roper Technologies had a robust start to the year, with double-digit growth in revenue, EBITDA, adjusted DEPS, and free cash flow noted for Q1, which has spurred an increased full-year outlook.</li><li>The Q1 report highlighted the completion of another milestone for the company - the acquisition of Procare Solutions, a provider of software and integrated payments for the early childhood education market.</li><li>The total revenue and organic revenue increased by 14% and 8% respectively while EBITDA saw a 16% growth, with EBITDA margin expanding by 60 basis points to 40.2%.</li></ul>

Roper Technologies had a robust start to the year, with double-digit growth in revenue, EBITDA, adjusted DEPS, and free cash flow noted for Q1, which has spurred an increased full-year outlook.The Q1 report highlighted the completion of another milestone for the company - the acquisition of Procare Solutions, a provider of software and integrated payments for the early childhood education market.The total revenue and organic revenue increased by 14% and 8% respectively while EBITDA saw a 16% growth, with EBITDA margin expanding by 60 basis points to 40.2%.

Roper Technologies Inc.: Transition to Cloud and SaaS-based Offerings! - Major Drivers

<ul><li>Roper Technologies had a strong 2023 performance with key takeaways revolving around 15% revenue growth, 16% EBITDA growth, and 32% free cash flow growth with free cash flow margins at 32%.</li><li>Organic revenue growth was 8%, setting up positive momentum for 2024.</li><li>The company deployed $2.1 billion in high-quality vertical software acquisitions in the past year, including Syntellis and Replicon.</li></ul>

Roper Technologies had a strong 2023 performance with key takeaways revolving around 15% revenue growth, 16% EBITDA growth, and 32% free cash flow growth with free cash flow margins at 32%.Organic revenue growth was 8%, setting up positive momentum for 2024.The company deployed $2.1 billion in high-quality vertical software acquisitions in the past year, including Syntellis and Replicon.

Roper Technologies: Acquisition Of Procare Solutions & Improving M&A Pipeline! - Major Drivers

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There were 6 inclusions and 6 exclusions for the <a href="https://www.smartkarma.com/entities/nasdaq-100-stock-index" target="_blank" data-smartkarma-citation="entities:26197:1" rel="noopener">Nasdaq-100 Stock Index (NDX INDEX)</a> at the annual December reconstitution. Then another ad hoc change was added on top of that.</li>
<li>Impact on the inclusions ranges from 1-8 days of ADV to buy, while the impact on the deletions varies from 0.7-2.6 days of ADV to sell.</li>
<li>Apart from the constituent changes, there are expected to be inflows in <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors</a> and <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom</a> and outflows from <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple</a>, <a href="https://www.smartkarma.com/entities/microsoft-corp" target="_blank" data-smartkarma-citation="entities:15273:1" rel="noopener">Microsoft</a>, <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com</a> and <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA</a>.</li>
</ul>


There were 6 inclusions and 6 exclusions for the Nasdaq-100 Stock Index (NDX INDEX) at the annual December reconstitution. Then another ad hoc change was added on top of that.
Impact on the inclusions ranges from 1-8 days of ADV to buy, while the impact on the deletions varies from 0.7-2.6 days of ADV to sell.
Apart from the constituent changes, there are expected to be inflows in Tesla Motors and Broadcom and outflows from Apple, Microsoft, Amazon.com and NVIDIA.


NASDAQ 100 Index Rebalance: 6 Regular Changes + 1 Adhoc Change; US$37bn to Trade

United States

Roper Technologies, Inc. manufactures and distributes industrial equipment. The Company offers industrial controls, fluid handling, pumps, medical and scientific devices, analytical instrumentation products, radio frequency identification (RFID) communication technology, and software solutions.

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Roper Technologies (ROP US)

Roper Technologies Inc.: Expanding Market Presence through Strategic Acquisitions & Other Major Drivers

Roper Technologies held its third-quarter 2024 earnings call, disclosing financial gains and strategical expansions. In Q3, the company achieved a...

Baptista Research

Roper Technologies Inc.: Enhanced Product Integration and SaaS Solutions Catalyzing Growth! - Major Drivers

Roper Technologies recently disclosed their financial performance for the second quarter of 2024, with the presentation focused on solid quarterly...

Baptista Research

Roper Technologies Inc.: Transition to Cloud and SaaS-based Offerings! - Major Drivers

Roper Technologies had a robust start to the year, with double-digit growth in revenue, EBITDA, adjusted DEPS, and free cash flow noted for Q1,...

Baptista Research

Roper Technologies: Acquisition Of Procare Solutions & Improving M&A Pipeline! - Major Drivers

Roper Technologies had a strong 2023 performance with key takeaways revolving around 15% revenue growth, 16% EBITDA growth, and 32% free cash flow...

Baptista Research

NASDAQ 100 Index Rebalance: 6 Regular Changes + 1 Adhoc Change; US$37bn to Trade

There are 7 changes at the close on 15 December with an estimated one-way trade of US$18.7bn. Impact on the constituent changes varies from 1-8...

Brian Freitas

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