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>SiriusXM Holdings Inc. delivered a strong financial performance for its first quarter of 2024, with an encouraging 7% year-over-year increase in advertising revenue to over $400 million.</li><li>This growth in ad revenue, driven by a growing addressable advertising audience and a strengthening ad market, helped offset a slight 1% drop in subscription revenue.</li><li>The firm's adjusted EBITDA was up 4% year over-year and delivered a margin of 30%, up 1 percentage point from the previous year.</li></ul>

SiriusXM Holdings Inc. delivered a strong financial performance for its first quarter of 2024, with an encouraging 7% year-over-year increase in advertising revenue to over $400 million.This growth in ad revenue, driven by a growing addressable advertising audience and a strengthening ad market, helped offset a slight 1% drop in subscription revenue.The firm's adjusted EBITDA was up 4% year over-year and delivered a margin of 30%, up 1 percentage point from the previous year.

Sirius XM Holdings:  Improving Conversion

<ul><li>In its latest earnings, SiriusXM Holdings Inc.</li><li>discussed its strong operating and financial performance in 2023.</li><li>During the year, the company exceeded expectations, surpassing its adjusted EBITDA and free cash flow target.</li></ul>

In its latest earnings, SiriusXM Holdings Inc.discussed its strong operating and financial performance in 2023.During the year, the company exceeded expectations, surpassing its adjusted EBITDA and free cash flow target.

Sirius XM Holdings Inc: Flexible Pricing and Packaging & 5 Catalysts For Future Growth! - Major Drivers

<ul><li>Sirius XM Holdings Inc. delivered a mixed set of results for the previous quarter with revenues well below analyst expectations but managed earnings beat.</li><li>The flagship SiriusXM service attained around 34 million subscribers, with ongoing quarterly enhancements in self-pay net subscriptions.</li><li>Amid this investment phase, the resilient and profitable business model and substantial cash flow remained steadfast.</li></ul>

Sirius XM Holdings Inc. delivered a mixed set of results for the previous quarter with revenues well below analyst expectations but managed earnings beat.The flagship SiriusXM service attained around 34 million subscribers, with ongoing quarterly enhancements in self-pay net subscriptions.Amid this investment phase, the resilient and profitable business model and substantial cash flow remained steadfast.

Sirius XM Holdings Inc.: Unveiling Next Generation SiriusXM Streaming Platform! - Major Drivers

<ul><li>Sirius XM Holdings delivered a solid result and managed an all-around beat last quarter.</li><li>The company's strategic approach to managing expenses and optimizing efficiency resulted in improved cash operating expenses.</li><li>Sirius XM Holdings maintained its prudent financial approach, exemplified by strong free cash flow generation and responsible capital allocation strategies prioritizing shareholder returns.</li></ul>

Sirius XM Holdings delivered a solid result and managed an all-around beat last quarter.The company's strategic approach to managing expenses and optimizing efficiency resulted in improved cash operating expenses.Sirius XM Holdings maintained its prudent financial approach, exemplified by strong free cash flow generation and responsible capital allocation strategies prioritizing shareholder returns.

Sirius XM Holdings Inc.: The Strategies Driving Pandora and SiriusXM's Subscriber Surge! - Financial Forecasts

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>
<a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a> will replace <a href="https://www.smartkarma.com/entities/sirius-xm-holdings-inc" target="_blank" data-smartkarma-citation="entities:1374:1" rel="noopener">Sirius Xm Holdings (SIRI US)</a> in 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> after the close of trading on 21 June.</li>
<li>Passive trackers will need to buy just over US$500m of <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a> while the estimated selling in <a href="https://www.smartkarma.com/entities/sirius-xm-holdings-inc" target="_blank" data-smartkarma-citation="entities:1374:1" rel="noopener">Sirius Xm Holdings (SIRI US)</a> is smaller.</li>
<li>There could be passive selling in <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>, but this will be a lot smaller than the expected buying from the <a href="https://www.smartkarma.com/entities/technology-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27543:1" rel="noopener">Technology Select Sector SPDR (XLK US)</a> ETF.</li>
</ul>



ARM Holdings (ARM US) will replace Sirius Xm Holdings (SIRI US) in the Nasdaq-100 Stock Index (NDX INDEX) after the close of trading on 21 June.
Passive trackers will need to buy just over US$500m of ARM Holdings (ARM US) while the estimated selling in Sirius Xm Holdings (SIRI US) is smaller.
There could be passive selling in NVIDIA Corp (NVDA US), but this will be a lot smaller than the expected buying from the Technology Select Sector SPDR (XLK US) ETF.


NASDAQ 100 Index Rebalance: Arm Holdings Replaces Sirius XM

United States

The New York Times Company operates media businesses.  The Company publishes daily newspapers and operates Internet websites.  The newspapers and websites distribute news and entertainment.

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

The Interpublic Group of Companies, Inc. is an organization of advertising agencies and marketing service companies.  The Company operates globally in the sectors of advertising, independent media buying, direct marketing, healthcare communications, interactive consulting services, marketing research, promotions, experiential marketing, public relations, and sports marketing.

Liberty Global plc owns interests in broadband, distribution, and content companies operating outside the continental United States, principally in Europe, Asia, and Latin America.

Omnicom Group Inc. provides advertising, marketing and corporate communications services. The Company's agencies, which operate in major markets around the world, provide a comprehensive range of services including traditional media advertising; customer relationship management ("CRM"); public relations; and specialty communications.

Liberty Broadband Corporation invests in communication companies. The Company has principal assets in TruePosition and Time Warner Cable.

Madison Square Garden Sports Corp. is a professional sports company that owns and operates sports franchises.

Madison Square Garden Sports Corp. (MSGS US)

Live Nation Entertainment, Inc. produces live concerts and sells tickets to those events over the Internet. The Company also offers ticketing services for leading arenas, stadiums, professional sports franchises and leagues, college sports teams, performing arts venues, museums and theaters.

Nexstar Broadcasting Group, Inc, is a television broadcasting company focused on the acquisition, development, and operation of television stations in medium using traditional media, e-MEDIA, digital and mobile media platforms. Nexstar Broadcasting Group, Inc offers its services in the central east part of United States.

Nexstar Broadcasting Group, Inc (NXST US)

DISH Network Corp. provides a direct broadcast satellite subscription television, audio programming and interactive television services to commercial and residential subscribers in the United States.

Pearson plc provides education products and services to institutions, governments and individual learners in over 80 countries. The Company's major revenue markets are North America, 'Core' including the UK, Italy and Australia and 'Growth' including Brazil, China and South Africa. It also owns the Financial Times, 50% of the Economist and 47% of Penguin Random House.

REA Group Limited provides online property listings, web development and internet related technology services to the real estate industry along with providing advertising services to Australian companies.  The Company also offers online real estate search services to the Australian public.

DENTSU INC. mainly provides comprehensive advertising services.  The Company also provides marketing and event planning & promotion services.  Dentsu has associated companies in the US, Europe, and Asia.

CTS Eventim AG & Co. KGaA produces, sells, brokers and distributes entry tickets for concerts, theater productions, artistic, sporting and similar events. The Company operates an online booking system that allows event promoters to sell their tickets over a variety of distribution channels. CTS also sells tickets directly over the Internet and a call center and offers system support services.

Informa PLC provides business information on a worldwide basis.  The Company provides information in the finance and insurance, maritime transport and trade, law and tax, telecom and media, commodities and energy, and biomedical and pharmaceutical global markets.  Informa provides its information through newspapers, magazines, electronic media, books, and journals.

WPP plc operates a communications services group.  The Company's operations encompass advertising, media investment management, information and consultancy, public relations and public affairs, healthcare and specialist communications, and branding and identity services.

Schibsted ASA, through its subsidiaries, owns and operates online classifieds services. The Company also owns and operates media houses with print and online positions. Schibsted operates in parts Europe and other international markets.

Tencent Music Entertainment operates an online music entertainment platform in China. The Company offers platform that comprises of online music, recording, music-centric live streaming enabling users to discover, listen, sing, watch, perform, and socialize music.

TOHO CO., LTD. produces and distributes motion pictures for cinema, television, and video.  The Company also sells character merchandise based on their media productions, distributes foreign films, operates musical theaters, and produces musical shows. In addition, Toho manages movie theaters in urban areas.

Jiangsu Phoenix Publishing & Media Corporation Limited publishes, distributes books, publications and audio-visual products, and sells cultural goods. The Company's main products include textbooks, teaching aids, and general books.

Sirius XM Holdings Inc. broadcasts various channels of audio from its satellites. The Company provides its services throughout the continental United States for a monthly subscription fee. Sirius delivers various streams of commercial-free music in every genre, as well as streams of  news, sports, weather, talk, comedy, and public radio.

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Sirius Xm Holdings (SIRI US)

Sirius XM Holdings: Improving Conversion

SiriusXM Holdings Inc. delivered a strong financial performance for its first quarter of 2024, with an encouraging 7% year-over-year increase in...

Baptista Research

Sirius XM Holdings Inc: Flexible Pricing and Packaging & 5 Catalysts For Future Growth! - Major Drivers

In its latest earnings, SiriusXM Holdings Inc. discussed its strong operating and financial performance in 2023. During the year, the company...

Baptista Research

Sirius XM Holdings Inc.: Unveiling Next Generation SiriusXM Streaming Platform! - Major Drivers

Sirius XM Holdings Inc. delivered a mixed set of results for the previous quarter with revenues well below analyst expectations but managed...

Baptista Research

Sirius XM Holdings Inc.: The Strategies Driving Pandora and SiriusXM's Subscriber Surge! - Financial Forecasts

Sirius XM Holdings delivered a solid result and managed an all-around beat last quarter. The company's strategic approach to managing expenses and...

Baptista Research

NASDAQ 100 Index Rebalance: Arm Holdings Replaces Sirius XM

Arm Holdings will replace Sirius XM in the Nasdaq100 at the close on 21 June. There is positioning in both stocks and some of that was likely...

Brian Freitas

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