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>Squarespace, a leading platform in website design and digital services, has attracted attention from private equity firm Permira with a revised buyout bid of $46.50 per share, valuing the deal at $7.2 billion.</li><li>While this offer comes after concerns from proxy advisory firm ISS that the initial sale process undervalued the company, Permira’s renewed interest signals a strong belief in Squarespace’s long-term growth potential.</li><li>Squarespace presents an attractive opportunity given its strong financial performance, with a 19% year-over-year revenue increase and a growing base of over 4.9 million subscriptions.</li></ul>

Squarespace, a leading platform in website design and digital services, has attracted attention from private equity firm Permira with a revised buyout bid of $46.50 per share, valuing the deal at $7.2 billion.While this offer comes after concerns from proxy advisory firm ISS that the initial sale process undervalued the company, Permira’s renewed interest signals a strong belief in Squarespace’s long-term growth potential.Squarespace presents an attractive opportunity given its strong financial performance, with a 19% year-over-year revenue increase and a growing base of over 4.9 million subscriptions.

Permira's $7.2 Billion Bet on Squarespace: What Makes it an Attractive Acquisition?

<ul><li>Squarespace's First Quarter 2024 Earnings revealed a strong performance, with revenue up by 19% and bookings increasing by 23%, surpassing the provided guidance on both metrics.</li><li>The unlevered free cash flow margin stood at 32%, contributing to a positive outlook for the fiscal year 2024 in terms of both revenue and free cash flow.</li><li>Throughout the quarter, growth was primarily fueled by consistent organic momentum in the company’s core business, particularly in website services which experienced robust retention and an uptick in new customer growth both domestically and internationally.</li></ul>

Squarespace's First Quarter 2024 Earnings revealed a strong performance, with revenue up by 19% and bookings increasing by 23%, surpassing the provided guidance on both metrics.The unlevered free cash flow margin stood at 32%, contributing to a positive outlook for the fiscal year 2024 in terms of both revenue and free cash flow.Throughout the quarter, growth was primarily fueled by consistent organic momentum in the company’s core business, particularly in website services which experienced robust retention and an uptick in new customer growth both domestically and internationally.

Squarespace Inc.: A Bear's Perspective! - Major Drivers

<ul><li>Squarespace's First Quarter 2024 results exhibit a blend of robust growth and strategic advancements, positioning the company at a favorable juncture despite some underlying challenges.</li><li>Revenue grew by 19% year over-year, reaching $281 million, surpassing the projected range of $274 million to $277 million.</li><li>This growth was primarily fueled by solid performance in core website services and significant contributions from acquired domain assets following the acquisition of Google Domains.</li></ul>

Squarespace's First Quarter 2024 results exhibit a blend of robust growth and strategic advancements, positioning the company at a favorable juncture despite some underlying challenges.Revenue grew by 19% year over-year, reaching $281 million, surpassing the projected range of $274 million to $277 million.This growth was primarily fueled by solid performance in core website services and significant contributions from acquired domain assets following the acquisition of Google Domains.

Squarespace Inc.: Incorporation of AI and Design Intelligence & Other Major Drivers

<ul><li>This is our first report on renowned brand building platform operator, Squarespace Inc.</li><li>The company's Q3 2023 results reinforced growth potential bolstered by expansions and strategic acquisitions.</li><li>The company posted 18% revenue growth expanding on unlevered free cash flow margin of 21% and surpassing $1 billion in annual run rate revenue for the first time—demonstrating the strength of their core business.</li></ul>

This is our first report on renowned brand building platform operator, Squarespace Inc.The company's Q3 2023 results reinforced growth potential bolstered by expansions and strategic acquisitions.The company posted 18% revenue growth expanding on unlevered free cash flow margin of 21% and surpassing $1 billion in annual run rate revenue for the first time—demonstrating the strength of their core business.

Squarespace Inc: Initiation of Coverage – What Is Their Biggest Competitive Advantage? - Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Capital Markets

<p>San Francisco-based <a href="https://www.smartkarma.com/entities/amplitude-inc" target="_blank" data-smartkarma-citation="entities:34148:1" rel="noopener">Amplitude (AMPL US)</a> , best-in-class product analytics and digital optimization technology unicorn, filed for a direct listing and expects their Class A common stock to begin trading on September 28, 2021. The company has registered up to ~35.4M shares to sell in the direct listing with the reference price to be announced. Amplitude plans to list their Class A shares on the Nasdaq Capital Market under the symbol “AMPL”. Direct listing means that there will be no book building process and none of the existing shareholders will be subject to 180-day contractual lock-up agreement. Morgan Stanley, Bank of America, Citigroup, KeyBanc Capital Markets, Baird, UBS and William Blair will serve as financial advisors.</p>

San Francisco-based Amplitude (AMPL US) , best-in-class product analytics and digital optimization technology unicorn, filed for a direct listing and expects their Class A common stock to begin trading on September 28, 2021. The company has registered up to ~35.4M shares to sell in the direct listing with the reference price to be announced. Amplitude plans to list their Class A shares on the Nasdaq Capital Market under the symbol “AMPL”. Direct listing means that there will be no book building process and none of the existing shareholders will be subject to 180-day contractual lock-up agreement. Morgan Stanley, Bank of America, Citigroup, KeyBanc Capital Markets, Baird, UBS and William Blair will serve as financial advisors.

Founder-Led Unicorn And Leader In Product Analytics

United States

Squarespace, Inc. operates as a website publishing and online content management software company. The Company provides software-as-a-service do-it-yourself tools that allows creative professionals, businesses, bloggers, and web developers to create and maintain websites. Squarespace serves customers worldwide.

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Squarespace (SQSP US)

Permira's $7.2 Billion Bet on Squarespace: What Makes it an Attractive Acquisition?

Squarespace, a leading platform in website design and digital services, has attracted attention from private equity firm Permira with a revised...

Baptista Research

Squarespace Inc.: A Bear's Perspective! - Major Drivers

Squarespace's First Quarter 2024 Earnings revealed a strong performance, with revenue up by 19% and bookings increasing by 23%, surpassing the...

Baptista Research

Squarespace Inc.: Incorporation of AI and Design Intelligence & Other Major Drivers

Squarespace's First Quarter 2024 results exhibit a blend of robust growth and strategic advancements, positioning the company at a favorable...

Baptista Research

Squarespace Inc: Initiation of Coverage – What Is Their Biggest Competitive Advantage? - Major Drivers

This is our first report on renowned brand building platform operator, Squarespace Inc. The company's Q3 2023 results reinforced growth potential...

Baptista Research

Founder-Led Unicorn And Leader In Product Analytics

Amplitude, the growth engine for digital products, will go public via direct listing and we think its fully SaaS, cloud-native product with...

Andrei Zakharov

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