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>T-Mobile U.S. delivered a strong performance in 2024, as indicated by their latest earnings call.</li><li>Key highlights include record growth in customer acquisition, solid financial metrics, continued network improvements, and strategic investments that position the company for future expansion.</li><li>T-Mobile's 2024 results were marked by substantial gains in postpaid phone customers, with more than 3 million net additions for the third consecutive year.</li></ul>

T-Mobile U.S. delivered a strong performance in 2024, as indicated by their latest earnings call.Key highlights include record growth in customer acquisition, solid financial metrics, continued network improvements, and strategic investments that position the company for future expansion.T-Mobile's 2024 results were marked by substantial gains in postpaid phone customers, with more than 3 million net additions for the third consecutive year.

T-Mobile US: Can Its Spectrum Advantage Give It An Edge Over Rivals

<ul><li>T-Mobile US's third quarter of 2024 reflects a period of strong performance and strategic execution, despite challenges posed by external events such as hurricanes.</li><li>The quarter was highlighted by significant increases in net additions and service revenues, alongside rising guidance for the full year, underscoring the company's robust business model and market strategy.</li><li>Positively, T-Mobile US reported its best third-quarter postpaid phone net additions in a decade and saw record low churn rates, which signals strong customer loyalty and brand strength.</li></ul>

T-Mobile US's third quarter of 2024 reflects a period of strong performance and strategic execution, despite challenges posed by external events such as hurricanes.The quarter was highlighted by significant increases in net additions and service revenues, alongside rising guidance for the full year, underscoring the company's robust business model and market strategy.Positively, T-Mobile US reported its best third-quarter postpaid phone net additions in a decade and saw record low churn rates, which signals strong customer loyalty and brand strength.

T-Mobile US Inc.:  Expansion of 5G & Advanced Network Capabilities & Other Major Drivers

<ul><li>T-Mobile US has reported a strong performance in its second quarter of 2024, highlighting significant achievements and strategic advancements that reflect the company’s robust operational execution and commitment to network superiority.</li><li>The company’s unwavering focus on enhancing customer experience and expanding its service offerings continues to pay dividends, as evidenced by record customer growth and financial outcomes during the quarter.</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>

T-Mobile US has reported a strong performance in its second quarter of 2024, highlighting significant achievements and strategic advancements that reflect the company’s robust operational execution and commitment to network superiority.The company’s unwavering focus on enhancing customer experience and expanding its service offerings continues to pay dividends, as evidenced by record customer growth and financial outcomes during the quarter.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.

T-Mobile US Inc.: The Metronet Acquisition

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

<ul>
<li>To derive our target price of USD 184.95, indicating a downside potential of -3%, we incorporated 2 different valuation methods: DCF valuation, resulting in a price of USD 229.47 and Peer Group valuation, resulting in a price of USD 51.4.</li>
<li>The weights used for the 2 valuation approaches were 75% for DCF and 25% for Peer Group.</li>
<li>To perform DCF valuation, we used a 2-stage calculation approach, consisting of the growth period (10%) and the terminal value (90%). </li>
</ul>


To derive our target price of USD 184.95, indicating a downside potential of -3%, we incorporated 2 different valuation methods: DCF valuation, resulting in a price of USD 229.47 and Peer Group valuation, resulting in a price of USD 51.4.
The weights used for the 2 valuation approaches were 75% for DCF and 25% for Peer Group.
To perform DCF valuation, we used a 2-stage calculation approach, consisting of the growth period (10%) and the terminal value (90%). 


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

Index Rebalance

<ul>
<li>Constituent changes to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a> and capping changes will result in a round-trip trade of US$15.5bn across the Select Sector indices and the S&amp;P500 Equal Weight Index.</li>
<li>The Select Sector index trackers and S&amp;P500 Equal Weight trackers will need to buy the adds to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P500 INDEX</a> and sell the deletes, further increasing flow for the stocks.</li>
<li>The <a href="https://www.smartkarma.com/entities/vaneck-vectors-semiconductor" target="_blank" data-smartkarma-citation="entities:32807:1" rel="noopener">VanEck Vectors Semiconductor (SMH US)</a> ETF will be selling <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom (AVGO US)</a> at the same time as the Select Sector and S&amp;P500 Equal Weight Index trackers.</li>
</ul>


Constituent changes to the S&amp;P 500 INDEX and capping changes will result in a round-trip trade of US$15.5bn across the Select Sector indices and the S&amp;P500 Equal Weight Index.
The Select Sector index trackers and S&amp;P500 Equal Weight trackers will need to buy the adds to the S&amp;P500 INDEX and sell the deletes, further increasing flow for the stocks.
The VanEck Vectors Semiconductor (SMH US) ETF will be selling Broadcom (AVGO US) at the same time as the Select Sector and S&amp;P500 Equal Weight Index trackers.


Select Sector Indices and S&P Equal Weight Rebalance: US$15.5bn Flow Post Capping

United States

T-Mobile US, Inc. is one of four national wireless carriers in the US. The company was created as the combination of T-Mobile USA and MetroPCS.

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T Mobile Us Inc (TMUS US)

T-Mobile US: Can Its Spectrum Advantage Give It An Edge Over Rivals

T-Mobile U.S. delivered a strong performance in 2024, as indicated by their latest earnings call. Key highlights include record growth in customer...

Baptista Research

T-Mobile US Inc.: Expansion of 5G & Advanced Network Capabilities & Other Major Drivers

T-Mobile US's third quarter of 2024 reflects a period of strong performance and strategic execution, despite challenges posed by external events...

Baptista Research

T-Mobile US Inc.: The Metronet Acquisition

T-Mobile US has reported a strong performance in its second quarter of 2024, highlighting significant achievements and strategic advancements that...

Baptista Research

T-Mobile Us, Inc. -Valuation Summary

To perform DCF valuation, we used a 2-stage calculation approach, consisting of the growth period (10%) and the terminal value (90%).

VRS (Valuation & Research Specialists)

Select Sector Indices and S&P Equal Weight Rebalance: US$15.5bn Flow Post Capping

Constituent changes to the S&P 500 Index and capping changes will result in a round-trip trade of US$15.45bn across the Select Sector indices and...

Brian Freitas

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