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>TriNet, a company specializing in human resources solutions for small and medium-sized businesses (SMBs), recently discussed its fourth-quarter 2024 financial performance, medium-term strategy, and 2025 outlook.</li><li>The company's results highlight both strengths and challenges in its current market environment.</li><li>On the positive side, TriNet has a strong market position, serving over 15,000 PEO customers and 360,000 worksite employees.</li></ul>

TriNet, a company specializing in human resources solutions for small and medium-sized businesses (SMBs), recently discussed its fourth-quarter 2024 financial performance, medium-term strategy, and 2025 outlook.The company's results highlight both strengths and challenges in its current market environment.On the positive side, TriNet has a strong market position, serving over 15,000 PEO customers and 360,000 worksite employees.

TriNet Group Goes All-In On AI to Slash Costs But Will It Lead To Margin Expansion?

<ul><li>TriNet Group faced significant challenges in the third quarter of 2024, largely due to elevated healthcare costs, which had a detrimental effect on financial performance.</li><li>However, TriNet is proactively managing these issues with several strategic initiatives.</li><li>A primary issue for TriNet has been the increase in healthcare costs, driven by claims severity and inflation, which exceeded initial pricing assumptions.</li></ul>

TriNet Group faced significant challenges in the third quarter of 2024, largely due to elevated healthcare costs, which had a detrimental effect on financial performance.However, TriNet is proactively managing these issues with several strategic initiatives.A primary issue for TriNet has been the increase in healthcare costs, driven by claims severity and inflation, which exceeded initial pricing assumptions.

TriNet Group Inc.: Can Its Expense Management & Automation Up Their Game? - Major Drivers

<ul><li>TriNet's second quarter 2024 performance demonstrates a robust financial and operational stance amidst challenging market conditions for small and midsized businesses (SMBs).</li><li>The company has shown resilience in retention and sales, which has been crucial in navigating the persistent uncertainties SMBs face due to high interest rates, softening end markets, and high healthcare cost inflation.</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>

TriNet's second quarter 2024 performance demonstrates a robust financial and operational stance amidst challenging market conditions for small and midsized businesses (SMBs).The company has shown resilience in retention and sales, which has been crucial in navigating the persistent uncertainties SMBs face due to high interest rates, softening end markets, and high healthcare cost inflation.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.

TriNet Group Inc.: Initiation Of Coverage - Is Their A Real Competitive Advantage At Play? - Major Drivers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/elmo-software-ltd" target="_blank" data-smartkarma-citation="entities:24342:1" rel="noopener">Elmo Software (ELO AU)</a> entered a scheme implementation deed (SID) with K1 at A$4.85 per share, a 100.4% premium to the undisturbed price.</li>
<li>The key conditions are a shareholder and regulatory (FIRB &amp; US antitrust) approvals. The scheme meeting is likely in early 1Q23. </li>
<li>While not a knockout bid, it is attractive in the context of current conditions. Key shareholders will vote in favour. At the last close, the gross spread is 4.8%.</li>
</ul>



Elmo Software (ELO AU) entered a scheme implementation deed (SID) with K1 at A$4.85 per share, a 100.4% premium to the undisturbed price.
The key conditions are a shareholder and regulatory (FIRB &amp; US antitrust) approvals. The scheme meeting is likely in early 1Q23. 
While not a knockout bid, it is attractive in the context of current conditions. Key shareholders will vote in favour. At the last close, the gross spread is 4.8%.


Elmo Software Enters a SID with K1 at A$4.85

<ul>
<li>
<a href="https://www.smartkarma.com/entities/elmo-software-ltd" target="_blank" data-smartkarma-citation="entities:24342:1" rel="noopener">Elmo Software (ELO AU)</a> confirmed takeover interest from several parties, including Accel-KKR. Elmo previously disclosed on 14 June that it had discussions on a non-binding offer at A$6.10 per share.</li>
<li>The previous talks ended because the bidder (Accel-KKR) could not progress to a binding offer due to changing tech valuations. Elmo has materially underperformed ASX SaaS peers since 14 June.</li>
<li>The current conditions suggest a higher risk that the talks will fizzle out. Despite today’s 28% pop, the shares remain undemanding compared to peer multiples providing support to the shares. </li>
</ul>



Elmo Software (ELO AU) confirmed takeover interest from several parties, including Accel-KKR. Elmo previously disclosed on 14 June that it had discussions on a non-binding offer at A$6.10 per share.
The previous talks ended because the bidder (Accel-KKR) could not progress to a binding offer due to changing tech valuations. Elmo has materially underperformed ASX SaaS peers since 14 June.
The current conditions suggest a higher risk that the talks will fizzle out. Despite today’s 28% pop, the shares remain undemanding compared to peer multiples providing support to the shares. 


Elmo Software Confirms Takeover Interest from Various Parties

United States

TriNet Group, Inc. provides human resource and consultancy services. The Company offers payroll, tax administration, risk protection, performance management, compensation consulting, and employee benefit plans. TriNet Group serves technology, advertising, banking, and government sectors in the United States.

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Trinet Group (TNET US)

TriNet Group Goes All-In On AI to Slash Costs But Will It Lead To Margin Expansion?

TriNet, a company specializing in human resources solutions for small and medium-sized businesses (SMBs), recently discussed its fourth-quarter...

Baptista Research

TriNet Group Inc.: Can Its Expense Management & Automation Up Their Game? - Major Drivers

TriNet Group faced significant challenges in the third quarter of 2024, largely due to elevated healthcare costs, which had a detrimental effect...

Baptista Research

TriNet Group Inc.: Initiation Of Coverage - Is Their A Real Competitive Advantage At Play? - Major Drivers

TriNet's second quarter 2024 performance demonstrates a robust financial and operational stance amidst challenging market conditions for small and...

Baptista Research

Elmo Software Enters a SID with K1 at A$4.85

While not a knockout bid, it is attractive in the context of current conditions. Key shareholders will vote in favour. At the last close, the gross...

Arun George

Elmo Software Confirms Takeover Interest from Various Parties

The current conditions suggest a higher risk that the talks will fizzle out. Despite today’s 28% pop, the shares remain undemanding compared to...

Arun George

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