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>UiPath, a leading company in automation software, reported its First Quarter Fiscal 2025 Results.</li><li>A positive highlight was UiPath’s ARR growth of 21% year-over-year to $1.508 billion, driven by first quarter net new ARR of $44 million.</li><li>Revenue also rose by 16% year-over-year to $335 million, and when normalized for the foreign exchange headwind of approximately $8 million, revenue grew by 18% year-over-year.</li></ul>

UiPath, a leading company in automation software, reported its First Quarter Fiscal 2025 Results.A positive highlight was UiPath’s ARR growth of 21% year-over-year to $1.508 billion, driven by first quarter net new ARR of $44 million.Revenue also rose by 16% year-over-year to $335 million, and when normalized for the foreign exchange headwind of approximately $8 million, revenue grew by 18% year-over-year.

UiPath Inc.: What Is The Progress with AI Product Development? - Major Drivers

<ul>
<li>This is our first report on UiPath, a leading automation company.</li>
<li>The company has reported its Q4 results for the fiscal year 2024 and exudes confidence in its future performance.</li>
<li>On this front, the company exceeded its guidance across top and bottom-line metrics, demonstrating strong demand for its platform and successful team focus on customer success.</li>
</ul>


This is our first report on UiPath, a leading automation company.
The company has reported its Q4 results for the fiscal year 2024 and exudes confidence in its future performance.
On this front, the company exceeded its guidance across top and bottom-line metrics, demonstrating strong demand for its platform and successful team focus on customer success.


UiPath Inc: Elevating Enterprise AI with Customizable GenAI Innovations!

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>This model uncovers companies facing recent sharp cuts in estimates. These shorts can have very disparate characteristics.</li>
<li>The key judgement involves whether the negative revisions are temporary or if they are indications of ongoing weakness in the business. </li>
<li>Breaking Estimates stocks often continue to decline after the cuts.  This week we flag: UiPath, EchoStar, Stitch Fix, First Solar</li>
</ul>


This model uncovers companies facing recent sharp cuts in estimates. These shorts can have very disparate characteristics.
The key judgement involves whether the negative revisions are temporary or if they are indications of ongoing weakness in the business. 
Breaking Estimates stocks often continue to decline after the cuts.  This week we flag: UiPath, EchoStar, Stitch Fix, First Solar


Breaking Estimate Short Candidates: UiPath, EchoStar, Stitch Fix, First Solar

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/4paradigm" target="_blank" data-smartkarma-citation="entities:34465:1" rel="noopener">4Paradigm (6682 HK)</a> raised around US$131m in its Hong Kong IPO. </li>
<li>4P is a platform-centric AI enterprise solutions provider. It was the largest player by revenue in the platform-centric decision-making AI market in China in 2022, as per CIC. </li>
<li>We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



4Paradigm (6682 HK) raised around US$131m in its Hong Kong IPO. 
4P is a platform-centric AI enterprise solutions provider. It was the largest player by revenue in the platform-centric decision-making AI market in China in 2022, as per CIC. 
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.


4Paradigm IPO Trading - Low Insti Subscription and Small Float

<ul>
<li>
<a href="https://www.smartkarma.com/entities/4paradigm" target="_blank" data-smartkarma-citation="entities:34465:1" rel="noopener">4Paradigm (1764934D HK)</a> is looking to raise up to US$144m in its Hong Kong IPO, after downsizing from an earlier reported float of US$600m.</li>
<li>4P is a platform-centric AI enterprise solutions provider. It was the largest player by revenue in the platform-centric decision-making AI market in China in 2022, as per CIC.</li>
<li>In our previous notes, we covered the company’s performance and refiling updates. In this note, we will cover the firm’s PHIP updates, peer comparison and share our thoughts on valuation.</li>
</ul>



4Paradigm (1764934D HK) is looking to raise up to US$144m in its Hong Kong IPO, after downsizing from an earlier reported float of US$600m.
4P is a platform-centric AI enterprise solutions provider. It was the largest player by revenue in the platform-centric decision-making AI market in China in 2022, as per CIC.
In our previous notes, we covered the company’s performance and refiling updates. In this note, we will cover the firm’s PHIP updates, peer comparison and share our thoughts on valuation.


4Paradigm IPO - PHIP Updates, Peer Comparison & Thoughts on Valuation

United States

Paycom Software Inc provides cloud-based HCM software solution delivered as Software-as-a-Service.  The Company provides functionality and data analytics that businesses need to manage the complete employment life cycle from recruitment to retirement.

Varonis Systems, Inc. designs and develops data security software solutions. The Company offers data management systems to organize, manage, and protect unstructured and semi-structured data such as documents, spreadsheets, presentations, media files, and other business data. Varonis Systems operates worldwide.

Qualys, Inc. provides information technology security risk and compliance management solutions. The Company offers products for vulnerability management, policy compliance, web application scanning, malware detection, and associated security products. Qualys conducts business in the United States.

CommVault Systems, Inc. provides data management software applications and related services. The Company develops, markets, and sells a suite of data management software applications designed to protect and manage data throughout its lifecycle.

ACI Worldwide, Inc. develops, markets, and supports software products for the global electronics funds transfer market.  The Company's products are used to process transactions involving credit cards, debit cards, smartcards, home banking services, checks, and automated clearing and settlement.

Pegasystems Inc. develops customer relationship management software.  The software automates customer interactions across transaction-intensive enterprises. The Company provides its products to customers in the banking, mutual funds and securities, mortgage services, card services, insurance, healthcare management, and telecommunications industries.

Paylocity Holding Corporation is a provider of cloud-based payroll and human capital management, or HCM, software solutions for medium-sized organizations.

Dropbox, Inc. operates as a platform as a service company. The Company offers a platform that enables users to store and share files, photos, videos, songs, and spreadsheets. Dropbox serves customers worldwide.

Smartsheet Inc. provides software solutions. The Company offers cloud-based platform for work execution and management which enables teams and organizations to plan, capture, manage, automate, and improve business outcomes. Smartsheet serves customers in the State of Washington.

BILL Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, offers cloud-based applications that simplifies, digitizes, and automates back-office financial processes for small and mid-sized businesses. BILL Holdings serves customers worldwide.

Technology One Limited is an Australian-based company that is engaged in the development, marketing, sales, implementation, support, and distribution of financial management and enterprise software solutions. The Company has operations in New Zealand, the United Kingdom, the South Pacific, and Malaysia.

CAPCOM CO., LTD. develops consumer video game software.  The Company also develops, manufactures, markets, and leases arcade game machines.  Capcom also operates amusement facilities.

Hundsun Technologies Inc develops application software for security firms, commercial banks, fund management firms, and other industries.  The Company also sells computer hardware and provides system integration services.

International Games System Co., Ltd. plans, designs, develops, manufactures, and markets software and hardware for arcade games, PC games, and Internet on-line games.

Globant S.A. is a software solutions company. The Company provides engineering, design, and innovation services for clients throughout North America and Europe.

Trend Micro Incorporated develops and markets anti-virus computer software and internet security software.  The Company also sells its products in the United States, Europe, and Asia.

Tata Elxsi Limited manufactures computers and workstations besides providing system design, software development and integration services. The Group supplies its products to a number of industries, including the automotive, metals, consumer products, finance, IT & Communications, energy, chemicals, engineering, pharmaceuticals, entertainment and agro industries.

Altium Limited develops electronic design automation (EDA) software for the Microsoft Windows operating system.  Altium's products facilitate and aid in the design of electronic products such as printed circuit boards.  The Group's products are utilized by telecommunications, automotive, defense, science and consumer electronics industries.

Yonyou Network Technology Co., Ltd. develops and markets enterprise-wide business applications software, including financial, web-based, management, and security development software. The Company also offers training programs.

SimCorp A/S is a global provider of highly specialised software for the investment management industry. The Company's software covers virtually all investment management processes across the front, middle and back office. SimCorp's product is developed, sold, implemented and supported by the head office in Copenhagen & subsidiaries in Europe N. America & Australasia.

UiPath, Inc. provides software solutions. The Company designs and develops robotic process automation software to build, manage, run, engage, measure, and govern automations across departments within an organization. UiPath serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

UiPath Inc (PATH US)

UiPath Inc.: What Is The Progress with AI Product Development? - Major Drivers

UiPath, a leading company in automation software, reported its First Quarter Fiscal 2025 Results. A positive highlight was UiPath’s ARR growth of...

Baptista Research

UiPath Inc: Elevating Enterprise AI with Customizable GenAI Innovations!

This is our first report on UiPath, a leading automation company. The company has reported its Q4 results for the fiscal year 2024 and exudes...

Baptista Research

Breaking Estimate Short Candidates: UiPath, EchoStar, Stitch Fix, First Solar

This model uncovers companies facing recent declines in estimates. This week we flag: UiPath, EchoStar, Stitch Fix, First Solar

Eric Fernandez, CFA

4Paradigm IPO Trading - Low Insti Subscription and Small Float

4Paradigm (6682 HK) raised around US$131m in its Hong Kong IPO. We have covered various aspects of the deal in our previous notes. In this note, we...

Ethan Aw

4Paradigm IPO - PHIP Updates, Peer Comparison & Thoughts on Valuation

4Paradigm (1764934D HK) is looking to raise up to US$144m in its Hong Kong IPO, after downsizing from an earlier reported float of US$600m.

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)