Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Visa has become one of the best-performing stocks within its peer group.</li>
<li>The risk of a recession is still casting a shadow over Visa, but implications from the inflationary environment should not be ignored.</li>
<li>The business continues to perform better than expected, and investors should keep a close eye on the upcoming earnings report.</li>
</ul>


Visa has become one of the best-performing stocks within its peer group.
The risk of a recession is still casting a shadow over Visa, but implications from the inflationary environment should not be ignored.
The business continues to perform better than expected, and investors should keep a close eye on the upcoming earnings report.


Visa: Don't Follow Narratives And Focus On What Matters In Upcoming Earnings

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Thematic (Sector/Industry)

<ul>
<li>Bitcoin could find the bottom and strongly rebounded in 1Q23. We believe BTC mining companies could be sellers of crypto assets on strong bounce and limit room for further upside. </li>
<li>Our bear case scenario assumes an average BTC price of $25K in 2023 with an opportunity to reach as high as $30K. Leading crypto miners began to offload Bitcoin holdings. </li>
<li>Investors should be more selective on the crypto miner names during a prolonged bear market. Our top picks include Marathon Digital Holdings, Riot Blockchain, and Cipher Mining. </li>
</ul>


Bitcoin could find the bottom and strongly rebounded in 1Q23. We believe BTC mining companies could be sellers of crypto assets on strong bounce and limit room for further upside. 
Our bear case scenario assumes an average BTC price of $25K in 2023 with an opportunity to reach as high as $30K. Leading crypto miners began to offload Bitcoin holdings. 
Investors should be more selective on the crypto miner names during a prolonged bear market. Our top picks include Marathon Digital Holdings, Riot Blockchain, and Cipher Mining. 


Crypto Mining Industry Series: Strong Start In 2023. Bitcoin Is Up ~40% YTD

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.

<ul><li>Visa's performance in the last quarter was solid and it managed an all-around beat as a result of consistent domestic volumes and transactions, as well as a persistent improvement in international travel.</li><li>Therefore, they are working to position Visa favorably for the future, whether with conventional issuers or co-brand partners.</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>

Visa's performance in the last quarter was solid and it managed an all-around beat as a result of consistent domestic volumes and transactions, as well as a persistent improvement in international travel.Therefore, they are working to position Visa favorably for the future, whether with conventional issuers or co-brand partners.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.

Visa Inc: Major Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (02/23)

<ul>
<li>Visa continues to outperform the market and fully capitalize on the prolonged business cycle.</li>
<li>The company's share price appears fairly valued both relative to peers and to its historical business fundamentals, according to the company's stock price.</li>
<li>The share price seems fairly valued and to the historical business fundamental, says the company.</li>
</ul>


Visa continues to outperform the market and fully capitalize on the prolonged business cycle.
The company's share price appears fairly valued both relative to peers and to its historical business fundamentals, according to the company's stock price.
The share price seems fairly valued and to the historical business fundamental, says the company.


Visa: Looking For Quality As Recession Looms On The Horizon

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>Once again, our shorts – especially Kakao Pay and Paytm – were more successful than our longs, given the protracted turbulent market conditions</li>
<li>For 2023, we favour Visa in the card network megacaps, adding Wise to the buys and we stick with PagSeguro; we drop Nexi from the buy list</li>
<li>Among our shorts, we stick with our negative view on DLocal, given its high take-rate and demanding valuations, and we stay negative on Kakao Pay due to its fundamental over-valuation</li>
</ul>


Once again, our shorts – especially Kakao Pay and Paytm – were more successful than our longs, given the protracted turbulent market conditions
For 2023, we favour Visa in the card network megacaps, adding Wise to the buys and we stick with PagSeguro; we drop Nexi from the buy list
Among our shorts, we stick with our negative view on DLocal, given its high take-rate and demanding valuations, and we stay negative on Kakao Pay due to its fundamental over-valuation


Payment Companies – 2022 in Review, Our High Conviction Calls for 2023

United States

Visa Inc. operates a retail electronic payments network and manages global financial services.  The Company also offers global commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses and government entities.

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Visa (V US)

Visa: Don't Follow Narratives And Focus On What Matters In Upcoming Earnings

The risk of a recession is still casting a shadow over Visa, but implications from the inflationary environment should not be ignored.

Vladimir Dimitrov, CFA

Crypto Mining Industry Series: Strong Start In 2023. Bitcoin Is Up ~40% YTD

We believe the crypto contagion is finally over, and a rally in Bitcoin may restore investor confidence after 12 months of a bear market

Andrei Zakharov

Visa Inc: Major Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (02/23)

Visa's performance in the last quarter was solid and it managed an all-around beat as a result of consistent domestic volumes and transactions, as...

Baptista Research

Visa: Looking For Quality As Recession Looms On The Horizon

The company's share price appears fairly valued both relative to peers and to its historical business fundamentals, according to the company's...

Vladimir Dimitrov, CFA

Payment Companies – 2022 in Review, Our High Conviction Calls for 2023

For 2023, we favour Visa in the card network megacaps, adding Wise to the buys and we stick with PagSeguro; for shorts, we remain negative on...

Victor Galliano

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