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>WEX Inc. reported its fourth-quarter and full-year 2024 financial results, reflecting a complex mix of positive and negative developments.</li><li>The company's full-year revenue reached a record high of $2.6 billion, a modest 3% increase compared to the previous year, despite headwinds from fluctuating fuel prices and foreign exchange rates.</li><li>Excluding these factors, revenue growth was more robust at 6%.</li></ul>

WEX Inc. reported its fourth-quarter and full-year 2024 financial results, reflecting a complex mix of positive and negative developments.The company's full-year revenue reached a record high of $2.6 billion, a modest 3% increase compared to the previous year, despite headwinds from fluctuating fuel prices and foreign exchange rates.Excluding these factors, revenue growth was more robust at 6%.

WEX Doubles Down on Marketing Muscle To Try & Capture The Payments & Benefits Sectors – But Will It Work?

Event-Driven Investment Opportunities, Special Situation Investments

Special Situation Investments

Event-Driven Investment Opportunities

Focus on event-driven trades and low risk arbitrage opportunities with short term catalysts

Event-Driven

<ul><li>WEX Inc. launched a $750m tender offer with an odd-lot provision, targeting to repurchase ~12% of shares.</li><li>OCI N.V.'s Natgasoline JV dispute resolved, facilitating the methanol business sale, expected to close in Q2.</li><li>WideOpenWest's earnings released; Crestview Partners' $4.80/share takeover offer review continues, with spread volatility noted.</li></ul>

WEX Inc. launched a $750m tender offer with an odd-lot provision, targeting to repurchase ~12% of shares.OCI N.V.'s Natgasoline JV dispute resolved, facilitating the methanol business sale, expected to close in Q2.WideOpenWest's earnings released; Crestview Partners' $4.80/share takeover offer review continues, with spread volatility noted.

SSI Weekly: WEX Tender Offer, SGRP Gains, OCI Asset Sale, CURN Strategy, and Quick Pitch Updates

<ul>
<li>WEX launched a $750m tender offer to repurchase ~12% of shares at $148-$170/share, prioritizing odd lots.</li>
<li>Impactive Capital increased its stake in WEX from 5.6% to 6.7%, purchasing at $154.75/share average.</li>
<li>WEX is highly leveraged with net debt at 5x EBITDA, despite slowing growth and weak guidance.</li>
</ul>


WEX launched a $750m tender offer to repurchase ~12% of shares at $148-$170/share, prioritizing odd lots.
Impactive Capital increased its stake in WEX from 5.6% to 6.7%, purchasing at $154.75/share average.
WEX is highly leveraged with net debt at 5x EBITDA, despite slowing growth and weak guidance.


WEX Launches $750M Tender Offer with Odd-Lot Provision Amidst Share Price Decline and Strategic Stake Increase

<ul><li>WEX Inc., a provider of corporate payment solutions, reported financial results for the third quarter of 2024, showing a mixed performance with certain areas of strength and others facing challenges.</li><li>The company experienced a 2% increase in total revenue year-over-year, reaching $665 million, while adjusted net income per diluted share rose by 7% to $4.35.</li><li>However, this performance fell short of internal expectations, primarily due to issues within the Mobility segment, stemming from macroeconomic factors like declining fuel prices and certain operational challenges.</li></ul>

WEX Inc., a provider of corporate payment solutions, reported financial results for the third quarter of 2024, showing a mixed performance with certain areas of strength and others facing challenges.The company experienced a 2% increase in total revenue year-over-year, reaching $665 million, while adjusted net income per diluted share rose by 7% to $4.35.However, this performance fell short of internal expectations, primarily due to issues within the Mobility segment, stemming from macroeconomic factors like declining fuel prices and certain operational challenges.

WEX Inc.: Here Are 7 Key Factors That Will Shape Its Performance In 2025 & Beyond! - Major Drivers

<ul><li>WEX's Q2 2024 results present a mixed bag of performance and outlooks reflecting challenges alongside achievements.</li><li>The company registered a record quarterly revenue of $673 million, an 8% year-over-year increase, attributable to growth across all three segments.</li><li>Adjusted net income per diluted share was $3.91, marking an 8% climb from the previous year.</li></ul>

WEX's Q2 2024 results present a mixed bag of performance and outlooks reflecting challenges alongside achievements.The company registered a record quarterly revenue of $673 million, an 8% year-over-year increase, attributable to growth across all three segments.Adjusted net income per diluted share was $3.91, marking an 8% climb from the previous year.

WEX Inc.: Initiation Of Coverage - A Focused Approach on Electric Vehicle Market Integration & Other Major Drivers

United States

WEX Inc. provides payment processing and information management services to the United States commercial and government vehicle fleet industry. The Company markets services directly to businesses and government agencies with vehicle fleets, automotive manufacturers, fuel retailers.

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Wex Inc (WEX US)

WEX Doubles Down on Marketing Muscle To Try & Capture The Payments & Benefits Sectors – But Will It Work?

WEX Inc. reported its fourth-quarter and full-year 2024 financial results, reflecting a complex mix of positive and negative developments. The...

Baptista Research

SSI Weekly: WEX Tender Offer, SGRP Gains, OCI Asset Sale, CURN Strategy, and Quick Pitch Updates

WEX Inc. launched a $750m tender offer with an odd-lot provision, targeting to repurchase ~12% of shares. OCI N.V.'s Natgasoline JV dispute...

Special Situation Investments

WEX Inc.: Here Are 7 Key Factors That Will Shape Its Performance In 2025 & Beyond! - Major Drivers

WEX Inc., a provider of corporate payment solutions, reported financial results for the third quarter of 2024, showing a mixed performance with...

Baptista Research

WEX Inc.: Initiation Of Coverage - A Focused Approach on Electric Vehicle Market Integration & Other Major Drivers

WEX's Q2 2024 results present a mixed bag of performance and outlooks reflecting challenges alongside achievements. The company registered a...

Baptista Research

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