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>Ziff Davis's financial performance in the second quarter of 2024 reflects a complex mix of challenges and strategic maneuvers as the company navigates through a tepid economic landscape.</li><li>The Q2 results were somewhat disappointing, particularly given the downturn in June revenues, which declined by 3%, contributing to an overall quarterly revenue drop of 1.6% year-over-year.</li><li>This dip contrasts with the previous quarter's growth of 2.4%, indicating an unpredicted volatility in the company's financial performance.</li></ul>

Ziff Davis's financial performance in the second quarter of 2024 reflects a complex mix of challenges and strategic maneuvers as the company navigates through a tepid economic landscape.The Q2 results were somewhat disappointing, particularly given the downturn in June revenues, which declined by 3%, contributing to an overall quarterly revenue drop of 1.6% year-over-year.This dip contrasts with the previous quarter's growth of 2.4%, indicating an unpredicted volatility in the company's financial performance.

Ziff Davis Inc.: Diversification Through Strategic Acquisitions Like CNET! - Major Drivers

<ul><li>Ziff Davis reported its Q1 2024 financial results, showcasing a positive shift in revenue trends and initiating a cautiously optimistic outlook for the fiscal year.</li><li>After experiencing six quarters of muted or declining sales, Ziff Davis observed a revenue increase of 2.4% year-over-year.</li><li>Notably, the company highlighted a significant growth in subscription and licensing revenues, now accounting for over 42% of total revenues, which emphasizes a strategic shift towards more predictable and stable revenue streams.</li></ul>

Ziff Davis reported its Q1 2024 financial results, showcasing a positive shift in revenue trends and initiating a cautiously optimistic outlook for the fiscal year.After experiencing six quarters of muted or declining sales, Ziff Davis observed a revenue increase of 2.4% year-over-year.Notably, the company highlighted a significant growth in subscription and licensing revenues, now accounting for over 42% of total revenues, which emphasizes a strategic shift towards more predictable and stable revenue streams.

Ziff Davis Inc.: How Are They Expanding Their Subscription and Licensing Revenue? - Major Drivers

<ul><li>This is our first report on internet information and services provider, Ziff Davis.</li><li>The company has projected an optimistic growth outlook for 2024 as it reported a solid fourth quarter performance for the fiscal year of 2023.</li><li>The company's CEO, Vivek Shah expressed his confidence over the company's business set up for notable growth in 2024 provided the depreciation 1.4% over the last two years.</li></ul>

This is our first report on internet information and services provider, Ziff Davis.The company has projected an optimistic growth outlook for 2024 as it reported a solid fourth quarter performance for the fiscal year of 2023.The company's CEO, Vivek Shah expressed his confidence over the company's business set up for notable growth in 2024 provided the depreciation 1.4% over the last two years.

Ziff Davis Inc.: Initiation Of Coverage - Huge Potential for Incremental Licensing Revenue Through AI! - Major Drivers

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>Sales declines, margin compression, cuts in SG&amp;A and cuts in guidance and estimates feature in our Declining Businesses model. </li>
<li>Declining business shorts tend to be lower beta, have longer time horizons, and tend to produce steadier (although slower) short returns.</li>
<li>Today we are flagging: Ziff Davis, Burlington Stores, Natl Vision, Otis Wwld, Monro</li>
</ul>


Sales declines, margin compression, cuts in SG&amp;A and cuts in guidance and estimates feature in our Declining Businesses model. 
Declining business shorts tend to be lower beta, have longer time horizons, and tend to produce steadier (although slower) short returns.
Today we are flagging: Ziff Davis, Burlington Stores, Natl Vision, Otis Wwld, Monro


Declining Business Short Candidates: Ziff Davis, Burlington Stores, Nat'l Vision, Otis Wwld, Monro

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.

Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/tuya-inc" target="_blank" data-smartkarma-citation="entities:32158:1" rel="noopener">Tuya Inc (TUYA US)</a> provides a backend service for IoT (internet of things) device makers. Tuya offers its customers a Platform-as-a-Service (PaaS) for IoT devices that handles the connectivity, device software and application development.</p></div><div><p>Tuya has priced its IPO at $21.00 per ADS to raise gross proceeds of $915 million, above the previous IPO price range of $17-20 per ADS, according to Bloomberg. At the final IPO price of $21 per share, Tuya will have a market cap of $11.8 billion. The IPO got off to a strong start due to indications of interest for $500 million worth of ADSs in the offering from existing investors (<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a> and Hillhouse Capital) and new investors (Canada Pension Plan Investment Board, Dragoneer Investment Group, GIC and Tiger Global Management).</p></div><div><p>In <a href="https://www.smartkarma.com/insights/tuya-ipo-initiation-connected-future" target="_blank" data-smartkarma-citation="insights:48695" rel="noopener">Tuya IPO Initiation: Connected Future</a>, we opined that Tuya’s PaaS solutions are well-positioned to benefit from the rising need for third-party IoT PaaS providers who can provide the required tools. We concluded that Tuya’s fundamentals are attractive. In <a href="https://www.smartkarma.com/insights/tuya-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:49137" rel="noopener">Tuya IPO: Valuation Insights</a> we noted that the IPO price range is reasonable but full at the high-end. </p></div><div><div><div class="content-highlight"><p>Updating for the final IPO net raise, our base-case DCF derived price target of $20.65 per ADS. As DCF-based target prices are subject to a wide range of variability, we present a sensitivity table to help investors gauge where target prices could head. Our DCF sensitivity analysis points to a meaningful upside based on securing a modest share of the addressable market. </p></div></div></div>

Tuya Inc (TUYA US) provides a backend service for IoT (internet of things) device makers. Tuya offers its customers a Platform-as-a-Service (PaaS) for IoT devices that handles the connectivity, device software and application development.Tuya has priced its IPO at $21.00 per ADS to raise gross proceeds of $915 million, above the previous IPO price range of $17-20 per ADS, according to Bloomberg. At the final IPO price of $21 per share, Tuya will have a market cap of $11.8 billion. The IPO got off to a strong start due to indications of interest for $500 million worth of ADSs in the offering from existing investors (Tencent Holdings (700 HK) and Hillhouse Capital) and new investors (Canada Pension Plan Investment Board, Dragoneer Investment Group, GIC and Tiger Global Management).In Tuya IPO Initiation: Connected Future, we opined that Tuya’s PaaS solutions are well-positioned to benefit from the rising need for third-party IoT PaaS providers who can provide the required tools. We concluded that Tuya’s fundamentals are attractive. In Tuya IPO: Valuation Insights we noted that the IPO price range is reasonable but full at the high-end. Updating for the final IPO net raise, our base-case DCF derived price target of $20.65 per ADS. As DCF-based target prices are subject to a wide range of variability, we present a sensitivity table to help investors gauge where target prices could head. Our DCF sensitivity analysis points to a meaningful upside based on securing a modest share of the addressable market. 

United States

Ziff Davis, Inc. operates as a digital media and Internet company. The Company provides portfolio which includes brands in technology, entertainment, shopping, health, cybersecurity, and martech. Ziff Davis serves customers worldwide.

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Ziff Davis (ZD US)

Ziff Davis Inc.: Diversification Through Strategic Acquisitions Like CNET! - Major Drivers

Ziff Davis's financial performance in the second quarter of 2024 reflects a complex mix of challenges and strategic maneuvers as the company...

Baptista Research

Ziff Davis Inc.: How Are They Expanding Their Subscription and Licensing Revenue? - Major Drivers

Ziff Davis reported its Q1 2024 financial results, showcasing a positive shift in revenue trends and initiating a cautiously optimistic outlook...

Baptista Research

Ziff Davis Inc.: Initiation Of Coverage - Huge Potential for Incremental Licensing Revenue Through AI! - Major Drivers

This is our first report on internet information and services provider, Ziff Davis. The company has projected an optimistic growth outlook for...

Baptista Research

Declining Business Short Candidates: Ziff Davis, Burlington Stores, Nat'l Vision, Otis Wwld, Monro

Declining business shorts earn profits by following negative business momentum. Today we are flagging: Ziff Davis, Burlington Stores, Natl Vision,...

Eric Fernandez, CFA

Tuya IPO: Trading Debut

Tuya has priced its IPO at $21 per ADS above the marketed range of $17-20 per ADS. Our sensitivity analysis points to a meaningful upside based on...

Arun George

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