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

ZoomInfo Technologies  / Equity Bottom-Up

<ul><li>ZoomInfo Technologies delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings.</li><li>In the second quarter, ZoomInfo reported $309 million in revenue and an adjusted operating income of $126 million, boasting a margin of 41%.</li><li>While examining customer health, the company anticipates that budgetary constraints and downward renewal pressures will persist in the near future, resulting in adjusted full-year expectations of 12% revenue growth.</li></ul>

ZoomInfo Technologies delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings.In the second quarter, ZoomInfo reported $309 million in revenue and an adjusted operating income of $126 million, boasting a margin of 41%.While examining customer health, the company anticipates that budgetary constraints and downward renewal pressures will persist in the near future, resulting in adjusted full-year expectations of 12% revenue growth.

ZoomInfo Technologies Inc.: The Brand Makeover to Establish Dominance in Go-To-Market! - Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Freshworks, a cloud-based customer services software unicorn, held its first Investor Day on September 7, 2023. Management highlighted the long-term target to deliver the Rule of 40 by 2025. </li>
<li>The 2023 Investor Day agenda included company vision and strategy, solutions in action, strategy for durable growth, customer spotlight, and financial overview, among others. </li>
<li>Management plans to deliver a long-term balance of growth and profitability, with the 2026 model leading to an FCF margin of 20%+ and $1B+ revenue. </li>
</ul>


Freshworks, a cloud-based customer services software unicorn, held its first Investor Day on September 7, 2023. Management highlighted the long-term target to deliver the Rule of 40 by 2025. 
The 2023 Investor Day agenda included company vision and strategy, solutions in action, strategy for durable growth, customer spotlight, and financial overview, among others. 
Management plans to deliver a long-term balance of growth and profitability, with the 2026 model leading to an FCF margin of 20%+ and $1B+ revenue. 


Freshworks: 2023 Investor Day and Valuation Update

Equity Capital Markets

ZoomInfo Technologies  / Equity Capital Markets

<ul><li>ZoomInfo Technologies achieved better-than-expected revenues and profitability in Q1 with an adjusted operating income margin of 40% and more than $121 million in unleveraged free cash flow.</li><li>Moreover, ZoomInfo is investing resources in products to develop engaging customer experiences, enhance data leadership, and go upmarket.</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>

ZoomInfo Technologies achieved better-than-expected revenues and profitability in Q1 with an adjusted operating income margin of 40% and more than $121 million in unleveraged free cash flow.Moreover, ZoomInfo is investing resources in products to develop engaging customer experiences, enhance data leadership, and go upmarket.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.

ZoomInfo Technologies Inc.: Investments In Improved Customer Experience – Key Drivers

<ul><li>Even in the face of a challenging economic environment, Zoominfo Technologies delivered an all-around beat with strong revenue growth in the last quarter.</li><li>Structurally, Zoominfo is a profitable company committed to driving top-line growth while efficiently growing free cash flow and expanding profitability.</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>

Even in the face of a challenging economic environment, Zoominfo Technologies delivered an all-around beat with strong revenue growth in the last quarter.Structurally, Zoominfo is a profitable company committed to driving top-line growth while efficiently growing free cash flow and expanding profitability.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.

ZoomInfo Technologies Inc.: 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/uzabase-inc" target="_blank" data-smartkarma-citation="entities:27798:1" rel="noopener">Uzabase Inc (3966 JP)</a> has recommended <a href="https://www.smartkarma.com/entities/carlyle-group-inc" target="_blank" data-smartkarma-citation="entities:33402:1" rel="noopener">Carlyle Group Inc (CG US)</a>’s tender offer of JPY1,500 per share, a 72.2% premium to the undisturbed price (9 November).</li>
<li>The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the offer has been set to meet the 66.67% ownership ratio.</li>
<li>The offer is reasonable. The offer ends on 22 December. Tendering shares represent a 27.94% ownership ratio. At the last close, the gross spread to the offer is 46.9%.</li>
</ul>



Uzabase Inc (3966 JP) has recommended Carlyle Group Inc (CG US)’s tender offer of JPY1,500 per share, a 72.2% premium to the undisturbed price (9 November).
The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the offer has been set to meet the 66.67% ownership ratio.
The offer is reasonable. The offer ends on 22 December. Tendering shares represent a 27.94% ownership ratio. At the last close, the gross spread to the offer is 46.9%.


Uzabase’s (3966 JP) JPY1,500 Tender Offer from Carlyle

United States

ZoomInfo Technologies Inc. provides marketing solutions. The Company offers sales and marketing, account management, prospecting, demand generation, and data management and custom solutions. ZoomInfo Technologies serves customers worldwide.

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ZoomInfo Technologies (ZI US)

ZoomInfo Technologies Inc.: The Brand Makeover to Establish Dominance in Go-To-Market! - Major Drivers

ZoomInfo Technologies delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but...

Baptista Research

Freshworks: 2023 Investor Day and Valuation Update

2023 Investor Day highlights massive TAM, ongoing business momentum, adoption of multi-product strategy, and AI monetization opportunities: PT...

Andrei Zakharov

ZoomInfo Technologies Inc.: Investments In Improved Customer Experience – Key Drivers

ZoomInfo Technologies achieved better-than-expected revenues and profitability in Q1 with an adjusted operating income margin of 40% and more than...

Baptista Research

ZoomInfo Technologies Inc.: Major Drivers

Even in the face of a challenging economic environment, Zoominfo Technologies delivered an all-around beat with strong revenue growth in the last...

Baptista Research

Uzabase’s (3966 JP) JPY1,500 Tender Offer from Carlyle

The tender offer is reasonable and ends on 22 December. The lower limit of the offer has been set at a 66.67% ownership ratio. At the last close,...

Arun George

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