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>This is our first report on the visual discovery engine, Pinterest.</li>
<li>The company had 433 million global monthly active users, which is 9% fewer than in Q1 of last year when the pandemic sparked growth.</li>
<li>To aid retailers and provide Pinners with up-to-the-minute details on the goods they see, they launched the Pinterest API for shopping.</li>
</ul>


This is our first report on the visual discovery engine, Pinterest.
The company had 433 million global monthly active users, which is 9% fewer than in Q1 of last year when the pandemic sparked growth.
To aid retailers and provide Pinners with up-to-the-minute details on the goods they see, they launched the Pinterest API for shopping.


Pinterest Inc.: Initiation of Coverage – Financial Forecasts

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<ul>
<li>Pinterest co-founder/CEO Ben Silbermann is replaced by Google exec Bill Ready.</li>
<li>Ready is a payments industry veteran and is perfectly suited to drive commerce adoption at Pinterest. </li>
<li>Unique pay package incentivizes Ready to succesfully pivot the business. </li>
</ul>


Pinterest co-founder/CEO Ben Silbermann is replaced by Google exec Bill Ready.
Ready is a payments industry veteran and is perfectly suited to drive commerce adoption at Pinterest. 
Unique pay package incentivizes Ready to succesfully pivot the business. 


<ul>
<li>Solid earnings call heightened our conviction in Facebook as a terrific long for the next year.</li>
<li>Reels monetization headwind will become a tailwind... just a question of when. TikTok threat is real, but Facebook knows how to clone other's innovations.</li>
<li>Apple IDFA issues not worsening, Facebook will figure this out eventually.</li>
</ul>


Solid earnings call heightened our conviction in Facebook as a terrific long for the next year.
Reels monetization headwind will become a tailwind... just a question of when. TikTok threat is real, but Facebook knows how to clone other's innovations.
Apple IDFA issues not worsening, Facebook will figure this out eventually.


<ul>
<li>Snapchat largely dispelled the Apple bear case, and should return to the mid $60s.</li>
<li>Actual competitive differentiation vs. TikTok and Facebook means Snapchat's user growth and engagement remain strong.</li>
<li>Revenue growth will reaccelerate as it works through IDFA, but international monetization is the kicker.</li>
</ul>


Snapchat largely dispelled the Apple bear case, and should return to the mid $60s.
Actual competitive differentiation vs. TikTok and Facebook means Snapchat's user growth and engagement remain strong.
Revenue growth will reaccelerate as it works through IDFA, but international monetization is the kicker.


Snapchat 4Q21: A Quick Turnaround…And Why Facebook Didn’t Snapback

<ul>
<li>5 Issues: Tough Comps, Supply Chain Disruptions, Reels MixShift, Apple IDFA, and TikTok...thats alot of issues</li>
<li>TikTok is pressuring engagement and Google is taking Facebook's advertising revenues.</li>
<li>Strong management team with history of executing at a trough valuation provides a good entry point. But may make more sense to just buy Google.</li>
</ul>


5 Issues: Tough Comps, Supply Chain Disruptions, Reels MixShift, Apple IDFA, and TikTok...thats alot of issues
TikTok is pressuring engagement and Google is taking Facebook's advertising revenues.
Strong management team with history of executing at a trough valuation provides a good entry point. But may make more sense to just buy Google.


Facebook 4Q21: Trending on TikTok ‘How to Lose $200B in Market Cap’

United States

Pinterest, Inc. operates and maintains social networking site. The Company provides online venue for personal photos, ideas, oddities, decorations, places to visit, recipes, and other items. Pinterest 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

Pinterest (PINS US)

Pinterest Inc.: Initiation of Coverage – Financial Forecasts

This is our first report on the visual discovery engine, Pinterest. The company had 433 million global monthly active users, which is 9% fewer...

Baptista Research

Pinterest "Ready" For Commerce

We think Pinterest's hiring of Google Exec Bill Ready is an excellent choice. He scaled Braintree and Venmo and has run Google's commerce...he...

Aaron Gabin

Facebook 1Q22: TikTok-Ified

Positively addressed IDFA, spending, and monetization concerns. Facebook is massively undervalued. We think its worth at least $290, which is 50%...

Aaron Gabin

Snapchat 4Q21: A Quick Turnaround…And Why Facebook Didn’t Snapback

With Snapchat's LT thesis restored, we would buy the stock even up 50%. A return to its 5 yr P/S average of 14x would equate to $66 on 2023 revenues.

Aaron Gabin

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pinterest Inc.: Initiation of Coverage – Financial Forecasts

This is our first report on the visual discovery engine, Pinterest. The company had 433 million global monthly active users, which is 9% fewer...

Baptista Research

Pinterest "Ready" For Commerce

We think Pinterest's hiring of Google Exec Bill Ready is an excellent choice. He scaled Braintree and Venmo and has run Google's commerce...he...

Aaron Gabin

Facebook 1Q22: TikTok-Ified

Positively addressed IDFA, spending, and monetization concerns. Facebook is massively undervalued. We think its worth at least $290, which is 50%...

Aaron Gabin

Snapchat 4Q21: A Quick Turnaround…And Why Facebook Didn’t Snapback

With Snapchat's LT thesis restored, we would buy the stock even up 50%. A return to its 5 yr P/S average of 14x would equate to $66 on 2023 revenues.

Aaron Gabin

Facebook 4Q21: Trending on TikTok ‘How to Lose $200B in Market Cap’

TikTok's threat doesn’t impact the wave of monetization opportunities related to commerce, messaging, and the metaverse. FB trading at the same...

Aaron Gabin