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>In analysing the Q1 2024 earnings call for Paramount Global, few factors emerge that inform an investment thesis for the company.</li><li>Paramount witnessed total company revenue growth of 6% amounting to $7.7 billion and Adjusted OIBDA growth of 80% to $987 million, showing significant earnings growth.</li><li>Their direct-to-consumer business experienced top-line growth with improved operating leverage.</li></ul>

In analysing the Q1 2024 earnings call for Paramount Global, few factors emerge that inform an investment thesis for the company.Paramount witnessed total company revenue growth of 6% amounting to $7.7 billion and Adjusted OIBDA growth of 80% to $987 million, showing significant earnings growth.Their direct-to-consumer business experienced top-line growth with improved operating leverage.

Paramount Global: Is The Growth in Direct-to-Consumer (D2C) Business Here To Stay? - Major Drivers

<ul><li>Paramount Global's Q4 2023 Earnings demonstrated the company's strategy in a dynamic and challenging industry.</li><li>Despite facing two labor strikes, a challenging macroeconomic environment and constant evolution within the media industry, Paramount Global successfully capitalized on these obstacles to position itself for significant growth in company earnings and free cash flow for 2024.</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>

Paramount Global's Q4 2023 Earnings demonstrated the company's strategy in a dynamic and challenging industry.Despite facing two labor strikes, a challenging macroeconomic environment and constant evolution within the media industry, Paramount Global successfully capitalized on these obstacles to position itself for significant growth in company earnings and free cash flow for 2024.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.

Paramount Global:  Are The Effective Distribution Deals Changing Its Game? - Major Drivers

<ul><li>Paramount Global managed to exceed analyst expectations in terms of revenue and earnings, demonstrating sustained focus on corporate spending containment and good momentum in its D2C sector.</li><li>Affiliate and subscription revenue increased by a healthy 12% in Q2 and again showed how the combination of traditional and streaming led to net growth for the business.</li><li>Paramount's 47% increase in D2C subscription revenue was mostly attributable to Paramount+, where the company saw subscriber growth, increased ARPU, and lower churn rates.</li></ul>

Paramount Global managed to exceed analyst expectations in terms of revenue and earnings, demonstrating sustained focus on corporate spending containment and good momentum in its D2C sector.Affiliate and subscription revenue increased by a healthy 12% in Q2 and again showed how the combination of traditional and streaming led to net growth for the business.Paramount's 47% increase in D2C subscription revenue was mostly attributable to Paramount+, where the company saw subscriber growth, increased ARPU, and lower churn rates.

Paramount Global: The Streaming Surge – How Did Paramount+ Gain Such Traction? - Major Drivers

<ul><li>It was a challenging Q1 for Paramount Global, with total revenue of $7.3 billion and the company failed to meet the revenue expectations as well as the earnings expectations of Wall Street.</li><li>Free cash flow in Q1 was a use of $554 million, aligned with expectations for negative free cash flow in 2023, but positive free cash flow is anticipated in the back half of the year.</li><li>The company aims to improve earnings and free cash flow through franchise content, commercial execution, and operating efficiencies, targeting positive growth in 2024.</li></ul>

It was a challenging Q1 for Paramount Global, with total revenue of $7.3 billion and the company failed to meet the revenue expectations as well as the earnings expectations of Wall Street.Free cash flow in Q1 was a use of $554 million, aligned with expectations for negative free cash flow in 2023, but positive free cash flow is anticipated in the back half of the year.The company aims to improve earnings and free cash flow through franchise content, commercial execution, and operating efficiencies, targeting positive growth in 2024.

Paramount Global: Are The Tough Times Here To Stay? – Key Drivers

<ul><li>Paramount had a disappointing set of results in the last quarter as it failed to meet the revenue expectations as well as earnings expectations of Wall Street.</li><li>The company maintained its strength in TV, expanded in cinema, and benefitted from the worldwide surge in streaming during the third quarter.</li><li>Among major updates, Walmart chose Paramount+ when looking to add a streaming service to its Walmart+ package.</li></ul>

Paramount had a disappointing set of results in the last quarter as it failed to meet the revenue expectations as well as earnings expectations of Wall Street.The company maintained its strength in TV, expanded in cinema, and benefitted from the worldwide surge in streaming during the third quarter.Among major updates, Walmart chose Paramount+ when looking to add a streaming service to its Walmart+ package.

Paramount Global: Expansion Of Paramount+ & Other Developments

United States

Viacom Inc. produces media entertainment content.  The Company creates and acquires programming for television, the Internet, mobile devices, video games, and other consumer electronics products.  Viacom also produces, finances, and distributes motion pictures to movie theaters and on DVDs, television, digital and other platforms internationally.

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Viacom Inc Class A (VIACA US)

Paramount Global: Is The Growth in Direct-to-Consumer (D2C) Business Here To Stay? - Major Drivers

In analysing the Q1 2024 earnings call for Paramount Global, few factors emerge that inform an investment thesis for the company. Paramount...

Baptista Research

Paramount Global: Are The Effective Distribution Deals Changing Its Game? - Major Drivers

Paramount Global's Q4 2023 Earnings demonstrated the company's strategy in a dynamic and challenging industry. Despite facing two labor strikes, a...

Baptista Research

Paramount Global: The Streaming Surge – How Did Paramount+ Gain Such Traction? - Major Drivers

Paramount Global managed to exceed analyst expectations in terms of revenue and earnings, demonstrating sustained focus on corporate spending...

Baptista Research

Paramount Global: Are The Tough Times Here To Stay? – Key Drivers

It was a challenging Q1 for Paramount Global, with total revenue of $7.3 billion and the company failed to meet the revenue expectations as well...

Baptista Research

Paramount Global: Expansion Of Paramount+ & Other Developments

Paramount had a disappointing set of results in the last quarter as it failed to meet the revenue expectations as well as earnings expectations of...

Baptista Research

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