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>T-Mobile delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus.</li><li>Additionally, free cash flow increased and the free cash flow to service revenue margin was the greatest among their competitors year to date.</li><li>The company also enjoyed a significant quarter for T-Mobile for Business, with its lowest phone churn and best-ever phone net additions.</li></ul>

T-Mobile delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus.Additionally, free cash flow increased and the free cash flow to service revenue margin was the greatest among their competitors year to date.The company also enjoyed a significant quarter for T-Mobile for Business, with its lowest phone churn and best-ever phone net additions.

T-Mobile US Inc.: Exploring the Massive Growth

<ul><li>T-Mobile delivered a mixed set of results in the first quarter with revenues below Wall Street expectations but it managed an earnings beat.</li><li>The company's sustained growth in postpaid accounts and ARPU produced the strongest year-over-year postpaid service revenue growth in the market, up 6%.</li><li>This quarter, the company added 287,000 net postpaid account additions.</li></ul>

T-Mobile delivered a mixed set of results in the first quarter with revenues below Wall Street expectations but it managed an earnings beat.The company's sustained growth in postpaid accounts and ARPU produced the strongest year-over-year postpaid service revenue growth in the market, up 6%.This quarter, the company added 287,000 net postpaid account additions.

T-Mobile US Inc.: Acquisition of Ka’ena Corporation & Other Drivers

Value Investing

Vladimir Dimitrov, CFA

Verizon Communications / Equity Bottom-Up

<ul>
<li>Verizon is scheduled to report its quarterly results next week.</li>
<li>Verizon's share price has become oversold, according to analysts.</li>
<li>The company is set to report quarterly results for the first time in two years next week, and investors should know what to expect.</li>
</ul>


Verizon is scheduled to report its quarterly results next week.
Verizon's share price has become oversold, according to analysts.
The company is set to report quarterly results for the first time in two years next week, and investors should know what to expect.


Verizon: Key Considerations For Dividend Investors And The Upcoming Quarterly Results

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Event-Driven

<ul>
<li>Softbank Vision Funds 1 and 2 were the biggest combined holdings at December 2022, accounting for 30% of group equity value; SVF private companies accounted for 73% of equity value</li>
<li>To December-end 2022, public companies in SVF2 were marked down by 52% versus investment cost, whereas SVF2 private companies were marked down by a more modest 33% versus investment cost</li>
<li>We believe that SVF2 private company valuations are at risk of further markdowns in 4QFY22 results, with many of these investments made close to the period of peak pandemic valuations</li>
</ul>


Softbank Vision Funds 1 and 2 were the biggest combined holdings at December 2022, accounting for 30% of group equity value; SVF private companies accounted for 73% of equity value
To December-end 2022, public companies in SVF2 were marked down by 52% versus investment cost, whereas SVF2 private companies were marked down by a more modest 33% versus investment cost
We believe that SVF2 private company valuations are at risk of further markdowns in 4QFY22 results, with many of these investments made close to the period of peak pandemic valuations


Softbank (9984 JP) – Focus on the SVFs, Are the Private Companies Appropriately Marked?

<ul><li>T-Mobile has recently been in the news for suffering from a major network outage affecting around 83,000 customers.</li><li>T-Mobile added many new customers but the company ended Q4 on a mixed note.</li><li>Their financial results also enabled them to launch share repurchases earlier than anticipated and speed up network rollouts.</li></ul>

T-Mobile has recently been in the news for suffering from a major network outage affecting around 83,000 customers.T-Mobile added many new customers but the company ended Q4 on a mixed note.Their financial results also enabled them to launch share repurchases earlier than anticipated and speed up network rollouts.

United States

T-Mobile US, Inc. is one of four national wireless carriers in the US. The company was created as the combination of T-Mobile USA and MetroPCS.

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T Mobile Us Inc (TMUS US)

T-Mobile US Inc.: Exploring the Massive Growth

T-Mobile delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus. Additionally, free cash flow...

Baptista Research

T-Mobile US Inc.: Acquisition of Ka’ena Corporation & Other Drivers

T-Mobile delivered a mixed set of results in the first quarter with revenues below Wall Street expectations but it managed an earnings beat. The...

Baptista Research

Verizon: Key Considerations For Dividend Investors And The Upcoming Quarterly Results

Verizon is scheduled to report its quarterly results next week. Verizon's share price has become oversold, according to analysts.

Vladimir Dimitrov, CFA

Softbank (9984 JP) – Focus on the SVFs, Are the Private Companies Appropriately Marked?

The NAV could be 10%-15% lower than stated now at the mid-May results release, due to a further squeeze in private company valuations; this would...

Victor Galliano

T-Mobile Inc.: Major Drivers

T-Mobile has recently been in the news for suffering from a major network outage affecting around 83,000 customers. T-Mobile added many new...

Baptista Research

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