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>Amplitude is doubling down on its vision to become the category-defining AI analytics platform, and its latest move signals an aggressive push in this direction.</li><li>On January 14, 2026, the company announced the acquisition of InfiniGrow, a marketing analytics firm leveraging AI to optimize marketing spend and drive business outcomes.</li><li>The deal arrives amid a pivotal moment for Amplitude, which just reported accelerating Q3 2025 results — 18% YoY revenue growth, a return to non-GAAP profitability, and rising traction in the enterprise segment.</li></ul>

Amplitude is doubling down on its vision to become the category-defining AI analytics platform, and its latest move signals an aggressive push in this direction.On January 14, 2026, the company announced the acquisition of InfiniGrow, a marketing analytics firm leveraging AI to optimize marketing spend and drive business outcomes.The deal arrives amid a pivotal moment for Amplitude, which just reported accelerating Q3 2025 results — 18% YoY revenue growth, a return to non-GAAP profitability, and rising traction in the enterprise segment.

Amplitude Is Merging Product & Marketing Analytics — InfiniGrow Could Make It Happen!

Focused on the Climate–Nature Nexus., Carbon Tracker Initiative

Carbon Tracker Initiative

Focused on the Climate–Nature Nexus.

Carbon Tracker and Planet Tracker - part of the Tracker Group - are award-winning, non-profit financial think tanks focused on the climate–nature nexus.

<ul><li>What Lies Beneath delivers a clear warning investors cannot afford to overlook: asset retirement obligations (AROs) represent a financially material, fast‑evolving risk for oil and gas companies—and current disclosures fall far short of what is needed to judge that exposure.</li><li>This research provides a rigorous, data‑driven assessment showing that, across 38 companies in Australia, Canada, and the UK, transparency around AROs is deeply inadequate—despite the obligations often reaching levels comparable to, or even exceeding, shareholders’ equity.</li><li>The report reveals that most companies provide only fragmentary insight into the estimated costs, timing, discount rates, and inflation assumptions underpinning their ARO liabilities, leaving investors unable to assess liquidity impacts or the risk of abrupt increases in decommissioning costs as the energy transition accelerates.</li></ul>

What Lies Beneath delivers a clear warning investors cannot afford to overlook: asset retirement obligations (AROs) represent a financially material, fast‑evolving risk for oil and gas companies—and current disclosures fall far short of what is needed to judge that exposure.This research provides a rigorous, data‑driven assessment showing that, across 38 companies in Australia, Canada, and the UK, transparency around AROs is deeply inadequate—despite the obligations often reaching levels comparable to, or even exceeding, shareholders’ equity.The report reveals that most companies provide only fragmentary insight into the estimated costs, timing, discount rates, and inflation assumptions underpinning their ARO liabilities, leaving investors unable to assess liquidity impacts or the risk of abrupt increases in decommissioning costs as the energy transition accelerates.

Energy Transition: Asset Retirement Obligations: What Lies Beneath?

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<ul>
<li>Amplitude reported 2QCY22 results and raised CY22 revenue and profitability guidance. The 2Q print was solid, with +48% y/y revenue growth. </li>
<li>The company generated ~$8M of free cash flows in the quarter, driven by a few large renewals. Total revenue was $58.1M, which topped consensus estimates.  </li>
<li>Management was confident that the company’s dollar-based net retention rate would be above 120% in the long term.</li>
</ul>


Amplitude reported 2QCY22 results and raised CY22 revenue and profitability guidance. The 2Q print was solid, with +48% y/y revenue growth. 
The company generated ~$8M of free cash flows in the quarter, driven by a few large renewals. Total revenue was $58.1M, which topped consensus estimates.  
Management was confident that the company’s dollar-based net retention rate would be above 120% in the long term.


Amplitude: Cash Flow Positive Quarter, Management Raised CY22 Revenue and Profitability Guidance

<ul>
<li>During the #1 product and growth conference Amplify 2022 in Las Vegas, <a href="https://www.smartkarma.com/entities/amplitude-inc" target="_blank" data-smartkarma-citation="entities:34148:1" rel="noopener">Amplitude (AMPL US)</a>  introduced the Customer Data Platform (CDP) with integrated product analytics.  </li>
<li>The company expanded partner integration with <a href="https://www.smartkarma.com/entities/snowflake-inc" target="_blank" data-smartkarma-citation="entities:29254:1" rel="noopener">Snowflake Inc (SNOW US)</a>  to improve data connectivity while Amplitude Experiment sees strong traction with customers. </li>
<li>With shares down ~65% YTD, Amplitude has underperformed the Nasdaq Composite (-23%). Our PT is $28.00, implying ~14x EV/2022E revenue and ~10x EV/2023E revenue. </li>
</ul>


During the #1 product and growth conference Amplify 2022 in Las Vegas, Amplitude (AMPL US)  introduced the Customer Data Platform (CDP) with integrated product analytics.  
The company expanded partner integration with Snowflake Inc (SNOW US)  to improve data connectivity while Amplitude Experiment sees strong traction with customers. 
With shares down ~65% YTD, Amplitude has underperformed the Nasdaq Composite (-23%). Our PT is $28.00, implying ~14x EV/2022E revenue and ~10x EV/2023E revenue. 


Amplitude: Valuations Look Attractive and Growth Catalysts May Materialize in CY22

<ul>
<li>This year the market presents investors with opportunities, especially in the technology sector, and we believe VC-backed Amplitude is one of them. </li>
<li>The market cap of the leading product and data analytics unicorn fell to ~$2.3B, keeping in mind last private round valuation was ~$4B in June of 2021. </li>
<li>$21 valuation, based on ~10x 2022E EV/Revenue and ~8x 2023E EV/Revenue, applies to our bear case revenue estimates of $226M in CY22 and $287M in CY23.</li>
</ul>


This year the market presents investors with opportunities, especially in the technology sector, and we believe VC-backed Amplitude is one of them. 
The market cap of the leading product and data analytics unicorn fell to ~$2.3B, keeping in mind last private round valuation was ~$4B in June of 2021. 
$21 valuation, based on ~10x 2022E EV/Revenue and ~8x 2023E EV/Revenue, applies to our bear case revenue estimates of $226M in CY22 and $287M in CY23.


Amplitude – Our Stock Pick With Huge Upside Potential

United States

Amplitude, Inc. provides software solutions. The Company offers self-service digital analytics platform for brands to understand users, drive conversions, and increase engagement, growth, and revenue. Amplitude serves clients worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Amplitude (AMPL US)

Amplitude Is Merging Product & Marketing Analytics — InfiniGrow Could Make It Happen!

Amplitude is doubling down on its vision to become the category-defining AI analytics platform, and its latest move signals an aggressive push in...

Baptista Research

Energy Transition: Asset Retirement Obligations: What Lies Beneath?

What Lies Beneath delivers a clear warning investors cannot afford to overlook: asset retirement obligations (AROs) represent a financially...

Carbon Tracker Initiative

Amplitude: Cash Flow Positive Quarter, Management Raised CY22 Revenue and Profitability Guidance

We remain bullish on Amplitude’s medium- to long-term prospects and view valuation as attractive for long-term tech investors.

Andrei Zakharov

Amplitude: Valuations Look Attractive and Growth Catalysts May Materialize in CY22

Amplitude remains well-positioned as one of the leaders in product analytics with an opportunity to convert more GA enterprise customers to...

Andrei Zakharov

Amplitude – Our Stock Pick With Huge Upside Potential

Our fundamental analysis suggests that Amplitude stock has a limited downside potential and is trading at a significant discount valuation to peers.

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)