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>The First Quarter 2024 earnings of AT&T highlight point to steady progress on its investment-led strategy of excelling as a connectivity provider through 5G and fiber.</li><li>In the first quarter, the Company grew its high-value long-term wireless and broadband subscriber base, with a notably impressive performance in its Mobility sector.</li><li>AT&T added 349,000 postpaid phone net adds for the quarter, and while churn lowered, ARPU increased, resulting in robust operating income and margins.</li></ul>

The First Quarter 2024 earnings of AT&T highlight point to steady progress on its investment-led strategy of excelling as a connectivity provider through 5G and fiber.In the first quarter, the Company grew its high-value long-term wireless and broadband subscriber base, with a notably impressive performance in its Mobility sector.AT&T added 349,000 postpaid phone net adds for the quarter, and while churn lowered, ARPU increased, resulting in robust operating income and margins.

AT&T Inc: Consistent execution to drive up ARPUs! - Major Drivers

<ul><li>AT&T Inc.'s Q4 2023 earnings highlighted its vigorous growth and strategic investment with 1.7 million postpaid phone net additions for the year.</li><li>The company's wireless and fibre customer base increased by 10% to over 71.2 million subscribers, marking their best 3-year growth in a decade, resulting in increased wireless service revenues by $7.5 billion and Mobility EBITDA by approximately $4 billion.</li><li>AT&T's mid-band 5G network now serves over 210 million people, with the fibre network reaching over 26 million consumer and business locations.</li></ul>

AT&T Inc.'s Q4 2023 earnings highlighted its vigorous growth and strategic investment with 1.7 million postpaid phone net additions for the year.The company's wireless and fibre customer base increased by 10% to over 71.2 million subscribers, marking their best 3-year growth in a decade, resulting in increased wireless service revenues by $7.5 billion and Mobility EBITDA by approximately $4 billion.AT&T's mid-band 5G network now serves over 210 million people, with the fibre network reaching over 26 million consumer and business locations.

AT&T Inc: Pursuit Of Growth Opportunities & New Launches - Major Drivers

<ul><li>AT&T Inc. delivered a positive result and managed an all-around beat in the last quarter, prioritizing investments in 5G and fiber technologies to expand their customer base while ensuring profitability.</li><li>In the wireless sector, its consistent go-to-market strategy continues to attract high-value subscribers, exemplifying the resonance of its customer-centric approach.</li><li>Besides these positive results, the company launched AT&T Internet Air to deliver uninterrupted and dependable internet connectivity to small company proprietors.</li></ul>

AT&T Inc. delivered a positive result and managed an all-around beat in the last quarter, prioritizing investments in 5G and fiber technologies to expand their customer base while ensuring profitability.In the wireless sector, its consistent go-to-market strategy continues to attract high-value subscribers, exemplifying the resonance of its customer-centric approach.Besides these positive results, the company launched AT&T Internet Air to deliver uninterrupted and dependable internet connectivity to small company proprietors.

AT&T Inc: The Convergence Of 5G & Fiber Is The Future! - Major Drivers

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.

<div><p>We have been longtime fans of Netflix the product and Netflix’s management team can rightfully be described as visionary. They had the vision to have the public markets fund an experiment in business models that appears now set to breakeven on FCF in 2021. Over the course of the past year we have gone from being short Netflix to long Netflix beginning this past summer, which has played out...and now we return to the sidelines (but not interested in reshorting Netflix), as we think to get more bullish on Netflix from here requires greater clarity on future revenue optionality around gaming and consumer products. The increasingly saturated streaming space means Netflix will only be growing subs ~10% for the forseeable future, with most of that growth from lower priced regions, while it will be investing with a vengeance to drive more content, likely capping expectations for continued margin expansion and FCF.</p></div><div><div><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.  </p></div></div></div>

We have been longtime fans of Netflix the product and Netflix’s management team can rightfully be described as visionary. They had the vision to have the public markets fund an experiment in business models that appears now set to breakeven on FCF in 2021. Over the course of the past year we have gone from being short Netflix to long Netflix beginning this past summer, which has played out...and now we return to the sidelines (but not interested in reshorting Netflix), as we think to get more bullish on Netflix from here requires greater clarity on future revenue optionality around gaming and consumer products. The increasingly saturated streaming space means Netflix will only be growing subs ~10% for the forseeable future, with most of that growth from lower priced regions, while it will be investing with a vengeance to drive more content, likely capping expectations for continued margin expansion and FCF.Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.  

<ul><li>AT&T delivered a mixed set of results for the previous quarter, with revenues well below analyst expectations but managed an earnings beat.</li><li>The last quarter for AT&T showcased the company's strong execution of its strategic vision, resulting in continued growth and progress toward its objectives.</li><li>Their fiber business has also succeeded, substantially increasing AT&T Fiber net adds, driving higher penetration rates and broadband revenues.</li></ul>

AT&T delivered a mixed set of results for the previous quarter, with revenues well below analyst expectations but managed an earnings beat.The last quarter for AT&T showcased the company's strong execution of its strategic vision, resulting in continued growth and progress toward its objectives.Their fiber business has also succeeded, substantially increasing AT&T Fiber net adds, driving higher penetration rates and broadband revenues.

AT&T Inc: Collaboration With Cherish Health & Other Developments

United States

AT&T Inc. is a communications holding company. The Company, through its subsidiaries and affiliates, provides local and long-distance phone service, wireless and data communications, Internet access and messaging, IP-based and satellite television, security services, telecommunications equipment, and directory advertising and publishing.

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At&T Inc (T US)

AT&T Inc: Consistent execution to drive up ARPUs! - Major Drivers

The First Quarter 2024 earnings of AT&T highlight point to steady progress on its investment-led strategy of excelling as a connectivity...

Baptista Research

AT&T Inc: Pursuit Of Growth Opportunities & New Launches - Major Drivers

AT&T Inc.'s Q4 2023 earnings highlighted its vigorous growth and strategic investment with 1.7 million postpaid phone net additions for the...

Baptista Research

AT&T Inc: The Convergence Of 5G & Fiber Is The Future! - Major Drivers

AT&T Inc. delivered a positive result and managed an all-around beat in the last quarter, prioritizing investments in 5G and fiber...

Baptista Research

Netflix 3Q21: Saved By Squid Game

Over the course of the past year we have gone from being short Netflix to long Netflix...and now we return to the sidelines. We need greater...

Aaron Gabin

AT&T Inc: Collaboration With Cherish Health & Other Developments

AT&T delivered a mixed set of results for the previous quarter, with revenues well below analyst expectations but managed an earnings...

Baptista Research

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