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 Capital Markets

<ul><li>AT&T has delivered another consistent financial result while repositioning its business after the completion of the transaction of WarnerMedia-Discovery.</li><li>AT&T has an improved financial structure and asset base and is looking to become the leading broadband provider in the world.</li><li>There has been a positive net addition in mobility, and the AT&T fiber growth has been consistently strong.</li></ul>

AT&T has delivered another consistent financial result while repositioning its business after the completion of the transaction of WarnerMedia-Discovery.AT&T has an improved financial structure and asset base and is looking to become the leading broadband provider in the world.There has been a positive net addition in mobility, and the AT&T fiber growth has been consistently strong.

AlphaSituations-Event/Catalyst Driven Research, AlphaSituations

Robert Sassoon

AlphaSituations-Event/Catalyst Driven Research

AlphaSituations

Since its establishment, AlphaSituations has delivered a track record of outperformance with a hit rate of winners of more than 70% of its portfolio of ideas generating annualized average returns of 20%. In January 2022, AlphaSituations was contracted by Water Tower Research, an investor engagement and stakeholder communication platform to provide coverage of Special Situations

Event-Driven

<ul>
<li>Microsoft's all cash acquisition of video game publisher Activision Blizzard is the biggest in the former's history and the largest ever transaction in the video gaming sector.</li>
<li>While intense regulatory scrutiny of the deal is expected, the arguments favoring high odds for eventual deal approval are reasonable. </li>
<li>We believe the 17% merger spread offers the prospect of  double-digits annualized return over the next 12 to 18 months.</li>
</ul>


Microsoft's all cash acquisition of video game publisher Activision Blizzard is the biggest in the former's history and the largest ever transaction in the video gaming sector.
While intense regulatory scrutiny of the deal is expected, the arguments favoring high odds for eventual deal approval are reasonable. 
We believe the 17% merger spread offers the prospect of  double-digits annualized return over the next 12 to 18 months.


MergerTalk: Microsoft/Activision Blizzard-Why We Think This Transaction May Not Be Such A Gamble

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.

Equity Bottom-Up

<ul>
<li>Intel's Analyst Day last week set forth unhittable revenue growth targets</li>
<li>Capex and Gross Margin guidance make no sense...Intel should've reset gross margin expectations...why it is still a good short.</li>
<li>Neutral (meaning 0) FCF through 2025 is a BS...if Western governments don't cover capex, FCF will be negative, potentially hitting the dividend since buybacks are eliminated for the near future. </li>
</ul>


Intel's Analyst Day last week set forth unhittable revenue growth targets
Capex and Gross Margin guidance make no sense...Intel should've reset gross margin expectations...why it is still a good short.
Neutral (meaning 0) FCF through 2025 is a BS...if Western governments don't cover capex, FCF will be negative, potentially hitting the dividend since buybacks are eliminated for the near future. 


Intel Analyst Day: Still a Top (Funding) Short

<ul>
<li>Comcast and Charter have seen their share prices cut 30% since the fall when we thought broadband risks were overstated.</li>
<li>We don't think now is the time to buy cable though due to rising competitive intensity from telco.</li>
<li>Prefer Charter over Comcast due to their faster growing wireless business and pure play business model vs. Comcast's increased streaming content spend.</li>
</ul>


Comcast and Charter have seen their share prices cut 30% since the fall when we thought broadband risks were overstated.
We don't think now is the time to buy cable though due to rising competitive intensity from telco.
Prefer Charter over Comcast due to their faster growing wireless business and pure play business model vs. Comcast's increased streaming content spend.


Comcast and Charter: Does Wireless Upside Offset Broadband Concerns?

<ul>
<li>The prospect of significant value creation for <a href="https://www.smartkarma.com/entities/discovery-inc-11a748cc-a43f-43ac-9447-c908a531d355" target="_blank" data-smartkarma-citation="entities:2227:1" rel="noopener">Discovery, Inc. (DISCK US)</a> shareholders is much closer to realization with its merger with WarnerMedia  merger on track to complete by for mid-2022.</li>
<li>A conservative target share price target of $41 for WBD offers greater than 40% upside from the prevailing share prices of DISCA and DISCK.</li>
<li>Purchasing AT&amp;T shares at prevailing levels could effectively give investors a ~65% to 75% cheaper option to purchase WBD shares than currently through DISCK .</li>
</ul>


The prospect of significant value creation for Discovery, Inc. (DISCK US) shareholders is much closer to realization with its merger with WarnerMedia  merger on track to complete by for mid-2022.
A conservative target share price target of $41 for WBD offers greater than 40% upside from the prevailing share prices of DISCA and DISCK.
Purchasing AT&amp;T shares at prevailing levels could effectively give investors a ~65% to 75% cheaper option to purchase WBD shares than currently through DISCK .


MergerTalk: Why Playing the Pending Discovery/WarnerMedia Merger Through AT&T Could Pay Dividends

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 (T US)

AT&T Inc.: Financial & Price Forecasts

AT&T has delivered another consistent financial result while repositioning its business after the completion of the transaction of...

Baptista Research

MergerTalk: Microsoft/Activision Blizzard-Why We Think This Transaction May Not Be Such A Gamble

Why we think that the prospect of earning double-digits annualized returns from this transaction within the next 18 months might not be such a gamble

Robert Sassoon

Intel Analyst Day: Still a Top (Funding) Short

Intel's recent analyst day was confirmatory that it has entered the IBM zone - an inability to reset long term expectations makes it a perma...

Aaron Gabin

Comcast and Charter: Does Wireless Upside Offset Broadband Concerns?

While we have historically been attracted to the fiber moats of the US cable operators and the stocks are down 30% from ATH valuations...we remain...

Aaron Gabin

MergerTalk: Why Playing the Pending Discovery/WarnerMedia Merger Through AT&T Could Pay Dividends

Riding the coattails of AT&T may be the most lucrative way to gain exposure to the value creation expected from the post merger entity

Robert Sassoon

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