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>BILL Holdings, Inc. reported first quarter results for fiscal year 2026, showcasing a blend of growth and strategic advances within its financial operations platform, though not without challenges.</li><li>Core revenue reached $358 million, growing 14% year-over-year, indicating a strong demand for its service offerings among small and medium businesses (SMBs).</li><li>The firm's focus on profitability was evident as it delivered a non-GAAP operating margin of 17%, reflecting a significant expansion driven by efficient cost management and strategic investments.</li></ul>

BILL Holdings, Inc. reported first quarter results for fiscal year 2026, showcasing a blend of growth and strategic advances within its financial operations platform, though not without challenges.Core revenue reached $358 million, growing 14% year-over-year, indicating a strong demand for its service offerings among small and medium businesses (SMBs).The firm's focus on profitability was evident as it delivered a non-GAAP operating margin of 17%, reflecting a significant expansion driven by efficient cost management and strategic investments.

Bill Holdings Gets Hit With a Triple Threat: Barington, Elliott, and Starboard All Want a Sale!

<ul><li>Bill Holdings has initiated a strategic review under pressure from activist investor Starboard Value.</li><li>The company is reportedly working with advisors to explore a potential sale to either a larger payments player or a private equity buyer.</li><li>This move comes as the San Jose-based firm confronts a trifecta of headwinds: decelerating growth, intensifying competition, and increasing consolidation across the fintech sector.</li></ul>

Bill Holdings has initiated a strategic review under pressure from activist investor Starboard Value.The company is reportedly working with advisors to explore a potential sale to either a larger payments player or a private equity buyer.This move comes as the San Jose-based firm confronts a trifecta of headwinds: decelerating growth, intensifying competition, and increasing consolidation across the fintech sector.

Bill Holdings Considers Exit Strategy as Starboard Turns Up the Heat!

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>BILL Holdings shares have bottomed out near $40 per share after Starboard Value and Elliott Management built large stakes in the American SMB back-office pioneer.</li>
<li>BILL Holding shares significantly underperformed in 2025 with shares down ~44% over the year versus a 21% gain on the Nasdaq.</li>
<li>I see further room for upside on potential launching new intelligent AI agents, partnerships with software providers, disciplined expense management and operating efficiency.</li>
</ul>


BILL Holdings shares have bottomed out near $40 per share after Starboard Value and Elliott Management built large stakes in the American SMB back-office pioneer.
BILL Holding shares significantly underperformed in 2025 with shares down ~44% over the year versus a 21% gain on the Nasdaq.
I see further room for upside on potential launching new intelligent AI agents, partnerships with software providers, disciplined expense management and operating efficiency.


2024 High Conviction Update: BILL Holdings, Starboard Value and Elliott Move In

<ul><li>BILL, formerly known as "Bill.com," recently delivered its fiscal fourth-quarter and full-year 2025 financial results, displaying a mixture of strengths and areas that warrant cautious appraisal.</li><li>The report indicates significant financial performance marked by substantial revenue growth, expanded market opportunities, and forwardlooking investment strategies.</li><li>However, there are several challenges and uncertainties that present potential risks to be mindful of.</li></ul>

BILL, formerly known as "Bill.com," recently delivered its fiscal fourth-quarter and full-year 2025 financial results, displaying a mixture of strengths and areas that warrant cautious appraisal.The report indicates significant financial performance marked by substantial revenue growth, expanded market opportunities, and forwardlooking investment strategies.However, there are several challenges and uncertainties that present potential risks to be mindful of.

BILL Holdings Inc.: Ad Valorem Payments & Revenue Diversification Can Drive Sustainable Long-Term Growth!

<ul>
<li>BILL Holdings shares have materially underperformed year-to-date and fell ~51%. Shares saw selling pressure post 2QFY25 earnings as results indicated weak outlook.</li>
<li>I see limited room for downside given current valuation of ~3x 2025E EV/Revenue (with ~13% growth) and recent acquisition of AvidXchange at a higher multiple.</li>
<li>I believe BILL’s current attractive valuation levels can be viewed as opportunity to unwind bearish positions and valuation looks more reasonable vs. peers, especially AvidXchange.</li>
</ul>


BILL Holdings shares have materially underperformed year-to-date and fell ~51%. Shares saw selling pressure post 2QFY25 earnings as results indicated weak outlook.
I see limited room for downside given current valuation of ~3x 2025E EV/Revenue (with ~13% growth) and recent acquisition of AvidXchange at a higher multiple.
I believe BILL’s current attractive valuation levels can be viewed as opportunity to unwind bearish positions and valuation looks more reasonable vs. peers, especially AvidXchange.


2024 High Conviction Update: BILL Holdings, Attractive Valuation Levels To Unwind Bearish Positions

United States

BILL Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, offers cloud-based applications that simplifies, digitizes, and automates back-office financial processes for small and mid-sized businesses. BILL Holdings serves customers worldwide.

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BILL Holdings (BILL US)

Bill Holdings Gets Hit With a Triple Threat: Barington, Elliott, and Starboard All Want a Sale!

BILL Holdings, Inc. reported first quarter results for fiscal year 2026, showcasing a blend of growth and strategic advances within its financial...

Baptista Research

Bill Holdings Considers Exit Strategy as Starboard Turns Up the Heat!

Bill Holdings has initiated a strategic review under pressure from activist investor Starboard Value. The company is reportedly working with...

Baptista Research

2024 High Conviction Update: BILL Holdings, Starboard Value and Elliott Move In

BILL Holdings shares have bottomed out near $40/share. The activist investor Starboard Value and hedge fund Elliott Management move in: a double...

Andrei Zakharov

BILL Holdings Inc.: Ad Valorem Payments & Revenue Diversification Can Drive Sustainable Long-Term Growth!

BILL, formerly known as "Bill.com," recently delivered its fiscal fourth-quarter and full-year 2025 financial results, displaying a mixture of...

Baptista Research

2024 High Conviction Update: BILL Holdings, Attractive Valuation Levels To Unwind Bearish Positions

BILL Holdings shares have underperformed, but current valuation presents opportunity to unwind bearish positions and the stock valuation looks...

Andrei Zakharov

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52-week Range

Market Cap (USDm)

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Bill Holdings Gets Hit With a Triple Threat: Barington, Elliott, and Starboard All Want a Sale!

BILL Holdings, Inc. reported first quarter results for fiscal year 2026, showcasing a blend of growth and strategic advances within its financial...

Baptista Research

Bill Holdings Considers Exit Strategy as Starboard Turns Up the Heat!

Bill Holdings has initiated a strategic review under pressure from activist investor Starboard Value. The company is reportedly working with...

Baptista Research

2024 High Conviction Update: BILL Holdings, Starboard Value and Elliott Move In

​BILL Holdings shares have bottomed out near $40/share. The activist investor Starboard Value and hedge fund Elliott Management move in: a double...

Andrei Zakharov

BILL Holdings Inc.: Ad Valorem Payments & Revenue Diversification Can Drive Sustainable Long-Term Growth!

BILL, formerly known as "Bill.com," recently delivered its fiscal fourth-quarter and full-year 2025 financial results, displaying a mixture of...

Baptista Research

2024 High Conviction Update: BILL Holdings, Attractive Valuation Levels To Unwind Bearish Positions

​BILL Holdings shares have underperformed, but current valuation presents opportunity to unwind bearish positions and the stock valuation looks...

Andrei Zakharov

BILL Holdings shares have bottomed out near $40/share. The activist investor Starboard Value and hedge fund Elliott Management move in: a double...

BILL Holdings shares have underperformed, but current valuation presents opportunity to unwind bearish positions and the stock valuation looks...