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. displayed a mixed financial performance in their second quarter of fiscal 2025.</li><li>From a revenue perspective, the company saw a 14% increase in total revenue, reaching $363 million, with core revenue (including subscription and transaction fees) rising by 16%.</li><li>This shows a steady growth trajectory, helped by the adoption of its AI-enabled platform by small and midsized businesses (SMBs).</li></ul>

BILL Holdings, Inc. displayed a mixed financial performance in their second quarter of fiscal 2025.From a revenue perspective, the company saw a 14% increase in total revenue, reaching $363 million, with core revenue (including subscription and transaction fees) rising by 16%.This shows a steady growth trajectory, helped by the adoption of its AI-enabled platform by small and midsized businesses (SMBs).

BILL Holdings: Strengthening The Accountant Ecosystem to Facilitate Long-Term Growth Prospects!

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xero-ltd" target="_blank" data-smartkarma-citation="entities:390:1" rel="noopener">Xero Ltd (XRO AU)</a>  plans to raise around US$1.2bn via an institutional placement to partly fund the US$2.5bn acquisition for Melio.</li>
<li>The US market has been a growth dampener for Xero for a while. The acquisition is large but might not be a game changer.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Xero Ltd (XRO AU)  plans to raise around US$1.2bn via an institutional placement to partly fund the US$2.5bn acquisition for Melio.
The US market has been a growth dampener for Xero for a while. The acquisition is large but might not be a game changer.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Xero US1.2bn Placement - Trying to Jump Start US, Again. Might Not Be a Game Changer.

<ul><li>BILL Holdings, Inc. recently reported its fiscal first quarter earnings for 2025, demonstrating a combination of strong financial performance, strategic market penetration, and continual innovation.</li><li>Key highlights and investment considerations from the earnings discussion provide insights into BILL’s current positioning and future prospects.</li><li>BILL exhibited notable financial growth with total revenue reaching $358 million, an 18% increase year-over-year.</li></ul>

BILL Holdings, Inc. recently reported its fiscal first quarter earnings for 2025, demonstrating a combination of strong financial performance, strategic market penetration, and continual innovation.Key highlights and investment considerations from the earnings discussion provide insights into BILL’s current positioning and future prospects.BILL exhibited notable financial growth with total revenue reaching $358 million, an 18% increase year-over-year.

BILL Holdings: Unveils Bold Go-to-Market Strategy: Unlocking Untapped Billions in Revenue Potential! - Major Drivers

<ul><li>BILL's fiscal Q4 2024 earnings release and conference call signified a noteworthy closure to its fiscal year, presenting both accomplishments and areas for improvement.</li><li>The company, with its leadership featuring CEO Rene Lacerte and CFO John Rettig, outlined a series of strategic initiatives and financial outcomes that underline its standing in the financial operations sector, particularly for small to midsized businesses (SMBs).</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

BILL's fiscal Q4 2024 earnings release and conference call signified a noteworthy closure to its fiscal year, presenting both accomplishments and areas for improvement.The company, with its leadership featuring CEO Rene Lacerte and CFO John Rettig, outlined a series of strategic initiatives and financial outcomes that underline its standing in the financial operations sector, particularly for small to midsized businesses (SMBs).Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Bill Holdings Inc.: Expanded Product Portfolio & Other Factors Driving Our Optimism! - Financial Forecasts

<ul><li>BILL reported strong fiscal third quarter 2027 results, highlighting robust revenue growth and significant expansion in non-GAAP operating income.</li><li>Revenue increased by 19% year-over-year, driven by high transaction volumes and an effective monetization strategy.</li><li>The reception of their financial management solutions among small businesses remains vigorous, as evidenced by the processing of over 25 million transactions amounting to more than $70 billion during the quarter.</li></ul>

BILL reported strong fiscal third quarter 2027 results, highlighting robust revenue growth and significant expansion in non-GAAP operating income.Revenue increased by 19% year-over-year, driven by high transaction volumes and an effective monetization strategy.The reception of their financial management solutions among small businesses remains vigorous, as evidenced by the processing of over 25 million transactions amounting to more than $70 billion during the quarter.

Bill.com Holdings Inc.: Focus on International Expansion through Enhanced Payment Systems! - Major Drivers

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: Strengthening The Accountant Ecosystem to Facilitate Long-Term Growth Prospects!

BILL Holdings, Inc. displayed a mixed financial performance in their second quarter of fiscal 2025. From a revenue perspective, the company saw a...

Baptista Research

Xero US1.2bn Placement - Trying to Jump Start US, Again. Might Not Be a Game Changer.

Xero Ltd (XRO AU) plans to raise around US$1.2bn via an institutional placement to partly fund the US$2.5bn acquisition for Melio.

Sumeet Singh

BILL Holdings: Unveils Bold Go-to-Market Strategy: Unlocking Untapped Billions in Revenue Potential! - Major Drivers

BILL Holdings, Inc. recently reported its fiscal first quarter earnings for 2025, demonstrating a combination of strong financial performance,...

Baptista Research

Bill Holdings Inc.: Expanded Product Portfolio & Other Factors Driving Our Optimism! - Financial Forecasts

BILL's fiscal Q4 2024 earnings release and conference call signified a noteworthy closure to its fiscal year, presenting both accomplishments and...

Baptista Research

Bill.com Holdings Inc.: Focus on International Expansion through Enhanced Payment Systems! - Major Drivers

BILL reported strong fiscal third quarter 2027 results, highlighting robust revenue growth and significant expansion in non-GAAP operating...

Baptista Research

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