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, 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!

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.

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<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

<ul><li>BILL Holdings, Inc., a platform that automates financial operations for small and medium-sized businesses (SMBs), reported its third quarter fiscal 2025 results, demonstrating a blend of strengths and challenges.</li><li>The company experienced a robust 14% year-over-year growth in core revenue, achieving a notable non-GAAP operating income margin of 15%, which exceeded prior expectations due to improved business efficiency.</li><li>Additionally, free cash flow increased 44% year-over-year, reflecting strong cash-generating capabilities.</li></ul>

BILL Holdings, Inc., a platform that automates financial operations for small and medium-sized businesses (SMBs), reported its third quarter fiscal 2025 results, demonstrating a blend of strengths and challenges.The company experienced a robust 14% year-over-year growth in core revenue, achieving a notable non-GAAP operating income margin of 15%, which exceeded prior expectations due to improved business efficiency.Additionally, free cash flow increased 44% year-over-year, reflecting strong cash-generating capabilities.

Can BILL Holdings’ Smart Pricing Strategy Skyrocket Its Revenue Next Year?

<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!

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 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

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

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

Can BILL Holdings’ Smart Pricing Strategy Skyrocket Its Revenue Next Year?

BILL Holdings, Inc., a platform that automates financial operations for small and medium-sized businesses (SMBs), reported its third quarter...

Baptista Research

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

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

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

Can BILL Holdings’ Smart Pricing Strategy Skyrocket Its Revenue Next Year?

BILL Holdings, Inc., a platform that automates financial operations for small and medium-sized businesses (SMBs), reported its third quarter...

Baptista Research

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

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