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. (formerly known as Bill.com) had a solid third quarter, with a 63% year-over-year growth in revenue and an all-around beat.</li><li>Over 450,000 businesses used Bill to automate their financial operations, generating $65 billion in payment volume.</li><li>We give BILL Holdings, Inc. a 'Hold' rating with a revised target price.</li></ul>

BILL Holdings, Inc. (formerly known as Bill.com) had a solid third quarter, with a 63% year-over-year growth in revenue and an all-around beat.Over 450,000 businesses used Bill to automate their financial operations, generating $65 billion in payment volume.We give BILL Holdings, Inc. a 'Hold' rating with a revised target price.

BILL Holdings Inc.: The Hyper Growth Story Continues … - Key Drivers

<ul><li>Bill.com generated decent second-quarter result with revenues beyond market expectations and narrower-than-expected losses.</li><li>Its extensive and expanding partner and network ecosystem offered a competitive advantage by allowing them to access new firms efficiently.</li><li>With the joint objective of generating additional value for SMBs, they collaborate with an SMB's most reliable advisors, including their accounting firms and financial institutions.</li></ul>

Bill.com generated decent second-quarter result with revenues beyond market expectations and narrower-than-expected losses.Its extensive and expanding partner and network ecosystem offered a competitive advantage by allowing them to access new firms efficiently.With the joint objective of generating additional value for SMBs, they collaborate with an SMB's most reliable advisors, including their accounting firms and financial institutions.

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<ul>
<li>AvidXchange is one of the leading providers of AP automation software and payment solutions for mid-market businesses and their suppliers. The company was founded in 2000 in the United States. </li>
<li>With a large $20B+ TAM and valuation at ~5x FY23 revenue estimate of $392M – significantly below the average for software and payment peers – we believe shares are undervalued. </li>
<li>Management raised the FY22 revenue outlook and expected a strong FY23. AvidXchange is two years from GAAP profitability, likely making the stock volatile in the coming years.  </li>
</ul>


AvidXchange is one of the leading providers of AP automation software and payment solutions for mid-market businesses and their suppliers. The company was founded in 2000 in the United States. 
With a large $20B+ TAM and valuation at ~5x FY23 revenue estimate of $392M – significantly below the average for software and payment peers – we believe shares are undervalued. 
Management raised the FY22 revenue outlook and expected a strong FY23. AvidXchange is two years from GAAP profitability, likely making the stock volatile in the coming years.  


AvidXchange: How Mid-Market Can Save Money. Attractive Valuation and Low-Risk Entry Point

<ul><li>This is our first report on Bill.com, a leading fintech player that provides digitization solutions for back-office financial operations of SMBs.</li><li>They established new strategic alliances and started expanding their clientele internationally, providing services to clients in more than 150 nations.</li><li>Their organic client base achieved record growth and their customer retention and net dollar-based retention rates also expanded considerably in the last quarter.</li></ul>

This is our first report on Bill.com, a leading fintech player that provides digitization solutions for back-office financial operations of SMBs.They established new strategic alliances and started expanding their clientele internationally, providing services to clients in more than 150 nations.Their organic client base achieved record growth and their customer retention and net dollar-based retention rates also expanded considerably in the last quarter.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares Russell 2000 ETF / Technical Analysis

<ul>
<li>The market continues to send mixed signals - some neutral or healthy signals but some risk-off signals as well.</li>
<li>As long as the Russell 2000 index (IWM) is above $208, Russell Micro Cap index (IWC) is above $134-$135, and the S&amp;P 500 is above 4495, we cannot be bearish.</li>
<li>Treasury yields are not breaking down below 1.40%-1.45% support on the 10-year Treasury yield and 1.76% support on the 30-year Treasury yield.</li>
</ul>


The market continues to send mixed signals - some neutral or healthy signals but some risk-off signals as well.
As long as the Russell 2000 index (IWM) is above $208, Russell Micro Cap index (IWC) is above $134-$135, and the S&amp;P 500 is above 4495, we cannot be bearish.
Treasury yields are not breaking down below 1.40%-1.45% support on the 10-year Treasury yield and 1.76% support on the 30-year Treasury yield.


Continued Absence Of Breakdowns Is A Positive Sign; Many Bottoms-Up Stock Recommendations

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.: The Hyper Growth Story Continues … - Key Drivers

BILL Holdings, Inc. (formerly known as Bill.com) had a solid third quarter, with a 63% year-over-year growth in revenue and an all-around...

Baptista Research

Bill.com Holdings: Major Drivers

Bill.com generated decent second-quarter result with revenues beyond market expectations and narrower-than-expected losses. Its extensive and...

Baptista Research

AvidXchange: How Mid-Market Can Save Money. Attractive Valuation and Low-Risk Entry Point

AvidXchange’s EV/Revenue multiple is near a trough for a company in our SaaS universe, and we have a favorable view of the company’s business

Andrei Zakharov

Bill.com Holdings Inc.: Business Model

This is our first report on Bill.com, a leading fintech player that provides digitization solutions for back-office financial operations of...

Baptista Research

Continued Absence Of Breakdowns Is A Positive Sign; Many Bottoms-Up Stock Recommendations

As long as the Russell 2000 index (IWM) is above $208, the Russell Micro Caps index (IWC) is above $134-$135, and the S&P 500 is above 4495, we...

Vermilion Research

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