Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Block's management is blaming the state of the economy for the company's struggles, but the reality is very different.</li>
<li>Shareholder dilution continues while cash flow remains suppressed and the macroeconomic conditions are still supportive, according to Block's management.</li>
<li>The macroeconomic condition is still supportive and the Macroeconomic conditions remain supportive.</li>
</ul>


Block's management is blaming the state of the economy for the company's struggles, but the reality is very different.
Shareholder dilution continues while cash flow remains suppressed and the macroeconomic conditions are still supportive, according to Block's management.
The macroeconomic condition is still supportive and the Macroeconomic conditions remain supportive.


<ul>
<li>Fiserv's delivered a 30% return since October of last year, when I laid out my full investment thesis.</li>
<li>Fiserv is laying the groundwork for long-term growth, says the company's market commentators.</li>
<li>The company continues to outmaneuver its direct competitors, according to analysts.</li>
</ul>


Fiserv's delivered a 30% return since October of last year, when I laid out my full investment thesis.
Fiserv is laying the groundwork for long-term growth, says the company's market commentators.
The company continues to outmaneuver its direct competitors, according to analysts.


Fiserv: Achieving Industry-Leading Returns Is Not As Hard As You Might Think

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.

<ul><li>Block’s stock has been in the news and faced a strong correction after becoming the latest target of Hindenburg.</li><li>The report alleges that Block has overstated its genuine user counts and has understated its customer acquisition costs.</li><li>It was damaging enough to result in a sharp correction in the company’s share price.</li></ul>

Block’s stock has been in the news and faced a strong correction after becoming the latest target of Hindenburg.The report alleges that Block has overstated its genuine user counts and has understated its customer acquisition costs.It was damaging enough to result in a sharp correction in the company’s share price.

Block Inc: The Hindenburg Impact & Other Developments

<ul>
<li>Fiserv's latest quarterly results were largely expected, and yet the market seemed to be caught off guard.</li>
<li>Fiserv remains well-positioned to outperform most of its peers and the broader equity market in 2023, according to the company's latest results.</li>
<li>Fiserv (<span class="ticker-hover-wrapper">NASDAQ:FISV</span>) is often seen as a slow-growth business with a significant share of legacy services and challenged profitability</li>
</ul>


Fiserv's latest quarterly results were largely expected, and yet the market seemed to be caught off guard.
Fiserv remains well-positioned to outperform most of its peers and the broader equity market in 2023, according to the company's latest results.
Fiserv (NASDAQ:FISV) is often seen as a slow-growth business with a significant share of legacy services and challenged profitability


Fiserv: Market Sentiment Is Catching Up After Recent Earnings

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a> has offered, Potentia, four weeks of due diligence access to “<em>develop a significantly improved proposal.</em>” The Board rejected Potentia’s previous A$1.60 offer on 12 December.</li>
<li>Since the rejection of the offer, the FY2023 guidance has been upgraded and peers have re-rated. Therefore, Potentia can afford to be more generous with its terms. </li>
<li>Press reports suggest that an offer of around A$1.85 per share would be supported by shareholders. We would be buyers as Tyro is undervalued at the last close price.</li>
</ul>



Tyro Payments (TYR AU) has offered, Potentia, four weeks of due diligence access to “develop a significantly improved proposal.” The Board rejected Potentia’s previous A$1.60 offer on 12 December.
Since the rejection of the offer, the FY2023 guidance has been upgraded and peers have re-rated. Therefore, Potentia can afford to be more generous with its terms. 
Press reports suggest that an offer of around A$1.85 per share would be supported by shareholders. We would be buyers as Tyro is undervalued at the last close price.


Tyro Payments (TYR AU): Bid Revived as Potentia Secures Due Diligence

United States

Block, Inc. operates as a financial services and digital payments company. The Company develops a payments platform aimed at small and medium businesses that allows them to accept credit card payments and use tablet computers as payment registers for a point-of-sale system. Block also provides financial and marketing services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Block (XYZ US)

Block: The Crises That Never Were

Shareholder dilution continues while cash flow remains suppressed and the macroeconomic conditions are still supportive, according to Block's...

Vladimir Dimitrov, CFA

Fiserv: Achieving Industry-Leading Returns Is Not As Hard As You Might Think

Fiserv's delivered a 30% return since October of last year, when I laid out my full investment thesis. Fiserv is laying the groundwork for long...

Vladimir Dimitrov, CFA

Block Inc: The Hindenburg Impact & Other Developments

Block’s stock has been in the news and faced a strong correction after becoming the latest target of Hindenburg. The report alleges that Block has...

Baptista Research

Fiserv: Market Sentiment Is Catching Up After Recent Earnings

Fiserv remains well-positioned to outperform most of its peers and the broader equity market in 2023, according to the company's latest results.

Vladimir Dimitrov, CFA

Tyro Payments (TYR AU): Bid Revived as Potentia Secures Due Diligence

Since the rejection of the offer, the FY2023 guidance has been upgraded and peers have re-rated. Therefore, Potentia can afford to be more generous...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)