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>International Game Technology (IGT) has reported its Q2 2024 earnings, showing strong performance in both revenue and operational metrics.</li><li>In its second quarter, IGT generated revenue of $1.05 billion, maintaining levels similar to the prior year, and achieved an operating income of $230 million.</li><li>When excluding one-time separation and divestiture costs of $26 million, the operating income margin impressively improved by 40 basis points to 24.4%.</li></ul>

International Game Technology (IGT) has reported its Q2 2024 earnings, showing strong performance in both revenue and operational metrics.In its second quarter, IGT generated revenue of $1.05 billion, maintaining levels similar to the prior year, and achieved an operating income of $230 million.When excluding one-time separation and divestiture costs of $26 million, the operating income margin impressively improved by 40 basis points to 24.4%.

International Game Technology PLC: Enhanced iLottery & International Growth! - Major Drivers

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

<ul><li>IGT announced split with slot machine operator merging with EVRI</li><li>Lottery business retains ownership, manages lotteries for 92 customers worldwide</li><li>EVRI to borrow $3.7bn for debt refinance, distribute $2.2Bn to Lottery business; estimated tax leakage of $100m for taxable accounts</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

IGT announced split with slot machine operator merging with EVRILottery business retains ownership, manages lotteries for 92 customers worldwideEVRI to borrow $3.7bn for debt refinance, distribute $2.2Bn to Lottery business; estimated tax leakage of $100m for taxable accountsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Intl Game Technology Plc (IGT) - Wednesday, May 8, 2024

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Games Global, a promising iGaming content provider and B2B online gaming supplier, set terms for its U.S. IPO. The IPO price is expected to be between $16 and $19/share.</li>
<li>With the most recent F-1/A, the company may raise ~$114M at the high end of the range at $19/share. Zinnia Limited sells additional 8.5M shares in this offering.   </li>
<li>Games Global has created an impressive portfolios of iGaming content through a series of successful acquisitions, and I see upside potential vs. IPO price of $17.50 at the midpoint.</li>
</ul>


Games Global, a promising iGaming content provider and B2B online gaming supplier, set terms for its U.S. IPO. The IPO price is expected to be between $16 and $19/share.
With the most recent F-1/A, the company may raise ~$114M at the high end of the range at $19/share. Zinnia Limited sells additional 8.5M shares in this offering.   
Games Global has created an impressive portfolios of iGaming content through a series of successful acquisitions, and I see upside potential vs. IPO price of $17.50 at the midpoint.


Games Global IPO: Strong Profitability and Impressive Portfolios of IGaming Content

<ul><li>This is our first report on gaming technology player, International Game Technology PLC (IGT).</li><li>The company ended fiscal year 2023 with an impressive set of accomplishments, with their Q4 operating income growing 11% and significant free cash flow generation.</li><li>This enabled them to meet their fiscal year 2023 financial goals which were raised twice during the year.</li></ul>

This is our first report on gaming technology player, International Game Technology PLC (IGT).The company ended fiscal year 2023 with an impressive set of accomplishments, with their Q4 operating income growing 11% and significant free cash flow generation.This enabled them to meet their fiscal year 2023 financial goals which were raised twice during the year.

International Game Technology:  Initiation of Coverage - Is The Immense Growth In Gaming & Digital Segments A Valid Reason For A Bullish Rating? - Major Drivers

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

<ul>
<li>We still recommend a tactical overweight to defensives (Staples, Utilities, Healthcare, and gold miners) as the SPX tests our 4165-4200 resistance range, and also resistance from the prior 1.5-month uptrend.</li>
<li>As we await Wednesdays FOMC announcement, the DJIA and Nasdaq Composite are testing 1-year resistances at 34,280 and 12,300, the DXY appears to be inflecting higher, and breadth remains weak.</li>
<li>While we still see a reach to 4300-4325 as possible, we believe playing for more upside is akin to picking up pennies in front of a steamroller.</li>
</ul>


We still recommend a tactical overweight to defensives (Staples, Utilities, Healthcare, and gold miners) as the SPX tests our 4165-4200 resistance range, and also resistance from the prior 1.5-month uptrend.
As we await Wednesdays FOMC announcement, the DJIA and Nasdaq Composite are testing 1-year resistances at 34,280 and 12,300, the DXY appears to be inflecting higher, and breadth remains weak.
While we still see a reach to 4300-4325 as possible, we believe playing for more upside is akin to picking up pennies in front of a steamroller.


S&P 500 Testing 4165-4200, DJIA Testing 34,280, Nasdaq Composite Testing 12,300; Stay Defensive

United States

International Game Technology PLC designs, develops, manufactures, and distributes computerized gaming equipment, software, and network systems. The Company's products consist of slot machines, social gaming platforms, and other interactive gaming machines. International Games also provides maintenance services.

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Brightstar Lottery (BRSL US)

International Game Technology PLC: Enhanced iLottery & International Growth! - Major Drivers

International Game Technology (IGT) has reported its Q2 2024 earnings, showing strong performance in both revenue and operational metrics. In its...

Baptista Research

Intl Game Technology Plc (IGT) - Wednesday, May 8, 2024

IGT announced split with slot machine operator merging with EVRI. Lottery business retains ownership, manages lotteries for 92 customers worldwide

Value Investors Club (VIC)

Games Global IPO: Strong Profitability and Impressive Portfolios of IGaming Content

The Isle of Man-based Games Global targets ~$2B IPO valuation. I like the company’s strong profitability/cash flow profile and see upside potential...

Andrei Zakharov

International Game Technology: Initiation of Coverage - Is The Immense Growth In Gaming & Digital Segments A Valid Reason For A Bullish Rating? - Major Drivers

This is our first report on gaming technology player, International Game Technology PLC (IGT). The company ended fiscal year 2023 with an...

Baptista Research

S&P 500 Testing 4165-4200, DJIA Testing 34,280, Nasdaq Composite Testing 12,300; Stay Defensive

$SPX testing our 4165-4200 resistance range, $DJI testing 34,280 1-yr resistance, Nasdaq Comp $COMPQ testing critical 12,300 resistance. All while...

Vermilion Research

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