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's latest financial results present a mixed picture, with both strengths and challenges as the company navigates through significant operational changes.</li><li>Over the first nine months, the company generated $1.9 billion in revenue, driven by strong performances in Italy and improved trends for instant tickets and draw games in the United States.</li><li>A solid profit margin and a cash flow highlighted by an adjusted EBITDA of $880 million, translating to a 47.3% margin, reflects the stability and profitability of its core lottery business, emphasizing the company's operational efficiency.</li></ul>

International Game Technology's latest financial results present a mixed picture, with both strengths and challenges as the company navigates through significant operational changes.Over the first nine months, the company generated $1.9 billion in revenue, driven by strong performances in Italy and improved trends for instant tickets and draw games in the United States.A solid profit margin and a cash flow highlighted by an adjusted EBITDA of $880 million, translating to a 47.3% margin, reflects the stability and profitability of its core lottery business, emphasizing the company's operational efficiency.

International Game Technology (IGT): Cost Optimization & Efficiency Initiatives As A Key Instrument for Accelerating Margin Expansion! - Major Drivers

<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

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 (IGT): Cost Optimization & Efficiency Initiatives As A Key Instrument for Accelerating Margin Expansion! - Major Drivers

International Game Technology's latest financial results present a mixed picture, with both strengths and challenges as the company navigates...

Baptista Research

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

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