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>Cadence Design Systems, Inc. reported its financial results for the third quarter of 2024, recording impressive performance across various aspects of its business.</li><li>Total revenue for the quarter surpassed $1.2 billion, reflecting a 19% year-over-year growth.</li><li>This was accompanied by a non-GAAP operating margin of 44.8% and non-GAAP earnings per share (EPS) of $1.64.</li></ul>

Cadence Design Systems, Inc. reported its financial results for the third quarter of 2024, recording impressive performance across various aspects of its business.Total revenue for the quarter surpassed $1.2 billion, reflecting a 19% year-over-year growth.This was accompanied by a non-GAAP operating margin of 44.8% and non-GAAP earnings per share (EPS) of $1.64.

Cadence Design Systems: Its Efforts Towards Diversification & Growth in System Design & Analysis & Other Major Drivers

<ul><li>Cadence Design Systems, Inc. reported strong results and exceeded expectations for their second quarter of 2024, with broad-based momentum seen across their product portfolio.</li><li>The company also posted stronger bookings than anticipated, leading to a strong backlog, demonstrating the robust demand for their innovative products.</li><li>Cadence updated its revenue guidance for the year to over 13% year-over-year growth, reflecting its strong performance.</li></ul>

Cadence Design Systems, Inc. reported strong results and exceeded expectations for their second quarter of 2024, with broad-based momentum seen across their product portfolio.The company also posted stronger bookings than anticipated, leading to a strong backlog, demonstrating the robust demand for their innovative products.Cadence updated its revenue guidance for the year to over 13% year-over-year growth, reflecting its strong performance.

Cadence Design Systems: Increasing Demand for 3D-IC Technology & Recurring Revenue Growth Makes This A 'Buy'? - Major Drivers

<ul><li>Cadence Design Systems, Inc. recently reported a strong start to the year 2024, announcing first-quarter results that surpassed expectations and raised the financial outlook for the remainder of the year.</li><li>Revenue for the quarter stood at $1.09 billion with non-GAAP earnings per share (EPS) reaching $1.17, underscoring a robust performance against the backdrop of dynamic market conditions.</li><li>The company cited a record backlog of $6 billion as a primary driver for its optimistic revenue outlook, attributing this in part to burgeoning trends across AI, automotive, and 5G technologies.</li></ul>

Cadence Design Systems, Inc. recently reported a strong start to the year 2024, announcing first-quarter results that surpassed expectations and raised the financial outlook for the remainder of the year.Revenue for the quarter stood at $1.09 billion with non-GAAP earnings per share (EPS) reaching $1.17, underscoring a robust performance against the backdrop of dynamic market conditions.The company cited a record backlog of $6 billion as a primary driver for its optimistic revenue outlook, attributing this in part to burgeoning trends across AI, automotive, and 5G technologies.

Cadence Design Systems: Their Story Of Strategic Partnerships & Expansion through Mergers and Acquisitions! - Major Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 15th Feb, <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a>, a supplier of advanced semiconductors, entered into a Scheme with <a href="https://www.smartkarma.com/entities/altium-ltd" target="_blank" data-smartkarma-citation="entities:18626:1" rel="noopener">Altium Ltd (ALU AU)</a>.</li>
<li>Altium shareholders are being offered A$68.50/share, in cash, a lifetime high.</li>
<li>
The<a href="https://announcements.asx.com.au/asxpdf/20240606/pdf/064bn0c8xglrkk.pdf" target="_blank" rel="noopener"> Scheme Booklet</a> is now out, with a Scheme Meeting to be held on the 12th July. Expected implementation on the 1 August. The IE says fair &amp; reasonable.</li>
</ul>


Back on the 15th Feb, Renesas Electronics (6723 JP), a supplier of advanced semiconductors, entered into a Scheme with Altium Ltd (ALU AU).
Altium shareholders are being offered A$68.50/share, in cash, a lifetime high.

The Scheme Booklet is now out, with a Scheme Meeting to be held on the 12th July. Expected implementation on the 1 August. The IE says fair &amp; reasonable.


Altium (ALU AU)'s 12th July Scheme Vote. Renesas' Done Deal

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.

<ul>
<li>The <a href="https://www.smartkarma.com/entities/altium-ltd" target="_blank" data-smartkarma-citation="entities:18626:1" rel="noopener">Altium Ltd (ALU AU)</a> IE considers <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a>’ A$68.50 scheme offer fair and reasonable as it is above the midpoint of the A$62.37 to A$70.27 valuation range. </li>
<li>The offer is conditional on remaining regulatory approvals (FIRB, CFIUS) and shareholder approval. </li>
<li>The offer price is attractive and 31% above the all-time high. At the last close and for the 1 August payment, the gross/annualised spread was 1.7%/11.6%.</li>
</ul>


The Altium Ltd (ALU AU) IE considers Renesas Electronics (6723 JP)’ A$68.50 scheme offer fair and reasonable as it is above the midpoint of the A$62.37 to A$70.27 valuation range. 
The offer is conditional on remaining regulatory approvals (FIRB, CFIUS) and shareholder approval. 
The offer price is attractive and 31% above the all-time high. At the last close and for the 1 August payment, the gross/annualised spread was 1.7%/11.6%.


United States

Cadence Design Systems, Inc. provides software technology, design and consulting services and technology.  The Company licenses its electronic design automation software technology and provides a variety of professional services.  Cadence's design realization solutions are used to design and develop complex chips and electronic systems, including semiconductors.

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Cadence Design Sys (CDNS US)

Cadence Design Systems: Its Efforts Towards Diversification & Growth in System Design & Analysis & Other Major Drivers

Cadence Design Systems, Inc. reported its financial results for the third quarter of 2024, recording impressive performance across various aspects...

Baptista Research

Cadence Design Systems: Increasing Demand for 3D-IC Technology & Recurring Revenue Growth Makes This A 'Buy'? - Major Drivers

Cadence Design Systems, Inc. reported strong results and exceeded expectations for their second quarter of 2024, with broad-based momentum seen...

Baptista Research

Cadence Design Systems: Their Story Of Strategic Partnerships & Expansion through Mergers and Acquisitions! - Major Drivers

Cadence Design Systems, Inc. recently reported a strong start to the year 2024, announcing first-quarter results that surpassed expectations and...

Baptista Research

Altium (ALU AU)'s 12th July Scheme Vote. Renesas' Done Deal

Trading at a gross/annualised spread of 1.7%/11.8%. IF YOU ARE AN ARBITRAGEUR, get involved here and on any material dips. IF YOU ARE A LO...

David Blennerhassett

Altium (ALU AU): Scheme Vote on 12 July

The offer price is attractive and 31% above the all-time high. At the last close and for the 1 August payment, the gross/annualised spread was 1.7%...

Arun George

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