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>Dayforce, as presented in the recent quarterly earnings call, exhibited a strong financial performance for the second quarter of 2025, surpassing the high end of its guidance across key metrics.</li><li>The company reported a 14% year-over-year growth in Dayforce recurring revenue, excluding float, on a constant currency basis.</li><li>This robust performance is attributed to strategic execution across sales channels, product innovation, and operational efficiencies.</li></ul>

Dayforce, as presented in the recent quarterly earnings call, exhibited a strong financial performance for the second quarter of 2025, surpassing the high end of its guidance across key metrics.The company reported a 14% year-over-year growth in Dayforce recurring revenue, excluding float, on a constant currency basis.This robust performance is attributed to strategic execution across sales channels, product innovation, and operational efficiencies.

Dayforce: Expansion Within Large Enterprise Customers Through Deeper Module Adoption & Critical Growth Levers!

<ul>
<li>Dayforce reported strong financial performance in its second quarter of 2025, exceeding the high end of guidance across all key metrics.</li>
<li>The company observed a 14% growth in recurring revenue, excluding floating currency, on a constant currency basis, and a 420 basis point increase in adjusted EBITDA margin to 31.7%.</li>
<li>Free cash flow for the quarter reached $87.1 million, representing 18.7% of revenue, and the year-to-date figure climbed by 500 basis points to $106.6 million.</li>
</ul>


Dayforce reported strong financial performance in its second quarter of 2025, exceeding the high end of guidance across all key metrics.
The company observed a 14% growth in recurring revenue, excluding floating currency, on a constant currency basis, and a 420 basis point increase in adjusted EBITDA margin to 31.7%.
Free cash flow for the quarter reached $87.1 million, representing 18.7% of revenue, and the year-to-date figure climbed by 500 basis points to $106.6 million.


Thoma Bravo Eyes Dayforce: Can The HR Tech Giant Become Private Equity’s Next Big Bet?

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>This is the <strong>Fourth</strong> and <strong>Final</strong> of the HRTech Sector series and we will be discussing Ceridian, ADP, Recruit and Visional performance over the last quarter.</li>
<li>The remarkable growth spurt experienced post-Covid seems to be slowing down and margins and revenues have mostly returned to pre-COVID levels.</li>
<li>With digitisation of workplace, the market is expected to see further advancement in categories such as employee experience, talent intelligence, contract workforce management, etc.</li>
</ul>


This is the Fourth and Final of the HRTech Sector series and we will be discussing Ceridian, ADP, Recruit and Visional performance over the last quarter.
The remarkable growth spurt experienced post-Covid seems to be slowing down and margins and revenues have mostly returned to pre-COVID levels.
With digitisation of workplace, the market is expected to see further advancement in categories such as employee experience, talent intelligence, contract workforce management, etc.


HRTech Sector Series: Market Continues to Evolve While Post Covid Growth Begins to Slow Down

<ul>
<li>This is the Third of HRTech sector series and the four companies that we have covered under this series have since reported earnings.</li>
<li>HRTech market has undergone rapid changes and 2023 will bring in more value to the recent transformation such as Hybrid work models and metaverse that the industry has witnessed.</li>
<li>Of the four companies, except for Recruit, other three continues to perform positively with Visional recording the highest growth among the four.</li>
</ul>


This is the Third of HRTech sector series and the four companies that we have covered under this series have since reported earnings.
HRTech market has undergone rapid changes and 2023 will bring in more value to the recent transformation such as Hybrid work models and metaverse that the industry has witnessed.
Of the four companies, except for Recruit, other three continues to perform positively with Visional recording the highest growth among the four.


HRTech Sector Series: Hybrid Work Models and Metaverse to See More Prominence in 2023

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>The IE considers K1’s A$4.85 offer for <a href="https://www.smartkarma.com/entities/elmo-software-ltd" target="_blank" data-smartkarma-citation="entities:24342:1" rel="noopener">Elmo Software (ELO AU)</a> to be fair and reasonable as it is towards the high end of its valuation range of A$4.39-4.98.</li>
<li>K1 has received FIRB and US antitrust approval. The remaining key conditions are shareholders and court approval.</li>
<li>This is a done deal. At the last close price and for the 23 February 2023 payment, the gross and annualised spread is 1.9% and 10.9%, respectively.</li>
</ul>


The IE considers K1’s A$4.85 offer for Elmo Software (ELO AU) to be fair and reasonable as it is towards the high end of its valuation range of A$4.39-4.98.
K1 has received FIRB and US antitrust approval. The remaining key conditions are shareholders and court approval.
This is a done deal. At the last close price and for the 23 February 2023 payment, the gross and annualised spread is 1.9% and 10.9%, respectively.


Elmo Software (ELO AU)’s Scheme Meeting on 30 January

United States

Dayforce, Inc. provides technology solutions. The Company offers a platform for talent and workforce management, human resources, benefits, and payroll services that help to manage the entire employee lifecycle, from recruiting and onboarding, to paying people. Dayforce serves customers worldwide.

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Dayforce (DAY US)

Dayforce: Expansion Within Large Enterprise Customers Through Deeper Module Adoption & Critical Growth Levers!

Dayforce, as presented in the recent quarterly earnings call, exhibited a strong financial performance for the second quarter of 2025, surpassing...

Baptista Research

Thoma Bravo Eyes Dayforce: Can The HR Tech Giant Become Private Equity’s Next Big Bet?

Dayforce reported strong financial performance in its second quarter of 2025, exceeding the high end of guidance across all key metrics.

Baptista Research

HRTech Sector Series: Market Continues to Evolve While Post Covid Growth Begins to Slow Down

This is the Final of the HRTech sector series. With digitisation of workplaces, market is expected to see further advancement in categories such as...

Shifara Samsudeen, FCMA, CGMA

HRTech Sector Series: Hybrid Work Models and Metaverse to See More Prominence in 2023

This is the 3rd of HRTech sector series. The market in 2023 will witness more value coming from recent transformations such as Hybrid work models...

Shifara Samsudeen, FCMA, CGMA

Elmo Software (ELO AU)’s Scheme Meeting on 30 January

This is a done deal. At the last close price and for the 23 February 2023 payment, the gross and annualised spread is 1.9% and 10.9%, respectively.

Arun George

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