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>Cisco Systems, Inc. exhibited robust performance in its third quarter of fiscal year 2025, surpassing revenue, margins, and earnings expectations.</li><li>The company reported total revenue of $14.1 billion, marking a substantial 11% year-over-year increase.</li><li>This growth was driven by significant expansion in product revenue, especially in areas such as networking, which saw an 8% increase, and security, which surged by 54%, primarily due to contributions from Splunk and SASE offerings.</li></ul>

Cisco Systems, Inc. exhibited robust performance in its third quarter of fiscal year 2025, surpassing revenue, margins, and earnings expectations.The company reported total revenue of $14.1 billion, marking a substantial 11% year-over-year increase.This growth was driven by significant expansion in product revenue, especially in areas such as networking, which saw an 8% increase, and security, which surged by 54%, primarily due to contributions from Splunk and SASE offerings.

Cisco Systems Just Smashed AI Order Expectations—Is Silicon One the Future of Cloud Infrastructure?

<ul><li>Cisco Systems, Inc. recently reported strong financial performance for the second quarter of fiscal year 2025.</li><li>The company delivered revenue, margins, and earnings per share at or above their guidance range, underscoring robust demand for its technology portfolio.</li><li>Total revenue reached $14 billion, up 9% year-over-year.</li></ul>

Cisco Systems, Inc. recently reported strong financial performance for the second quarter of fiscal year 2025.The company delivered revenue, margins, and earnings per share at or above their guidance range, underscoring robust demand for its technology portfolio.Total revenue reached $14 billion, up 9% year-over-year.

Cisco Systems Inc.: Is The Global Public Sector Strength A Sturdy Growth Foundation?

<ul><li>Cisco Systems, Inc. recently reported its first quarter results for fiscal year 2025, showcasing numerous strengths as well as areas to watch closely.</li><li>The company's revenue for the quarter reached $13.8 billion, sitting at the high end of their guidance range, though it marked a 6% decline year-over-year due to the previous year’s elevated backlog shipments.</li><li>The strength across Cisco's lines of business was evident in their recurring revenue streams, which now account for 57% of total revenue.</li></ul>

Cisco Systems, Inc. recently reported its first quarter results for fiscal year 2025, showcasing numerous strengths as well as areas to watch closely.The company's revenue for the quarter reached $13.8 billion, sitting at the high end of their guidance range, though it marked a 6% decline year-over-year due to the previous year’s elevated backlog shipments.The strength across Cisco's lines of business was evident in their recurring revenue streams, which now account for 57% of total revenue.

Cisco’s Game-Changing  NVIDIA Partnership & AI Solutions Are A Potential Masterstroke? - Major Drivers

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>2025 AI revenue ~US$19bn, up 55-60% YoY. Similar growth in 2026 or $~30bn. Mngt declined to update 2027 addressable market (SAM), previously stated at $60-90bn. That looks too high.</li>
<li>Risk of disappointment for 2027? No, Consensus is too low. Our estimate for 2026 revenue is $79bn versus consensus at $73bn, $95bn in ’27 vs Consensus $83.</li>
<li>Consensus for AI stocks is too low. But AVGO is expensive at 33x FY26 Consensus, most likely ~30x and ~25x 2027 if I’m correct. That’s more expensive than NVDA.</li>
</ul>


2025 AI revenue ~US$19bn, up 55-60% YoY. Similar growth in 2026 or $~30bn. Mngt declined to update 2027 addressable market (SAM), previously stated at $60-90bn. That looks too high.
Risk of disappointment for 2027? No, Consensus is too low. Our estimate for 2026 revenue is $79bn versus consensus at $73bn, $95bn in ’27 vs Consensus $83.
Consensus for AI stocks is too low. But AVGO is expensive at 33x FY26 Consensus, most likely ~30x and ~25x 2027 if I’m correct. That’s more expensive than NVDA.


AVGO Results Good. 55-60% AI Growth in 2025, Same in 26. Consensus Is ~10% Too Low, Stock Expensive

<ul><li>Cisco Systems, Inc. reported its financial results for the fourth quarter and fiscal year 2024, demonstrating solid performance despite a challenging macroeconomic environment.</li><li>The company closed the fiscal year with $13.6 billion in revenue for the fourth quarter and $53.8 billion for the year.</li><li>Both annualized recurring revenue and subscription revenue grew, reflecting Cisco's strategic pivot towards a more sustainable, subscription-based model.</li></ul>

Cisco Systems, Inc. reported its financial results for the fourth quarter and fiscal year 2024, demonstrating solid performance despite a challenging macroeconomic environment.The company closed the fiscal year with $13.6 billion in revenue for the fourth quarter and $53.8 billion for the year.Both annualized recurring revenue and subscription revenue grew, reflecting Cisco's strategic pivot towards a more sustainable, subscription-based model.

Cisco Systems Inc.: Networking and Security Symbiosis

United States

Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use. The Company provides products for transporting data, voice, and video within buildings, across campuses, and globally.

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Cisco Systems (CSCO US)

Cisco Systems Just Smashed AI Order Expectations—Is Silicon One the Future of Cloud Infrastructure?

Cisco Systems, Inc. exhibited robust performance in its third quarter of fiscal year 2025, surpassing revenue, margins, and earnings...

Baptista Research

Cisco Systems Inc.: Is The Global Public Sector Strength A Sturdy Growth Foundation?

Cisco Systems, Inc. recently reported strong financial performance for the second quarter of fiscal year 2025. The company delivered revenue,...

Baptista Research

Cisco’s Game-Changing NVIDIA Partnership & AI Solutions Are A Potential Masterstroke? - Major Drivers

Cisco Systems, Inc. recently reported its first quarter results for fiscal year 2025, showcasing numerous strengths as well as areas to watch...

Baptista Research

AVGO Results Good. 55-60% AI Growth in 2025, Same in 26. Consensus Is ~10% Too Low, Stock Expensive

AI revenue projected to reach $19bn in 2025, $30bn in 2026. Consensus estimates for Broadcom revenues are too low, but AVGO is more expensive than...

Nicolas Baratte

Cisco Systems Inc.: Networking and Security Symbiosis

Cisco Systems, Inc. reported its financial results for the fourth quarter and fiscal year 2024, demonstrating solid performance despite a...

Baptista Research

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Cisco Systems Just Smashed AI Order Expectations—Is Silicon One the Future of Cloud Infrastructure?

Cisco Systems, Inc. exhibited robust performance in its third quarter of fiscal year 2025, surpassing revenue, margins, and earnings...

Baptista Research

Cisco Systems Inc.: Is The Global Public Sector Strength A Sturdy Growth Foundation?

Cisco Systems, Inc. recently reported strong financial performance for the second quarter of fiscal year 2025. The company delivered revenue,...

Baptista Research

Cisco’s Game-Changing NVIDIA Partnership & AI Solutions Are A Potential Masterstroke? - Major Drivers

Cisco Systems, Inc. recently reported its first quarter results for fiscal year 2025, showcasing numerous strengths as well as areas to watch...

Baptista Research

AVGO Results Good. 55-60% AI Growth in 2025, Same in 26. Consensus Is ~10% Too Low, Stock Expensive

​AI revenue projected to reach $19bn in 2025, $30bn in 2026. Consensus estimates for Broadcom revenues are too low, but AVGO is more expensive than...

Nicolas Baratte

Cisco Systems Inc.: Networking and Security Symbiosis

Cisco Systems, Inc. reported its financial results for the fourth quarter and fiscal year 2024, demonstrating solid performance despite a...

Baptista Research

AI revenue projected to reach $19bn in 2025, $30bn in 2026. Consensus estimates for Broadcom revenues are too low, but AVGO is more expensive than...