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

Concentrix Corporation / Equity Bottom-Up

<ul>
<li>Concentrix Corporation presented a mixed overview of its performance for the first quarter of fiscal 2025, achieving revenue growth and profitability ahead of guidance, yet facing strategic and operational challenges.</li>
<li>On the positive side, Concentrix reported a solid demand environment, with a particular emphasis on the growing adoption of their GenAI solutions across its client base, claiming one of the largest scales in global deployments of such technology.</li>
<li>The company emphasized its strategic focus on integrating AI solutions and expanding its business portfolio to deliver value across a broader client base.</li>
</ul>


Concentrix Corporation presented a mixed overview of its performance for the first quarter of fiscal 2025, achieving revenue growth and profitability ahead of guidance, yet facing strategic and operational challenges.
On the positive side, Concentrix reported a solid demand environment, with a particular emphasis on the growing adoption of their GenAI solutions across its client base, claiming one of the largest scales in global deployments of such technology.
The company emphasized its strategic focus on integrating AI solutions and expanding its business portfolio to deliver value across a broader client base.


Concentrix Corporation: Expanding Client Base & Capitalizing On Consolidation Opportunities...

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Groupe Bruxelles Lambert Sa / Event-Driven

<ul>
<li>Concentrix has signed a deal to merge with Webhelp (unlisted) in a cash and shares deal worth roughly $4.8 billion, including net debt. Webhelp is 59.15% owned by GBL.</li>
<li>GBL obtains €1,787 million (vs. €1,721 million last valuation). GBL doesn't miss on a good deal, even momentarily reversing the trend of increasing share of private assets in portfolio.</li>
<li>The discount, albeit recently tightening, stays at a high level, 36.9%, despite the good deal and higher portfolio visibility and cash holdings.</li>
</ul>


Concentrix has signed a deal to merge with Webhelp (unlisted) in a cash and shares deal worth roughly $4.8 billion, including net debt. Webhelp is 59.15% owned by GBL.
GBL obtains €1,787 million (vs. €1,721 million last valuation). GBL doesn't miss on a good deal, even momentarily reversing the trend of increasing share of private assets in portfolio.
The discount, albeit recently tightening, stays at a high level, 36.9%, despite the good deal and higher portfolio visibility and cash holdings.


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>
<a href="https://www.smartkarma.com/entities/tdcx-inc" target="_blank" data-smartkarma-citation="entities:34187:1" rel="noopener">TDCX (TDCX US)</a> offers digital customer experience solutions for innovative technology and blue-chip companies and has global client base including <a href="https://www.smartkarma.com/entities/meta-platforms-inc-class-a-facebook" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Meta Platforms (Facebook) (META US)</a> and <a href="https://www.smartkarma.com/entities/airbnb-inc" target="_blank" data-smartkarma-citation="entities:431:1" rel="noopener">Airbnb Inc (ABNB US)</a> .</li>
<li>The company’s share price has dropped more than 40% since its IPO as its largest clients were negatively impacted due to the Covid-19 outbreak.</li>
<li>TDCX’s 2Q2022 earnings were strong and the company’s client acquisition strategy is paying off and the share price has moved up 60% since then.</li>
</ul>



TDCX (TDCX US) offers digital customer experience solutions for innovative technology and blue-chip companies and has global client base including Meta Platforms (Facebook) (META US) and Airbnb Inc (ABNB US) .
The company’s share price has dropped more than 40% since its IPO as its largest clients were negatively impacted due to the Covid-19 outbreak.
TDCX’s 2Q2022 earnings were strong and the company’s client acquisition strategy is paying off and the share price has moved up 60% since then.


TDCX: Attractive Growth Profile; Drop in Multiples Offer a Good Entry Point

US/Europe Event-Driven Analyst

John DeMasi

<ul>
<li>Singapore-Based private equity firm Capital Square Partners (“CSP”) engineered combination of Aegis Global and “old” Startek in 2018 to create “new” Startek.</li>
<li>Microcap business process outsourcing ("BPO") company runs outsourced customer contact centers, has improving sales and profitability, and a declining stock price.</li>
<li>On 20December2021, CSP disclosed that it had submitted a “preliminary, non-binding proposal” to acquire all outstanding shares of SRT US not already owned by it for $5.40 per share.</li>
</ul>


Singapore-Based private equity firm Capital Square Partners (“CSP”) engineered combination of Aegis Global and “old” Startek in 2018 to create “new” Startek.
Microcap business process outsourcing ("BPO") company runs outsourced customer contact centers, has improving sales and profitability, and a declining stock price.
On 20December2021, CSP disclosed that it had submitted a “preliminary, non-binding proposal” to acquire all outstanding shares of SRT US not already owned by it for $5.40 per share.


Startek Inc. – SRT US 55% Owner Proposes $5.40 Cash Per Share Squeeze Out

United States

Concentrix Corporation provides technology infused solutions. The Company offers digital customer experience (CX) solutions. Concentrix serves customers in the United States.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Concentrix Corporation (CNXC US)

Concentrix Corporation: Expanding Client Base & Capitalizing On Consolidation Opportunities...

The company emphasized its strategic focus on integrating AI solutions and expanding its business portfolio to deliver value across a broader...

Baptista Research

Concentrix/Webhelp: A Good Deal for GBL

Concentrix has signed a deal to merge with Webhelp (unlisted) in a cash and shares deal worth roughly $4.8 billion, including net debt. Webhelp is...

Jesus Rodriguez Aguilar

TDCX: Attractive Growth Profile; Drop in Multiples Offer a Good Entry Point

Though TDCX's share price has moved up over the last three weeks, there is further upside as the company's client acquisition has started paying...

Shifara Samsudeen, FCMA, CGMA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Concentrix Corporation: Expanding Client Base & Capitalizing On Consolidation Opportunities...

The company emphasized its strategic focus on integrating AI solutions and expanding its business portfolio to deliver value across a broader...

Baptista Research

Concentrix/Webhelp: A Good Deal for GBL

Concentrix has signed a deal to merge with Webhelp (unlisted) in a cash and shares deal worth roughly $4.8 billion, including net debt. Webhelp is...

Jesus Rodriguez Aguilar

TDCX: Attractive Growth Profile; Drop in Multiples Offer a Good Entry Point

Though TDCX's share price has moved up over the last three weeks, there is further upside as the company's client acquisition has started paying...

Shifara Samsudeen, FCMA, CGMA

Startek Inc. – SRT US 55% Owner Proposes $5.40 Cash Per Share Squeeze Out

Dirt-cheap microcap whose 55% owner wants to take private on the cheap. Shares offer 27% upside to proposed buyout price and more upside if special...

John DeMasi