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>Corpay's third-quarter 2025 financial results reflect a robust period of growth and strategic maneuvering, both in terms of organic progression and acquisitions.</li><li>Revenue and cash earnings per share (EPS) saw a 14% increase year-over-year, driven by a noteworthy 11% organic revenue growth.</li><li>This performance was largely contributed by their Vehicle Payments and Corporate Payments segments, which achieved organic growth rates of 10% and 17%, respectively.</li></ul>

Corpay's third-quarter 2025 financial results reflect a robust period of growth and strategic maneuvering, both in terms of organic progression and acquisitions.Revenue and cash earnings per share (EPS) saw a 14% increase year-over-year, driven by a noteworthy 11% organic revenue growth.This performance was largely contributed by their Vehicle Payments and Corporate Payments segments, which achieved organic growth rates of 10% and 17%, respectively.

Corpay: Will Its Bold Cross-Border Expansion Efforts Unlock A New Profit Stream?

<ul><li>Corpay has made headlines with its definitive agreement to acquire Alpha Group International in an all-cash deal valued at approximately $2.2 billion (£1.6 billion).</li><li>The transaction, offering Alpha shareholders £42.50 per share—a 55% premium over its undisturbed price as of May 1, 2025—is expected to close in Q4 2025, pending shareholder and regulatory approvals.</li><li>This acquisition comes on the heels of a busy strategic year for Corpay, including a $300 million cross-border partnership with Mastercard and a minority investment in AvidXchange.</li></ul>

Corpay has made headlines with its definitive agreement to acquire Alpha Group International in an all-cash deal valued at approximately $2.2 billion (£1.6 billion).The transaction, offering Alpha shareholders £42.50 per share—a 55% premium over its undisturbed price as of May 1, 2025—is expected to close in Q4 2025, pending shareholder and regulatory approvals.This acquisition comes on the heels of a busy strategic year for Corpay, including a $300 million cross-border partnership with Mastercard and a minority investment in AvidXchange.

Corpay’s $2.2 Billion Move: Why The Alpha Group Deal Could Be A Game-Changer For Global B2B Payments

<ul><li>Corpay reported its first quarter of fiscal 2025, presenting a mixed yet promising picture for investors.</li><li>The company generated revenue of $1.6 billion, reflecting an 8% increase, and achieved cash earnings per share (EPS) of $4.51, up 10%.</li><li>When adjusted for constant macroeconomic conditions, cash EPS rose by 18%.</li></ul>

Corpay reported its first quarter of fiscal 2025, presenting a mixed yet promising picture for investors.The company generated revenue of $1.6 billion, reflecting an 8% increase, and achieved cash earnings per share (EPS) of $4.51, up 10%.When adjusted for constant macroeconomic conditions, cash EPS rose by 18%.

Corpay Is Cracking the Enterprise Market with Mega Account Win: Here’s What’s Driving Its Growth!

<ul><li>Corpay's fourth quarter and full-year 2024 performance presents a mixed picture with several strategic insights for potential investors.</li><li>From a positive perspective, the company's revenue grew by 10% year-over-year in Q4, reaching $1.34 billion, and its cash earnings per share (EPS) increased significantly by 21%.</li><li>The growth of organic revenue by 12% in Q4, attributed largely to a 26% increase in its corporate payments line, marks a notable strength.</li></ul>

Corpay's fourth quarter and full-year 2024 performance presents a mixed picture with several strategic insights for potential investors.From a positive perspective, the company's revenue grew by 10% year-over-year in Q4, reaching $1.34 billion, and its cash earnings per share (EPS) increased significantly by 21%.The growth of organic revenue by 12% in Q4, attributed largely to a 26% increase in its corporate payments line, marks a notable strength.

Corpay Enjoying The Corporate Payments Boom—Will New Products Drive the Next Growth Wave?

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>BILL Holdings shares have materially underperformed year-to-date and fell ~51%. Shares saw selling pressure post 2QFY25 earnings as results indicated weak outlook.</li>
<li>I see limited room for downside given current valuation of ~3x 2025E EV/Revenue (with ~13% growth) and recent acquisition of AvidXchange at a higher multiple.</li>
<li>I believe BILL’s current attractive valuation levels can be viewed as opportunity to unwind bearish positions and valuation looks more reasonable vs. peers, especially AvidXchange.</li>
</ul>


BILL Holdings shares have materially underperformed year-to-date and fell ~51%. Shares saw selling pressure post 2QFY25 earnings as results indicated weak outlook.
I see limited room for downside given current valuation of ~3x 2025E EV/Revenue (with ~13% growth) and recent acquisition of AvidXchange at a higher multiple.
I believe BILL’s current attractive valuation levels can be viewed as opportunity to unwind bearish positions and valuation looks more reasonable vs. peers, especially AvidXchange.


2024 High Conviction Update: BILL Holdings, Attractive Valuation Levels To Unwind Bearish Positions

United States

Corpay, Inc. operates as a business payments company. The Company offers global payment, currency risk management, and invoice automation solutions which help businesses to control, simplify, and secure payment for vehicle related expenses, general payables, tolls, insurance, and lodging expenses. Corpay serves customers worldwide.

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Corpay (CPAY US)

Corpay: Will Its Bold Cross-Border Expansion Efforts Unlock A New Profit Stream?

Corpay's third-quarter 2025 financial results reflect a robust period of growth and strategic maneuvering, both in terms of organic progression...

Baptista Research

Corpay’s $2.2 Billion Move: Why The Alpha Group Deal Could Be A Game-Changer For Global B2B Payments

Corpay has made headlines with its definitive agreement to acquire Alpha Group International in an all-cash deal valued at approximately $2.2...

Baptista Research

Corpay Is Cracking the Enterprise Market with Mega Account Win: Here’s What’s Driving Its Growth!

Corpay reported its first quarter of fiscal 2025, presenting a mixed yet promising picture for investors. The company generated revenue of $1.6...

Baptista Research

Corpay Enjoying The Corporate Payments Boom—Will New Products Drive the Next Growth Wave?

Corpay's fourth quarter and full-year 2024 performance presents a mixed picture with several strategic insights for potential investors. From a...

Baptista Research

2024 High Conviction Update: BILL Holdings, Attractive Valuation Levels To Unwind Bearish Positions

BILL Holdings shares have underperformed, but current valuation presents opportunity to unwind bearish positions and the stock valuation looks...

Andrei Zakharov

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Corpay: Will Its Bold Cross-Border Expansion Efforts Unlock A New Profit Stream?

Corpay's third-quarter 2025 financial results reflect a robust period of growth and strategic maneuvering, both in terms of organic progression...

Baptista Research

Corpay’s $2.2 Billion Move: Why The Alpha Group Deal Could Be A Game-Changer For Global B2B Payments

Corpay has made headlines with its definitive agreement to acquire Alpha Group International in an all-cash deal valued at approximately $2.2...

Baptista Research

Corpay Is Cracking the Enterprise Market with Mega Account Win: Here’s What’s Driving Its Growth!

Corpay reported its first quarter of fiscal 2025, presenting a mixed yet promising picture for investors. The company generated revenue of $1.6...

Baptista Research

Corpay Enjoying The Corporate Payments Boom—Will New Products Drive the Next Growth Wave?

Corpay's fourth quarter and full-year 2024 performance presents a mixed picture with several strategic insights for potential investors. From a...

Baptista Research

2024 High Conviction Update: BILL Holdings, Attractive Valuation Levels To Unwind Bearish Positions

​BILL Holdings shares have underperformed, but current valuation presents opportunity to unwind bearish positions and the stock valuation looks...

Andrei Zakharov

BILL Holdings shares have underperformed, but current valuation presents opportunity to unwind bearish positions and the stock valuation looks...