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 second quarter 2026 results reflected a combination of solid operating performance and favorable macroeconomic conditions.</li><li>The company reported revenue of $1.34 billion, representing a 21% year-over-year increase and outperforming expectations by $45 million, driven partially by a $30 million macroeconomic tailwind.</li><li>Cash earnings per share (EPS) reached a record $7, up 36% year-over-year, with the Alpha acquisition and Avid investment contributing $0.39 in EPS accretion, in line with management’s targets.</li></ul>

Corpay’s second quarter 2026 results reflected a combination of solid operating performance and favorable macroeconomic conditions.The company reported revenue of $1.34 billion, representing a 21% year-over-year increase and outperforming expectations by $45 million, driven partially by a $30 million macroeconomic tailwind.Cash earnings per share (EPS) reached a record $7, up 36% year-over-year, with the Alpha acquisition and Avid investment contributing $0.39 in EPS accretion, in line with management’s targets.

Corpay’s Alpha Acquisition Is Paying Off — $0.39 Of EPS Accretion Hits The Model!

<ul><li>Corpay International Holdings, Inc. reported a strong start to 2026 with first quarter results that exceeded internal guidance across key financial metrics.</li><li>The company recorded revenues of $1.26 billion, reflecting a 25% year-over-year increase, alongside a 29% growth in cash earnings per share to $5.80.</li><li>Organic revenue growth remained consistent at 11% for the fourth consecutive quarter, driven predominantly by strong performances in Corporate Payments, which grew 16% (18% excluding float compression), Vehicle Payments with 10% growth, and improvements in the Lodging segment which stabilized after prior declines.</li></ul>

Corpay International Holdings, Inc. reported a strong start to 2026 with first quarter results that exceeded internal guidance across key financial metrics.The company recorded revenues of $1.26 billion, reflecting a 25% year-over-year increase, alongside a 29% growth in cash earnings per share to $5.80.Organic revenue growth remained consistent at 11% for the fourth consecutive quarter, driven predominantly by strong performances in Corporate Payments, which grew 16% (18% excluding float compression), Vehicle Payments with 10% growth, and improvements in the Lodging segment which stabilized after prior declines.

Corpay’s $5.29 Billion Guide: Can Corporate Payments Keep Fueling Upside?

<ul><li>Corpay recently held an earnings call to discuss its fourth-quarter and full-year 2025 financial results, as well as to outline its guidance and strategic priorities for 2026.</li><li>The company reported revenue of $1.248 billion for Q4, marking a 21% increase, and achieved cash EPS of $6.04, which represents a 13% growth.</li><li>For the full year 2025, Corpay reported a revenue of $4.5 billion, up 14%, with cash EPS of $21.38, reflecting a 12% increase, or a 17% increase when adjusted for a constant tax rate.</li></ul>

Corpay recently held an earnings call to discuss its fourth-quarter and full-year 2025 financial results, as well as to outline its guidance and strategic priorities for 2026.The company reported revenue of $1.248 billion for Q4, marking a 21% increase, and achieved cash EPS of $6.04, which represents a 13% growth.For the full year 2025, Corpay reported a revenue of $4.5 billion, up 14%, with cash EPS of $21.38, reflecting a 12% increase, or a 17% increase when adjusted for a constant tax rate.

How Corpay Is Turning Cost Cuts and Cross-Border Expansion Into a Durable Growth Engine!

<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?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside healthy market dynamics which have continued to improve.</li>
<li>Two weeks ago, our election day report (11/5/24) was titled "Buy the Pullback," and with the SPX/QQQ/IWM pulling back to their 20-day MAs, it's time to buy the pullback <em>again</em>.</li>
<li>We continue to expect significant upside into year-end and early 2025, and we expect support at the 20-day MAs on the aforementioned indexes (though support at 50-day MAs is possible).</li>
</ul>


Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside healthy market dynamics which have continued to improve.
Two weeks ago, our election day report (11/5/24) was titled "Buy the Pullback," and with the SPX/QQQ/IWM pulling back to their 20-day MAs, it's time to buy the pullback again.
We continue to expect significant upside into year-end and early 2025, and we expect support at the 20-day MAs on the aforementioned indexes (though support at 50-day MAs is possible).


Buy the Pullback Again; S&P 500, Nasdaq 100, Russell 2000 Testing Confluence of Support

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’s Alpha Acquisition Is Paying Off — $0.39 Of EPS Accretion Hits The Model!

Corpay’s second quarter 2026 results reflected a combination of solid operating performance and favorable macroeconomic conditions. The company...

Baptista Research

Corpay’s $5.29 Billion Guide: Can Corporate Payments Keep Fueling Upside?

Corpay International Holdings, Inc. reported a strong start to 2026 with first quarter results that exceeded internal guidance across key...

Baptista Research

How Corpay Is Turning Cost Cuts and Cross-Border Expansion Into a Durable Growth Engine!

Corpay recently held an earnings call to discuss its fourth-quarter and full-year 2025 financial results, as well as to outline its guidance and...

Baptista Research

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

Buy the Pullback Again; S&P 500, Nasdaq 100, Russell 2000 Testing Confluence of Support

Buy the Pullback Again, Same as Our Election Day Report; S&P 500 $SPX, Nasdaq 100 $QQQ, Russell 2000 $IWM Testing Confluence of Support at 20-day...

Vermilion Research

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