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>Coursera's latest quarterly and full-year earnings report highlights a complex picture characterized by noteworthy achievements as well as certain challenges.</li>
<li>Revenue for the fourth quarter of 2024 reached $179 million, marking a 6% increase from the previous year across all operational segments.</li>
<li>Full-year revenue stood at $695 million, up 9% year-over-year, alongside significant profitability improvements, exemplified by a 750 basis point increase in annual adjusted EBITDA margin and over $59 million in free cash flow.</li>
</ul>


Coursera's latest quarterly and full-year earnings report highlights a complex picture characterized by noteworthy achievements as well as certain challenges.
Revenue for the fourth quarter of 2024 reached $179 million, marking a 6% increase from the previous year across all operational segments.
Full-year revenue stood at $695 million, up 9% year-over-year, alongside significant profitability improvements, exemplified by a 750 basis point increase in annual adjusted EBITDA margin and over $59 million in free cash flow.


Coursera Expands Global Reach With Solid Content Diversification & Localization Strategy

<ul>
<li>Coursera reported mixed financial results for the first quarter of 2024, reflecting progress on strategic initiatives but facing challenges in revenue growth, particularly within their consumer segment.</li>
<li>The company reported a 15% year-over-year increase in revenue, which, despite aligning with progression in its product offerings and user base growth, fell short of internal expectations primarily due to softness in North American paid learners.</li>
<li>On the positive side, Coursera continues to strengthen its platform with enhanced educational content and broader partnerships, evidenced by the addition of new professional certificates and degrees, and significant emphasis on integrating generative AI technologies into its offerings.</li>
</ul>


Coursera reported mixed financial results for the first quarter of 2024, reflecting progress on strategic initiatives but facing challenges in revenue growth, particularly within their consumer segment.
The company reported a 15% year-over-year increase in revenue, which, despite aligning with progression in its product offerings and user base growth, fell short of internal expectations primarily due to softness in North American paid learners.
On the positive side, Coursera continues to strengthen its platform with enhanced educational content and broader partnerships, evidenced by the addition of new professional certificates and degrees, and significant emphasis on integrating generative AI technologies into its offerings.


Coursera Inc.: What Are Their Latest Innovations in Learning Platforms and Technology?

<ul>
<li>This is our first report on ed-tech major, Coursera.</li>
<li>The company had a successful fourth quarter, marking a strong close to the year.</li>
<li>The company welcomed 24 million new learners in this period, bringing their base to more than 140 million and seeing an increase in annual revenue of 21% over the previous year.</li>
</ul>


This is our first report on ed-tech major, Coursera.
The company had a successful fourth quarter, marking a strong close to the year.
The company welcomed 24 million new learners in this period, bringing their base to more than 140 million and seeing an increase in annual revenue of 21% over the previous year.


Coursera Inc.: Initiation Of Coverage - What Makes This Ed-Tech Giant Tick? - Major Drivers

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>
<a href="https://www.smartkarma.com/entities/readytech-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29105:1" rel="noopener">ReadyTech Holdings Ltd (RDY AU)</a> confirmed that it received a conditional, non-binding indicative proposal from Pacific Equity Partners (PEP) at A$4.50 per share, a 38.9% premium to the undisturbed price.</li>
<li>PEP aims to jointly work with Pemba, the largest shareholder with a 32.01% stake, on the proposal. Microequities, the second-largest shareholder, is said to oppose the offer.</li>
<li>The offer represents an all-time price high but struck at a discount to peer multiples, suggesting room for a bump. At last close, the spread to the offer is 8.4%.</li>
</ul>



ReadyTech Holdings Ltd (RDY AU) confirmed that it received a conditional, non-binding indicative proposal from Pacific Equity Partners (PEP) at A$4.50 per share, a 38.9% premium to the undisturbed price.
PEP aims to jointly work with Pemba, the largest shareholder with a 32.01% stake, on the proposal. Microequities, the second-largest shareholder, is said to oppose the offer.
The offer represents an all-time price high but struck at a discount to peer multiples, suggesting room for a bump. At last close, the spread to the offer is 8.4%.


ReadyTech’s Indicative Offer of A$4.50 from Pacific Equity Partners Good Enough?

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/duolingo-inc" target="_blank" data-smartkarma-citation="entities:33531:1" rel="noopener">Duolingo (DUOL US)</a> , high-profile, mobile-first EdTech unicorn, has successfully completed IPO in July. Company has raised ~$350 million implying valuation of ~$4.5 billion on a fully diluted basis. Selling stockholders offered ~1.4 million shares of Class A common stock at IPO price of $102 per share. Our bull case valuation is $185, what implies 30%+ upside potential, and we think Duolingo is well positioned to gain market share in a growing $10B+ online language learning market and ~$5B English Certification market.  </p>

Duolingo (DUOL US) , high-profile, mobile-first EdTech unicorn, has successfully completed IPO in July. Company has raised ~$350 million implying valuation of ~$4.5 billion on a fully diluted basis. Selling stockholders offered ~1.4 million shares of Class A common stock at IPO price of $102 per share. Our bull case valuation is $185, what implies 30%+ upside potential, and we think Duolingo is well positioned to gain market share in a growing $10B+ online language learning market and ~$5B English Certification market.  

Duolingo: Category Leader of Online Language Learning; 30%+ Upside

United States

Coursera, Inc. operates as an online educational company. The Company partners with universities and organizations to offer classes on their platform. Coursera serves clients worldwide.

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Coursera (COUR US)

Coursera Expands Global Reach With Solid Content Diversification & Localization Strategy

Coursera's latest quarterly and full-year earnings report highlights a complex picture characterized by noteworthy achievements as well as certain...

Baptista Research

Coursera Inc.: What Are Their Latest Innovations in Learning Platforms and Technology?

Coursera reported mixed financial results for the first quarter of 2024, reflecting progress on strategic initiatives but facing challenges in...

Baptista Research

Coursera Inc.: Initiation Of Coverage - What Makes This Ed-Tech Giant Tick? - Major Drivers

This is our first report on ed-tech major, Coursera. The company had a successful fourth quarter, marking a strong close to the year. The company...

Baptista Research

ReadyTech’s Indicative Offer of A$4.50 from Pacific Equity Partners Good Enough?

The offer represents an all-time share price high but struck at a discount to peer multiples, suggesting room for a bump. At the last close, the...

Arun George

Duolingo: Category Leader of Online Language Learning; 30%+ Upside

Duolingo is a category leader of online language learning and we believe Duolingo shares still have 30%+ upside potential in our bull case scenario

Andrei Zakharov

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