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 Capital Markets

<ul><li>CVS Health has been on an acquisition spree lately and has been in the news for the acquisitions of Oak Street Health and Signify Health.</li><li>The company delivered strong financial results that exceeded the revenue expectations as well as earnings expectations of Wall Street with high single-digit top-line growth.</li><li>CVS recently announced that it has entered into one definitive agreement to acquire the outstanding shares of Oak Street Health.</li></ul>

CVS Health has been on an acquisition spree lately and has been in the news for the acquisitions of Oak Street Health and Signify Health.The company delivered strong financial results that exceeded the revenue expectations as well as earnings expectations of Wall Street with high single-digit top-line growth.CVS recently announced that it has entered into one definitive agreement to acquire the outstanding shares of Oak Street Health.

CVS Health Corporation: Acquisitions Of Oak Street Health & Signify Health

Selected Quarterly & Annual Newsletters from Funds, Fund Newsletters

Fund Newsletters

Selected Quarterly & Annual Newsletters from Funds

Thematic (Sector/Industry)

<ul><li>SaltLight Capital Management started in 2015 and has grown tremendously, with assets under management doubling each year. Our investment process is continuously evolving.</li><li>Despite the market downturn our cumulative redemptions are a mere basis points of the fund.</li><li>We are more concerned with the ‘two birds in the bush’ so to speak; and then extending the adage further: what is the price implying to catch these plump birds.</li><li>With a more concentrated portfolio of businesses, portfolio volatility can be higher, but volatility can be compensated with higher returns.</li><li>We have no conviction about the direction of the market - we don’t believe one can consistently predict this with high accuracy.</li></ul>

SaltLight Capital Management started in 2015 and has grown tremendously, with assets under management doubling each year. Our investment process is continuously evolving.Despite the market downturn our cumulative redemptions are a mere basis points of the fund.We are more concerned with the ‘two birds in the bush’ so to speak; and then extending the adage further: what is the price implying to catch these plump birds.With a more concentrated portfolio of businesses, portfolio volatility can be higher, but volatility can be compensated with higher returns.We have no conviction about the direction of the market - we don’t believe one can consistently predict this with high accuracy.

SaltLight Capital Management Q3 2022 Co-Investor Letter

<ul><li>CVS Health delivered another strong quarter.</li><li>The company increased sales by 10% compared to the last year, reaching over $81 billion and surpassed Wall Street expectations in terms of revenues as well as earnings.</li><li>The Health Care Benefits segment also had a good quarter.</li></ul>

CVS Health delivered another strong quarter.The company increased sales by 10% compared to the last year, reaching over $81 billion and surpassed Wall Street expectations in terms of revenues as well as earnings.The Health Care Benefits segment also had a good quarter.

CVS Health Corp: Acquisition of Signify Health & Other Drivers

<ul><li>We may have different expectations concerning inflation, interest rates, or economic growth, but, at the end of the day, what we buy will determine the portfolio’s return (and its risk).</li><li>Most of our work is devoted to seeking out individual investment opportunities and analyzing them rather than to macroeconomic forecasting.</li><li>As we expected, the need for capital investment over the long term has been, and will likely remain, higher than we anticipated.</li></ul>

We may have different expectations concerning inflation, interest rates, or economic growth, but, at the end of the day, what we buy will determine the portfolio’s return (and its risk).Most of our work is devoted to seeking out individual investment opportunities and analyzing them rather than to macroeconomic forecasting.As we expected, the need for capital investment over the long term has been, and will likely remain, higher than we anticipated.

Vltava Fund Q3 2022 Letter To Shareholders

Equity Bottom-Up

<ul><li>CVS Group’s agile operating model and resilient supply chain contributed to robust quarterly performance and the company managed to exceed Wall Street expectations in terms of revenues as well as earnings.</li><li>The Medicare business of the company remains a strong growth segment, and it has increased its membership across all Medicare products.</li><li>The retail script growth trend of CVS is remarkable as there has been a consistent increase in the market share.</li></ul>

CVS Group’s agile operating model and resilient supply chain contributed to robust quarterly performance and the company managed to exceed Wall Street expectations in terms of revenues as well as earnings.The Medicare business of the company remains a strong growth segment, and it has increased its membership across all Medicare products.The retail script growth trend of CVS is remarkable as there has been a consistent increase in the market share.

CVS Group: Growth Strategy & Cost Advantage

United States

CVS Health Corporation is an integrated pharmacy health care provider. The Company's offerings include pharmacy benefit management services; mail order, retail and specialty pharmacy; disease management programs; and retail clinics. The company operates drugstores throughout the U.S., the District of Columbia, and Puerto Rico.

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Cvs Health Corp (CVS US)

CVS Health Corporation: Acquisitions Of Oak Street Health & Signify Health

CVS Health has been on an acquisition spree lately and has been in the news for the acquisitions of Oak Street Health and Signify Health. The...

Baptista Research

SaltLight Capital Management Q3 2022 Co-Investor Letter

SaltLight Capital Management started in 2015 and has grown tremendously, with assets under management doubling each year. Our investment process...

Fund Newsletters

CVS Health Corp: Acquisition of Signify Health & Other Drivers

CVS Health delivered another strong quarter. The company increased sales by 10% compared to the last year, reaching over $81 billion and surpassed...

Baptista Research

Vltava Fund Q3 2022 Letter To Shareholders

We may have different expectations concerning inflation, interest rates, or economic growth, but, at the end of the day, what we buy will...

Fund Newsletters

CVS Group: Growth Strategy & Cost Advantage

CVS Group’s agile operating model and resilient supply chain contributed to robust quarterly performance and the company managed to exceed Wall...

Baptista Research

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