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>Descartes has been busy reminding investors that it is not a sleepy logistics software vendor wearing a nice cardigan.</li><li>The company exited fiscal 2026 with record quarterly revenue of $192.8 million, adjusted EBITDA margins of 46%, $356 million in cash, no debt, and an appetite for tuck-in acquisitions.</li><li>Its latest move, the purchase of Idelic for $28 million upfront plus up to $12 million in earn-outs, fits neatly into that playbook.</li></ul>

Descartes has been busy reminding investors that it is not a sleepy logistics software vendor wearing a nice cardigan.The company exited fiscal 2026 with record quarterly revenue of $192.8 million, adjusted EBITDA margins of 46%, $356 million in cash, no debt, and an appetite for tuck-in acquisitions.Its latest move, the purchase of Idelic for $28 million upfront plus up to $12 million in earn-outs, fits neatly into that playbook.

Descartes Acquisition Playbook Strikes Again With Idelic Deal!

<ul><li>The Descartes Systems Group delivered a strong set of results, with record performance across revenue, profitability, and cash flow metrics, reflecting continued execution against its long-term strategy.</li><li>Revenue growth remained solid, supported by both organic expansion and acquisitions, while the company maintained a high proportion of recurring services revenue, reinforcing visibility and stability.</li><li>Margins expanded further due to operating leverage, improved revenue mix, and disciplined cost management, including prior restructuring actions.</li></ul>

The Descartes Systems Group delivered a strong set of results, with record performance across revenue, profitability, and cash flow metrics, reflecting continued execution against its long-term strategy.Revenue growth remained solid, supported by both organic expansion and acquisitions, while the company maintained a high proportion of recurring services revenue, reinforcing visibility and stability.Margins expanded further due to operating leverage, improved revenue mix, and disciplined cost management, including prior restructuring actions.

Descartes Systems Group: Billions Of Transactions

<ul><li>Descartes Systems Group presented strong third-quarter financial results, marked by significant growth across key metrics.</li><li>The company reported record quarterly revenue of $187.7 million, an increase of 11% compared to the same period last year.</li><li>This growth was driven by a 16% rise in services revenue, making up 93% of total revenue, highlighting a strategic emphasis on generating recurring income.</li></ul>

Descartes Systems Group presented strong third-quarter financial results, marked by significant growth across key metrics.The company reported record quarterly revenue of $187.7 million, an increase of 11% compared to the same period last year.This growth was driven by a 16% rise in services revenue, making up 93% of total revenue, highlighting a strategic emphasis on generating recurring income.

Descartes Systems Group: A Tale Of Portfolio Expansion Driven by Disciplined Acquisitions and Network Leverage!

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 bullish outlook on global equities (MSCI ACWI) remains intact with ACWI-US and the S&amp;P 500 firmly trending higher. Our recommendation since mid-October to use any pre-election pullback in..</li>
<li>... the ACWI or the SPX as an opportunity to add exposure continues to pay off, and there is not much left to do except ride the trend higher.</li>
<li>Additionally, we still see a high probability of significant upside going into year-end and the early part of 2025 -- and likely beyond</li>
</ul>


Our bullish outlook on global equities (MSCI ACWI) remains intact with ACWI-US and the S&amp;P 500 firmly trending higher. Our recommendation since mid-October to use any pre-election pullback in..
... the ACWI or the SPX as an opportunity to add exposure continues to pay off, and there is not much left to do except ride the trend higher.
Additionally, we still see a high probability of significant upside going into year-end and the early part of 2025 -- and likely beyond


Ride the Trend Higher in MSCI ACWI and S&P 500; Buy/Stay Long Global Discretionary, Services, Tech

<ul>
<li>Global equities (MSCI ACWI -- ACWI-US) and the U.S. (S&amp;P 500) remain topside their respective bases at $117 and 5650-5670.</li>
<li>As discussed last week (October 17, 2024 Int'l Compass), we upgraded our outlook on global equities (MSCI ACWI) to bullish, saying to use any pre-election pullback as opportunity to buy.</li>
<li>The pullback appears to be underway, and we are buyers as long as ACWI-US and S&amp;P 500 remain above their aforementioned bases</li>
</ul>


Global equities (MSCI ACWI -- ACWI-US) and the U.S. (S&amp;P 500) remain topside their respective bases at $117 and 5650-5670.
As discussed last week (October 17, 2024 Int'l Compass), we upgraded our outlook on global equities (MSCI ACWI) to bullish, saying to use any pre-election pullback as opportunity to buy.
The pullback appears to be underway, and we are buyers as long as ACWI-US and S&amp;P 500 remain above their aforementioned bases


Buying Global Technology; SPX and MSCI ACWI Above Base Supports; Sea, TSMC, SAP, Luxshare, & More

Canada

The Descartes Systems Group Inc. provides inter-enterprise software for the execution of supply-chain management, especially for delivery-intensive companies.  The Company's products allow users to share and process information via the Internet.  Descartes licenses software to customers worldwide.

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Descartes Systems Grp (DSGX US)

Descartes Acquisition Playbook Strikes Again With Idelic Deal!

Descartes has been busy reminding investors that it is not a sleepy logistics software vendor wearing a nice cardigan. The company exited fiscal...

Baptista Research

Descartes Systems Group: Billions Of Transactions

The Descartes Systems Group delivered a strong set of results, with record performance across revenue, profitability, and cash flow metrics,...

Baptista Research

Descartes Systems Group: A Tale Of Portfolio Expansion Driven by Disciplined Acquisitions and Network Leverage!

Descartes Systems Group presented strong third-quarter financial results, marked by significant growth across key metrics. The company reported...

Baptista Research

Ride the Trend Higher in MSCI ACWI and S&P 500; Buy/Stay Long Global Discretionary, Services, Tech

Ride the Trend Higher in MSCI $ACWI and $SPX; We are still bullish as Risk-On Signals Dominate. Ideas to buy/stay long in global Discretionary,...

Vermilion Research

Buying Global Technology; SPX and MSCI ACWI Above Base Supports; Sea, TSMC, SAP, Luxshare, & More

Buying Global Technology; $SPX and MSCI $ACWI Remain Above Base Supports at 5650-5670 and $117; Buying Taiwan Semiconductor $TSM $SE $SAP $GRAB...

Vermilion Research

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