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>dLocal, a payments technology company focused on emerging markets, reported strong second-quarter 2026 results marked by substantial growth in key operational and financial metrics.</li><li>The company achieved a total payment volume (TPV) of $17.7 billion, representing a 92% year-over-year increase—a pace not seen since early 2022—and surpassing the full-year TPV processed in 2023.</li><li>This growth was broad-based across verticals, with ride-hailing and travel as significant contributors, alongside expansion from large global merchants.</li></ul>

dLocal, a payments technology company focused on emerging markets, reported strong second-quarter 2026 results marked by substantial growth in key operational and financial metrics.The company achieved a total payment volume (TPV) of $17.7 billion, representing a 92% year-over-year increase—a pace not seen since early 2022—and surpassing the full-year TPV processed in 2023.This growth was broad-based across verticals, with ride-hailing and travel as significant contributors, alongside expansion from large global merchants.

dLocal's Pivotal Expansion — dMore, BNPL And AI Broaden The Growth Engine!

<ul><li>The latest financial results of dLocal Limited present a mixed but generally positive view of the company’s ongoing operations within emerging markets.</li><li>In 2025, dLocal demonstrated robust growth with total payment volume (TPV) reaching $41 billion, a 60% year-over-year increase, and revenue surpassing $1 billion for the first time.</li><li>The company’s TPV has grown at an 82% compound annual growth rate since 2020, with fourth-quarter TPV hitting $13 billion, a 70% year-over-year rise.</li></ul>

The latest financial results of dLocal Limited present a mixed but generally positive view of the company’s ongoing operations within emerging markets.In 2025, dLocal demonstrated robust growth with total payment volume (TPV) reaching $41 billion, a 60% year-over-year increase, and revenue surpassing $1 billion for the first time.The company’s TPV has grown at an 82% compound annual growth rate since 2020, with fourth-quarter TPV hitting $13 billion, a 70% year-over-year rise.

dLocal: A $41 Billion TPV Scale Faces Emerging Market Volatility

<ul><li>DLocal Limited has demonstrated significant growth and operational strength in Q3 2025, underscored by a notable year-over-year TPV increase of 59% to over $10 billion.</li><li>This metric evidences the company's robust market presence and capacity for scaling, particularly in the context of its emerging markets focus.</li><li>On the positive side, DLocal's revenue reached $282 million, up 52% from the previous year, and gross profit amounted to $103 million, marking a 32% year-over-year increase.</li></ul>

DLocal Limited has demonstrated significant growth and operational strength in Q3 2025, underscored by a notable year-over-year TPV increase of 59% to over $10 billion.This metric evidences the company's robust market presence and capacity for scaling, particularly in the context of its emerging markets focus.On the positive side, DLocal's revenue reached $282 million, up 52% from the previous year, and gross profit amounted to $103 million, marking a 32% year-over-year increase.

DLocal: The Product Roadmap That Changes Everything—APMs

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Thematic (Sector/Industry)

<ul>
<li>We update Klarna’s pre-IPO valuation based on recent private share transactions and that of Stripe; Indian payments company Pine Labs is reputedly looking for an IPO valuation of USD6bn</li>
<li>Our 2H24 recommended shares performance was suboptimal; only two of our four longs delivered gains, and our short’s share price was strong in the “risk on” investor climate</li>
<li>We downgrade Shift4 to neutral, keeping PagSeguro as our core value pick along with European value play Nexi and US megacap Visa; we keep our sell rating on Affirm</li>
</ul>


We update Klarna’s pre-IPO valuation based on recent private share transactions and that of Stripe; Indian payments company Pine Labs is reputedly looking for an IPO valuation of USD6bn
Our 2H24 recommended shares performance was suboptimal; only two of our four longs delivered gains, and our short’s share price was strong in the “risk on” investor climate
We downgrade Shift4 to neutral, keeping PagSeguro as our core value pick along with European value play Nexi and US megacap Visa; we keep our sell rating on Affirm


Payment Companies – Key Picks and Potential IPOs in Focus

<ul>
<li>In 1H23 and in the early part of 3Q23, our longs – Visa, Wise and PagSeguro – delivered positive returns; our shorts, DLocal and Kakao Pay, were also modestly successful</li>
<li>Ahead of results to June 2023, we retain card network megacap Visa as a core holding, as well as PagSeguro; we add PayPal and drop Wise from the buy list</li>
<li>We keep our negative view on DLocal and add Affirm, given high take-rates and  premium valuations; we stick with our negative on Kakao Pay due to its lofty multiples</li>
</ul>


In 1H23 and in the early part of 3Q23, our longs – Visa, Wise and PagSeguro – delivered positive returns; our shorts, DLocal and Kakao Pay, were also modestly successful
Ahead of results to June 2023, we retain card network megacap Visa as a core holding, as well as PagSeguro; we add PayPal and drop Wise from the buy list
We keep our negative view on DLocal and add Affirm, given high take-rates and  premium valuations; we stick with our negative on Kakao Pay due to its lofty multiples


Payment Companies – 1H 2023 in Review, Our High Conviction Calls for 2H 2023

United States

DLocal Limited of Uruguay provides payment solutions. The Company offers single payment platform which accept payments, send payouts, and settle funds. DLocal serves customers worldwide.

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DLocal (DLO US)

dLocal's Pivotal Expansion — dMore, BNPL And AI Broaden The Growth Engine!

dLocal, a payments technology company focused on emerging markets, reported strong second-quarter 2026 results marked by substantial growth in key...

Baptista Research

dLocal: A $41 Billion TPV Scale Faces Emerging Market Volatility

The latest financial results of dLocal Limited present a mixed but generally positive view of the company’s ongoing operations within emerging...

Baptista Research

DLocal: The Product Roadmap That Changes Everything—APMs

DLocal Limited has demonstrated significant growth and operational strength in Q3 2025, underscored by a notable year-over-year TPV increase of...

Baptista Research

Payment Companies – Key Picks and Potential IPOs in Focus

PagSeguro is our core value pick, Nexi and Visa are also buys, Affirm still rated a sell, Shift4 is now neutral. Updated Klarna and Stripe pre-IPO...

Victor Galliano

Payment Companies – 1H 2023 in Review, Our High Conviction Calls for 2H 2023

Our 2H 2023 payments company longs are card network megacap Visa, value play PagSeguro and PayPal with our short calls being DLocal, Kakao Pay and...

Victor Galliano

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

dLocal's Pivotal Expansion — dMore, BNPL And AI Broaden The Growth Engine!

dLocal, a payments technology company focused on emerging markets, reported strong second-quarter 2026 results marked by substantial growth in key...

Baptista Research

dLocal: A $41 Billion TPV Scale Faces Emerging Market Volatility

The latest financial results of dLocal Limited present a mixed but generally positive view of the company’s ongoing operations within emerging...

Baptista Research

DLocal: The Product Roadmap That Changes Everything—APMs

DLocal Limited has demonstrated significant growth and operational strength in Q3 2025, underscored by a notable year-over-year TPV increase of...

Baptista Research

Payment Companies – Key Picks and Potential IPOs in Focus

PagSeguro is our core value pick, Nexi and Visa are also buys, Affirm still rated a sell, Shift4 is now neutral. ​Updated Klarna and Stripe pre-IPO...

Victor Galliano

Payment Companies – 1H 2023 in Review, Our High Conviction Calls for 2H 2023

Our 2H 2023 payments company longs are card network megacap Visa, value play PagSeguro and PayPal with our short calls being DLocal, Kakao Pay and...

Victor Galliano

PagSeguro is our core value pick, Nexi and Visa are also buys, Affirm still rated a sell, Shift4 is now neutral. Updated Klarna and Stripe pre-IPO...