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>Elevance Health's second-quarter earnings reveal a complex landscape marked by both opportunities and challenges.</li><li>The company reported GAAP diluted earnings per share of $7.72 and adjusted diluted earnings per share of $8.84.</li><li>Despite delivering adjusted EPS consistent with expectations, Elevance revised its full-year 2025 adjusted EPS guidance to approximately $30, reflecting industry-wide pressures, including elevated medical costs in the ACA market and slower-than-expected Medicaid rate alignments.</li></ul>

Elevance Health's second-quarter earnings reveal a complex landscape marked by both opportunities and challenges.The company reported GAAP diluted earnings per share of $7.72 and adjusted diluted earnings per share of $8.84.Despite delivering adjusted EPS consistent with expectations, Elevance revised its full-year 2025 adjusted EPS guidance to approximately $30, reflecting industry-wide pressures, including elevated medical costs in the ACA market and slower-than-expected Medicaid rate alignments.

Elevance Health: An Insight Into Medicaid and ACA Market Developments & Key Growth Levers!

<ul><li>Elevance Health, formerly known as Anthem, outlined its first quarter results for 2025, reflecting consistent progress in strategic initiatives and financial performance.</li><li>Elevance Health emphasized its mission of advancing human health, underpinning its operations and strategic direction.</li><li>The company highlighted important strategic moves, particularly in patient advocacy solutions and enhancements to the HealthOS platform, which have been key in simplifying healthcare experiences and streamlining provider workflows.</li></ul>

Elevance Health, formerly known as Anthem, outlined its first quarter results for 2025, reflecting consistent progress in strategic initiatives and financial performance.Elevance Health emphasized its mission of advancing human health, underpinning its operations and strategic direction.The company highlighted important strategic moves, particularly in patient advocacy solutions and enhancements to the HealthOS platform, which have been key in simplifying healthcare experiences and streamlining provider workflows.

Elevance Health: Affordable Care Act (ACA) Market Dynamics To Be A Robust Segment Within Its Diverse Portfolio!

<ul><li>Elevance Health, formerly known as Anthem, reported a fourth-quarter GAAP diluted earnings per share of $1.81 and adjusted EPS of $3.84, matching previous expectations.</li><li>The adjusted EPS for the full year reached $33.04.</li><li>Total operating revenue for 2024 was $175.2 billion, a 3% increase from the prior year, reflecting strategic premium rate adjustments and growth within its Carelon businesses.</li></ul>

Elevance Health, formerly known as Anthem, reported a fourth-quarter GAAP diluted earnings per share of $1.81 and adjusted EPS of $3.84, matching previous expectations.The adjusted EPS for the full year reached $33.04.Total operating revenue for 2024 was $175.2 billion, a 3% increase from the prior year, reflecting strategic premium rate adjustments and growth within its Carelon businesses.

Elevance Health: Expansion of Carelon Services to Contribute Positively To Revenue Streams!

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

SAI Life Sciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-life-sciences" target="_blank" data-smartkarma-citation="entities:43724:1" rel="noopener">SAI Life Sciences (SAILS12 IN)</a> raised around US$360m in its India IPO.</li>
<li>Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



SAI Life Sciences (SAILS12 IN) raised around US$360m in its India IPO.
Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Sai Life Sciences IPO Trading - Strong Anchor Demand with Decent Overall Coverage

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-life-sciences" target="_blank" data-smartkarma-citation="entities:43724:1" rel="noopener">SAI Life Sciences (SAILS12 IN)</a> is looking to raise up to US$360m in its upcoming India IPO.</li>
<li>Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



SAI Life Sciences (SAILS12 IN) is looking to raise up to US$360m in its upcoming India IPO.
Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Sai Life Sciences IPO - Quick Thoughts on Peer Comp and Valuation

United States

Elevance Health, Inc. operates as a health benefits company. The Company provides health, dental and vision, and pharmacy benefits, as well as life insurance, and life and disability insurance benefits. Elevance Health offers a broad spectrum of network-based managed care plans to large and small employer, individual, medicaid, and medicare markets.

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Elevance Health (ELV US)

Elevance Health: An Insight Into Medicaid and ACA Market Developments & Key Growth Levers!

Elevance Health's second-quarter earnings reveal a complex landscape marked by both opportunities and challenges. The company reported GAAP...

Baptista Research

Elevance Health: Affordable Care Act (ACA) Market Dynamics To Be A Robust Segment Within Its Diverse Portfolio!

Elevance Health, formerly known as Anthem, outlined its first quarter results for 2025, reflecting consistent progress in strategic initiatives...

Baptista Research

Elevance Health: Expansion of Carelon Services to Contribute Positively To Revenue Streams!

Elevance Health, formerly known as Anthem, reported a fourth-quarter GAAP diluted earnings per share of $1.81 and adjusted EPS of $3.84, matching...

Baptista Research

Sai Life Sciences IPO Trading - Strong Anchor Demand with Decent Overall Coverage

Sai Life Sciences raised around US$360m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Sai Life Sciences IPO - Quick Thoughts on Peer Comp and Valuation

Sai Life Sciences is looking to raise up to US$360m in its upcoming India IPO. In this note, we will undertake a quick peer comparison and talk...

Akshat Shah

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