Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>The digital transformation services market is big, at more than $2 trillion this year, and growing at a 23% CAGR. </li><li>According to Gartner, 91% of organizations have a digital initiative currently ongoing and 67% of senior executives believe their organizations must become significantly more digitized.</li><li>The reason digital transformation is growing is the benefits of a true digital transformation are significant, including improved operations, time-to-market, and customer experience, and COVID-19 just accelerated the trend. </li></ul>

The digital transformation services market is big, at more than $2 trillion this year, and growing at a 23% CAGR. According to Gartner, 91% of organizations have a digital initiative currently ongoing and 67% of senior executives believe their organizations must become significantly more digitized.The reason digital transformation is growing is the benefits of a true digital transformation are significant, including improved operations, time-to-market, and customer experience, and COVID-19 just accelerated the trend. 

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>EPAM Systems generated strong results in the fourth quarter.</li><li>The decrease in Russian customer revenues due to its decision to quit the Russian market had a negative impact on revenue growth of 440 basis points.</li><li>We give EPAM Systems a 'Buy' rating with a revised target price.</li></ul>

EPAM Systems generated strong results in the fourth quarter.The decrease in Russian customer revenues due to its decision to quit the Russian market had a negative impact on revenue growth of 440 basis points.We give EPAM Systems a 'Buy' rating with a revised target price.

<ul><li>This is our first report on EPAM Systems, a renowned digital transformation services provider.</li><li>Life science and healthcare grew with strong growth in the HealthCare industry and life sciences.</li><li>A big positive about EPAM is that now, EPAM Continuum is a consulting brand that the leading analysts recognize.</li></ul>

This is our first report on EPAM Systems, a renowned digital transformation services provider.Life science and healthcare grew with strong growth in the HealthCare industry and life sciences.A big positive about EPAM is that now, EPAM Continuum is a consulting brand that the leading analysts recognize.

EPAM Systems Inc- Initiation of Coverage – Strong Industry Partnerships & Other Drivers

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Equity Bottom-Up

<ul>
<li>EPAM is an IT Services firm that does high end software development for Fortune 2000 customers.</li>
<li>One of the great under the radar compounders of all time. Feb 2012 IPO-Feb 2022: ~27% revenue, earnings, FCF CAGR, 45% equity CAGR.</li>
<li>Core engineering talent historically in Ukraine, Belarus, and Russia, this is the overhang. We think great management team can navigate relocation and return to growth.</li>
</ul>


EPAM is an IT Services firm that does high end software development for Fortune 2000 customers.
One of the great under the radar compounders of all time. Feb 2012 IPO-Feb 2022: ~27% revenue, earnings, FCF CAGR, 45% equity CAGR.
Core engineering talent historically in Ukraine, Belarus, and Russia, this is the overhang. We think great management team can navigate relocation and return to growth.


Research on International Stock Ideas, Value Punks

Value Punks

Research on International Stock Ideas

Value Punks’ mission is to deliver institutional-grade research on international stock ideas in a digestible, reader-friendly format.

At Value Punks, we blend our background in traditional value-investing with an openness to embrace a constantly and rapidly evolving investment and business landscape.

Institutional-Grade Research

<ul><li>EPAM is a high quality IT services provider that has been compounding earnings at a high rate for the last 10 years</li><li>The stock is currently dislocated - down more than 70% as of the date of writing.</li><li>EPAM’s delivery centers are distributed throughout the world but have a major presence in Ukraine, Belarus and Russia (clients are mostly based in the US and Europe).</li></ul>

EPAM is a high quality IT services provider that has been compounding earnings at a high rate for the last 10 yearsThe stock is currently dislocated - down more than 70% as of the date of writing.EPAM’s delivery centers are distributed throughout the world but have a major presence in Ukraine, Belarus and Russia (clients are mostly based in the US and Europe).

United States

EPAM Systems, Inc. provides software development, outsourcing services, e-business, enterprise relationship management, and content management solutions.

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Epam Systems (EPAM US)

Tech Talk: Digital Transformation

According to Gartner, 91% of organizations have a digital initiative currently ongoing and 67% of senior executives believe their organizations...

Water Tower Research

EPAM Systems Inc.: Major Drivers

EPAM Systems generated strong results in the fourth quarter. The decrease in Russian customer revenues due to its decision to quit the Russian...

Baptista Research

EPAM Systems Inc- Initiation of Coverage – Strong Industry Partnerships & Other Drivers

This is our first report on EPAM Systems, a renowned digital transformation services provider. Life science and healthcare grew with strong growth...

Baptista Research

Long Idea: EPAM Systems

EPAM System is one of the great compounders of the past 10 years, with an exceptional management team that will successfully relocate engineering...

Aaron Gabin

Deep Dive: EPAM Systems (EPAM US)

EPAM is a high quality IT services provider that has been compounding earnings at a high rate for the last 10 years. The stock is currently...

Value Punks

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