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>EPAM Systems, a leading global provider of digital platform engineering and software development services, reported their Q1 2024 earnings and these financial results marked a tough quarter as they experienced a year-on-year decrease of 3.8% on a reported basis or 4.3% in constant currency terms, which translated to a revenue of $1.165 billion.</li><li>Their gross margin was also affected, decreasing to 28.4% as compared to 29.3% in Q1 of last year, mainly due to foreign exchange impacts due to the strengthening of currencies in specific delivery locations.</li><li>This was further amplified by their inability to adjust prices following EPAM's Q2 2023 promotion campaign.</li></ul>

EPAM Systems, a leading global provider of digital platform engineering and software development services, reported their Q1 2024 earnings and these financial results marked a tough quarter as they experienced a year-on-year decrease of 3.8% on a reported basis or 4.3% in constant currency terms, which translated to a revenue of $1.165 billion.Their gross margin was also affected, decreasing to 28.4% as compared to 29.3% in Q1 of last year, mainly due to foreign exchange impacts due to the strengthening of currencies in specific delivery locations.This was further amplified by their inability to adjust prices following EPAM's Q2 2023 promotion campaign.

EPAM Systems: Global Operations Refinement and Rebalancing Delivery Platform! - Major Drivers

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indegene-limited" target="_blank" data-smartkarma-citation="entities:36629:1" rel="noopener">Indegene Limited (1864095D IN)</a> has set IPO price band at INR430–452 per share. The IPO consists of fresh issue as well as OFS by existing shareholders.</li>
<li>Considering FY24 annualized post-IPO EPS of INR13.48, Indegene seeks a P/E valuation of 31.9–33.5x.</li>
<li>Considering niche business focus, proven execution capability, marquee clientele, long-standing client relationship, life science focus, and comprehensive offering, Indegene’s valuation seems quite attractive.</li>
</ul>



Indegene Limited (1864095D IN) has set IPO price band at INR430–452 per share. The IPO consists of fresh issue as well as OFS by existing shareholders.
Considering FY24 annualized post-IPO EPS of INR13.48, Indegene seeks a P/E valuation of 31.9–33.5x.
Considering niche business focus, proven execution capability, marquee clientele, long-standing client relationship, life science focus, and comprehensive offering, Indegene’s valuation seems quite attractive.


Indegene Limited Pre-IPO: Subscribe on Profitable Niche Business Model and Attractive Valuation

<ul><li>EPAM Systems had a challenging year in 2023 due to geopolitical factors - Russian invasion of Ukraine - which led to disruption and a rebalancing of their delivery platform across Europe, Western and Central Asia, India, and Latin America.</li><li>Despite these external disturbances, EPAM managed to perform creditably, underlining its ability to navigate a volatile demand environment.</li><li>EPAM’s activities in 2023 were largely focused on enhancing delivery quality, optimizing cost effectiveness, and leveraging their technological capabilities to tap into the future opportunities in Gen AI and AI. Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

EPAM Systems had a challenging year in 2023 due to geopolitical factors - Russian invasion of Ukraine - which led to disruption and a rebalancing of their delivery platform across Europe, Western and Central Asia, India, and Latin America.Despite these external disturbances, EPAM managed to perform creditably, underlining its ability to navigate a volatile demand environment.EPAM’s activities in 2023 were largely focused on enhancing delivery quality, optimizing cost effectiveness, and leveraging their technological capabilities to tap into the future opportunities in Gen AI and AI. Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

EPAM Systems: Will The Strong Demand Generation From 2023 Continue In 2024 & Beyond? - Major Drivers

<ul><li>EPAM Systems, Inc. delivered an all-around beat in the previous quarter.</li><li>The exit from the Russian market resulted in an approximate 50 basis point negative impact on year-over-year revenue growth.</li><li>Across industry verticals, financial services saw a 3.3% decrease, driven by declines in banking, offset partially by asset management growth.</li></ul>

EPAM Systems, Inc. delivered an all-around beat in the previous quarter.The exit from the Russian market resulted in an approximate 50 basis point negative impact on year-over-year revenue growth.Across industry verticals, financial services saw a 3.3% decrease, driven by declines in banking, offset partially by asset management growth.

EPAM Systems Inc.: Leading Cloud Solutions With Pioneering AWS Partnership! - Major Drivers

<ul><li>EPAM Systems, Inc. managed to exceed analyst expectations in terms of revenue as well as earnings, with revenue of $1.17 billion, a 2.1% year-over-year decline on a reported basis and a 2.4% year-over-year decline in constant currency terms.</li><li>Travel and consumer fell on a year-over-year basis, principally because of decreases in retail, which were only slightly offset by strong growth in travel and hospitality.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

EPAM Systems, Inc. managed to exceed analyst expectations in terms of revenue as well as earnings, with revenue of $1.17 billion, a 2.1% year-over-year decline on a reported basis and a 2.4% year-over-year decline in constant currency terms.Travel and consumer fell on a year-over-year basis, principally because of decreases in retail, which were only slightly offset by strong growth in travel and hospitality.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

EPAM Systems Inc.: A Tale of Unwavering Focus Amidst Declining Health and Tech Sectors! - Major Drivers

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)

EPAM Systems: Global Operations Refinement and Rebalancing Delivery Platform! - Major Drivers

EPAM Systems, a leading global provider of digital platform engineering and software development services, reported their Q1 2024 earnings and...

Baptista Research

EPAM Systems: Will The Strong Demand Generation From 2023 Continue In 2024 & Beyond? - Major Drivers

EPAM Systems had a challenging year in 2023 due to geopolitical factors - Russian invasion of Ukraine - which led to disruption and a rebalancing...

Baptista Research

EPAM Systems Inc.: Leading Cloud Solutions With Pioneering AWS Partnership! - Major Drivers

EPAM Systems, Inc. delivered an all-around beat in the previous quarter. The exit from the Russian market resulted in an approximate 50 basis...

Baptista Research

EPAM Systems Inc.: A Tale of Unwavering Focus Amidst Declining Health and Tech Sectors! - Major Drivers

EPAM Systems, Inc. managed to exceed analyst expectations in terms of revenue as well as earnings, with revenue of $1.17 billion, a 2.1%...

Baptista Research

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52-week Range

Market Cap (USDm)

P/E

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EPAM Systems: Global Operations Refinement and Rebalancing Delivery Platform! - Major Drivers

EPAM Systems, a leading global provider of digital platform engineering and software development services, reported their Q1 2024 earnings and...

Baptista Research

Indegene Limited Pre-IPO: Subscribe on Profitable Niche Business Model and Attractive Valuation

Indegene is raising INR18B via Indian IPO. The IPO consists of fresh issuance of equity shares worth INR7.6B and an OFS of 23.9M equity shares by...

Tina Banerjee

EPAM Systems: Will The Strong Demand Generation From 2023 Continue In 2024 & Beyond? - Major Drivers

EPAM Systems had a challenging year in 2023 due to geopolitical factors - Russian invasion of Ukraine - which led to disruption and a rebalancing...

Baptista Research

EPAM Systems Inc.: Leading Cloud Solutions With Pioneering AWS Partnership! - Major Drivers

EPAM Systems, Inc. delivered an all-around beat in the previous quarter. The exit from the Russian market resulted in an approximate 50 basis...

Baptista Research

EPAM Systems Inc.: A Tale of Unwavering Focus Amidst Declining Health and Tech Sectors! - Major Drivers

EPAM Systems, Inc. managed to exceed analyst expectations in terms of revenue as well as earnings, with revenue of $1.17 billion, a 2.1%...

Baptista Research