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>Etsy delivered an all-around beat in the previous quarter, with adjusted EBITDA margin and revenue increasing significantly.</li><li>Their year-over-year growth rate was negative, but it increased sequentially.</li><li>Etsy also observed healthy year-over-year growth in the number of new and reactivated buyers when bringing both groups together.</li></ul>

Etsy delivered an all-around beat in the previous quarter, with adjusted EBITDA margin and revenue increasing significantly.Their year-over-year growth rate was negative, but it increased sequentially.Etsy also observed healthy year-over-year growth in the number of new and reactivated buyers when bringing both groups together.

Etsy Inc.: What Are The Factors Responsible Behind Their Surge in New and Reactivated Buyers? - Financial Forecasts

Equity Capital Markets

<ul><li>Etsy reported another strong performance and kickstarted the year with an all-around beat.</li><li>With a roughly 11% increase in revenue to $641 million, the company's adjusted EBITDA margin was once again very high at 26.6%.</li><li>Etsy also witnessed strong trends in apparel, particularly in personalized and pop culture-related tops, tees, hoodies, sweatshirts, bags, purses, and gift goods.</li></ul>

Etsy reported another strong performance and kickstarted the year with an all-around beat.With a roughly 11% increase in revenue to $641 million, the company's adjusted EBITDA margin was once again very high at 26.6%.Etsy also witnessed strong trends in apparel, particularly in personalized and pop culture-related tops, tees, hoodies, sweatshirts, bags, purses, and gift goods.

Etsy Inc.: Can It Really Outperform The Major Indices? – Key Drivers

<ul><li>Etsy Inc delivered a mixed set of results during the quarter and managed to surpass the revenue expectations of analysts but its profitability was below par.</li><li>The company’s management claims that its overall reach and consumer demand have increased and the services offered by the company are differentiated.</li><li>The company's marketing programs, including the Star Seller program, continued to benefit the company.</li></ul>

Etsy Inc delivered a mixed set of results during the quarter and managed to surpass the revenue expectations of analysts but its profitability was below par.The company’s management claims that its overall reach and consumer demand have increased and the services offered by the company are differentiated.The company's marketing programs, including the Star Seller program, continued to benefit the company.

APAC IPOs & Placements, Aequitas Research

Ethan Aw

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oasis-corp-of-korea" target="_blank" data-smartkarma-citation="entities:36074:1" rel="noopener">OASIS Corp (370190 KS)</a> is looking to raise up to US$166m in its upcoming Korea IPO.</li>
<li>Oasis Corporation is an early morning delivery service business that delivers fresh food to consumers. It runs an e-commerce platform named ‘Oasis Market’ as well as offline stores.</li>
<li>In our previous notes, we looked at the company’s past performance and peer comparison. In this note, we talk about valuations.</li>
</ul>



OASIS Corp (370190 KS) is looking to raise up to US$166m in its upcoming Korea IPO.
Oasis Corporation is an early morning delivery service business that delivers fresh food to consumers. It runs an e-commerce platform named ‘Oasis Market’ as well as offline stores.
In our previous notes, we looked at the company’s past performance and peer comparison. In this note, we talk about valuations.


Oasis Corporation IPO - Thoughts on Valuation

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>Of the four peers, only Coupang adopts the gross method. Since the others adopt the net method, it is impossible to compare PSR with OASIS, which uses the gross method.</li>
<li>If they really want to use PSR, it should only be compared with Coupang. Even if we apply CPNG's current EV/Sales multiple (1.36x), it would only slightly exceed ₩0.5T.</li>
<li>A more logical way would be to use EV/GMV. Even in this case, it wouldn't be easy to expect a valuation higher than ₩0.5T.</li>
</ul>


Of the four peers, only Coupang adopts the gross method. Since the others adopt the net method, it is impossible to compare PSR with OASIS, which uses the gross method.
If they really want to use PSR, it should only be compared with Coupang. Even if we apply CPNG's current EV/Sales multiple (1.36x), it would only slightly exceed ₩0.5T.
A more logical way would be to use EV/GMV. Even in this case, it wouldn't be easy to expect a valuation higher than ₩0.5T.


OASIS IPO Pricing Is Not Even Worth Reviewing: Strongly Recommend Avoiding It

United States

Etsy, Inc. provides e-commerce services. The Company offers handmade and vintage items, art, and supplies, as well as regular items such as clothing, housewares, paper goods, candles, bags and purses, music, and wood working items. Etsy serves users throughout the United States.

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Etsy Inc (ETSY US)

Etsy Inc.: What Are The Factors Responsible Behind Their Surge in New and Reactivated Buyers? - Financial Forecasts

Etsy delivered an all-around beat in the previous quarter, with adjusted EBITDA margin and revenue increasing significantly. Their year-over-year...

Baptista Research

Etsy Inc.: Can It Really Outperform The Major Indices? – Key Drivers

Etsy reported another strong performance and kickstarted the year with an all-around beat. With a roughly 11% increase in revenue to $641 million,...

Baptista Research

Etsy Inc.: Major Drivers

Etsy Inc delivered a mixed set of results during the quarter and managed to surpass the revenue expectations of analysts but its profitability was...

Baptista Research

Oasis Corporation IPO - Thoughts on Valuation

OASIS Corp (370190 KS) is looking to raise up to US$166m in its upcoming Korea IPO. Previously, we looked at the company’s past performance and...

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Etsy Inc.: What Are The Factors Responsible Behind Their Surge in New and Reactivated Buyers? - Financial Forecasts

Etsy delivered an all-around beat in the previous quarter, with adjusted EBITDA margin and revenue increasing significantly. Their year-over-year...

Baptista Research

Etsy Inc.: Can It Really Outperform The Major Indices? – Key Drivers

Etsy reported another strong performance and kickstarted the year with an all-around beat. With a roughly 11% increase in revenue to $641 million,...

Baptista Research

Etsy Inc.: Major Drivers

Etsy Inc delivered a mixed set of results during the quarter and managed to surpass the revenue expectations of analysts but its profitability was...

Baptista Research

Oasis Corporation IPO - Thoughts on Valuation

OASIS Corp (370190 KS) is looking to raise up to US$166m in its upcoming Korea IPO. Previously, we looked at the company’s past performance and...

Ethan Aw

OASIS IPO Pricing Is Not Even Worth Reviewing: Strongly Recommend Avoiding It

This post explains why the pricing of the OASIS IPO presented by the company and the bankers is not even worth reviewing and why we should avoid...

Sanghyun Park