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>Etsy reported a strong set of results that were beyond market expectations with a strong adjusted EBITDA margin and growth in revenue.</li><li>Also, it had some early incorporation of buyer interests and taste to create more personalized and predictable recommendations.</li><li>The company held Etsy Up: Holiday edition, its foremost global holiday kickoff event for sellers all over the world.</li></ul>

Etsy reported a strong set of results that were beyond market expectations with a strong adjusted EBITDA margin and growth in revenue.Also, it had some early incorporation of buyer interests and taste to create more personalized and predictable recommendations.The company held Etsy Up: Holiday edition, its foremost global holiday kickoff event for sellers all over the world.

Etsy Inc: New Image Search Feature & Other Developments

<ul><li>Etsy recently launched the Etsy Purchase Protection program where buyers will get a total refund for purchases they make on Etsy.com in cases that do not match the item description, never arrive, or arrive damaged.</li><li>This new program aims at making shopping on the website more worry-free.</li><li>The purchase Protection Program of Etsy will complement the company's brand efforts in improving customer support, maintaining integrity in its marketplace as a destination for special and unique items, and increasing trust signals over the user experience.</li></ul>

Etsy recently launched the Etsy Purchase Protection program where buyers will get a total refund for purchases they make on Etsy.com in cases that do not match the item description, never arrive, or arrive damaged.This new program aims at making shopping on the website more worry-free.The purchase Protection Program of Etsy will complement the company's brand efforts in improving customer support, maintaining integrity in its marketplace as a destination for special and unique items, and increasing trust signals over the user experience.

Etsy Inc: New Purchase Protection Feature & Other Developments

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In mid-January, I wrote about <a href="https://www.smartkarma.com/insights/mercari-4385-applying-for-tse-prime-means-topix-inclusion-in-4-5-months" target="_blank" rel="noopener">Mercari's likely TOPIX inclusion 4-5 months later</a>. 4.5mos later, it had been included (<a href="https://www.smartkarma.com/insights/mercari-4385-topix-inclusion-finally-and-it-s-bigger-than-it-looks" target="_blank" data-smartkarma-citation="insights:70912" rel="noopener">Mercari (4385) TOPIX Inclusion, Finally... And It's Bigger Than It Looks</a>) .</li>
<li>The publicly-visible announcement data often does not show TOPIX inclusion parameters. A little sleuthing gets you there. </li>
<li>It's <em>still</em> bigger than it looks, but some large holders have recently been selling.</li>
</ul>


In mid-January, I wrote about Mercari's likely TOPIX inclusion 4-5 months later. 4.5mos later, it had been included (Mercari (4385) TOPIX Inclusion, Finally... And It's Bigger Than It Looks) .
The publicly-visible announcement data often does not show TOPIX inclusion parameters. A little sleuthing gets you there. 
It's still bigger than it looks, but some large holders have recently been selling.


Mercari (4385) - End-July TOPIX Inclusion Update

Independent Research, US Dominant Players, Investment Talk

Investment Talk

Independent Research, US Dominant Players

Investment Talk is for readers who wish to learn about companies that are potentially outside of their own circle of research, as well as those who are longing to become part of a community of like-minded investors and learn more about investment research. I would describe myself as a long-term investor who typically takes a 3Y to 5Y outlook, before reassessing once that period matures. I follow the adage that one should research, reach a conclusion, and then verify and continue to hold so long as the thesis remains intact. My own investing style is one that seeks to find dominant players within their respective market who have shown signs of monopoly or oligopolistic behaviour, unlikely to be disrupted, in tandem with discovering market disruptors who have a high likelihood of disrupting their respective market. Equally (and weighted accordingly) I seek to discover more nuanced, misunderstood, situations with a shorter time frame.

Equity Bottom-Up

<ul><li>It is my opinion that the pull-forward exhibited in <em>this business</em> stands to be a net positive, regardless of how the share price might behave in the interim.</li><li>The last 24 months have brought in 43M new active buyers to the Etsy marketplace, as well as 2.6M new sellers for a grand total of 90.1M buyers (+9.2M YoY) and 5.3M sellers (+900K YoY)</li><li>Etsy managed to surprise investors in Q4, putting up greater than anticipated revenue ($717M/+16%) for the period, as well as record GMS ($4.2B/+17%)</li></ul>

It is my opinion that the pull-forward exhibited in this business stands to be a net positive, regardless of how the share price might behave in the interim.The last 24 months have brought in 43M new active buyers to the Etsy marketplace, as well as 2.6M new sellers for a grand total of 90.1M buyers (+9.2M YoY) and 5.3M sellers (+900K YoY)Etsy managed to surprise investors in Q4, putting up greater than anticipated revenue ($717M/+16%) for the period, as well as record GMS ($4.2B/+17%)

Credit

<ul><li>Etsy ended 2021 on a positive note with new highs in GMS, revenue, and profitability.</li><li>It has seen a rise in its customer base as a result of Covid-19 tailwinds which brought millions of people to Etsy for the first time.</li><li>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>

Etsy ended 2021 on a positive note with new highs in GMS, revenue, and profitability.It has seen a rise in its customer base as a result of Covid-19 tailwinds which brought millions of people to Etsy for the first time.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.

Etsy Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

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: New Image Search Feature & Other Developments

Etsy reported a strong set of results that were beyond market expectations with a strong adjusted EBITDA margin and growth in revenue. Also, it...

Baptista Research

Etsy Inc: New Purchase Protection Feature & Other Developments

Etsy recently launched the Etsy Purchase Protection program where buyers will get a total refund for purchases they make on Etsy.com in cases that...

Baptista Research

Mercari (4385) - End-July TOPIX Inclusion Update

Mercari (4385) will join TOPIX at 28 July close. The data suggests 16/5mm shares to buy, which is only 2x 3mo ADV but would be 18-20% of Real World...

Travis Lundy

Etsy: House of Brands, Revisited.

It is my opinion that the pull-forward exhibited in this business stands to be a net positive, regardless of how the share price might behave in...

Investment Talk

Etsy Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Etsy ended 2021 on a positive note with new highs in GMS, revenue, and profitability. It has seen a rise in its customer base as a result of...

Baptista Research

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