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>Euronet Worldwide reported its fourth quarter and full year 2025 results amid notable macroeconomic and immigration-related headwinds, which primarily affected its Money Transfer and epay segments.</li><li>Despite these challenges, the company maintained growth momentum in its EFT (Electronic Funds Transfer) segment, which demonstrated earnings stability and solid cash flow generation, contributing to a diversified and balanced revenue profile.</li><li>For the full year 2025, Euronet achieved double-digit adjusted earnings per share (EPS) growth, continuing a multi-year trend of consistent profitability improvements.</li></ul>

Euronet Worldwide reported its fourth quarter and full year 2025 results amid notable macroeconomic and immigration-related headwinds, which primarily affected its Money Transfer and epay segments.Despite these challenges, the company maintained growth momentum in its EFT (Electronic Funds Transfer) segment, which demonstrated earnings stability and solid cash flow generation, contributing to a diversified and balanced revenue profile.For the full year 2025, Euronet achieved double-digit adjusted earnings per share (EPS) growth, continuing a multi-year trend of consistent profitability improvements.

<ul><li>Euronet Worldwide reported its third-quarter financial results, showcasing a mixed performance across its segments.</li><li>The company achieved a revenue of $1.1 billion, with operating income standing at $195 million.</li><li>Adjusted EBITDA reached $245 million, while the adjusted earnings per share were $3.62, reflecting a 19% growth compared to the previous year.</li></ul>

Euronet Worldwide reported its third-quarter financial results, showcasing a mixed performance across its segments.The company achieved a revenue of $1.1 billion, with operating income standing at $195 million.Adjusted EBITDA reached $245 million, while the adjusted earnings per share were $3.62, reflecting a 19% growth compared to the previous year.

Euronet’s Strategic Partnerships With Citibank & Fireblocks Are Fueling a Payments Revolution; Is This The Biggest Growth Catalyst?

<ul><li>Euronet’s recent announcement to acquire CoreCard Corporation in a stock-for-stock deal valued at approximately $248 million has sent ripples through the payments industry.</li><li>Under the terms, CoreCard shareholders will receive between 0.2783 and 0.3142 Euronet shares per share—equivalent to $30 each—depending on Euronet’s closing price, with both boards backing the transaction and a late-2025 close on the horizon.</li><li>This headline-grabbing move comes on the heels of a blistering first quarter for Euronet, where revenue of $916 million, adjusted operating income of $75 million and adjusted EBITDA of $119 million all set records, driven by double-digit growth across EFT, epay and Money Transfer segments and reaffirming full-year EPS growth guidance of 12–16%.</li></ul>

Euronet’s recent announcement to acquire CoreCard Corporation in a stock-for-stock deal valued at approximately $248 million has sent ripples through the payments industry.Under the terms, CoreCard shareholders will receive between 0.2783 and 0.3142 Euronet shares per share—equivalent to $30 each—depending on Euronet’s closing price, with both boards backing the transaction and a late-2025 close on the horizon.This headline-grabbing move comes on the heels of a blistering first quarter for Euronet, where revenue of $916 million, adjusted operating income of $75 million and adjusted EBITDA of $119 million all set records, driven by double-digit growth across EFT, epay and Money Transfer segments and reaffirming full-year EPS growth guidance of 12–16%.

Euronet’s $248 Million Power Play: Could Corecard Be The Missing Link?

<ul><li>Euronet Worldwide concluded its first quarter of 2025 with several notable achievements and strategic moves that highlight both the strengths and challenges of the company's diverse business model.</li><li>The company reported double-digit growth in both operating income and adjusted EBITDA, an 18% increase in operating income compared to the previous year.</li><li>The growth spanned across all segments, driven by robust performance in transaction processing and foreign exchange activities.</li></ul>

Euronet Worldwide concluded its first quarter of 2025 with several notable achievements and strategic moves that highlight both the strengths and challenges of the company's diverse business model.The company reported double-digit growth in both operating income and adjusted EBITDA, an 18% increase in operating income compared to the previous year.The growth spanned across all segments, driven by robust performance in transaction processing and foreign exchange activities.

Euronet: Accelerating Money Transfer Growth with 31% Digital Surge & 22 New Market Wins!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

After months of price and RS consolidation, several payment processor/mobile payment stocks are starting to break out topside bases or exhibit bullish price and RS reversals. When bullish price action combines with bullish RS reversals at long-term RS uptrend support, it dramatically increases our confidence that the Group is headed for greener pastures. In today’s report we highlight our favorite technical setups, all offering compelling and timely opportunities to add exposure to at current levels. Buy: MA, V, EEFT, and PYPL

After months of price and RS consolidation, several payment processor/mobile payment stocks are starting to break out topside bases or exhibit bullish price and RS reversals. When bullish price action combines with bullish RS reversals at long-term RS uptrend support, it dramatically increases our confidence that the Group is headed for greener pastures. In today’s report we highlight our favorite technical setups, all offering compelling and timely opportunities to add exposure to at current levels. Buy: MA, V, EEFT, and PYPL

Payment Processors Enjoying the Holidays -- Buy MA, V, EEFT, and PYPL

United States

Euronet Worldwide, Inc. provides electronic financial transaction solutions. The Company offers financial payment middleware, financial network gateways, outsourcing, and consulting services to financial institutions and mobile operators.  Euronet has processing centers located in the United States, Europe, and Asia.

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Euronet Worldwide (EEFT US)

Euronet Worldwide: Merchant Acquiring

Euronet Worldwide reported its fourth quarter and full year 2025 results amid notable macroeconomic and immigration-related headwinds, which...

Baptista Research

Euronet’s Strategic Partnerships With Citibank & Fireblocks Are Fueling a Payments Revolution; Is This The Biggest Growth Catalyst?

Euronet Worldwide reported its third-quarter financial results, showcasing a mixed performance across its segments. The company achieved a revenue...

Baptista Research

Euronet’s $248 Million Power Play: Could Corecard Be The Missing Link?

Euronet’s recent announcement to acquire CoreCard Corporation in a stock-for-stock deal valued at approximately $248 million has sent ripples...

Baptista Research

Euronet: Accelerating Money Transfer Growth with 31% Digital Surge & 22 New Market Wins!

Euronet Worldwide concluded its first quarter of 2025 with several notable achievements and strategic moves that highlight both the strengths and...

Baptista Research

Payment Processors Enjoying the Holidays -- Buy MA, V, EEFT, and PYPL

After months of price and RS consolidation, several payment processor/mobile payment stocks are starting to break out topside bases or exhibit...

Vermilion Research

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