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>Evolution Gaming Group AB reported mixed results for the first quarter of 2025, reflecting a combination of strategic challenges and developments that the company is navigating.</li>
<li>The company's net revenue for the quarter was EUR 520.9 million, marking a modest year-on-year growth of 3.9%.</li>
<li>Meanwhile, EBITDA decreased by 1.1% compared to the same period last year, resulting in an EBITDA margin of 65.6%, slightly below the company's full-year guidance of 66% to 68%.</li>
</ul>


Evolution Gaming Group AB reported mixed results for the first quarter of 2025, reflecting a combination of strategic challenges and developments that the company is navigating.
The company's net revenue for the quarter was EUR 520.9 million, marking a modest year-on-year growth of 3.9%.
Meanwhile, EBITDA decreased by 1.1% compared to the same period last year, resulting in an EBITDA margin of 65.6%, slightly below the company's full-year guidance of 66% to 68%.


Evolution AB- A Tech Powerhouse Sets Stage for Global Domination With A Solid R&D Push!

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Games Global, a promising iGaming content provider and B2B online gaming supplier, set terms for its U.S. IPO. The IPO price is expected to be between $16 and $19/share.</li>
<li>With the most recent F-1/A, the company may raise ~$114M at the high end of the range at $19/share. Zinnia Limited sells additional 8.5M shares in this offering.   </li>
<li>Games Global has created an impressive portfolios of iGaming content through a series of successful acquisitions, and I see upside potential vs. IPO price of $17.50 at the midpoint.</li>
</ul>


Games Global, a promising iGaming content provider and B2B online gaming supplier, set terms for its U.S. IPO. The IPO price is expected to be between $16 and $19/share.
With the most recent F-1/A, the company may raise ~$114M at the high end of the range at $19/share. Zinnia Limited sells additional 8.5M shares in this offering.   
Games Global has created an impressive portfolios of iGaming content through a series of successful acquisitions, and I see upside potential vs. IPO price of $17.50 at the midpoint.


Games Global IPO: Strong Profitability and Impressive Portfolios of IGaming Content

Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

<ul>
<li>Although lesser-known, this Swedish company dominates one of the most lucrative segments of the global casino industry.</li>
<li>In our view, it is probably the only investable casino company, and despite its size, still has a massive growth runway ahead.</li>
<li>Our DCF model implies a 15%-20% total return for the company's long-term shareholders.</li>
</ul>


Although lesser-known, this Swedish company dominates one of the most lucrative segments of the global casino industry.
In our view, it is probably the only investable casino company, and despite its size, still has a massive growth runway ahead.
Our DCF model implies a 15%-20% total return for the company's long-term shareholders.


Evolution Gaming: The World's Largest Casino, Which You Probably Never Heard Of

Research from Redeye, Redeye AB

Redeye

Research from Redeye

Redeye AB

Specialists in innovative and fast-growing Nordic companies within Life Science and Technology.

Redeye is the next generation equity research and investment banking company, specialized in Life Science and Technology. We are the leading provider of Corporate Broking and Corporate Finance in these sectors.

Our clients are innovative growth companies in the Nordics and we use a unique Rating model based on a value based investment philosophy. Redeye was founded 1999 in Stockholm and is regulated by the Swedish Financial Authority (Finansinspektionen).

<ul><li>Redeye does limited changes to estimates following Evolution’s Q1-results which came in close to our expectations and we leave our base case unchanged at SEK1,600 per share.</li></ul>

Redeye does limited changes to estimates following Evolution’s Q1-results which came in close to our expectations and we leave our base case unchanged at SEK1,600 per share.

Evolution: Limited Changes Post In-line Q1-results

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

On 24th June 2020, Sweden-based Online-Casino company <a href="https://www.smartkarma.com/entities/netent-ab" target="_blank" data-smartkarma-citation="entities:22440:1" rel="noopener">NetEnt AB (NETB SS)</a> announced they had received a <a href="https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=946102&amp;lang=sv" target="_blank" rel="noopener">Public Takeover Offer</a> from larger rival <a href="https://www.smartkarma.com/entities/evolution-gaming-group-ab" target="_blank" data-smartkarma-citation="entities:22355:1" rel="noopener">Evolution Gaming Group Ab (EVO SS)</a>.The Deal values <a href="https://www.smartkarma.com/entities/netent-ab" target="_blank" data-smartkarma-citation="entities:22440:1" rel="noopener">NetEnt AB (NETB SS)</a> at a Market Cap of approximately US$2bn going by cash-equivalent numbers based on 23rd June closing prices. The Offer Acceptance Period is expected to be from 17th August to 26th October 2020, subject to any extensions. The Offer is conditional on the receipt of regulatory clearances and a minimum acceptance threshold which requires Evolution Gaming to end up owning more than 90% of the shares in NetEnt (on a fully diluted basis). In this insight, we take a look at the details of the Deal to evaluate the fairness of the Terms and evaluate any potential trading opportunities. As always, there is more below the fold.

On 24th June 2020, Sweden-based Online-Casino company NetEnt AB (NETB SS) announced they had received a Public Takeover Offer from larger rival Evolution Gaming Group Ab (EVO SS).The Deal values NetEnt AB (NETB SS) at a Market Cap of approximately US$2bn going by cash-equivalent numbers based on 23rd June closing prices. The Offer Acceptance Period is expected to be from 17th August to 26th October 2020, subject to any extensions. The Offer is conditional on the receipt of regulatory clearances and a minimum acceptance threshold which requires Evolution Gaming to end up owning more than 90% of the shares in NetEnt (on a fully diluted basis). In this insight, we take a look at the details of the Deal to evaluate the fairness of the Terms and evaluate any potential trading opportunities. As always, there is more below the fold.

NetEnt-Evolution: Are People Betting on an Overbid?

Sweden

Evolution AB operates as a gaming company. The Company develops, produces, markets and licenses fully integrated B2B live casino solutions to online casino operators. Evolution serves customers worldwide.

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Evolution (EVO SS)

Evolution AB- A Tech Powerhouse Sets Stage for Global Domination With A Solid R&D Push!

Evolution Gaming Group AB reported mixed results for the first quarter of 2025, reflecting a combination of strategic challenges and developments...

Baptista Research

Games Global IPO: Strong Profitability and Impressive Portfolios of IGaming Content

The Isle of Man-based Games Global targets ~$2B IPO valuation. I like the company’s strong profitability/cash flow profile and see upside potential...

Andrei Zakharov

Evolution Gaming: The World's Largest Casino, Which You Probably Never Heard Of

Who is the world's largest casino? Those who try to look for the answer in Las Vegas or Macau should check out this Swedish company that dominates...

Urbem Capital

Evolution: Limited Changes Post In-line Q1-results

Redeye does limited changes to estimates following Evolution’s Q1-results which came in close to our expectations and we leave our base case...

Redeye

NetEnt-Evolution: Are People Betting on an Overbid?

On 24th June 2020, Sweden-based Online-Casino company NetEnt AB (NETB SS) announced they had received a Public Takeover Offer from larger rival...

Janaghan Jeyakumar, CFA

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