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

Fidelity National Info Serv / Equity Bottom-Up

<ul><li>Fidelity National Information Services (FIS) presented its Q4 2023 earnings, reflecting significant progress the company has made during the year despite economic uncertainties and pressures posed by the banking crisis and inflation.</li><li>The positive outcomes are attributed to the company's decisive actions and the renewal of its focus, vision, and measurable results.</li><li>During 2023, FIS completed a majority sale of the Worldpay business to GTCR, marking a landmark transaction that enhances strategic flexibility and operational focus for both companies to optimize growth and margin opportunities.</li></ul>

Fidelity National Information Services (FIS) presented its Q4 2023 earnings, reflecting significant progress the company has made during the year despite economic uncertainties and pressures posed by the banking crisis and inflation.The positive outcomes are attributed to the company's decisive actions and the renewal of its focus, vision, and measurable results.During 2023, FIS completed a majority sale of the Worldpay business to GTCR, marking a landmark transaction that enhances strategic flexibility and operational focus for both companies to optimize growth and margin opportunities.

Fidelity National Information Services: Digital Sales and Money Movement Capabilities Driving Demand! - Major Drivers

<ul><li>Fidelity National Information Services, Inc. delivered a disappointing set of results as they were unable to meet Wall Street's revenue and earnings expectations.</li><li>Their success is attributed to a 4% organic revenue surge, primarily driven by a remarkable 7% growth in recurring revenue within the Banking and Capital Markets segments.</li><li>The company maintains a strong free cash flow trajectory, achieving an impressive 94% conversion year-to-date and poised to surpass the 2023 target of over 80%.</li></ul>

Fidelity National Information Services, Inc. delivered a disappointing set of results as they were unable to meet Wall Street's revenue and earnings expectations.Their success is attributed to a 4% organic revenue surge, primarily driven by a remarkable 7% growth in recurring revenue within the Banking and Capital Markets segments.The company maintains a strong free cash flow trajectory, achieving an impressive 94% conversion year-to-date and poised to surpass the 2023 target of over 80%.

Fidelity National Information Services Inc.: Catering Beyond Financial Giants - What's Their Secret? - Major Drivers

<ul><li>Fidelity National Information Services exceeded Wall Street's revenue and earnings expectations in the last quarter.</li><li>In the quarter, revenue, adjusted EBITDA, and adjusted EPS exceeded expectations, driven by strong execution across their three business divisions and a continued emphasis on expenditure restraint.</li><li>Fidelity National Information is seeing strong traction, with increased penetration in atypical sectors like large corporates, insurance, and auto loan organizations.</li></ul>

Fidelity National Information Services exceeded Wall Street's revenue and earnings expectations in the last quarter.In the quarter, revenue, adjusted EBITDA, and adjusted EPS exceeded expectations, driven by strong execution across their three business divisions and a continued emphasis on expenditure restraint.Fidelity National Information is seeing strong traction, with increased penetration in atypical sectors like large corporates, insurance, and auto loan organizations.

Fidelity National Information Services Inc.: 3 Catalysts Behind Its Surprising Growth! - Financial Forecasts

Equity Capital Markets

Fidelity National Info Serv / Equity Capital Markets

<ul><li>Fidelity National Info (FIS) had a successful start to 2023, surpassing Wall Street expectations in terms of revenues as well as earnings.</li><li>FIS experienced significant recurring revenue growth in their banking and capital markets businesses and impressive organic growth in their e-commerce segment.</li><li>We give Fidelity National Information Services a 'Buy' rating with a revised target price.</li></ul>

Fidelity National Info (FIS) had a successful start to 2023, surpassing Wall Street expectations in terms of revenues as well as earnings.FIS experienced significant recurring revenue growth in their banking and capital markets businesses and impressive organic growth in their e-commerce segment.We give Fidelity National Information Services a 'Buy' rating with a revised target price.

Fidelity National Information Services Inc.: Is The Recurring Revenue Growth in Banking and Capital Markets Here To Stay? – Key Drivers

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>In 2H23 our longs Visa and PagSeguro delivered positive returns, whilst PayPal was in negative territory; among our shorts, Kakao Pay was modestly successful, DLocal and Affirm continued to appreciate</li>
<li>We retain card network megacap Visa as a core holding, and keep PagSeguro and PayPal adding Cielo to the buy list</li>
<li>We keep our negative views on DLocal and Affirm, and remove Kakao Pay from the sell list for its less marked price-to-sales multiple valuation</li>
</ul>


In 2H23 our longs Visa and PagSeguro delivered positive returns, whilst PayPal was in negative territory; among our shorts, Kakao Pay was modestly successful, DLocal and Affirm continued to appreciate
We retain card network megacap Visa as a core holding, and keep PagSeguro and PayPal adding Cielo to the buy list
We keep our negative views on DLocal and Affirm, and remove Kakao Pay from the sell list for its less marked price-to-sales multiple valuation


Payment Companies – Our High Conviction Calls for 1H 2024

United States

Fidelity National Information Services, Inc. is a payment services provider. The Company provides credit and debit card processing, electronic banking services, check risk management, check cashing, and merchant card processing services to financial institutions and merchants.

Fidelity National Info Serv (FIS US)

Fidelity National Information Services: Digital Sales and Money Movement Capabilities Driving Demand! - Major Drivers

Fidelity National Information Services (FIS) presented its Q4 2023 earnings, reflecting significant progress the company has made during the year...

Baptista Research

Fidelity National Information Services Inc.: Catering Beyond Financial Giants - What's Their Secret? - Major Drivers

Fidelity National Information Services, Inc. delivered a disappointing set of results as they were unable to meet Wall Street's revenue and...

Baptista Research

Fidelity National Information Services Inc.: 3 Catalysts Behind Its Surprising Growth! - Financial Forecasts

Fidelity National Information Services exceeded Wall Street's revenue and earnings expectations in the last quarter. In the quarter, revenue,...

Baptista Research

Fidelity National Information Services Inc.: Is The Recurring Revenue Growth in Banking and Capital Markets Here To Stay? – Key Drivers

Fidelity National Info (FIS) had a successful start to 2023, surpassing Wall Street expectations in terms of revenues as well as earnings. FIS...

Baptista Research

Payment Companies – Our High Conviction Calls for 1H 2024

In payments, we stick with Visa, PayPal and PagSeguro, adding Cielo to the buy list; we remain negative on DLocal and Affirm, removing Kakao Pay...

Victor Galliano