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

Fidelity National Info Serv / Equity Capital Markets

<ul><li>Fidelity delivered a strong result for the past quarter, surpassing Wall Street expectations in terms of revenues as well as earnings.</li><li>The company’s organic revenue growth of 8% for the quarter and 9% for the first half of the year, fueled by solid top-line results attained by each of its operational sectors, has exceeded the management’s expectations.</li><li>They had a really good quarter of core wins in banking, demonstrating sustained strength in their conventional banking channel.</li></ul>

Fidelity delivered a strong result for the past quarter, surpassing Wall Street expectations in terms of revenues as well as earnings.The company’s organic revenue growth of 8% for the quarter and 9% for the first half of the year, fueled by solid top-line results attained by each of its operational sectors, has exceeded the management’s expectations.They had a really good quarter of core wins in banking, demonstrating sustained strength in their conventional banking channel.

Fidelity National Information Services: Major Drivers

Credit

<ul><li>Fidelity National Information is a technology solutions provider to the worldwide banking and finance industry.</li><li>The company had a strong start to the year, 2022 far outpacing its projections for revenue and delivering a solid organic top-line growth.</li><li>During the quarter, they launched their Guaranteed Payments solution, making it the only payment processor to provide a fully integrated solution guaranteed to increase e-commerce transaction approval rates and remove chargebacks resulting from fraudulent purchases.</li></ul>

Fidelity National Information is a technology solutions provider to the worldwide banking and finance industry.The company had a strong start to the year, 2022 far outpacing its projections for revenue and delivering a solid organic top-line growth.During the quarter, they launched their Guaranteed Payments solution, making it the only payment processor to provide a fully integrated solution guaranteed to increase e-commerce transaction approval rates and remove chargebacks resulting from fraudulent purchases.

Fidelity National Information Services: Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>This is our first report on the leading global technology solutions provider to the banking and finance industry – Fidelity National Information.</li><li>The company's annual organic growth expectations were all exceeded with a 9% organic top-line growth.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

This is our first report on the leading global technology solutions provider to the banking and finance industry – Fidelity National Information.The company's annual organic growth expectations were all exceeded with a 9% organic top-line growth.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Fidelity National Information Services: Initiation of Coverage – Core Processing Business Upside & Other Drivers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>In response to an <a href="https://www.afr.com/street-talk/bain-capital-checks-out-eml-payments-bankers-chase-other-buyers-20220412-p5acvc" target="_blank" rel="noopener">AFR article</a>, <a href="https://www.smartkarma.com/entities/eml-payments-limited" target="_blank" data-smartkarma-citation="entities:3232:1" rel="noopener">EML Payments Limited (EML AU)</a> confirmed takeover interest from Bain Capital. However, discussions have ceased. The shares closed 10.5% higher at A$2.94. </li>
<li>The bombed-out share prices of payment companies have supported recent M&amp;A activity such as <a href="https://www.smartkarma.com/entities/afterpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:24047:1" rel="noopener">Afterpay Holdings (AFY AU)</a>/<a href="https://www.smartkarma.com/entities/square-inc" target="_blank" data-smartkarma-citation="entities:23755:1" rel="noopener">Square Inc (SQ US)</a> and <a href="https://www.smartkarma.com/entities/sezzle-inc" target="_blank" data-smartkarma-citation="entities:30969:1" rel="noopener">Sezzle Inc (SZL AU)</a>/<a href="https://www.smartkarma.com/entities/zip-co-ltd-3708706d-4978-4e29-acbc-d9702b971da9" target="_blank" data-smartkarma-citation="entities:29126:1" rel="noopener">Zip Co Ltd (Z1P AU)</a>.</li>
<li>Despite today’s pop, the shares are still 50% down over the last 12 months. EML’s market positioning and expected stronger 2HFY22 should continue to fuel takeover interest.</li>
</ul>


In response to an AFR article, EML Payments Limited (EML AU) confirmed takeover interest from Bain Capital. However, discussions have ceased. The shares closed 10.5% higher at A$2.94. 
The bombed-out share prices of payment companies have supported recent M&amp;A activity such as Afterpay Holdings (AFY AU)/Square Inc (SQ US) and Sezzle Inc (SZL AU)/Zip Co Ltd (Z1P AU).
Despite today’s pop, the shares are still 50% down over the last 12 months. EML’s market positioning and expected stronger 2HFY22 should continue to fuel takeover interest.


EML Payments Flirtation with Bain Likely Not the Last

Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Fiserv is valued as a slow-growth and low return on capital legacy business, although this does not appear to be the case.</li>
<li>At present, the expected topline growth rate is far from spectacular, but parts of the business are growing fast and could result in a multiple repricing.</li>
<li>Due to the acquisition of First Data, the company's improving profitability is a better measure of business performance than return on capital is.</li>
</ul>


Fiserv is valued as a slow-growth and low return on capital legacy business, although this does not appear to be the case.
At present, the expected topline growth rate is far from spectacular, but parts of the business are growing fast and could result in a multiple repricing.
Due to the acquisition of First Data, the company's improving profitability is a better measure of business performance than return on capital is.


Fiserv - Investing In Transforming Leaders Rather Than Disruptors

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Fidelity National Info Serv (FIS US)

Fidelity National Information Services: Major Drivers

Fidelity delivered a strong result for the past quarter, surpassing Wall Street expectations in terms of revenues as well as earnings. The...

Baptista Research

Fidelity National Information Services: Detailed Credit Analysis & Financial Strength Evaluation Report

Fidelity National Information is a technology solutions provider to the worldwide banking and finance industry. The company had a strong start to...

Baptista Research

Fidelity National Information Services: Initiation of Coverage – Core Processing Business Upside & Other Drivers

This is our first report on the leading global technology solutions provider to the banking and finance industry – Fidelity National...

Baptista Research

EML Payments Flirtation with Bain Likely Not the Last

EML confirmed takeover interest from Bain Capital but discussions have ceased. EML’s market positioning and expected stronger 2HFY22 should...

Arun George

Fiserv - Investing In Transforming Leaders Rather Than Disruptors

Fiserv is valued as a slow-growth and low return on capital legacy business, although this does not appear to be the case. At present, the...

Vladimir Dimitrov, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)