Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>BILL Holdings shares have bottomed out near $40 per share after Starboard Value and Elliott Management built large stakes in the American SMB back-office pioneer.</li>
<li>BILL Holding shares significantly underperformed in 2025 with shares down ~44% over the year versus a 21% gain on the Nasdaq.</li>
<li>I see further room for upside on potential launching new intelligent AI agents, partnerships with software providers, disciplined expense management and operating efficiency.</li>
</ul>


BILL Holdings shares have bottomed out near $40 per share after Starboard Value and Elliott Management built large stakes in the American SMB back-office pioneer.
BILL Holding shares significantly underperformed in 2025 with shares down ~44% over the year versus a 21% gain on the Nasdaq.
I see further room for upside on potential launching new intelligent AI agents, partnerships with software providers, disciplined expense management and operating efficiency.


2024 High Conviction Update: BILL Holdings, Starboard Value and Elliott Move In

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.

<ul>
<li>Fiserv has taken another bold step to solidify its dominance in the banking technology stack by announcing the acquisition of StoneCastle Cash Management.</li>
<li>The deal, signed in late September 2025, is expected to close in Q1 2026 and gives Fiserv access to a powerful platform that connects institutional deposits with over 1,000 community banks and credit unions.</li>
<li>The significance of this acquisition runs deeper than a simple bolt-on; StoneCastle is already integrated into over 300 Fiserv core banking clients, creating a natural fit and reducing integration friction.</li>
</ul>


Fiserv has taken another bold step to solidify its dominance in the banking technology stack by announcing the acquisition of StoneCastle Cash Management.
The deal, signed in late September 2025, is expected to close in Q1 2026 and gives Fiserv access to a powerful platform that connects institutional deposits with over 1,000 community banks and credit unions.
The significance of this acquisition runs deeper than a simple bolt-on; StoneCastle is already integrated into over 300 Fiserv core banking clients, creating a natural fit and reducing integration friction.


Fiserv’s Quiet Fintech Power Grab: What The Stonecastle Acquisition Could Really Mean!

<ul>
<li>Fiserv reported strong performance in the second quarter of 2025, showcasing both its strengths and addressing areas needing improvement.</li>
<li>The company achieved 8% adjusted and organic revenue growth, along with a significant 16% growth in adjusted earnings per share (EPS).</li>
<li>This solid performance reflects Fiserv's strategic focus on innovation and expansion, both geographically and across product offerings, despite a challenging macroeconomic environment.</li>
</ul>


Fiserv reported strong performance in the second quarter of 2025, showcasing both its strengths and addressing areas needing improvement.
The company achieved 8% adjusted and organic revenue growth, along with a significant 16% growth in adjusted earnings per share (EPS).
This solid performance reflects Fiserv's strategic focus on innovation and expansion, both geographically and across product offerings, despite a challenging macroeconomic environment.


Fiserv.: Clover Business Expansion Initiatives...

<ul><li>Fiserv, Inc. delivered its financial results for the first quarter of 2025, showcasing both strong performance indicators and strategic developments.</li><li>The company reported robust financial metrics with organic revenue growth of 7%, adjusted EPS growth of 14%, and an increase in adjusted operating margin by 200 basis points.</li><li>While these figures indicate effective operational execution, they are buoyed by an active transition phase, as the company underwent a CEO transition and pursued several acquisitions 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>

Fiserv, Inc. delivered its financial results for the first quarter of 2025, showcasing both strong performance indicators and strategic developments.The company reported robust financial metrics with organic revenue growth of 7%, adjusted EPS growth of 14%, and an increase in adjusted operating margin by 200 basis points.While these figures indicate effective operational execution, they are buoyed by an active transition phase, as the company underwent a CEO transition and pursued several acquisitions 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.

Fiserv Inc.: Clover's International Expansion

<ul><li>Fiserv has successfully concluded its fourth quarter of 2024, surpassing the high expectations set at its 2023 investor conference.</li><li>The company reported adjusted earnings per share of $8.80 for the full year, representing an impressive 17% increase.</li><li>This growth was supported by a 7% rise in adjusted revenue and an improvement in adjusted operating margins, which expanded by 170 basis points to 39.4%.</li></ul>

Fiserv has successfully concluded its fourth quarter of 2024, surpassing the high expectations set at its 2023 investor conference.The company reported adjusted earnings per share of $8.80 for the full year, representing an impressive 17% increase.This growth was supported by a 7% rise in adjusted revenue and an improvement in adjusted operating margins, which expanded by 170 basis points to 39.4%.

Fiserv Inc.: The Expansion of Clover, Value-Added Services & Other Major Drivers

United States

Fiserv, Inc. provides fintech solutions. The Company provides a platform that enables businesses to accept payments, track performance, and drive sales. Fiserv serves corporate and public sector, merchants, banks, credit unions, and other financial institutions globally.

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Fiserv (FI US)

2024 High Conviction Update: BILL Holdings, Starboard Value and Elliott Move In

BILL Holdings shares have bottomed out near $40/share. The activist investor Starboard Value and hedge fund Elliott Management move in: a double...

Andrei Zakharov

Fiserv’s Quiet Fintech Power Grab: What The Stonecastle Acquisition Could Really Mean!

Fiserv has taken another bold step to solidify its dominance in the banking technology stack by announcing the acquisition of StoneCastle Cash...

Baptista Research

Fiserv.: Clover Business Expansion Initiatives...

Fiserv reported strong performance in the second quarter of 2025, showcasing both its strengths and addressing areas needing improvement.

Baptista Research

Fiserv Inc.: Clover's International Expansion

Fiserv, Inc. delivered its financial results for the first quarter of 2025, showcasing both strong performance indicators and strategic...

Baptista Research

Fiserv Inc.: The Expansion of Clover, Value-Added Services & Other Major Drivers

Fiserv has successfully concluded its fourth quarter of 2024, surpassing the high expectations set at its 2023 investor conference. The company...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

2024 High Conviction Update: BILL Holdings, Starboard Value and Elliott Move In

​BILL Holdings shares have bottomed out near $40/share. The activist investor Starboard Value and hedge fund Elliott Management move in: a double...

Andrei Zakharov

Fiserv’s Quiet Fintech Power Grab: What The Stonecastle Acquisition Could Really Mean!

Fiserv has taken another bold step to solidify its dominance in the banking technology stack by announcing the acquisition of StoneCastle Cash...

Baptista Research

Fiserv.: Clover Business Expansion Initiatives...

Fiserv reported strong performance in the second quarter of 2025, showcasing both its strengths and addressing areas needing improvement.

Baptista Research

Fiserv Inc.: Clover's International Expansion

Fiserv, Inc. delivered its financial results for the first quarter of 2025, showcasing both strong performance indicators and strategic...

Baptista Research

Fiserv Inc.: The Expansion of Clover, Value-Added Services & Other Major Drivers

Fiserv has successfully concluded its fourth quarter of 2024, surpassing the high expectations set at its 2023 investor conference. The company...

Baptista Research

BILL Holdings shares have bottomed out near $40/share. The activist investor Starboard Value and hedge fund Elliott Management move in: a double...