Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>BILL Holdings shares have materially underperformed year-to-date and fell ~51%. Shares saw selling pressure post 2QFY25 earnings as results indicated weak outlook.</li>
<li>I see limited room for downside given current valuation of ~3x 2025E EV/Revenue (with ~13% growth) and recent acquisition of AvidXchange at a higher multiple.</li>
<li>I believe BILL’s current attractive valuation levels can be viewed as opportunity to unwind bearish positions and valuation looks more reasonable vs. peers, especially AvidXchange.</li>
</ul>


BILL Holdings shares have materially underperformed year-to-date and fell ~51%. Shares saw selling pressure post 2QFY25 earnings as results indicated weak outlook.
I see limited room for downside given current valuation of ~3x 2025E EV/Revenue (with ~13% growth) and recent acquisition of AvidXchange at a higher multiple.
I believe BILL’s current attractive valuation levels can be viewed as opportunity to unwind bearish positions and valuation looks more reasonable vs. peers, especially AvidXchange.


2024 High Conviction Update: BILL Holdings, Attractive Valuation Levels To Unwind Bearish Positions

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Alpha Group International  / Event-Driven

<ul>
<li>PUSU deadline looms on May 30, giving Corpay limited time to submit a firm bid or walk away—raising the stakes for investors monitoring deal certainty and potential upside.</li>
<li>Alpha's valuation remains compelling, with a blended takeover value of ~3,795p vs. a current share price of 3,050p, implying ~24% upside on deal completion.</li>
<li>Synergies estimated at ~99p per share could lift deal terms; I see a 65% probability of a formal bid, recommending accumulation around 3,000p for event-driven investors.</li>
</ul>


PUSU deadline looms on May 30, giving Corpay limited time to submit a firm bid or walk away—raising the stakes for investors monitoring deal certainty and potential upside.
Alpha's valuation remains compelling, with a blended takeover value of ~3,795p vs. a current share price of 3,050p, implying ~24% upside on deal completion.
Synergies estimated at ~99p per share could lift deal terms; I see a 65% probability of a formal bid, recommending accumulation around 3,000p for event-driven investors.


Fintech Alpha: Unlocking Hidden Value as Corpay Circles

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

<ul>
<li>Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside healthy market dynamics which have continued to improve.</li>
<li>Two weeks ago, our election day report (11/5/24) was titled "Buy the Pullback," and with the SPX/QQQ/IWM pulling back to their 20-day MAs, it's time to buy the pullback <em>again</em>.</li>
<li>We continue to expect significant upside into year-end and early 2025, and we expect support at the 20-day MAs on the aforementioned indexes (though support at 50-day MAs is possible).</li>
</ul>


Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside healthy market dynamics which have continued to improve.
Two weeks ago, our election day report (11/5/24) was titled "Buy the Pullback," and with the SPX/QQQ/IWM pulling back to their 20-day MAs, it's time to buy the pullback again.
We continue to expect significant upside into year-end and early 2025, and we expect support at the 20-day MAs on the aforementioned indexes (though support at 50-day MAs is possible).


Buy the Pullback Again; S&P 500, Nasdaq 100, Russell 2000 Testing Confluence of Support

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>Corpay's first quarter of 2024 showcased a balanced reflection of the company's market dynamics and internal strategic adjustments, leading into the fiscal year.</li>
<li>Noteworthy from the comprehensive discussion on Corpay's strategies and financial status are several areas of performance and forward-looking strategies that could influence an investment stance.</li>
<li>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>


Corpay's first quarter of 2024 showcased a balanced reflection of the company's market dynamics and internal strategic adjustments, leading into the fiscal year.
Noteworthy from the comprehensive discussion on Corpay's strategies and financial status are several areas of performance and forward-looking strategies that could influence an investment stance.
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.


Corpay Inc.: How Will They Survive The North American Vehicle Business Challenges?  - Major Drivers

<ul><li>FLEETCOR Technologies Inc.</li><li>has reported mixed results for Q4 and full year 2023.</li><li>Revenue for Q4 reached $937 million, registering a 6% upsurge; while cash EPS recorded a rise of 10% at $4.44, and EBITDA was approximately $500 million, 11% higher than the previous period.</li></ul>

FLEETCOR Technologies Inc.has reported mixed results for Q4 and full year 2023.Revenue for Q4 reached $937 million, registering a 6% upsurge; while cash EPS recorded a rise of 10% at $4.44, and EBITDA was approximately $500 million, 11% higher than the previous period.

FLEETCOR Technologies: A Story Of Improved Client Retention & Service Adoption! - Major Drivers

United States

Corpay, Inc. operates as a business payments company. The Company offers global payment, currency risk management, and invoice automation solutions which help businesses to control, simplify, and secure payment for vehicle related expenses, general payables, tolls, insurance, and lodging expenses. Corpay serves customers worldwide.

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

Corpay (CPAY US)

2024 High Conviction Update: BILL Holdings, Attractive Valuation Levels To Unwind Bearish Positions

BILL Holdings shares have underperformed, but current valuation presents opportunity to unwind bearish positions and the stock valuation looks...

Andrei Zakharov

Fintech Alpha: Unlocking Hidden Value as Corpay Circles

Corpay eyes Alpha Group in a strategic move; with high cash flow, niche exposure, and synergy potential, shares offer 20–25% upside if a bid near...

Jesus Rodriguez Aguilar

Buy the Pullback Again; S&P 500, Nasdaq 100, Russell 2000 Testing Confluence of Support

Buy the Pullback Again, Same as Our Election Day Report; S&P 500 $SPX, Nasdaq 100 $QQQ, Russell 2000 $IWM Testing Confluence of Support at 20-day...

Vermilion Research

Corpay Inc.: How Will They Survive The North American Vehicle Business Challenges? - Major Drivers

Corpay's first quarter of 2024 showcased a balanced reflection of the company's market dynamics and internal strategic adjustments, leading into...

Baptista Research

FLEETCOR Technologies: A Story Of Improved Client Retention & Service Adoption! - Major Drivers

FLEETCOR Technologies Inc. has reported mixed results for Q4 and full year 2023. Revenue for Q4 reached $937 million, registering a 6% upsurge;...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

2024 High Conviction Update: BILL Holdings, Attractive Valuation Levels To Unwind Bearish Positions

​BILL Holdings shares have underperformed, but current valuation presents opportunity to unwind bearish positions and the stock valuation looks...

Andrei Zakharov

Fintech Alpha: Unlocking Hidden Value as Corpay Circles

Corpay eyes Alpha Group in a strategic move; with high cash flow, niche exposure, and synergy potential, shares offer 20–25% upside if a bid near...

Jesus Rodriguez Aguilar

Buy the Pullback Again; S&P 500, Nasdaq 100, Russell 2000 Testing Confluence of Support

Buy the Pullback Again, Same as Our Election Day Report; S&P 500 $SPX, Nasdaq 100 $QQQ, Russell 2000 $IWM Testing Confluence of Support at 20-day...

Vermilion Research

Corpay Inc.: How Will They Survive The North American Vehicle Business Challenges? - Major Drivers

Corpay's first quarter of 2024 showcased a balanced reflection of the company's market dynamics and internal strategic adjustments, leading into...

Baptista Research

FLEETCOR Technologies: A Story Of Improved Client Retention & Service Adoption! - Major Drivers

FLEETCOR Technologies Inc. has reported mixed results for Q4 and full year 2023. Revenue for Q4 reached $937 million, registering a 6% upsurge;...

Baptista Research

BILL Holdings shares have underperformed, but current valuation presents opportunity to unwind bearish positions and the stock valuation looks...