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>Global-E Online Ltd. exhibited a strong set of financial results for the second quarter of 2025, highlighted by notable year-over-year growth and a milestone achievement in profitability.</li><li>The company's Gross Merchandise Volume (GMV) grew by 34% from the same period last year, reaching $1.45 billion, while total revenue increased by 28% to approximately $215 million.</li><li>Adjusted EBITDA for the quarter was $38.5 million, marking a 23% increase, although the EBITDA margin slightly contracted to 17.9% due to a lower gross margin.</li></ul>

Global-E Online Ltd. exhibited a strong set of financial results for the second quarter of 2025, highlighted by notable year-over-year growth and a milestone achievement in profitability.The company's Gross Merchandise Volume (GMV) grew by 34% from the same period last year, reaching $1.45 billion, while total revenue increased by 28% to approximately $215 million.Adjusted EBITDA for the quarter was $38.5 million, marking a 23% increase, although the EBITDA margin slightly contracted to 17.9% due to a lower gross margin.

Global-e & Shopify Forge Deeper Alliance to Dominate Global Markets!

<ul><li>Global-E Online Ltd reported a robust set of earnings for the fourth quarter and full year of 2024, marking significant milestones in its journey.</li><li>The company continued its strong growth trajectory, with key highlights from the results including record GMV (Gross Merchandise Volume) and revenue figures.</li><li>In Q4, Global-E achieved a GMV of $1.71 billion, which represents a 44% year-over-year growth.</li></ul>

Global-E Online Ltd reported a robust set of earnings for the fourth quarter and full year of 2024, marking significant milestones in its journey.The company continued its strong growth trajectory, with key highlights from the results including record GMV (Gross Merchandise Volume) and revenue figures.In Q4, Global-E achieved a GMV of $1.71 billion, which represents a 44% year-over-year growth.

Global-E Online: Revenue Diversification & Robust Growth Propelling Our 'Buy' Rating!

<ul><li>Global-e is a dynamic company showcasing robust growth strategies and operational efficiencies, reflected in its strong financial performance for the third quarter of 2024.</li><li>The company achieved significant milestones with a 35% growth in Gross Merchandise Volume (GMV) to $1.34 billion and a 32% increase in revenue, surpassing expectations and previous guidance.</li><li>This growth was primarily driven by successful new merchant launches and an improvement in consumer sentiment in September.</li></ul>

Global-e is a dynamic company showcasing robust growth strategies and operational efficiencies, reflected in its strong financial performance for the third quarter of 2024.The company achieved significant milestones with a 35% growth in Gross Merchandise Volume (GMV) to $1.34 billion and a 32% increase in revenue, surpassing expectations and previous guidance.This growth was primarily driven by successful new merchant launches and an improvement in consumer sentiment in September.

Global-e Online Ltd.: The 7 Most Significant Forces Steering Its Performance into 2025 & Beyond! - Major Drivers

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Sailpoint Technologies Holdings / Equity Capital Markets

<ul>
<li>The underwriters amended the terms of this offering with a S-1/A. The price range has been upwardly revised from $19.00-$21.00 to $21.00-$23.00.</li>
<li>Cornerstone investor Dragoneer has a strong track record with IPOs that have participated in. </li>
<li>The upwardly-revised price adjustment is a very bullish sign for the IPO and we have adjusted our early expectations on this deal.</li>
</ul>


The underwriters amended the terms of this offering with a S-1/A. The price range has been upwardly revised from $19.00-$21.00 to $21.00-$23.00.
Cornerstone investor Dragoneer has a strong track record with IPOs that have participated in. 
The upwardly-revised price adjustment is a very bullish sign for the IPO and we have adjusted our early expectations on this deal.


SailPoint, Inc. (SAIL) -- IPO Price Range Increased; Software Order Book Demand Is Fever Pitch

<ul><li>Global-E Online Ltd. reported its Q2 2024 financial results, showcasing significant advancements but also facing notable challenges.</li><li>Amir Schlachet, the CEO, highlighted a historic Gross Merchandise Volume (GMV) exceeding $1 billion for the first time in a non-peak quarter, achieving $1.08 billion, which is a 31% increase yearover-year.</li><li>Revenue grew by 26% to $168 million.</li></ul>

Global-E Online Ltd. reported its Q2 2024 financial results, showcasing significant advancements but also facing notable challenges.Amir Schlachet, the CEO, highlighted a historic Gross Merchandise Volume (GMV) exceeding $1 billion for the first time in a non-peak quarter, achieving $1.08 billion, which is a 31% increase yearover-year.Revenue grew by 26% to $168 million.

Global-e Online Ltd.: Will Its Focus on Margin Expansion and Operational Efficiency Yield Dividends? - Major Drivers

Israel

Global-e Online Ltd develops an application software. The Company offers online sales enterprise platform that delivers international sales operations to increase conversion rates as well as provides consulting services. Global-e Online serves worldwide.

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Global-e Online (GLBE US)

Global-e & Shopify Forge Deeper Alliance to Dominate Global Markets!

Global-E Online Ltd. exhibited a strong set of financial results for the second quarter of 2025, highlighted by notable year-over-year growth and...

Baptista Research

Global-E Online: Revenue Diversification & Robust Growth Propelling Our 'Buy' Rating!

Global-E Online Ltd reported a robust set of earnings for the fourth quarter and full year of 2024, marking significant milestones in its...

Baptista Research

Global-e Online Ltd.: The 7 Most Significant Forces Steering Its Performance into 2025 & Beyond! - Major Drivers

Global-e is a dynamic company showcasing robust growth strategies and operational efficiencies, reflected in its strong financial performance for...

Baptista Research

SailPoint, Inc. (SAIL) -- IPO Price Range Increased; Software Order Book Demand Is Fever Pitch

Underwriters amend IPO terms, raising price range to $21.00-$23.00; cornerstone investor Dragoneer's track record adds confidence, signaling...

IPO Boutique

Global-e Online Ltd.: Will Its Focus on Margin Expansion and Operational Efficiency Yield Dividends? - Major Drivers

Global-E Online Ltd. reported its Q2 2024 financial results, showcasing significant advancements but also facing notable challenges. Amir...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Global-e & Shopify Forge Deeper Alliance to Dominate Global Markets!

Global-E Online Ltd. exhibited a strong set of financial results for the second quarter of 2025, highlighted by notable year-over-year growth and...

Baptista Research

Global-E Online: Revenue Diversification & Robust Growth Propelling Our 'Buy' Rating!

Global-E Online Ltd reported a robust set of earnings for the fourth quarter and full year of 2024, marking significant milestones in its...

Baptista Research

Global-e Online Ltd.: The 7 Most Significant Forces Steering Its Performance into 2025 & Beyond! - Major Drivers

Global-e is a dynamic company showcasing robust growth strategies and operational efficiencies, reflected in its strong financial performance for...

Baptista Research

SailPoint, Inc. (SAIL) -- IPO Price Range Increased; Software Order Book Demand Is Fever Pitch

​Underwriters amend IPO terms, raising price range to $21.00-$23.00; cornerstone investor Dragoneer's track record adds confidence, signaling...

IPO Boutique

Global-e Online Ltd.: Will Its Focus on Margin Expansion and Operational Efficiency Yield Dividends? - Major Drivers

Global-E Online Ltd. reported its Q2 2024 financial results, showcasing significant advancements but also facing notable challenges. Amir...

Baptista Research

Underwriters amend IPO terms, raising price range to $21.00-$23.00; cornerstone investor Dragoneer's track record adds confidence, signaling...