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 Payments Inc. delivered a strong performance in the third quarter of 2025, showcasing robust operational results and strategic initiatives that position the company for future growth.</li><li>The company reported 6% constant currency adjusted net revenue growth, excluding dispositions, alongside 110 basis points of margin expansion and 11% constant currency adjusted EPS growth compared to the prior year.</li><li>This performance was bolstered by strong execution across various business units, notably Merchant Solutions and Issuer Solutions.</li></ul>

Global Payments Inc. delivered a strong performance in the third quarter of 2025, showcasing robust operational results and strategic initiatives that position the company for future growth.The company reported 6% constant currency adjusted net revenue growth, excluding dispositions, alongside 110 basis points of margin expansion and 11% constant currency adjusted EPS growth compared to the prior year.This performance was bolstered by strong execution across various business units, notably Merchant Solutions and Issuer Solutions.

Global Payments Dumps Issuer Solutions — Could This Game-Changing Divestiture Unlock Massive Cash Flow?

<ul><li>Global Payments Inc. has reported its second quarter 2025 earnings, showcasing progress across several business segments and initiatives.</li><li>The company's earnings for the quarter slightly surpassed expectations, with adjusted net revenue reaching $2.36 billion, marking a 5% constant currency growth when excluding dispositions.</li><li>The adjusted operating margin improved by 130 basis points to 44.6%, with adjusted EPS increasing by 11%.</li></ul>

Global Payments Inc. has reported its second quarter 2025 earnings, showcasing progress across several business segments and initiatives.The company's earnings for the quarter slightly surpassed expectations, with adjusted net revenue reaching $2.36 billion, marking a 5% constant currency growth when excluding dispositions.The adjusted operating margin improved by 130 basis points to 44.6%, with adjusted EPS increasing by 11%.

Global Payments: Expanding Boldly Into International Markets With Genius Platform Push!

<ul><li>Global Payments Inc. reported its financial results for the first quarter of 2025, demonstrating steady performance amidst macroeconomic uncertainties.</li><li>The company achieved over 5% constant currency adjusted net revenue growth, excluding dispositions, had a 70 basis point increase in adjusted operating margin, and saw an 11% growth in constant currency adjusted earnings per share compared to the same period in 2024.</li><li>Despite challenges, including foreign currency headwinds and non-core market exits, Global Payments maintained its projected growth trajectory.</li></ul>

Global Payments Inc. reported its financial results for the first quarter of 2025, demonstrating steady performance amidst macroeconomic uncertainties.The company achieved over 5% constant currency adjusted net revenue growth, excluding dispositions, had a 70 basis point increase in adjusted operating margin, and saw an 11% growth in constant currency adjusted earnings per share compared to the same period in 2024.Despite challenges, including foreign currency headwinds and non-core market exits, Global Payments maintained its projected growth trajectory.

Global Payments: Integration & Harmonization of Technology Platforms To Establish As A More Agile & Responsive Player In The Industry!

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

<ul>
<li>The Company posted strong Q1 2205 results with adjusted EPS (incl. share-based comp) growing 9.3% YOY, adjusted operating margin expanding 70 bps YOY.  Excl. share-based comp, adj. EPS was $2.82.</li>
<li>The Company expects margin expansion and double digit adjusted EPS growth for FY 2025.</li>
<li>Sale of Issuer Solutions segment and acqusition of Worldpay will simplify operations and enhance growth. GPN trades at a significant discount to the peer group average.</li>
</ul>


The Company posted strong Q1 2205 results with adjusted EPS (incl. share-based comp) growing 9.3% YOY, adjusted operating margin expanding 70 bps YOY.  Excl. share-based comp, adj. EPS was $2.82.
The Company expects margin expansion and double digit adjusted EPS growth for FY 2025.
Sale of Issuer Solutions segment and acqusition of Worldpay will simplify operations and enhance growth. GPN trades at a significant discount to the peer group average.


Global Payments Inc. (GPN) Financial Factsheet - Growth, Valuation and Peer Comps

<ul><li>Global Payments Inc.'s recent earnings call highlighted both the opportunities and challenges the company faces as it seeks to reposition itself in the competitive landscape of commerce solutions.</li><li>During the fourth quarter and throughout 2024, the company reported solid financial and operational outcomes, underscoring a strategic transformation aimed at long-term growth and efficiency.</li><li>From a performance perspective, Global Payments delivered adjusted net revenue growth of 6% for the full year and achieved a record adjusted operating margin, with earnings per share rising by 11%.</li></ul>

Global Payments Inc.'s recent earnings call highlighted both the opportunities and challenges the company faces as it seeks to reposition itself in the competitive landscape of commerce solutions.During the fourth quarter and throughout 2024, the company reported solid financial and operational outcomes, underscoring a strategic transformation aimed at long-term growth and efficiency.From a performance perspective, Global Payments delivered adjusted net revenue growth of 6% for the full year and achieved a record adjusted operating margin, with earnings per share rising by 11%.

Global Payments: Expansion of Issuer Business with Modernization Efforts to Support Long-Term Growth & Profitability!

United States

Global Payments Inc. provides electronic transaction processing, information systems, and services.  The Company serves the financial, corporate, government, and merchant communities on a worldwide basis.  Global Payments provides funds transfer, merchant services, merchant accounting, Internet services, and other services.

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Global Payments (GPN US)

Global Payments Dumps Issuer Solutions — Could This Game-Changing Divestiture Unlock Massive Cash Flow?

Global Payments Inc. delivered a strong performance in the third quarter of 2025, showcasing robust operational results and strategic initiatives...

Baptista Research

Global Payments: Expanding Boldly Into International Markets With Genius Platform Push!

Global Payments Inc. has reported its second quarter 2025 earnings, showcasing progress across several business segments and initiatives. The...

Baptista Research

Global Payments: Integration & Harmonization of Technology Platforms To Establish As A More Agile & Responsive Player In The Industry!

Global Payments Inc. reported its financial results for the first quarter of 2025, demonstrating steady performance amidst macroeconomic...

Baptista Research

Global Payments Inc. (GPN) Financial Factsheet - Growth, Valuation and Peer Comps

GPN's Q1 2025 results show solid growth in adjusted EPS and operating margin. FY:25 guidance suggests double digit adj. EPS growth for the year....

GSBR Research

Global Payments: Expansion of Issuer Business with Modernization Efforts to Support Long-Term Growth & Profitability!

Global Payments Inc.'s recent earnings call highlighted both the opportunities and challenges the company faces as it seeks to reposition itself...

Baptista Research

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