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>This is our first report on GoodRx Holdings Inc.</li><li>The company announced its fourth-quarter earnings and highlighted significant progress which included saving consumers approximately $15 billion last year, increasing their access to affordable medications while expanding their relationships with retail partners through hybrid retail direct and Pharmacy Benefit Manager (PBM) contracting and cost savings initiatives.</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>

This is our first report on GoodRx Holdings Inc.The company announced its fourth-quarter earnings and highlighted significant progress which included saving consumers approximately $15 billion last year, increasing their access to affordable medications while expanding their relationships with retail partners through hybrid retail direct and Pharmacy Benefit Manager (PBM) contracting and cost savings initiatives.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.

GoodRx Holdings Inc.: Initiation Of Coverage - 4 Pivotal Factors That Are Shaping Its Growth Journey! - Major Drivers

Global Healthcare Analyst

Tina Banerjee

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<a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a> is selling its U.S.-based CDMO business, Metrics Contract Services for $475 million. The transaction is expected to close by the end of 2022.</li>
<li>Allowing for reinvestment needs, the net proceeds from the sale will be used to repay the syndicated debt facility and return surplus capital to shareholders.</li>
<li>Combined oral contraceptive Nextstellis remains the company’s most significant commercial opportunity. While Nextstellis was launched in the U.S. in June 2021, Mayne has launched Nextstellis in Australia in July 2022.  </li>
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Mayne Pharma (MYX AU) is selling its U.S.-based CDMO business, Metrics Contract Services for $475 million. The transaction is expected to close by the end of 2022.
Allowing for reinvestment needs, the net proceeds from the sale will be used to repay the syndicated debt facility and return surplus capital to shareholders.
Combined oral contraceptive Nextstellis remains the company’s most significant commercial opportunity. While Nextstellis was launched in the U.S. in June 2021, Mayne has launched Nextstellis in Australia in July 2022.  


Mayne Pharma (MYX AU): CDMO Business Sale- A Step Towards Focus Solely on Specialty Pharma

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

JD Health International  / Equity Capital Markets

JD Health International, the largest online healthcare platform and retail pharmacy in China has filed for an IPO to list its shares on the Hong Kong Stock Exchange. The company is backed by the Chinese online retail giant JD.Com, and is planning to raise about US$3bn through the IPO.In this insight, we examine the company’s business model and its financials.

JD Health International, the largest online healthcare platform and retail pharmacy in China has filed for an IPO to list its shares on the Hong Kong Stock Exchange. The company is backed by the Chinese online retail giant JD.Com, and is planning to raise about US$3bn through the IPO.In this insight, we examine the company’s business model and its financials.

JD Health Pre-IPO: Poised to Benefit from Structural Changes in Healthcare in China and the Pandemic

<a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" data-smartkarma-citation="entities:13316:1" rel="noopener">M3 Inc (2413 JP)</a>  provides various medical-related services to physicians and healthcare professionals in Japan and overseas. The company operates m3.com, its key platform alongside several other websites and platforms aimed at providing different services such as information provision, marketing services, medical health records and career solutions for physicians and medical practitioners.The company share price has more than doubled to JPY6,380 per share (from JPY2,921 on 26th March 2020) since we last wrote on the company. In this insight, we examine the key catalysts behind the company’s share price rally and the valuation.

M3 Inc (2413 JP)  provides various medical-related services to physicians and healthcare professionals in Japan and overseas. The company operates m3.com, its key platform alongside several other websites and platforms aimed at providing different services such as information provision, marketing services, medical health records and career solutions for physicians and medical practitioners.The company share price has more than doubled to JPY6,380 per share (from JPY2,921 on 26th March 2020) since we last wrote on the company. In this insight, we examine the key catalysts behind the company’s share price rally and the valuation.

M3 Inc: Intelligent Adaption to Covid-19 Should Sustain Medtech Earnings Growth Even Post-Pandemic

GoodRx Holdings Inc / Equity Capital Markets

GoodRx (GDRX) offers a prescription aggregation platform in the US enabling healthcare professionals to provide prices from the platform directly to their patients at the point of prescribing. In addition, the company also offers telehealth services since 2019 through its own platform HeyDoctor and GoodRx telehealth marketplace.The company has filed for an IPO in the US and intends to raise around US$900m. In addition, GoodRx will also raise US$100m from a private placement from Silver Lake concurrent to its IPO.A majority of the recent IPOs in the US commanded lofty valuations despite them making massive losses while some of them did not even have a proper path to profitability. However, GoodRx has strong financials with a growing top line and track record of profits, and the company dominates a growing market.We discuss the details below.

GoodRx (GDRX) offers a prescription aggregation platform in the US enabling healthcare professionals to provide prices from the platform directly to their patients at the point of prescribing. In addition, the company also offers telehealth services since 2019 through its own platform HeyDoctor and GoodRx telehealth marketplace.The company has filed for an IPO in the US and intends to raise around US$900m. In addition, GoodRx will also raise US$100m from a private placement from Silver Lake concurrent to its IPO.A majority of the recent IPOs in the US commanded lofty valuations despite them making massive losses while some of them did not even have a proper path to profitability. However, GoodRx has strong financials with a growing top line and track record of profits, and the company dominates a growing market.We discuss the details below.

GoodRx IPO: A Healthy Prescription for Strong Topline Growth and Profits

United States

GoodRx Holdings, Inc. operates a digital healthcare platform. The Company develops tele-medicine platform and a free-to-use website. GoodRx Holdings serves customers in the United States.

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GoodRx Holdings Inc (GDRX US)

GoodRx Holdings Inc.: Initiation Of Coverage - 4 Pivotal Factors That Are Shaping Its Growth Journey! - Major Drivers

This is our first report on GoodRx Holdings Inc. The company announced its fourth-quarter earnings and highlighted significant progress which...

Baptista Research

Mayne Pharma (MYX AU): CDMO Business Sale- A Step Towards Focus Solely on Specialty Pharma

Mayne is selling its U.S. CDMO business for $475 million. Going forward, the company aims to focus on specialty pharmaceuticals, including women...

Tina Banerjee

JD Health Pre-IPO: Poised to Benefit from Structural Changes in Healthcare in China and the Pandemic

JD Health, the largest online retail pharmacy and healthcare platform has filed for an IPO on the HKEX to raise about US$3bn. In this insight, we...

Shifara Samsudeen, FCMA, CGMA

M3 Inc: Intelligent Adaption to Covid-19 Should Sustain Medtech Earnings Growth Even Post-Pandemic

M3 Inc (2413 JP) provides various medical-related services to physicians and healthcare professionals in Japan and overseas. The company operates...

Shifara Samsudeen, FCMA, CGMA

GoodRx IPO: A Healthy Prescription for Strong Topline Growth and Profits

GoodRx (GDRX) offers a prescription aggregation platform in the US enabling healthcare professionals to provide prices from the platform directly...

Shifara Samsudeen, FCMA, CGMA

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52-week Range

Market Cap (USDm)

P/E

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