Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Following the massive drop in Adobe's share price, more investors are looking favourably at the business.</li>
<li>In my view, capital allocation decisions within the company raise some red flags that are hard to overlook.</li>
<li>As a long-term shareholder, I still have a hard time rating Adobe as a buy.</li>
</ul>


Following the massive drop in Adobe's share price, more investors are looking favourably at the business.
In my view, capital allocation decisions within the company raise some red flags that are hard to overlook.
As a long-term shareholder, I still have a hard time rating Adobe as a buy.


Adobe Is A High Quality Business With Capital Allocation Problems

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 Capital Markets

<ul><li>Intuit had another strong quarter managed to deliver an all-around beat with revenues, operating income, and earnings per share rising.</li><li>In the Self-Employed Group and the Small Business, revenue grew during the quarter.</li><li>This quarter, Intuit launched a QuickBooks business network for millions of QuickBooks customers for further digitizing B2B payments in the U.S.</li></ul>

Intuit had another strong quarter managed to deliver an all-around beat with revenues, operating income, and earnings per share rising.In the Self-Employed Group and the Small Business, revenue grew during the quarter.This quarter, Intuit launched a QuickBooks business network for millions of QuickBooks customers for further digitizing B2B payments in the U.S.

<ul><li>Intuit had a successful first quarter and managed to surpass Wall Street expectations in terms of revenues as well as earnings.</li><li>TurboTax also had a strong finish with a number of improvements introduced and tested during the quarter.</li><li>Intuit is also developing its own bill-pay feature for QuickBooks and intends to make it available in the future.</li></ul>

Intuit had a successful first quarter and managed to surpass Wall Street expectations in terms of revenues as well as earnings.TurboTax also had a strong finish with a number of improvements introduced and tested during the quarter.Intuit is also developing its own bill-pay feature for QuickBooks and intends to make it available in the future.

Intuit Inc: The SeedFi Acquisition & Other Drivers

<ul><li>Intuit had a strong quarter and delivered an all-around beat while continuing its focus on small businesses and customers.</li><li>It delivered strong margins and strong growth in the quarter.</li><li>There was a rise in the volatility in personal loans and various personal loan partners tightened the undertaking, but with volume from the other partners, Intuit was able to offset this negative impact.</li></ul>

Intuit had a strong quarter and delivered an all-around beat while continuing its focus on small businesses and customers.It delivered strong margins and strong growth in the quarter.There was a rise in the volatility in personal loans and various personal loan partners tightened the undertaking, but with volume from the other partners, Intuit was able to offset this negative impact.

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<ul>
<li>Lichen China, niche provider of financial and taxation services, filed for an IPO in the United States, and plans to raise ~$25M. Investment bank Univest Securities is leading the offering. </li>
<li>The company applied to list Class A shares on the Nasdaq Capital Market under the symbol <a href="https://www.smartkarma.com/entities/lichen-china-limited" target="_blank" data-smartkarma-citation="entities:36311:1" rel="noopener">Lichen China (LICN US)</a> and will have Class A shares and Class B shares. </li>
<li>We have a favorable view of the upcoming IPO, and consider an IPO valuation of ~$119M as attractive at ~2x EV/FY22E revenue and a forward P/E of ~14x.  </li>
</ul>


Lichen China, niche provider of financial and taxation services, filed for an IPO in the United States, and plans to raise ~$25M. Investment bank Univest Securities is leading the offering. 
The company applied to list Class A shares on the Nasdaq Capital Market under the symbol Lichen China (LICN US) and will have Class A shares and Class B shares. 
We have a favorable view of the upcoming IPO, and consider an IPO valuation of ~$119M as attractive at ~2x EV/FY22E revenue and a forward P/E of ~14x.  


Lichen China IPO Preview: Your Trusted Provider of Financial and Taxation Services

United States

Intuit Inc. develops and markets business and financial management software solutions for small and medium sized businesses, financial institutions, consumers, and accounting professionals  The Company provides software for small business management and payroll processing, personal finance, and tax preparation and filing.

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Intuit Inc (INTU US)

Adobe Is A High Quality Business With Capital Allocation Problems

In my view, capital allocation decisions within the company raise some red flags that are hard to overlook. As a long-term shareholder, I still...

Vladimir Dimitrov, CFA

Intuit Inc.: Major Drivers

Intuit had another strong quarter managed to deliver an all-around beat with revenues, operating income, and earnings per share rising. In the...

Baptista Research

Intuit Inc: The SeedFi Acquisition & Other Drivers

Intuit had a successful first quarter and managed to surpass Wall Street expectations in terms of revenues as well as earnings. TurboTax also had...

Baptista Research

Intuit Inc: Value Proposition

Intuit had a strong quarter and delivered an all-around beat while continuing its focus on small businesses and customers. It delivered strong...

Baptista Research

Lichen China IPO Preview: Your Trusted Provider of Financial and Taxation Services

We have a favorable view of the upcoming Lichen China IPO and see potential for sustained growth and profitability expansion over time

Andrei Zakharov

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