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>Klaviyo's third-quarter fiscal 2025 results reveal strong performance, highlighting its commitment to building a high-growth software business at scale.</li><li>Revenue reached $311 million, a 32% year-over-year increase, driven by robust new customer demand and multiproduct expansion from existing customers.</li><li>The company now serves over 183,000 customers in more than 100 countries.</li></ul>

Klaviyo's third-quarter fiscal 2025 results reveal strong performance, highlighting its commitment to building a high-growth software business at scale.Revenue reached $311 million, a 32% year-over-year increase, driven by robust new customer demand and multiproduct expansion from existing customers.The company now serves over 183,000 customers in more than 100 countries.

Klaviyo Is Quietly Building a CRM Empire—Inside Its Bold Product Diversification Strategy!

<ul><li>Klaviyo's second quarter fiscal 2025 earnings reflect significant progress and opportunities, alongside some challenges.</li><li>The company reported strong growth, with revenues of $293 million, marking a 32% year-over-year increase.</li><li>This growth is driven by Klaviyo's focus on its role as a consumer relationship management (CRM) platform tailored for B2C businesses.</li></ul>

Klaviyo's second quarter fiscal 2025 earnings reflect significant progress and opportunities, alongside some challenges.The company reported strong growth, with revenues of $293 million, marking a 32% year-over-year increase.This growth is driven by Klaviyo's focus on its role as a consumer relationship management (CRM) platform tailored for B2C businesses.

Klaviyo Inc.: Initiation of Coverage- What Makes Its Unified CRM Stack a Game-Changer!

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

<ul>
<li>Pattern Group will will offer 21.4 million shares at $13–$15, set to debut Friday, September 19.</li>
<li>According to our sources, the deal is classified as well-oversubscribed with early 1-on-1 conversions. </li>
<li>At the $14.00 midpoint, Pattern is targeting an enterprise value of around $2.5bn, valuing it at a mid-teens multiple of expected Ebitda for 2026.</li>
</ul>


Pattern Group will will offer 21.4 million shares at $13–$15, set to debut Friday, September 19.
According to our sources, the deal is classified as well-oversubscribed with early 1-on-1 conversions. 
At the $14.00 midpoint, Pattern is targeting an enterprise value of around $2.5bn, valuing it at a mid-teens multiple of expected Ebitda for 2026.


Pattern Group Inc. (PTRN): Profitable and a Potential Discount to Peers Highlights IPO Bull Case

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Braze, a leading customer engagement cloud-based platform provider, outperformed its key competitors, Adobe and Salesforce, on a year-to-date basis. </li>
<li>Braze shares massively outperformed, with shares up ~67% over the year versus a ~28% gain on the NASDAQ. However, the stock is still below the IPO price of $65/share. </li>
<li>Reported y/y revenue growth has decelerated from 58% in FY22 to 49% in FY23, and management has guided ~27% y/y revenue growth in FY24. </li>
</ul>


Braze, a leading customer engagement cloud-based platform provider, outperformed its key competitors, Adobe and Salesforce, on a year-to-date basis. 
Braze shares massively outperformed, with shares up ~67% over the year versus a ~28% gain on the NASDAQ. However, the stock is still below the IPO price of $65/share. 
Reported y/y revenue growth has decelerated from 58% in FY22 to 49% in FY23, and management has guided ~27% y/y revenue growth in FY24. 


Braze: Potential For A More Profitable SaaS Company By FY25, But Macro Is Still Challenging

<ul>
<li>Klaviyo, a Shopify-powered marketing automation platform provider for SMBs, mid-market, and B2B companies, filed to go public and plans to list on the New York Stock Exchange.</li>
<li>The fast-growing company was backed by Summit Partners, Shopify, and top-tier VC firms, including Accomplice, Accel, Sands Capital Ventures, Astral Capital, Cross Creek, and W Ventures.</li>
<li>Klaviyo is expected to IPO next week. S-1/A put the price range at $25-$27, implying a market cap of $6.5B at the midpoint, or $8.4B on a fully diluted basis. </li>
</ul>


Klaviyo, a Shopify-powered marketing automation platform provider for SMBs, mid-market, and B2B companies, filed to go public and plans to list on the New York Stock Exchange.
The fast-growing company was backed by Summit Partners, Shopify, and top-tier VC firms, including Accomplice, Accel, Sands Capital Ventures, Astral Capital, Cross Creek, and W Ventures.
Klaviyo is expected to IPO next week. S-1/A put the price range at $25-$27, implying a market cap of $6.5B at the midpoint, or $8.4B on a fully diluted basis. 


Klaviyo IPO Preview and Valuation Analysis: A Fast-Growing Marketing Automation Unicorn

United States

Klaviyo, Inc. provides e-marketing solutions. The Company offers marketing automation and email platform which enables users to access, store, analyze, and use transactional and behavioral data to power highly-targeted email and advertising campaigns. Klaviyo serves customers worldwide.

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Klaviyo (KVYO US)

Klaviyo Is Quietly Building a CRM Empire—Inside Its Bold Product Diversification Strategy!

Klaviyo's third-quarter fiscal 2025 results reveal strong performance, highlighting its commitment to building a high-growth software business at...

Baptista Research

Klaviyo Inc.: Initiation of Coverage- What Makes Its Unified CRM Stack a Game-Changer!

Klaviyo's second quarter fiscal 2025 earnings reflect significant progress and opportunities, alongside some challenges. The company reported...

Baptista Research

Pattern Group Inc. (PTRN): Profitable and a Potential Discount to Peers Highlights IPO Bull Case

Pattern Group to offer 21.4 million shares at $13-$15, set to debut Friday, September 19, with an enterprise value of around $2.5bn at the $14.00...

IPO Boutique

Braze: Potential For A More Profitable SaaS Company By FY25, But Macro Is Still Challenging

Braze shares could outperform its peers in 2023, and the company’s management sees signs of stabilization. I see shares as undervalued and would be...

Andrei Zakharov

Klaviyo IPO Preview and Valuation Analysis: A Fast-Growing Marketing Automation Unicorn

Klaviyo, a fast-growing marketing automation unicorn, filed to go public and may raise ~$286M. IPO valuation looks attractive, and I see 30%+...

Andrei Zakharov

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Klaviyo Is Quietly Building a CRM Empire—Inside Its Bold Product Diversification Strategy!

Klaviyo's third-quarter fiscal 2025 results reveal strong performance, highlighting its commitment to building a high-growth software business at...

Baptista Research

Klaviyo Inc.: Initiation of Coverage- What Makes Its Unified CRM Stack a Game-Changer!

Klaviyo's second quarter fiscal 2025 earnings reflect significant progress and opportunities, alongside some challenges. The company reported...

Baptista Research

Pattern Group Inc. (PTRN): Profitable and a Potential Discount to Peers Highlights IPO Bull Case

​Pattern Group to offer 21.4 million shares at $13-$15, set to debut Friday, September 19, with an enterprise value of around $2.5bn at the $14.00...

IPO Boutique

Braze: Potential For A More Profitable SaaS Company By FY25, But Macro Is Still Challenging

Braze shares could outperform its peers in 2023, and the company’s management sees signs of stabilization. I see shares as undervalued and would be...

Andrei Zakharov

Klaviyo IPO Preview and Valuation Analysis: A Fast-Growing Marketing Automation Unicorn

Klaviyo, a fast-growing marketing automation unicorn, filed to go public and may raise ~$286M. IPO valuation looks attractive, and I see 30%+...

Andrei Zakharov

Pattern Group to offer 21.4 million shares at $13-$15, set to debut Friday, September 19, with an enterprise value of around $2.5bn at the $14.00...