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>Light & Wonder delivered a mixed second quarter of 2025, demonstrating growth in some areas while facing challenges in others.</li><li>The company achieved earnings growth driven by strong game performance and disciplined investment, although sales were impacted by timing issues and macroeconomic factors.</li><li>Positively, the company's diversification strategy was highlighted by the successful integration of Grover Charitable Gaming, which contributed $21 million in revenue.</li></ul>

Light & Wonder delivered a mixed second quarter of 2025, demonstrating growth in some areas while facing challenges in others.The company achieved earnings growth driven by strong game performance and disciplined investment, although sales were impacted by timing issues and macroeconomic factors.Positively, the company's diversification strategy was highlighted by the successful integration of Grover Charitable Gaming, which contributed $21 million in revenue.

Light & Wonder: Accelerating Growth by Tapping SciPlay’s Untapped Potential!

<ul><li>Light & Wonder (LNW) has demonstrated resilient growth in its first quarter of 2025, reflective of a comprehensive strategy focused on product innovation, operational excellence, and a diversified gaming portfolio.</li><li>The company reported a 2% increase in consolidated revenue year-over-year, reaching $774 million, driven primarily by its gaming and iGaming segments.</li><li>The gaming division, which accounted for $495 million of the revenue, experienced growth across various business lines, notably in gaming operations, tables, and systems.</li></ul>

Light & Wonder (LNW) has demonstrated resilient growth in its first quarter of 2025, reflective of a comprehensive strategy focused on product innovation, operational excellence, and a diversified gaming portfolio.The company reported a 2% increase in consolidated revenue year-over-year, reaching $774 million, driven primarily by its gaming and iGaming segments.The gaming division, which accounted for $495 million of the revenue, experienced growth across various business lines, notably in gaming operations, tables, and systems.

Light & Wonder's Secret Weapon: Premium Games & A $1.4B Profit Target in Sight; But Is It Achievable?

<ul><li>Light & Wonder reported a solid performance in their fiscal year, demonstrating growth across multiple segments.</li><li>The company's strategic focus on sustainable growth has been underscored by their expansion and strengthening of product offerings, resulting in record revenues and profitability.</li><li>The acquisition of Grover Gaming’s charitable gaming business represents a strategic entry into a high-barrier market with favorable competitive advantages.</li></ul>

Light & Wonder reported a solid performance in their fiscal year, demonstrating growth across multiple segments.The company's strategic focus on sustainable growth has been underscored by their expansion and strengthening of product offerings, resulting in record revenues and profitability.The acquisition of Grover Gaming’s charitable gaming business represents a strategic entry into a high-barrier market with favorable competitive advantages.

Light & Wonder Inc.: Expanding Gaming Business To Strengthen Market Reach & Capture Growth!

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/light-wonder-inc" target="_blank" data-smartkarma-citation="entities:36929:1" rel="noopener">Light &amp; Wonder (LNW US)</a> will be delisted at the close of tomorrow US time (two trading days left) and shares converted to Australian CDIs.</li>
<li>After studying the matter we have amended our assumptions on how flows work. More net selling than expected in November, irksome uncertainy in December, more buyback flows in the meantime.</li>
<li>The stock was higher on earnings in Australia, skipped a day, then skipped another day, then jumped in the US yesterday. </li>
</ul>



Light &amp; Wonder (LNW US) will be delisted at the close of tomorrow US time (two trading days left) and shares converted to Australian CDIs.
After studying the matter we have amended our assumptions on how flows work. More net selling than expected in November, irksome uncertainy in December, more buyback flows in the meantime.
The stock was higher on earnings in Australia, skipped a day, then skipped another day, then jumped in the US yesterday. 


[Quiddity Index] Light & Wonder (LNW US/AU) US Delisting Event - Updating The Assumptions/Estimates

David Blennerhassett

Mandarin Oriental International / Event-Driven

<ul>
<li>It's fair bet <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Matheson (JM SP)</a> opted for a Scheme for <a href="https://www.smartkarma.com/entities/mandarin-oriental-international-ltd" target="_blank" data-smartkarma-citation="entities:4773:1" rel="noopener">Mandarin Oriental (MAND SP)</a> to avoid a repeat of the appraisal rights afforded <a href="https://www.smartkarma.com/entities/jardine-strategic-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15081:1" rel="noopener">Jardine Strategic (JS SP)</a>'s dissentient shareholders.</li>
<li>On <a href="https://www.smartkarma.com/entities/light-wonder-inc-7e7d040f-e811-4fb9-9710-796a39af299e" target="_blank" data-smartkarma-citation="entities:40171:1" rel="noopener">Light &amp; Wonder (LNW AU/LNW US)</a> giving up its US listing, short the Aussie line at A$124+ or the US line at US$79+. Expect more pressure early this week. </li>
<li>Qatar Airways books a loss on its eight-yar investment as <a href="https://www.smartkarma.com/entities/cathay-pacific-airways-ltd" target="_blank" data-smartkarma-citation="entities:243:1" rel="noopener">Cathay Pacific Airways (293 HK)</a> moves to take out its 9.57% stake. </li>
</ul>


It's fair bet Matheson (JM SP) opted for a Scheme for Mandarin Oriental (MAND SP) to avoid a repeat of the appraisal rights afforded Jardine Strategic (JS SP)'s dissentient shareholders.
On Light &amp; Wonder (LNW AU/LNW US) giving up its US listing, short the Aussie line at A$124+ or the US line at US$79+. Expect more pressure early this week. 
Qatar Airways books a loss on its eight-yar investment as Cathay Pacific Airways (293 HK) moves to take out its 9.57% stake. 


Last Week In Event SPACE: Mandarin Oriental, Light & Wonder, Cathay Pacific, DeNA

United States

Light & Wonder Inc. provides gambling products and services. The Company creates content and products for land-based casino gaming, social, and digital organizations. Light & Wonder serves customers worldwide.

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Light & Wonder (LNW US)

Light & Wonder: Accelerating Growth by Tapping SciPlay’s Untapped Potential!

Light & Wonder delivered a mixed second quarter of 2025, demonstrating growth in some areas while facing challenges in others. The company...

Baptista Research

Light & Wonder's Secret Weapon: Premium Games & A $1.4B Profit Target in Sight; But Is It Achievable?

Light & Wonder (LNW) has demonstrated resilient growth in its first quarter of 2025, reflective of a comprehensive strategy focused on product...

Baptista Research

Light & Wonder Inc.: Expanding Gaming Business To Strengthen Market Reach & Capture Growth!

Light & Wonder reported a solid performance in their fiscal year, demonstrating growth across multiple segments. The company's strategic focus...

Baptista Research

[Quiddity Index] Light & Wonder (LNW US/AU) US Delisting Event - Updating The Assumptions/Estimates

The company announced a change in buyback pace which is meaningful. A large holder bought a little more. Index treatment appears to have more US...

Travis Lundy

Last Week In Event SPACE: Mandarin Oriental, Light & Wonder, Cathay Pacific, DeNA

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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