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 (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!

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/ainsworth-game-technology-limited" target="_blank" data-smartkarma-citation="entities:957:1" rel="noopener">Ainsworth Game Technology (AGI AU)</a> IE considers Novomatic’s A$1.00 to be fair and reasonable, as it falls within its A$0.93-1.07 valuation range. The vote is on 29 August.</li>
<li>The offer has drawn opposition from several notable shareholders. There remains at least a 50% chance that the scheme vote fails.  </li>
<li>Novomatic can switch to an alternative takeover offer, which limits the downside risk. At the last close and for a 26 September payment, the gross/annualised spread was 1.5%/8.2%.  </li>
</ul>


The Ainsworth Game Technology (AGI AU) IE considers Novomatic’s A$1.00 to be fair and reasonable, as it falls within its A$0.93-1.07 valuation range. The vote is on 29 August.
The offer has drawn opposition from several notable shareholders. There remains at least a 50% chance that the scheme vote fails.  
Novomatic can switch to an alternative takeover offer, which limits the downside risk. At the last close and for a 26 September payment, the gross/annualised spread was 1.5%/8.2%.  


Ainsworth (AGI AU): A Dicey Scheme Vote Underwritten by an Alternative Takeover Offer

<ul><li>Light & Wonder's third-quarter earnings reflect a balance of positive growth trends and strategic challenges.</li><li>The company reported a 12% year-over-year increase in consolidated revenue to $817 million, marking its 14th consecutive quarter of revenue growth.</li><li>This growth was driven by strong performance across its diversified portfolio, including land-based, social, and iGaming channels.</li></ul>

Light & Wonder's third-quarter earnings reflect a balance of positive growth trends and strategic challenges.The company reported a 12% year-over-year increase in consolidated revenue to $817 million, marking its 14th consecutive quarter of revenue growth.This growth was driven by strong performance across its diversified portfolio, including land-based, social, and iGaming channels.

Light & Wonder: An Insight Into Its Strategic Portfolio & Product Pipeline Expansion & Other Major Drivers

<ul><li>Light & Wonder has presented its Q2 2024 earnings with noteworthy results, primarily reflecting continuous growth across its multiple segments.</li><li>The company reported consolidated revenue growth of 12% year-over-year, reaching $818 million, and a 17% increment in Consolidated AEBITDA, which stands at $330 million for the quarter.</li><li>Notable is the increase in Adjusted NPATA by 40% year-over-year to $130 million.</li></ul>

Light & Wonder has presented its Q2 2024 earnings with noteworthy results, primarily reflecting continuous growth across its multiple segments.The company reported consolidated revenue growth of 12% year-over-year, reaching $818 million, and a 17% increment in Consolidated AEBITDA, which stands at $330 million for the quarter.Notable is the increase in Adjusted NPATA by 40% year-over-year to $130 million.

Light & Wonder Inc.: Will Its Robust Investments in Technology & Content Diversity Pay Off? - Major Drivers

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'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

Ainsworth (AGI AU): A Dicey Scheme Vote Underwritten by an Alternative Takeover Offer

The offer has drawn opposition from several notable shareholders, which suggests scheme vote risk. Novomatic can switch to an alternative takeover...

Arun George

Light & Wonder: An Insight Into Its Strategic Portfolio & Product Pipeline Expansion & Other Major Drivers

Light & Wonder's third-quarter earnings reflect a balance of positive growth trends and strategic challenges. The company reported a 12%...

Baptista Research

Light & Wonder Inc.: Will Its Robust Investments in Technology & Content Diversity Pay Off? - Major Drivers

Light & Wonder has presented its Q2 2024 earnings with noteworthy results, primarily reflecting continuous growth across its multiple...

Baptista Research

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