Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>As M&amp;A activity has cooled down, some risks for shareholders have been reduced and management has prioritized higher returns to shareholders.</li>
<li>Although I am turning cautiously positive on Mastercard, there are still risks that need to be considered, according to Mastercard's chief executive.</li>
<li>The performance gap between Mastercard (<span class="ticker-hover-wrapper">NYSE:<a href="https://www.smartkarma.com/search?q=MA" target="_blank" rel="noopener">MA</a></span>) and the S&amp;P 500 that opened in 2021 has now been completely closed.</li>
</ul>


As M&amp;A activity has cooled down, some risks for shareholders have been reduced and management has prioritized higher returns to shareholders.
Although I am turning cautiously positive on Mastercard, there are still risks that need to be considered, according to Mastercard's chief executive.
The performance gap between Mastercard (NYSE:MA) and the S&amp;P 500 that opened in 2021 has now been completely closed.


Mastercard: Turning Cautiously Positive On The Business As Recession Looms Ahead

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.

<ul><li>With the backdrop of cross-border travel continuing to improve and consumer expenditure remaining resilient, Mastercard delivered strong earnings and revenue growth in its latest result.</li><li>Mastercard has expanded with gaming payouts, thus launching its Gaming Fast payout program.</li><li>For addressing domestic, cross-border, and account-to-account payments, it has signed an agreement with leading worldwide B2B solutions and networks, Pagero.</li></ul>

With the backdrop of cross-border travel continuing to improve and consumer expenditure remaining resilient, Mastercard delivered strong earnings and revenue growth in its latest result.Mastercard has expanded with gaming payouts, thus launching its Gaming Fast payout program.For addressing domestic, cross-border, and account-to-account payments, it has signed an agreement with leading worldwide B2B solutions and networks, Pagero.

Mastercard Inc.: The Crypto Source Program & Other Drivers

<ul><li>Mastercard continued to bear the brunt of inflationary pressures since the start of 2022 but the company has definitely benefitted from the fact that travel-related spending and consumer spending have remained strong.</li><li>Apple Pay Later has been recently announced by Apple which is using the Mastercard installments program.</li><li>In the U.S., the company established a partnership agreements that extend its small, co-brand, credit, and debit business credit programs.</li></ul>

Mastercard continued to bear the brunt of inflationary pressures since the start of 2022 but the company has definitely benefitted from the fact that travel-related spending and consumer spending have remained strong.Apple Pay Later has been recently announced by Apple which is using the Mastercard installments program.In the U.S., the company established a partnership agreements that extend its small, co-brand, credit, and debit business credit programs.

Mastercard Inc.: New Set Of Collaborations & Other Key Drivers

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<ul>
<li>Elliott Management has bought a $2B stake in PayPal and seeks cost cutting measures.</li>
<li>PayPal has started to take action through cost cutting, a new buyback, new organizational measures, and increased focus on revenue strategy.</li>
<li>The wild card that would get us more bullish is Elliott forcing a merger with Pinterest, which would yield a readymade Dan Schulman replacement in Bill Ready.</li>
</ul>


Elliott Management has bought a $2B stake in PayPal and seeks cost cutting measures.
PayPal has started to take action through cost cutting, a new buyback, new organizational measures, and increased focus on revenue strategy.
The wild card that would get us more bullish is Elliott forcing a merger with Pinterest, which would yield a readymade Dan Schulman replacement in Bill Ready.


PayPal: Elliott Sees Opportunity, So Do We

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.

<ul>
<li>The global HRTech market is forecast to grow at a CAGR of 5.8% between 2022-2028E to US$35.68bn driven by increased investment in product and technology development.</li>
<li>We have chosen four companies that will have an exciting year ahead (either bullish or bearish) and have discussed their business models, key drivers, fundamentals and their valuation.</li>
<li>We have chosen two stocks from the US (Ceridian and Automatic Data Processing) and two from Japan (Recruit and Visional) with a market capitalisation of &gt;$1bn and ADTV&gt;$1m.</li>
</ul>


The global HRTech market is forecast to grow at a CAGR of 5.8% between 2022-2028E to US$35.68bn driven by increased investment in product and technology development.
We have chosen four companies that will have an exciting year ahead (either bullish or bearish) and have discussed their business models, key drivers, fundamentals and their valuation.
We have chosen two stocks from the US (Ceridian and Automatic Data Processing) and two from Japan (Recruit and Visional) with a market capitalisation of &gt;$1bn and ADTV&gt;$1m.


HRTech Sector Series: Changing HR Landscape Post-Covid Create Opportunities

United States

MasterCard, Inc. is a global payment solutions company that provides a variety of services in support of the credit, debit and related payment programs of financial institutions. The Company offers transaction processing services for credit and debit cards, electronic cash, automated teller machines, and travelers checks.

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Mastercard (MA US)

Mastercard: Turning Cautiously Positive On The Business As Recession Looms Ahead

As M&A activity has cooled down, some risks for shareholders have been reduced and management has prioritized higher returns to shareholders.

Vladimir Dimitrov, CFA

Mastercard Inc.: The Crypto Source Program & Other Drivers

With the backdrop of cross-border travel continuing to improve and consumer expenditure remaining resilient, Mastercard delivered strong earnings...

Baptista Research

Mastercard Inc.: New Set Of Collaborations & Other Key Drivers

Mastercard continued to bear the brunt of inflationary pressures since the start of 2022 but the company has definitely benefitted from the fact...

Baptista Research

PayPal: Elliott Sees Opportunity, So Do We

We think Elliott's stake in PayPal and management's 4 pronged plan announced on last week's earnings has put the floor in on PYPL. Trading at an...

Aaron Gabin

HRTech Sector Series: Changing HR Landscape Post-Covid Create Opportunities

The global HRTech market has been undergoing rapid changes and in this insight we have discussed 4 companies that will have an exciting year ahead...

Shifara Samsudeen, FCMA, CGMA

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