Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Block's share price has remained relatively flat over the past year, but that's hardly good news.</li>
<li>The highly supportive outside environment was not able to propel the share price anywhere near its previous highs.</li>
<li>When adjusting for risks, Block remains as one of the worst performers within its peer group, according to analysts.</li>
</ul>


Block's share price has remained relatively flat over the past year, but that's hardly good news.
The highly supportive outside environment was not able to propel the share price anywhere near its previous highs.
When adjusting for risks, Block remains as one of the worst performers within its peer group, according to analysts.


Block: When A Flat Share Price Is A Cause Of Concern

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>Mastercard had solid revenue and earnings growth in the latest quarter and started 2023 with an all-around beat.</li><li>On a non-GAAP currency-neutral basis, excluding extraordinary items, adjusted net revenues were up 15% and adjusted operating income was up 17% over the prior year.</li><li>Payment network net revenue climbed 10%, driven by domestic and cross-border transaction and volume growth and a rise in rebates and incentives.</li></ul>

Mastercard had solid revenue and earnings growth in the latest quarter and started 2023 with an all-around beat.On a non-GAAP currency-neutral basis, excluding extraordinary items, adjusted net revenues were up 15% and adjusted operating income was up 17% over the prior year.Payment network net revenue climbed 10%, driven by domestic and cross-border transaction and volume growth and a rise in rebates and incentives.

Mastercard Incorporated: Expanding Global Footprint Enough To Compete With Visa? – Key Drivers

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/raytheon-technologies-corp" target="_blank" data-smartkarma-citation="entities:6453:1" rel="noopener">Raytheon Technologies (RTX US)</a><a href="https://www.smartkarma.com/entities/beiersdorf-ag" target="_blank" data-smartkarma-citation="entities:21588:1" rel="noopener">Beiersdorf AG (BEI GR)</a> and <a href="https://www.smartkarma.com/entities/king-slide-works-co-ltd" target="_blank" data-smartkarma-citation="entities:7130:1" rel="noopener">King Slide Works (2059 TT)</a> 
</li>
<li>For the twenty-six weeks since inception ended 19 May the combined innovation portfolio was +2.5%, versus DJIA-0.9%, S&amp;P500+5.7%, Nasdaq+13.6%, Russell2000 -4.1%, MSCI-ACWI-ETF+6.9%, S&amp;P midcap 400 -2.2%, all in US$ terms</li>
<li>Small-Cap (+4.1%) versus Russell2000 (-4.1%) and midcap (+1.9%) versus S&amp;P400 (-2.2%) continues to outperform benchmarks, but the omission of mega-tech names has hurt large-cap portfolio (+2.6%) versus S&amp;P500 (+5.7%) . </li>
</ul>


The three companies we write about this week are Raytheon Technologies (RTX US)Beiersdorf AG (BEI GR) and King Slide Works (2059 TT) 

For the twenty-six weeks since inception ended 19 May the combined innovation portfolio was +2.5%, versus DJIA-0.9%, S&amp;P500+5.7%, Nasdaq+13.6%, Russell2000 -4.1%, MSCI-ACWI-ETF+6.9%, S&amp;P midcap 400 -2.2%, all in US$ terms
Small-Cap (+4.1%) versus Russell2000 (-4.1%) and midcap (+1.9%) versus S&amp;P400 (-2.2%) continues to outperform benchmarks, but the omission of mega-tech names has hurt large-cap portfolio (+2.6%) versus S&amp;P500 (+5.7%) . 


The Innovations Portfolios - Week Twenty Six

<ul>
<li>Fiserv's delivered a 30% return since October of last year, when I laid out my full investment thesis.</li>
<li>Fiserv is laying the groundwork for long-term growth, says the company's market commentators.</li>
<li>The company continues to outmaneuver its direct competitors, according to analysts.</li>
</ul>


Fiserv's delivered a 30% return since October of last year, when I laid out my full investment thesis.
Fiserv is laying the groundwork for long-term growth, says the company's market commentators.
The company continues to outmaneuver its direct competitors, according to analysts.


Fiserv: Achieving Industry-Leading Returns Is Not As Hard As You Might Think

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/contemporary-amperex-techn-a" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">CATL (A) (300750 CH)</a> , <a href="https://www.smartkarma.com/entities/kimberly-clark-corp" target="_blank" data-smartkarma-citation="entities:2292:1" rel="noopener">Kimberly Clark (KMB US)</a> and <a href="https://www.smartkarma.com/entities/blackberry-ltd" target="_blank" data-smartkarma-citation="entities:25472:1" rel="noopener">BlackBerry Ltd (BB CN)</a> </li>
<li>For the twenty-one weeks since inception ended 14 April the combined innovation portfolio was +3.6%, versus DJIA +0.4%, S&amp;P500 +4.3%, Nasdaq +8.8%, Russell2000 -3.7%, MSCI-ACWI-ETF +6.2%, all in US$ terms</li>
<li>For the same period the small cap innovation portfolio was up +5.9%, the mid cap portfolio was up +4.4% and the large cap portfolio was up +3.4%</li>
</ul>


The three companies we write about this week are CATL (A) (300750 CH) , Kimberly Clark (KMB US) and BlackBerry Ltd (BB CN) 
For the twenty-one weeks since inception ended 14 April the combined innovation portfolio was +3.6%, versus DJIA +0.4%, S&amp;P500 +4.3%, Nasdaq +8.8%, Russell2000 -3.7%, MSCI-ACWI-ETF +6.2%, all in US$ terms
For the same period the small cap innovation portfolio was up +5.9%, the mid cap portfolio was up +4.4% and the large cap portfolio was up +3.4%


The Innovations Portfolios - Week Twenty One

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 Incorporated: Expanding Global Footprint Enough To Compete With Visa? – Key Drivers

Mastercard had solid revenue and earnings growth in the latest quarter and started 2023 with an all-around beat. On a non-GAAP currency-neutral...

Baptista Research

The Innovations Portfolios - Week Twenty Six

The small-Cap (+4.1%) and midcap (+1.9%) portfolios continues to outperform respective benchmarks, but the willful omission of mega-tech names has...

Pyari Menon

Fiserv: Achieving Industry-Leading Returns Is Not As Hard As You Might Think

Fiserv's delivered a 30% return since October of last year, when I laid out my full investment thesis. Fiserv is laying the groundwork for long...

Vladimir Dimitrov, CFA

The Innovations Portfolios - Week Twenty One

For the twenty-one weeks since inception ended 14 April the innovation small cap portfolio was up 5.9%, mid cap portfolio was up 4.4% and the large...

Pyari Menon

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Block: When A Flat Share Price Is A Cause Of Concern

The highly supportive outside environment was not able to propel the share price anywhere near its previous highs. When adjusting for risks, Block...

Vladimir Dimitrov, CFA

Mastercard Incorporated: Expanding Global Footprint Enough To Compete With Visa? – Key Drivers

Mastercard had solid revenue and earnings growth in the latest quarter and started 2023 with an all-around beat. On a non-GAAP currency-neutral...

Baptista Research

The Innovations Portfolios - Week Twenty Six

The small-Cap (+4.1%) and midcap (+1.9%) portfolios continues to outperform respective benchmarks, but the willful omission of mega-tech names has...

Pyari Menon

Fiserv: Achieving Industry-Leading Returns Is Not As Hard As You Might Think

Fiserv's delivered a 30% return since October of last year, when I laid out my full investment thesis. Fiserv is laying the groundwork for long...

Vladimir Dimitrov, CFA

The Innovations Portfolios - Week Twenty One

For the twenty-one weeks since inception ended 14 April the innovation small cap portfolio was up 5.9%, mid cap portfolio was up 4.4% and the large...

Pyari Menon