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>The Match Group, a leading provider of dating products, presented its Q2 2024 earnings, highlighting a mix of positive progress and challenges.</li><li>CEO Bernard Kim and CFO Gary Swidler shared insights on the company's performance and strategies, emphasizing the stabilization in user and payer trends, particularly for their flagship product, Tinder, and remarkable growth from Hinge.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

The Match Group, a leading provider of dating products, presented its Q2 2024 earnings, highlighting a mix of positive progress and challenges.CEO Bernard Kim and CFO Gary Swidler shared insights on the company's performance and strategies, emphasizing the stabilization in user and payer trends, particularly for their flagship product, Tinder, and remarkable growth from Hinge.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Match Group: The 4 Biggest Growth Drivers & The 4 Biggest Challenges In Its Path! - Financial Forecasts

<ul><li>Match Group's latest earnings revealed a challenging environment, but also highlighted several growth opportunities for the company in the long-term.</li><li>While acknowledging some headwinds, Bernard Kim, the CEO, emphasized the enduring power of their dating applications, and how they have transformed the way people meet and connect.</li><li>The transcript suggested that despite some users still harbouring a nostalgic preference for organic encounters, dating apps like those created by Match Group have become indispensable tools in today's dating scene.</li></ul>

Match Group's latest earnings revealed a challenging environment, but also highlighted several growth opportunities for the company in the long-term.While acknowledging some headwinds, Bernard Kim, the CEO, emphasized the enduring power of their dating applications, and how they have transformed the way people meet and connect.The transcript suggested that despite some users still harbouring a nostalgic preference for organic encounters, dating apps like those created by Match Group have become indispensable tools in today's dating scene.

Match Group: Will Its Investments In AI For Enhancing Their Algorithms Pay Off? - Major Drivers

Global TMT Analyst, Ex-PM, 30 years experience

Neil Campling

Thematic (Sector/Industry)

<ul>
<li>EV demand slump prompts CATL production cuts, lithium prices fall below breakeven</li>
<li>What happened to Nvidia's MOAT? AMD is gaining inference traction </li>
<li>Samsung issues at 2nm and 4nm and TSM continues to widen tech leadership. TSM as a Monopsony could hurt TEL and ASML in time</li>
</ul>


EV demand slump prompts CATL production cuts, lithium prices fall below breakeven
What happened to Nvidia's MOAT? AMD is gaining inference traction 
Samsung issues at 2nm and 4nm and TSM continues to widen tech leadership. TSM as a Monopsony could hurt TEL and ASML in time


TMT Daily - EVs, CATL, AMD V NVDA, Samsung V TSM Tokyo Electron, ASML, Telco, Shopify, Match, Bumble

<ul><li>Match Group, a leading provider of dating products, ended 2023 on a strong note, delivering powerful revenue growth and its third consecutive quarter of record AOI.</li><li>In 2023, the company introduced a new operating structure and appointed new leaders across brands such as Tinder and Hinge.</li><li>This has strengthened the company's focus on execution and innovation, establishing the foundation for longer-term growth.</li></ul>

Match Group, a leading provider of dating products, ended 2023 on a strong note, delivering powerful revenue growth and its third consecutive quarter of record AOI.In 2023, the company introduced a new operating structure and appointed new leaders across brands such as Tinder and Hinge.This has strengthened the company's focus on execution and innovation, establishing the foundation for longer-term growth.

Match Group: An Aspects of AI Integration Across Its Products & Other Major Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

It's time for the S&amp;P500 Index Rebalance. Friday night on 3 Sep ahead of the long weekend we got the <a href="https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20210903-1443045/1443045_sept2021-546-shuf-rebal.pdf" target="_blank" rel="noopener">announcement</a> from S&amp;P Dow Jones Indices. This quarter we have 3 Additions...<ul>
<li>
<a href="https://www.smartkarma.com/entities/match-group-inc" target="_blank" data-smartkarma-citation="entities:25903:1" rel="noopener">Match Group Inc (MTCH US)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/ceridian-hcm-holding-inc" target="_blank" data-smartkarma-citation="entities:27122:1" rel="noopener">Ceridian HCM Holding Inc (CDAY US)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/brown-brown-inc" target="_blank" data-smartkarma-citation="entities:19532:1" rel="noopener">Brown &amp; Brown (BRO US)</a> </li>
</ul>Combined, the three ADDITIONS had US$6.4bn of revenue in the last 12 months, US$1.6bn of OP in that time, and they are forecast to have OP of $1.97bn in the next 12 months.and 3 Deletions... <ul>
<li>
<a href="https://www.smartkarma.com/entities/perrigo-co-plc" target="_blank" data-smartkarma-citation="entities:869:1" rel="noopener">Perrigo Co Plc (PRGO US)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/unum-group" target="_blank" data-smartkarma-citation="entities:2521:1" rel="noopener">Unum Group (UNM US)</a> </li>
<li><a href="https://www.smartkarma.com/entities/national-oilwell-varco-inc" target="_blank" data-smartkarma-citation="entities:3046:1" rel="noopener">National Oilwell Varco (NOV US)</a></li>
</ul>Combined, the three DELETIONS had US$21.97bn of revenue in the last 12 months, US$1.1bn of OP in that time, and they are forecast to have $2.13bn of OP in the next 12 months.<div class="content-highlight">
With 3+x the revenue and a combined OP forecast 8% higher than the ADDITIONS in the next 12 months, these three DELETIONS have a combined market cap of US$16bn as of Friday's close against the combined market cap of the ADDITIONS which are at US$75bn.
That may not make much sense but most major indices are like that - they buy what goes up, after it has gone up, and they sell what underperforms, after it has underperformed. 
</div>While these names are not really a surprise, they may prove interesting.Much more analysis below the fold.

It's time for the S&amp;P500 Index Rebalance. Friday night on 3 Sep ahead of the long weekend we got the announcement from S&amp;P Dow Jones Indices. This quarter we have 3 Additions...

Match Group Inc (MTCH US) 

Ceridian HCM Holding Inc (CDAY US) 

Brown &amp; Brown (BRO US) 
Combined, the three ADDITIONS had US$6.4bn of revenue in the last 12 months, US$1.6bn of OP in that time, and they are forecast to have OP of $1.97bn in the next 12 months.and 3 Deletions... 

Perrigo Co Plc (PRGO US) 

Unum Group (UNM US) 
National Oilwell Varco (NOV US)
Combined, the three DELETIONS had US$21.97bn of revenue in the last 12 months, US$1.1bn of OP in that time, and they are forecast to have $2.13bn of OP in the next 12 months.
With 3+x the revenue and a combined OP forecast 8% higher than the ADDITIONS in the next 12 months, these three DELETIONS have a combined market cap of US$16bn as of Friday's close against the combined market cap of the ADDITIONS which are at US$75bn.
That may not make much sense but most major indices are like that - they buy what goes up, after it has gone up, and they sell what underperforms, after it has underperformed. 
While these names are not really a surprise, they may prove interesting.Much more analysis below the fold. 

S&P500 September 2021 Rebalance:  3 OUT, 3 IN - The Deletions May Be More Interesting

United States

Match Group, Inc. is a dating service provider. The Company offers diverse portfolio of apps and services which enables connections across the spectrum of age, race, gender, sexual orientation, and backgrounds. Match Group serves customers worldwide.

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Match Group (MTCH US)

Match Group: The 4 Biggest Growth Drivers & The 4 Biggest Challenges In Its Path! - Financial Forecasts

The Match Group, a leading provider of dating products, presented its Q2 2024 earnings, highlighting a mix of positive progress and...

Baptista Research

Match Group: Will Its Investments In AI For Enhancing Their Algorithms Pay Off? - Major Drivers

Match Group's latest earnings revealed a challenging environment, but also highlighted several growth opportunities for the company in the...

Baptista Research

TMT Daily - EVs, CATL, AMD V NVDA, Samsung V TSM Tokyo Electron, ASML, Telco, Shopify, Match, Bumble

CATL cuts as lithium falls below cash cost as EVs slump. AMD traction in inference v Nvidia. Samsung woes at both 4nm and 2nm, TSM widens lead....

Neil Campling

Match Group: An Aspects of AI Integration Across Its Products & Other Major Drivers

Match Group, a leading provider of dating products, ended 2023 on a strong note, delivering powerful revenue growth and its third consecutive...

Baptista Research

S&P500 September 2021 Rebalance: 3 OUT, 3 IN - The Deletions May Be More Interesting

The S&P500 Quarterly Review is here. 3 in and 3 out. $14bn a side as of now. I expect the DELETIONS are more interesting though the headlines will...

Travis Lundy

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Match Group: The 4 Biggest Growth Drivers & The 4 Biggest Challenges In Its Path! - Financial Forecasts

The Match Group, a leading provider of dating products, presented its Q2 2024 earnings, highlighting a mix of positive progress and...

Baptista Research

Match Group: Will Its Investments In AI For Enhancing Their Algorithms Pay Off? - Major Drivers

Match Group's latest earnings revealed a challenging environment, but also highlighted several growth opportunities for the company in the...

Baptista Research

TMT Daily - EVs, CATL, AMD V NVDA, Samsung V TSM Tokyo Electron, ASML, Telco, Shopify, Match, Bumble

​CATL cuts as lithium falls below cash cost as EVs slump. AMD traction in inference v Nvidia. Samsung woes at both 4nm and 2nm, TSM widens lead....

Neil Campling

Match Group: An Aspects of AI Integration Across Its Products & Other Major Drivers

Match Group, a leading provider of dating products, ended 2023 on a strong note, delivering powerful revenue growth and its third consecutive...

Baptista Research

S&P500 September 2021 Rebalance: 3 OUT, 3 IN - The Deletions May Be More Interesting

The S&P500 Quarterly Review is here. 3 in and 3 out. $14bn a side as of now. I expect the DELETIONS are more interesting though the headlines will...

Travis Lundy

CATL cuts as lithium falls below cash cost as EVs slump. AMD traction in inference v Nvidia. Samsung woes at both 4nm and 2nm, TSM widens lead....