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>McKesson Corporation's Fourth Quarter Fiscal 2024 earnings reflect a strong financial year for the company with notable advancements throughout its strategic priorities.</li><li>Consolidated revenue increased by 12% reaching $309 billion with adjusted earnings per diluted share increasing by 6% to $27.44 both exceeding the expectations set at the start of the fiscal year.</li><li>The company achieved this growth across the enterprise with their differentiated portfolio of assets, innovative solutions, and commitment to quality and operational excellence.</li></ul>

McKesson Corporation's Fourth Quarter Fiscal 2024 earnings reflect a strong financial year for the company with notable advancements throughout its strategic priorities.Consolidated revenue increased by 12% reaching $309 billion with adjusted earnings per diluted share increasing by 6% to $27.44 both exceeding the expectations set at the start of the fiscal year.The company achieved this growth across the enterprise with their differentiated portfolio of assets, innovative solutions, and commitment to quality and operational excellence.

McKesson Corporation: How Is The Revenue and Profit Growth Across Segments Expected To Evolve? - Major Drivers

<ul><li>McKesson Corporation, a diversified health care services company, reported robust fiscal third-quarter earnings during their recent earnings call.</li><li>The business continues to show momentum with total revenues of $80.9 billion and adjusted earnings per diluted share of $7.74 exhibiting a double-digit growth year over year.</li><li>This strong financial performance has been the result of a focused execution against the company's long-term priorities.</li></ul>

McKesson Corporation, a diversified health care services company, reported robust fiscal third-quarter earnings during their recent earnings call.The business continues to show momentum with total revenues of $80.9 billion and adjusted earnings per diluted share of $7.74 exhibiting a double-digit growth year over year.This strong financial performance has been the result of a focused execution against the company's long-term priorities.

McKesson Corporation: Anticipated Revenue Growth in Medical-Surgical Solutions Could Propel Them Forward! - Major Drivers

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

NASDAQ Composite Index / Technical Analysis

<ul>
<li>Following last week's pullback, a consistent theme we are seeing is that many broad market indexes and Sector ETFs are holding above (and bouncing at) major base supports.</li>
<li>As long as these base supports continue to hold, it tells us this is likely just a normal pullback within the overall bullish trend.</li>
<li>Important supports that we need to see hold in order to remain bullish include 4600 on the S&amp;P 500 and 14,400 on the Nasdaq Composite.</li>
</ul>


Following last week's pullback, a consistent theme we are seeing is that many broad market indexes and Sector ETFs are holding above (and bouncing at) major base supports.
As long as these base supports continue to hold, it tells us this is likely just a normal pullback within the overall bullish trend.
Important supports that we need to see hold in order to remain bullish include 4600 on the S&amp;P 500 and 14,400 on the Nasdaq Composite.


Major Base Supports Holding; DXY Testing the 2-Month Downtrend; 4600 on SPX Remains Key Support

<ul><li>McKesson managed to exceed the revenue expectations as well as the earnings expectations of Wall Street.</li><li>In the second quarter, they reported a 10% increase in revenues to $77.2 billion, with adjusted earnings per diluted share reaching $6.23.</li><li>The Distribution business showcased robust growth in the US Pharmaceutical segment, consistently achieving double-digit revenue increases over the past ten quarters.</li></ul>

McKesson managed to exceed the revenue expectations as well as the earnings expectations of Wall Street.In the second quarter, they reported a 10% increase in revenues to $77.2 billion, with adjusted earnings per diluted share reaching $6.23.The Distribution business showcased robust growth in the US Pharmaceutical segment, consistently achieving double-digit revenue increases over the past ten quarters.

McKesson Corporation: How Their Biopharma Platform is Redefining Industry Standards! - Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Waystar Holding will be valued like other unprofitable healthcare IT unicorns on a multiple of forward revenue. I used EV/Revenue valuation methodology and FY23 EV/Revenue multiples to value the Waystar. </li>
<li>In 2019, CPPIB and EQT acquired a majority stake in Waystar, valuing the company at $2.7B, which implies an EV/FY23E revenue multiple of ~ 6x, including a debt of ~$2.3B. </li>
<li>My ~$3.6B IPO valuation contemplates a ~5x EV/Revenue on my FY23E revenue of $795M and is supported by my analysis of healthcare IT comps. </li>
</ul>


Waystar Holding will be valued like other unprofitable healthcare IT unicorns on a multiple of forward revenue. I used EV/Revenue valuation methodology and FY23 EV/Revenue multiples to value the Waystar. 
In 2019, CPPIB and EQT acquired a majority stake in Waystar, valuing the company at $2.7B, which implies an EV/FY23E revenue multiple of ~ 6x, including a debt of ~$2.3B. 
My ~$3.6B IPO valuation contemplates a ~5x EV/Revenue on my FY23E revenue of $795M and is supported by my analysis of healthcare IT comps. 


Waystar IPO Valuation Analysis: Lack of Bullish Catalysts and Weak Post-Listing Performance

United States

McKesson Corporation distributes pharmaceuticals, medical-surgical supplies, and health and beauty care products throughout North America. The Company also develops, implements, and supports software that facilitates the integration of data throughout the health enterprise.  In addition, McKesson offers analytic, care management, and patient solutions for payers.

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Mckesson Corp (MCK US)

McKesson Corporation: How Is The Revenue and Profit Growth Across Segments Expected To Evolve? - Major Drivers

McKesson Corporation's Fourth Quarter Fiscal 2024 earnings reflect a strong financial year for the company with notable advancements throughout...

Baptista Research

McKesson Corporation: Anticipated Revenue Growth in Medical-Surgical Solutions Could Propel Them Forward! - Major Drivers

McKesson Corporation, a diversified health care services company, reported robust fiscal third-quarter earnings during their recent earnings...

Baptista Research

Major Base Supports Holding; DXY Testing the 2-Month Downtrend; 4600 on SPX Remains Key Support

A consistent theme we are seeing is that many broad market indexes and Sector ETFs are holding above (and bouncing at) major base supports...

Vermilion Research

McKesson Corporation: How Their Biopharma Platform is Redefining Industry Standards! - Major Drivers

McKesson managed to exceed the revenue expectations as well as the earnings expectations of Wall Street. In the second quarter, they reported a...

Baptista Research

Waystar IPO Valuation Analysis: Lack of Bullish Catalysts and Weak Post-Listing Performance

In my insight, I will focus on the IPO valuation of Waystar Holding, a healthcare IT unicorn and provider of mission-critical cloud software to...

Andrei Zakharov

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