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>N-able delivered a strong third quarter of 2025, characterized by a 14% year-over-year increase in annual recurring revenue, reaching $528 million.</li><li>The adjusted EBITDA margin stood at 31%, reflecting effective cost management alongside growth.</li><li>These financial metrics underscore the robust demand for N-able’s cybersecurity solutions, positioning the company well amid escalating cyber threats, particularly those exacerbated by the use of AI by threat actors.</li></ul>

N-able delivered a strong third quarter of 2025, characterized by a 14% year-over-year increase in annual recurring revenue, reaching $528 million.The adjusted EBITDA margin stood at 31%, reflecting effective cost management alongside growth.These financial metrics underscore the robust demand for N-able’s cybersecurity solutions, positioning the company well amid escalating cyber threats, particularly those exacerbated by the use of AI by threat actors.

N-able: Data Protection Is Going Proactive — But Will This Strategy Meaningfully Improve Retention & ARR Mix?

<ul><li>N-able Inc., a provider of secure data protection and management solutions, reported its first quarter 2025 financial results marked by revenue and adjusted EBITDA exceeding expectations.</li><li>Despite facing a complex threat landscape and a cautious macro environment, the company's financial metrics maintained a solid trajectory with a notable increase in annual recurring revenue (ARR) and robust adjusted EBITDA margins.</li><li>The financial outcomes reflect N-able's strategic emphasis on product innovation, market expansion, and customer engagement.</li></ul>

N-able Inc., a provider of secure data protection and management solutions, reported its first quarter 2025 financial results marked by revenue and adjusted EBITDA exceeding expectations.Despite facing a complex threat landscape and a cautious macro environment, the company's financial metrics maintained a solid trajectory with a notable increase in annual recurring revenue (ARR) and robust adjusted EBITDA margins.The financial outcomes reflect N-able's strategic emphasis on product innovation, market expansion, and customer engagement.

N-able Inc. Supercharges ARR to $492M—Can This Growth Machine Keep Up the Pace?

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul>
<li>
Some of my favorite setups are stocks that are cheap on both an absolute and sum-of-the-parts (SOTP) basis.
</li>
<li>
Ziff Davis fits that profile well. At ~3.7× EBITDA and ~5× free cash flow, the stock is clearly cheap on an absolute basis.
</li>
<li>
On a SOTP basis, one can reasonably argue the stock is worth 50% to 100% more than where it currently trades.
</li>
</ul>



Some of my favorite setups are stocks that are cheap on both an absolute and sum-of-the-parts (SOTP) basis.


Ziff Davis fits that profile well. At ~3.7× EBITDA and ~5× free cash flow, the stock is clearly cheap on an absolute basis.


On a SOTP basis, one can reasonably argue the stock is worth 50% to 100% more than where it currently trades.



<ul><li>N-able Inc. recently reported its fourth-quarter and full-year financial results for 2024, revealing a stable growth trajectory but with various underlying challenges and opportunities for investors to consider.</li><li>The company's revenue grew by 7% year-over-year in constant currency for the fourth quarter, while the full-year revenue increased by 10% under the same metric.</li><li>N-able's Annual Recurring Revenue (ARR) concluded the fiscal year at $482 million, also indicating a 10% growth in constant currency, underscoring a solid revenue base supported by subscription models.</li></ul>

N-able Inc. recently reported its fourth-quarter and full-year financial results for 2024, revealing a stable growth trajectory but with various underlying challenges and opportunities for investors to consider.The company's revenue grew by 7% year-over-year in constant currency for the fourth quarter, while the full-year revenue increased by 10% under the same metric.N-able's Annual Recurring Revenue (ARR) concluded the fiscal year at $482 million, also indicating a 10% growth in constant currency, underscoring a solid revenue base supported by subscription models.

N-able Inc.: Expanding Reseller & Mid-Market Channels to Strengthen Foothold In Critical Global Markets!

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.

<ul>
<li>The <a href="https://www.smartkarma.com/entities/excalibur-mining-corp-ltd" target="_blank" data-smartkarma-citation="entities:3088:1" rel="noopener">Dropsuite Ltd (DSE AU)</a> IE considers NinjaOne’s A$5.90 offer fair and reasonable as it is above its A$3.92-5.88 valuation range.</li>
<li>The offer is conditional on shareholder and FIRB approval. Despite the largest shareholder's selldown, the vote remains low-risk.  </li>
<li>The offer is attractive and represents an all-time high. At the last close and for a 30 May payment, the gross/annualised spread is 1.7%/11.5%.  </li>
</ul>


The Dropsuite Ltd (DSE AU) IE considers NinjaOne’s A$5.90 offer fair and reasonable as it is above its A$3.92-5.88 valuation range.
The offer is conditional on shareholder and FIRB approval. Despite the largest shareholder's selldown, the vote remains low-risk.  
The offer is attractive and represents an all-time high. At the last close and for a 30 May payment, the gross/annualised spread is 1.7%/11.5%.  


United States

N-able, Inc. provides software solutions. The Company offers monitoring, security, and business management solutions. N-able serves customers worldwide.

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N-able (NABL US)

N-able: Data Protection Is Going Proactive — But Will This Strategy Meaningfully Improve Retention & ARR Mix?

N-able delivered a strong third quarter of 2025, characterized by a 14% year-over-year increase in annual recurring revenue, reaching $528...

Baptista Research

N-able Inc. Supercharges ARR to $492M—Can This Growth Machine Keep Up the Pace?

N-able Inc., a provider of secure data protection and management solutions, reported its first quarter 2025 financial results marked by revenue...

Baptista Research

[Alert] Buy Ziff Davis

Some of my favorite setups are stocks that are cheap on both an absolute and sum-of-the-parts (SOTP) basis. Ziff Davis fits that profile well. At...

Richard Howe

N-able Inc.: Expanding Reseller & Mid-Market Channels to Strengthen Foothold In Critical Global Markets!

N-able Inc. recently reported its fourth-quarter and full-year financial results for 2024, revealing a stable growth trajectory but with various...

Baptista Research

Dropsuite (DSE AU): Scheme Vote on 9 May

The offer is attractive and represents an all-time high. This is a done deal. At the last close and for a 30 May payment, the gross/annualised...

Arun George

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