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>Netflix’s first-quarter 2025 earnings reaffirmed its strong positioning in the media and entertainment landscape, bolstered by strategic shifts over the past few years.</li><li>The company reported adjusted earnings of $6.61 per share on revenue of $10.54 billion, surpassing analyst expectations of $5.67 per share on $10.5 billion revenue.</li><li>Netflix did not update its subscriber count this quarter after posting a record net gain of 18.9 million paid subscriptions last quarter, instead highlighting higher than-expected operating income and ad revenue as key performance drivers.</li></ul>

Netflix’s first-quarter 2025 earnings reaffirmed its strong positioning in the media and entertainment landscape, bolstered by strategic shifts over the past few years.The company reported adjusted earnings of $6.61 per share on revenue of $10.54 billion, surpassing analyst expectations of $5.67 per share on $10.5 billion revenue.Netflix did not update its subscriber count this quarter after posting a record net gain of 18.9 million paid subscriptions last quarter, instead highlighting higher than-expected operating income and ad revenue as key performance drivers.

Netflix EXPANDS In The Gaming Arena: Is This High-Stakes Gamble Enough to Overcome Its Underperformance?

<ul><li>Netflix Inc. continues to demonstrate strong performance in the streaming industry, underpinned by significant subscriber growth and robust financial metrics.</li><li>In the fourth quarter of 2024, Netflix reported an unprecedented net addition of 19 million subscribers, culminating in a total of 41 million new members for the year.</li><li>This surge not only surpassed analyst expectations but also propelled the stock to a record high of $999, reflecting investor confidence in the company’s growth trajectory.</li></ul>

Netflix Inc. continues to demonstrate strong performance in the streaming industry, underpinned by significant subscriber growth and robust financial metrics.In the fourth quarter of 2024, Netflix reported an unprecedented net addition of 19 million subscribers, culminating in a total of 41 million new members for the year.This surge not only surpassed analyst expectations but also propelled the stock to a record high of $999, reflecting investor confidence in the company’s growth trajectory.

Netflix Soars to New Heights: Breaking Down Their Massive Growth and the Challenges Ahead!

<ul><li>Netflix has become synonymous with on-demand entertainment, revolutionizing how viewers consume content.</li><li>Yet, in a bid to diversify its offerings and capture a broader audience, the streaming giant is making a calculated foray into live entertainment.</li><li>On Christmas Day 2024, Netflix is set to air its first-ever NFL games, a high-stakes move that includes major star power like Beyoncé performing at halftime.</li></ul>

Netflix has become synonymous with on-demand entertainment, revolutionizing how viewers consume content.Yet, in a bid to diversify its offerings and capture a broader audience, the streaming giant is making a calculated foray into live entertainment.On Christmas Day 2024, Netflix is set to air its first-ever NFL games, a high-stakes move that includes major star power like Beyoncé performing at halftime.

Netflix's Bold Leap Into Live Entertainment: Will It Streamline Success or Buffer Disappointment?

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Review of the conventional arguments (Bloomberg article): the timing gap between Capex and Revenue is the real issue.</li>
<li>Review of history of Tech Bubbles (Krugman): not clear if AI is a bubble, it could keep going for years, but if it bursts it will be worse than 1999-2003.</li>
<li>Best AI comp is Cloud Computing. Both enable new data analytics, new applications. Both are platforms. US Cloud Computing revenues increased 25x in 10 years (2015 to 2024).</li>
</ul>


Review of the conventional arguments (Bloomberg article): the timing gap between Capex and Revenue is the real issue.
Review of history of Tech Bubbles (Krugman): not clear if AI is a bubble, it could keep going for years, but if it bursts it will be worse than 1999-2003.
Best AI comp is Cloud Computing. Both enable new data analytics, new applications. Both are platforms. US Cloud Computing revenues increased 25x in 10 years (2015 to 2024).


What Are the Arguments in Favor and Against an AI Bubble?

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>There are significant deposits at banks in the US, near all time high levels, at USD17.9 trillion in the most recent week's data</li>
<li>With lower interest rates, there is less propensity to save in bank deposits, we are seeing this well with Jumbo Time Deposits</li>
<li>Against a volatile stock market it is worth keeping in mind, the incredibly high level of deposits at US banks</li>
</ul>


There are significant deposits at banks in the US, near all time high levels, at USD17.9 trillion in the most recent week's data
With lower interest rates, there is less propensity to save in bank deposits, we are seeing this well with Jumbo Time Deposits
Against a volatile stock market it is worth keeping in mind, the incredibly high level of deposits at US banks


US Stock Market - Deposits of USD17,948billion Sit in US Banks. Potential Flow to Markets.

United States

Netflix Inc. is an Internet subscription service for watching tv shows and movies. Subscribers can instantly watch unlimited TV shows and movies streamed over the Internet to their TVs, computers and mobile devices and in the United States, subscribers can receive standard definition DVDs and Blu-ray Discs delivered to their homes.

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Netflix Inc (NFLX US)

Netflix EXPANDS In The Gaming Arena: Is This High-Stakes Gamble Enough to Overcome Its Underperformance?

Netflix’s first-quarter 2025 earnings reaffirmed its strong positioning in the media and entertainment landscape, bolstered by strategic shifts...

Baptista Research

Netflix Soars to New Heights: Breaking Down Their Massive Growth and the Challenges Ahead!

Netflix Inc. continues to demonstrate strong performance in the streaming industry, underpinned by significant subscriber growth and robust...

Baptista Research

Netflix's Bold Leap Into Live Entertainment: Will It Streamline Success or Buffer Disappointment?

Netflix has become synonymous with on-demand entertainment, revolutionizing how viewers consume content. Yet, in a bid to diversify its offerings...

Baptista Research

What Are the Arguments in Favor and Against an AI Bubble?

Timing gap between Capex and Revenue is the real issue, AI could be a bubble worse than 1999-2003, Cloud Computing is the best AI comp with...

Nicolas Baratte

US Stock Market - Deposits of USD17,948billion Sit in US Banks. Potential Flow to Markets.

Deposits in US banks are now $18.4trillion. Never has it been higher. In past week these are up $122bn to 3 Sept WoW. The magnitude of this ultra...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Netflix EXPANDS In The Gaming Arena: Is This High-Stakes Gamble Enough to Overcome Its Underperformance?

Netflix’s first-quarter 2025 earnings reaffirmed its strong positioning in the media and entertainment landscape, bolstered by strategic shifts...

Baptista Research

Netflix Soars to New Heights: Breaking Down Their Massive Growth and the Challenges Ahead!

Netflix Inc. continues to demonstrate strong performance in the streaming industry, underpinned by significant subscriber growth and robust...

Baptista Research

Netflix's Bold Leap Into Live Entertainment: Will It Streamline Success or Buffer Disappointment?

Netflix has become synonymous with on-demand entertainment, revolutionizing how viewers consume content. Yet, in a bid to diversify its offerings...

Baptista Research

What Are the Arguments in Favor and Against an AI Bubble?

​Timing gap between Capex and Revenue is the real issue, AI could be a bubble worse than 1999-2003, Cloud Computing is the best AI comp with...

Nicolas Baratte

US Stock Market - Deposits of USD17,948billion Sit in US Banks. Potential Flow to Markets.

Deposits in US banks are now $18.4trillion. Never has it been higher. In past week these are up $122bn to 3 Sept WoW. The magnitude of this ultra...

Daniel Tabbush

Timing gap between Capex and Revenue is the real issue, AI could be a bubble worse than 1999-2003, Cloud Computing is the best AI comp with...