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?

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<ul>
<li>TikTok's business model advantage: short form video creates greater signal for algorithmic addiction is forcing rivals to react (where possible).</li>
<li>META is best positioned to copy TikTok, and is trading at a valuation approximating cable networks during cord cutting.</li>
<li>Netflix is worst positioned... as YouTube, Instagram, and Snap incorporate TikTok's short form video, more attention will be drawn away from the streaming services. Tough spot to be in.</li>
</ul>


TikTok's business model advantage: short form video creates greater signal for algorithmic addiction is forcing rivals to react (where possible).
META is best positioned to copy TikTok, and is trading at a valuation approximating cable networks during cord cutting.
Netflix is worst positioned... as YouTube, Instagram, and Snap incorporate TikTok's short form video, more attention will be drawn away from the streaming services. Tough spot to be in.


Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>MNTN, Inc., a high-growth provider of CTV performance marketing platform, priced its IPO at $16.00 per share, high end of range.</li>
<li>The offering was ~14x times oversubscribed, according to Mark Douglas, Founder &amp; CEO of MNTN. The IPO opened at $21.00 and closed at $26.36 per share, up ~65%.</li>
<li>I think the stock was attractively priced vs. peers, given 30%+ growth rates, FCF positive business and top-tier backers.</li>
</ul>


MNTN, Inc., a high-growth provider of CTV performance marketing platform, priced its IPO at $16.00 per share, high end of range.
The offering was ~14x times oversubscribed, according to Mark Douglas, Founder &amp; CEO of MNTN. The IPO opened at $21.00 and closed at $26.36 per share, up ~65%.
I think the stock was attractively priced vs. peers, given 30%+ growth rates, FCF positive business and top-tier backers.


MNTN, Inc. IPO: Blockbuster NYSE Debut, The Stock Has Skyrocketed ~65% on the First Trading Day

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

TMT Pre-2Q Earnings: The TikTok Impact

TikTok is wreaking havoc on the advertising and streaming ecosystems by stealing attention. META is best positioned to respond, NFLX is least well...

Aaron Gabin

MNTN, Inc. IPO: Blockbuster NYSE Debut, The Stock Has Skyrocketed ~65% on the First Trading Day

MNTN Inc. successfully completed its IPO and raised $100M+. In my insight, I discuss pricing, post-listing valuation and first trading day dynamics.

Andrei Zakharov

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