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>Paycom reported strong financial results in 2022, with four consecutive quarters of revenue growth of 30% or more.</li><li>The company's Q4 revenue was up 30% year-on-year, bringing the full-year 2022 revenue to $1.375 billion, also up 30% year-on-year.</li><li>Paycom is poised to take advantage of the upward market trend in 2023, as its revenue growth is predominantly driven by clients with more than 2,000 employees.</li></ul>

Paycom reported strong financial results in 2022, with four consecutive quarters of revenue growth of 30% or more.The company's Q4 revenue was up 30% year-on-year, bringing the full-year 2022 revenue to $1.375 billion, also up 30% year-on-year.Paycom is poised to take advantage of the upward market trend in 2023, as its revenue growth is predominantly driven by clients with more than 2,000 employees.

Paycom Software: Leveraging Its Marketing and Technology Investments - Key Drivers

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.

Event-Driven

<ul>
<li>The IE considers K1’s A$4.85 offer for <a href="https://www.smartkarma.com/entities/elmo-software-ltd" target="_blank" data-smartkarma-citation="entities:24342:1" rel="noopener">Elmo Software (ELO AU)</a> to be fair and reasonable as it is towards the high end of its valuation range of A$4.39-4.98.</li>
<li>K1 has received FIRB and US antitrust approval. The remaining key conditions are shareholders and court approval.</li>
<li>This is a done deal. At the last close price and for the 23 February 2023 payment, the gross and annualised spread is 1.9% and 10.9%, respectively.</li>
</ul>


The IE considers K1’s A$4.85 offer for Elmo Software (ELO AU) to be fair and reasonable as it is towards the high end of its valuation range of A$4.39-4.98.
K1 has received FIRB and US antitrust approval. The remaining key conditions are shareholders and court approval.
This is a done deal. At the last close price and for the 23 February 2023 payment, the gross and annualised spread is 1.9% and 10.9%, respectively.


Elmo Software (ELO AU)’s Scheme Meeting on 30 January

<ul><li>Paycom delivered a good quarterly result in a rather turbulent environment for tech stocks.</li><li>Moreover, Paycom’s core offering, BETI is at the core of its automation approach since it helps businesses and employees succeed in payroll.</li><li>Strong demo leads are generated by their efforts, and their target markets strongly respond to their new brand campaign.</li></ul>

Paycom delivered a good quarterly result in a rather turbulent environment for tech stocks.Moreover, Paycom’s core offering, BETI is at the core of its automation approach since it helps businesses and employees succeed in payroll.Strong demo leads are generated by their efforts, and their target markets strongly respond to their new brand campaign.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/elmo-software-ltd" target="_blank" data-smartkarma-citation="entities:24342:1" rel="noopener">Elmo Software (ELO AU)</a> entered a scheme implementation deed (SID) with K1 at A$4.85 per share, a 100.4% premium to the undisturbed price.</li>
<li>The key conditions are a shareholder and regulatory (FIRB &amp; US antitrust) approvals. The scheme meeting is likely in early 1Q23. </li>
<li>While not a knockout bid, it is attractive in the context of current conditions. Key shareholders will vote in favour. At the last close, the gross spread is 4.8%.</li>
</ul>



Elmo Software (ELO AU) entered a scheme implementation deed (SID) with K1 at A$4.85 per share, a 100.4% premium to the undisturbed price.
The key conditions are a shareholder and regulatory (FIRB &amp; US antitrust) approvals. The scheme meeting is likely in early 1Q23. 
While not a knockout bid, it is attractive in the context of current conditions. Key shareholders will vote in favour. At the last close, the gross spread is 4.8%.


Elmo Software Enters a SID with K1 at A$4.85

<ul>
<li>
<a href="https://www.smartkarma.com/entities/elmo-software-ltd" target="_blank" data-smartkarma-citation="entities:24342:1" rel="noopener">Elmo Software (ELO AU)</a> confirmed takeover interest from several parties, including Accel-KKR. Elmo previously disclosed on 14 June that it had discussions on a non-binding offer at A$6.10 per share.</li>
<li>The previous talks ended because the bidder (Accel-KKR) could not progress to a binding offer due to changing tech valuations. Elmo has materially underperformed ASX SaaS peers since 14 June.</li>
<li>The current conditions suggest a higher risk that the talks will fizzle out. Despite today’s 28% pop, the shares remain undemanding compared to peer multiples providing support to the shares. </li>
</ul>



Elmo Software (ELO AU) confirmed takeover interest from several parties, including Accel-KKR. Elmo previously disclosed on 14 June that it had discussions on a non-binding offer at A$6.10 per share.
The previous talks ended because the bidder (Accel-KKR) could not progress to a binding offer due to changing tech valuations. Elmo has materially underperformed ASX SaaS peers since 14 June.
The current conditions suggest a higher risk that the talks will fizzle out. Despite today’s 28% pop, the shares remain undemanding compared to peer multiples providing support to the shares. 


Elmo Software Confirms Takeover Interest from Various Parties

United States

Paycom Software Inc provides cloud-based HCM software solution delivered as Software-as-a-Service.  The Company provides functionality and data analytics that businesses need to manage the complete employment life cycle from recruitment to retirement.

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Paycom Software (PAYC US)

Paycom Software: Leveraging Its Marketing and Technology Investments - Key Drivers

Paycom reported strong financial results in 2022, with four consecutive quarters of revenue growth of 30% or more. The company's Q4 revenue was up...

Baptista Research

Elmo Software (ELO AU)’s Scheme Meeting on 30 January

This is a done deal. At the last close price and for the 23 February 2023 payment, the gross and annualised spread is 1.9% and 10.9%, respectively.

Arun George

Paycom Software: Major Drivers

Paycom delivered a good quarterly result in a rather turbulent environment for tech stocks. Moreover, Paycom’s core offering, BETI is at the core...

Baptista Research

Elmo Software Enters a SID with K1 at A$4.85

While not a knockout bid, it is attractive in the context of current conditions. Key shareholders will vote in favour. At the last close, the gross...

Arun George

Elmo Software Confirms Takeover Interest from Various Parties

The current conditions suggest a higher risk that the talks will fizzle out. Despite today’s 28% pop, the shares remain undemanding compared to...

Arun George

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