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>PayPal Holdings, Inc. delivered mixed results for the second quarter of 2025, displaying both strong growth in certain key segments as well as some challenges.</li><li>The positive highlights from their results include continued profitability and expanding transaction volumes, driven by strategic initiatives across their platforms.</li><li>PayPal's transaction margin dollars increased by 8% excluding interest on customer balances, marking their sixth consecutive quarter of profitable growth, and non-GAAP earnings per share surged by 18% year-over-year.</li></ul>

PayPal Holdings, Inc. delivered mixed results for the second quarter of 2025, displaying both strong growth in certain key segments as well as some challenges.The positive highlights from their results include continued profitability and expanding transaction volumes, driven by strategic initiatives across their platforms.PayPal's transaction margin dollars increased by 8% excluding interest on customer balances, marking their sixth consecutive quarter of profitable growth, and non-GAAP earnings per share surged by 18% year-over-year.

PayPal Holdings: Enhancement in Branded Checkout, Payment Systems & Other Major Drivers!

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Klarna Group plc, a first mover in the BNPL space and AI-powered fintech company, is targeting an IPO valuation of between $13B and $14B, according to Reuters.</li>
<li>A Swedish founder-led decacorn is preparing for a roadshow after Labor Day this week. They intend to raise up to ~$1B and start trading in September.</li>
<li>$13B-$14B IPO valuation is cheap vs. peers and implies ~68% discount to Affirm. Klarna’s last down round was a $800M venture round in July of 2022 at a ~$6.7B valuation.</li>
</ul>


Klarna Group plc, a first mover in the BNPL space and AI-powered fintech company, is targeting an IPO valuation of between $13B and $14B, according to Reuters.
A Swedish founder-led decacorn is preparing for a roadshow after Labor Day this week. They intend to raise up to ~$1B and start trading in September.
$13B-$14B IPO valuation is cheap vs. peers and implies ~68% discount to Affirm. Klarna’s last down round was a $800M venture round in July of 2022 at a ~$6.7B valuation.


Klarna IPO Valuation Update: $13B-$14B IPO Valuation Is Cheap Vs. Peers, ~68% Discount To Affirm

<ul><li>PayPal Holdings Inc. has demonstrated a sound performance in the first quarter of 2025, indicating positive momentum in its strategic execution and financial outcomes.</li><li>The company’s ongoing transformation from a traditional payments processor to a comprehensive commerce platform appears to be progressing effectively.</li><li>This is underscored by the company’s fifth consecutive quarter of profitable growth, highlighted by an 8% growth in transaction margin dollars when adjusted for leap year considerations.</li></ul>

PayPal Holdings Inc. has demonstrated a sound performance in the first quarter of 2025, indicating positive momentum in its strategic execution and financial outcomes.The company’s ongoing transformation from a traditional payments processor to a comprehensive commerce platform appears to be progressing effectively.This is underscored by the company’s fifth consecutive quarter of profitable growth, highlighted by an 8% growth in transaction margin dollars when adjusted for leap year considerations.

PayPal Holdings: Product & Geographic Diversification To Upsurge Global Transaction Footprint Amid Competition & Geopolitical Changes!

<ul><li>PayPal delivered robust operating and financial results for the full year and fourth quarter of 2024, marked by strategic initiatives aimed at transformation and growth.</li><li>The company's efforts to enhance its branded checkout, person-to-person (P2P) payments, and Venmo monetization showed positive impacts on its financial metrics.</li><li>One of PayPal's significant achievements in 2024 was its ability to drive year-long growth in transaction margin dollars, aided by innovations in branded checkout and a focus on pricing-to-value.</li></ul>

PayPal delivered robust operating and financial results for the full year and fourth quarter of 2024, marked by strategic initiatives aimed at transformation and growth.The company's efforts to enhance its branded checkout, person-to-person (P2P) payments, and Venmo monetization showed positive impacts on its financial metrics.One of PayPal's significant achievements in 2024 was its ability to drive year-long growth in transaction margin dollars, aided by innovations in branded checkout and a focus on pricing-to-value.

PayPal Holdings: The Braintree Breakout – How This Unit Is Quietly Gaining Ground!

<ul><li>PayPal's Third Quarter 2024 Earnings Summary reveals a period of robust activity, transformation, and strategic realignment under the new leadership of CEO Alex Chriss and CFO Jamie Miller.</li><li>The financial results and operational updates discussed in the earnings call reflect both positive advancements and areas where PayPal continues to face challenges.PayPal reported a total payment volume of $423 billion, representing a 9% year-over-year growth, and revenue of $7.8 billion, which grew 6% on a currency-neutral basis.</li><li>Non-GAAP earnings per share increased by 22%, indicative of strong profitability.</li></ul>

PayPal's Third Quarter 2024 Earnings Summary reveals a period of robust activity, transformation, and strategic realignment under the new leadership of CEO Alex Chriss and CFO Jamie Miller.The financial results and operational updates discussed in the earnings call reflect both positive advancements and areas where PayPal continues to face challenges.PayPal reported a total payment volume of $423 billion, representing a 9% year-over-year growth, and revenue of $7.8 billion, which grew 6% on a currency-neutral basis.Non-GAAP earnings per share increased by 22%, indicative of strong profitability.

PayPal Holdings:  Expansion and Monetization of Braintree and Venmo Services As A Potential Game Changer? - Major Drivers

United States

PayPal Holdings, Inc. operates as a technology platform company that enables digital and mobile payments on behalf of consumers and merchants. The Company offers online payment solutions. PayPal Holdings serves customers worldwide.

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Paypal Holdings (PYPL US)

PayPal Holdings: Enhancement in Branded Checkout, Payment Systems & Other Major Drivers!

PayPal Holdings, Inc. delivered mixed results for the second quarter of 2025, displaying both strong growth in certain key segments as well as...

Baptista Research

Klarna IPO Valuation Update: $13B-$14B IPO Valuation Is Cheap Vs. Peers, ~68% Discount To Affirm

Klarna Group plc, a leading EU BNPL fintech, targets $13B-14B IPO valuation, aiming to raise up to $1B and start trading in September under the...

Andrei Zakharov

PayPal Holdings: Product & Geographic Diversification To Upsurge Global Transaction Footprint Amid Competition & Geopolitical Changes!

PayPal Holdings Inc. has demonstrated a sound performance in the first quarter of 2025, indicating positive momentum in its strategic execution...

Baptista Research

PayPal Holdings: The Braintree Breakout – How This Unit Is Quietly Gaining Ground!

PayPal delivered robust operating and financial results for the full year and fourth quarter of 2024, marked by strategic initiatives aimed at...

Baptista Research

PayPal Holdings: Expansion and Monetization of Braintree and Venmo Services As A Potential Game Changer? - Major Drivers

PayPal's Third Quarter 2024 Earnings Summary reveals a period of robust activity, transformation, and strategic realignment under the new...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PayPal Holdings: Enhancement in Branded Checkout, Payment Systems & Other Major Drivers!

PayPal Holdings, Inc. delivered mixed results for the second quarter of 2025, displaying both strong growth in certain key segments as well as...

Baptista Research

Klarna IPO Valuation Update: $13B-$14B IPO Valuation Is Cheap Vs. Peers, ~68% Discount To Affirm

​Klarna Group plc, a leading EU BNPL fintech, targets $13B-14B IPO valuation, aiming to raise up to $1B and start trading in September under the...

Andrei Zakharov

PayPal Holdings: Product & Geographic Diversification To Upsurge Global Transaction Footprint Amid Competition & Geopolitical Changes!

PayPal Holdings Inc. has demonstrated a sound performance in the first quarter of 2025, indicating positive momentum in its strategic execution...

Baptista Research

PayPal Holdings: The Braintree Breakout – How This Unit Is Quietly Gaining Ground!

PayPal delivered robust operating and financial results for the full year and fourth quarter of 2024, marked by strategic initiatives aimed at...

Baptista Research

PayPal Holdings: Expansion and Monetization of Braintree and Venmo Services As A Potential Game Changer? - Major Drivers

PayPal's Third Quarter 2024 Earnings Summary reveals a period of robust activity, transformation, and strategic realignment under the new...

Baptista Research

Klarna Group plc, a leading EU BNPL fintech, targets $13B-14B IPO valuation, aiming to raise up to $1B and start trading in September under the...