Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Ibotta, a cashback rewards platform provider, files to list IPO on NYSE. The Denver-based technology company was backed by VC investors, GGV Capital, Walmart and Koch Disruptive Technologies.</li>
<li>Ibotta is a trusted and well-known brand in the cashback space in the United States, and means “I-bought-a”. The company is led by its Founder &amp; CEO, Bryan Leach.</li>
<li>Considering Ibotta's strong and profitable growth, low penetration of the addressable market opportunity, and potential international expansion, they should have a successful IPO.</li>
</ul>


Ibotta, a cashback rewards platform provider, files to list IPO on NYSE. The Denver-based technology company was backed by VC investors, GGV Capital, Walmart and Koch Disruptive Technologies.
Ibotta is a trusted and well-known brand in the cashback space in the United States, and means “I-bought-a”. The company is led by its Founder &amp; CEO, Bryan Leach.
Considering Ibotta's strong and profitable growth, low penetration of the addressable market opportunity, and potential international expansion, they should have a successful IPO.


Ibotta IPO Preview: High-Growth Cashback Unicorn With Robust AI-Powered Capabilities

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>In 2H23 our longs Visa and PagSeguro delivered positive returns, whilst PayPal was in negative territory; among our shorts, Kakao Pay was modestly successful, DLocal and Affirm continued to appreciate</li>
<li>We retain card network megacap Visa as a core holding, and keep PagSeguro and PayPal adding Cielo to the buy list</li>
<li>We keep our negative views on DLocal and Affirm, and remove Kakao Pay from the sell list for its less marked price-to-sales multiple valuation</li>
</ul>


In 2H23 our longs Visa and PagSeguro delivered positive returns, whilst PayPal was in negative territory; among our shorts, Kakao Pay was modestly successful, DLocal and Affirm continued to appreciate
We retain card network megacap Visa as a core holding, and keep PagSeguro and PayPal adding Cielo to the buy list
We keep our negative views on DLocal and Affirm, and remove Kakao Pay from the sell list for its less marked price-to-sales multiple valuation


Payment Companies – Our High Conviction Calls for 1H 2024

Thematic (Sector/Industry)

<ul>
<li>In 1H23 and in the early part of 3Q23, our longs – Visa, Wise and PagSeguro – delivered positive returns; our shorts, DLocal and Kakao Pay, were also modestly successful</li>
<li>Ahead of results to June 2023, we retain card network megacap Visa as a core holding, as well as PagSeguro; we add PayPal and drop Wise from the buy list</li>
<li>We keep our negative view on DLocal and add Affirm, given high take-rates and  premium valuations; we stick with our negative on Kakao Pay due to its lofty multiples</li>
</ul>


In 1H23 and in the early part of 3Q23, our longs – Visa, Wise and PagSeguro – delivered positive returns; our shorts, DLocal and Kakao Pay, were also modestly successful
Ahead of results to June 2023, we retain card network megacap Visa as a core holding, as well as PagSeguro; we add PayPal and drop Wise from the buy list
We keep our negative view on DLocal and add Affirm, given high take-rates and  premium valuations; we stick with our negative on Kakao Pay due to its lofty multiples


Payment Companies – 1H 2023 in Review, Our High Conviction Calls for 2H 2023

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.

<ul><li>PayPal had a successful quarter and managed an all-around beat as it experienced stronger-than-expected growth across its key financial metrics.</li><li>The Total Payment Volume (TPV) from branded checkout significantly accelerated, while unbranded TPV growth also saw a notable increase.</li><li>The company has made significant strides in upgrading its merchant and consumer experiences and is committed to executing cost-effectively and efficiently.</li></ul>

PayPal had a successful quarter and managed an all-around beat as it experienced stronger-than-expected growth across its key financial metrics.The Total Payment Volume (TPV) from branded checkout significantly accelerated, while unbranded TPV growth also saw a notable increase.The company has made significant strides in upgrading its merchant and consumer experiences and is committed to executing cost-effectively and efficiently.

PayPal Holdings Inc.: AI-Driven Innovations & TPV Growth Are A Positive Sign – Key Drivers

Value Investing

Vladimir Dimitrov, CFA

<ul>
<li>PayPal has significant competitive advantages, and the management is making the right moves to improve them.</li>
<li>PayPal continues to slide to multi-year lows, with a mixed quarter that was perceived as a very negative one.</li>
<li>PayPal has been in a strong position in the market for the past three years.</li>
</ul>


PayPal has significant competitive advantages, and the management is making the right moves to improve them.
PayPal continues to slide to multi-year lows, with a mixed quarter that was perceived as a very negative one.
PayPal has been in a strong position in the market for the past three years.


PayPal: Panicking As A Result Of Quarterly Trends And Narratives Is Not A Viable Strategy

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)

Ibotta IPO Preview: High-Growth Cashback Unicorn With Robust AI-Powered Capabilities

Ibotta, a high-growth technology unicorn in the cashback space, files to go public. After strong market debut of Reddit and Astera Labs, Ibotta...

Andrei Zakharov

Payment Companies – Our High Conviction Calls for 1H 2024

In payments, we stick with Visa, PayPal and PagSeguro, adding Cielo to the buy list; we remain negative on DLocal and Affirm, removing Kakao Pay...

Victor Galliano

Payment Companies – 1H 2023 in Review, Our High Conviction Calls for 2H 2023

Our 2H 2023 payments company longs are card network megacap Visa, value play PagSeguro and PayPal with our short calls being DLocal, Kakao Pay and...

Victor Galliano

PayPal Holdings Inc.: AI-Driven Innovations & TPV Growth Are A Positive Sign – Key Drivers

PayPal had a successful quarter and managed an all-around beat as it experienced stronger-than-expected growth across its key financial...

Baptista Research

PayPal: Panicking As A Result Of Quarterly Trends And Narratives Is Not A Viable Strategy

PayPal continues to slide to multi-year lows, with a mixed quarter that was perceived as a very negative one. PayPal has been in a strong position...

Vladimir Dimitrov, CFA

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