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>Pinterest reported healthy growth trends with bright prospects, although there are challenges and areas in need of improvement, making an investment thesis mix of cautious optimism and risk mitigation.</li><li>Positively, Pinterest revealed impressive progress in terms of both user engagement and operational efficiency.</li><li>The platform has surpassed 500 million global Monthly Active Users (MAUs) for the first time, increasing by 12%, marking its seventh quarter of consecutive acceleration.</li></ul>

Pinterest reported healthy growth trends with bright prospects, although there are challenges and areas in need of improvement, making an investment thesis mix of cautious optimism and risk mitigation.Positively, Pinterest revealed impressive progress in terms of both user engagement and operational efficiency.The platform has surpassed 500 million global Monthly Active Users (MAUs) for the first time, increasing by 12%, marking its seventh quarter of consecutive acceleration.

Pinterest Inc.:  Operating On A Niche In The Digital Advertising Ecosystem! - Major Drivers

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/reddit-inc" target="_blank" data-smartkarma-citation="entities:40917:1" rel="noopener">Reddit (RDDT US)</a> is looking to raise up to US$750m in its US IPO.</li>
<li>Reddit is an online social media platform where users are able to join communities, engage in conversations, research, exchange goods and services as well as create new communities.</li>
<li>In our previous note, we talked about the company’s historical performance. In this note, we share our quick thoughts on valuation.</li>
</ul>



Reddit (RDDT US) is looking to raise up to US$750m in its US IPO.
Reddit is an online social media platform where users are able to join communities, engage in conversations, research, exchange goods and services as well as create new communities.
In our previous note, we talked about the company’s historical performance. In this note, we share our quick thoughts on valuation.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/reddit-inc" target="_blank" data-smartkarma-citation="entities:40917:1" rel="noopener">Reddit (RDDT US)</a> is looking to raise up to US$750m in its US IPO. </li>
<li>Reddit is an online social media platform where users are able to join communities, engage in conversations, research, exchange goods and services as well as create new communities.  </li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Reddit (RDDT US) is looking to raise up to US$750m in its US IPO. 
Reddit is an online social media platform where users are able to join communities, engage in conversations, research, exchange goods and services as well as create new communities.  
In this note, we talk about the company’s historical performance.


Reddit IPO - Well-Known Brand but Sustainability of Growth Is Questionable

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>According to Pitchbook and their S-1, Reddit has raised ~$1.5B in equity financing. Their last private round, a Series F led by Fidelity in August 2021, was around ~$10B valuation.</li>
<li>I derive a target valuation for Reddit using a ~8x EV/Revenue multiple on my 2024 estimates. The multiple represents a top-range multiple of the peer group.</li>
<li>I arrived at my ~$9.6B target valuation, which implies 50% upside to indicative IPO valuation at the midpoint. I expect Reddit will trade above their last round valuation of $10B.</li>
</ul>


According to Pitchbook and their S-1, Reddit has raised ~$1.5B in equity financing. Their last private round, a Series F led by Fidelity in August 2021, was around ~$10B valuation.
I derive a target valuation for Reddit using a ~8x EV/Revenue multiple on my 2024 estimates. The multiple represents a top-range multiple of the peer group.
I arrived at my ~$9.6B target valuation, which implies 50% upside to indicative IPO valuation at the midpoint. I expect Reddit will trade above their last round valuation of $10B.


Reddit IPO Valuation Analysis: $1B+ Revenue and Profitable Company in 2024

<ul>
<li>Reddit, an American social news aggregation, content rating, and forum social network, filed to go public. The company plans to trade on the NYSE under the ticker “RDDT”.</li>
<li>Reddit was founded in 2005 by Steven Huffman, Aaron Swartz and Alexis Ohanian. The company is forecasted to surpass $1B in total revenue in 2024.</li>
<li>They chose the right time to go public. I have a positive view of the upcoming Reddit IPO and looking forward to seeing them trade as a public company.</li>
</ul>


Reddit, an American social news aggregation, content rating, and forum social network, filed to go public. The company plans to trade on the NYSE under the ticker “RDDT”.
Reddit was founded in 2005 by Steven Huffman, Aaron Swartz and Alexis Ohanian. The company is forecasted to surpass $1B in total revenue in 2024.
They chose the right time to go public. I have a positive view of the upcoming Reddit IPO and looking forward to seeing them trade as a public company.


Reddit IPO: The Right Time To Go Public At A Reasonable Valuation

United States

Pinterest, Inc. operates and maintains social networking site. The Company provides online venue for personal photos, ideas, oddities, decorations, places to visit, recipes, and other items. Pinterest serves customers worldwide.

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Pinterest (PINS US)

Pinterest Inc.: Operating On A Niche In The Digital Advertising Ecosystem! - Major Drivers

Pinterest reported healthy growth trends with bright prospects, although there are challenges and areas in need of improvement, making an...

Baptista Research

Reddit IPO - Quick Thoughts on Valuation

Reddit (RDDT US) is looking to raise up to US$750m in its US IPO. In our previous note, we talked about the company’s historical performance. In...

Ethan Aw

Reddit IPO - Well-Known Brand but Sustainability of Growth Is Questionable

Reddit (RDDT US) is looking to raise up to US$750m in its US IPO. In this note, we talk about the company’s historical performance.

Ethan Aw

Reddit IPO Valuation Analysis: $1B+ Revenue and Profitable Company in 2024

I see upside for Reddit shares and my implied equity value of ~$9.6B represents ~50% upside vs. expected IPO price range of $31 to $34 per share at...

Andrei Zakharov

Reddit IPO: The Right Time To Go Public At A Reasonable Valuation

Reddit, an American iconic internet company, filed to go public. Given their massive TAM, loyal communities and scalable business, Reddit is bound...

Andrei Zakharov

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