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>Progress Software Corporation's first quarter of fiscal 2025 results showcase both impressive growth and strategic execution while highlighting several operational positives and future challenges.</li><li>The company reported strong performance driven by the successful integration of the ShareFile acquisition, broad product portfolio growth, and sound financial management.</li><li>One of the key highlights for the quarter was the substantial increase in Annualized Recurring Revenue (ARR), which rose by 48% year over year, largely due to the inclusion of ShareFile.</li></ul>

Progress Software Corporation's first quarter of fiscal 2025 results showcase both impressive growth and strategic execution while highlighting several operational positives and future challenges.The company reported strong performance driven by the successful integration of the ShareFile acquisition, broad product portfolio growth, and sound financial management.One of the key highlights for the quarter was the substantial increase in Annualized Recurring Revenue (ARR), which rose by 48% year over year, largely due to the inclusion of ShareFile.

Progress Software: Building Acquisition War Chest with Bold Capital Strategy & Universal Shelf Move!

<ul><li>Progress Software Corporation recently reported its financial results for the third quarter of 2024, which exceeded the high end of guidance on both revenue and earnings per share (EPS).</li><li>The company recorded a revenue increase by 2% year-over-year to $179 million and a 17% year-over-year growth in EPS.</li><li>Alongside these results, Progress Software announced an agreement to acquire ShareFile from the Cloud Software Group for $875 million in an all-cash transaction, anticipated to close before the end of the fiscal year.</li></ul>

Progress Software Corporation recently reported its financial results for the third quarter of 2024, which exceeded the high end of guidance on both revenue and earnings per share (EPS).The company recorded a revenue increase by 2% year-over-year to $179 million and a 17% year-over-year growth in EPS.Alongside these results, Progress Software announced an agreement to acquire ShareFile from the Cloud Software Group for $875 million in an all-cash transaction, anticipated to close before the end of the fiscal year.

Progress Software Corporation: Focus on Artificial Intelligence & Workflow Automation To Up Their Game! - Major Drivers

<ul><li>Progress Software Corporation's Q1 2024 results highlight a compelling story of financial strength and strategic acquisitions, solidifying its foothold in the enterprise software market.</li><li>The primary narrative revolves around consistent revenue growth and successful integration of acquisitions, particularly MarkLogic.</li><li>However, the nuances in their performance, such as ARR growth and cost management amidst potential macroeconomic challenges, are crucial for a comprehensive investment analysis.</li></ul>

Progress Software Corporation's Q1 2024 results highlight a compelling story of financial strength and strategic acquisitions, solidifying its foothold in the enterprise software market.The primary narrative revolves around consistent revenue growth and successful integration of acquisitions, particularly MarkLogic.However, the nuances in their performance, such as ARR growth and cost management amidst potential macroeconomic challenges, are crucial for a comprehensive investment analysis.

Progress Software Corporation: A Dual Narrative of Growth and Challenges - Major Drivers

<ul><li>Progress Software Corporation concluded its fourth fiscal quarter of 2023 with strong performance across its portfolio, especially in its OpenEdge, DataDirect, and Sitefinity products.</li><li>The company recorded top-line revenues of $178 million, which can be attributed to stable demand for its products.</li><li>Further, the company's net retention rate was commendable, remaining at a steady 100%, and operating margins were better than expected.</li></ul>

Progress Software Corporation concluded its fourth fiscal quarter of 2023 with strong performance across its portfolio, especially in its OpenEdge, DataDirect, and Sitefinity products.The company recorded top-line revenues of $178 million, which can be attributed to stable demand for its products.Further, the company's net retention rate was commendable, remaining at a steady 100%, and operating margins were better than expected.

Progress Software Corporation: Initiation Of Coverage - Decoding the 4 Primary Contributors to Its Growth Surge! - Major Drivers

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

Forensic Accounting

<ul>
<li>This model seeks short-sale candidates among companies that use aggressive accounting and/or exhibit deteriorating quality of earnings.  </li>
<li>They are typically highly idiosyncratic shorts and require thoughtful analyses of upcoming catalysts.  When the company’s issues become well-known, there is often multiple compression as well as a rerating.</li>
<li>These shorts can have high or low betas, valuations based on artificial earnings and exhibit good short responses to subsequently disappointing earnings.</li>
</ul>


This model seeks short-sale candidates among companies that use aggressive accounting and/or exhibit deteriorating quality of earnings.  
They are typically highly idiosyncratic shorts and require thoughtful analyses of upcoming catalysts.  When the company’s issues become well-known, there is often multiple compression as well as a rerating.
These shorts can have high or low betas, valuations based on artificial earnings and exhibit good short responses to subsequently disappointing earnings.


Earnings Quality Short Candidates: Gogo, Progress Software, Envista, Dun & Bradstreet

United States

Progress Software Corporation develops, markets, and distributes application development, deployment, and integration software to business, industry, and government worldwide.  The Company's products include databases, application servers, messaging servers, and development tools for Internet/Web, extranet, and intranet applications as well as for client/server and host applications.

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Progress Software (PRGS US)

Progress Software: Building Acquisition War Chest with Bold Capital Strategy & Universal Shelf Move!

Progress Software Corporation's first quarter of fiscal 2025 results showcase both impressive growth and strategic execution while highlighting...

Baptista Research

Progress Software Corporation: Focus on Artificial Intelligence & Workflow Automation To Up Their Game! - Major Drivers

Progress Software Corporation recently reported its financial results for the third quarter of 2024, which exceeded the high end of guidance on...

Baptista Research

Progress Software Corporation: A Dual Narrative of Growth and Challenges - Major Drivers

Progress Software Corporation's Q1 2024 results highlight a compelling story of financial strength and strategic acquisitions, solidifying its...

Baptista Research

Progress Software Corporation: Initiation Of Coverage - Decoding the 4 Primary Contributors to Its Growth Surge! - Major Drivers

Progress Software Corporation concluded its fourth fiscal quarter of 2023 with strong performance across its portfolio, especially in its...

Baptista Research

Earnings Quality Short Candidates: Gogo, Progress Software, Envista, Dun & Bradstreet

Earnings Quality shorts lead to idiosyncratic alpha. Today, we show our model rankings and highlight Gogo, Progress Software, Envista, Dun &...

Eric Fernandez, CFA

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