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>PTC's 2025 second-quarter results demonstrate a balanced mix of solid execution and a cautious outlook driven by macroeconomic uncertainties.</li><li>The company reported a 10% year-over-year increase in Annual Recurring Revenue (ARR) and a 13% rise in free cash flow.</li><li>Positively, PTC reduced its leverage by paying off $500 million in senior notes and maintained a leverage ratio of 1.5x, indicating strengthened financial positioning.</li></ul>

PTC's 2025 second-quarter results demonstrate a balanced mix of solid execution and a cautious outlook driven by macroeconomic uncertainties.The company reported a 10% year-over-year increase in Annual Recurring Revenue (ARR) and a 13% rise in free cash flow.Positively, PTC reduced its leverage by paying off $500 million in senior notes and maintained a leverage ratio of 1.5x, indicating strengthened financial positioning.

PTC Reinvents Its Sales Strategy With Vertical Focus—Will Industry-Specific Targeting Ignite a Revenue Surge?

<ul><li>PTC's first quarter of fiscal 2025 results came in slightly above initial guidance amidst ongoing challenges in the macroeconomic environment and strategic changes in its go-to-market framework.</li><li>The results underscore the company's resilient annual recurring revenue (ARR) and robust free cash flow, indicative of a diversified business model and strong execution strategies.</li><li>Positively, PTC reported a constant currency ARR of $2.277 billion, representing an 11% year-over-year increase.</li></ul>

PTC's first quarter of fiscal 2025 results came in slightly above initial guidance amidst ongoing challenges in the macroeconomic environment and strategic changes in its go-to-market framework.The results underscore the company's resilient annual recurring revenue (ARR) and robust free cash flow, indicative of a diversified business model and strong execution strategies.Positively, PTC reported a constant currency ARR of $2.277 billion, representing an 11% year-over-year increase.

PTC Inc.: Will Its New And Enhanced Go-to-Market Strategy Catalyze Growth?

<ul><li>PTC’s fourth-quarter and full fiscal year 2024 earnings presentation reveals a complex landscape with various strategic initiatives and financial outcomes.</li><li>On a positive note, PTC has demonstrated resilience in a challenging macroeconomic environment, achieving a 25% year-over-year increase in free cash flow and a 12% growth in constant currency ARR.</li><li>The strength of their core offerings, particularly in product lifecycle management (PLM) driven by Windchill, and application lifecycle management (ALM) through Codebeamer, underscores their strategic positioning in digital transformation.</li></ul>

PTC’s fourth-quarter and full fiscal year 2024 earnings presentation reveals a complex landscape with various strategic initiatives and financial outcomes.On a positive note, PTC has demonstrated resilience in a challenging macroeconomic environment, achieving a 25% year-over-year increase in free cash flow and a 12% growth in constant currency ARR.The strength of their core offerings, particularly in product lifecycle management (PLM) driven by Windchill, and application lifecycle management (ALM) through Codebeamer, underscores their strategic positioning in digital transformation.

PTC Inc.: Product Diversification & Integration As A Pivotal Factor Driving Growth! - Major Drivers

<ul><li>The recent earnings for PTC reflects a performance narrative that blends consistent progress in specified business areas with a frank acknowledgment of ongoing challenges and strategic adjustments.</li><li>In fiscal Q3 2024, PTC reported a year-over-year constant currency Annual Recurring Revenue (ARR) increase of 12%, signifying a robust demand for its product portfolio despite the prevailing economic conditions.</li><li>This solid performance is further exemplified through a 29% rise in free cash flow compared to the previous year, indicative of effective operational handling and a promising financial health trajectory.</li></ul>

The recent earnings for PTC reflects a performance narrative that blends consistent progress in specified business areas with a frank acknowledgment of ongoing challenges and strategic adjustments.In fiscal Q3 2024, PTC reported a year-over-year constant currency Annual Recurring Revenue (ARR) increase of 12%, signifying a robust demand for its product portfolio despite the prevailing economic conditions.This solid performance is further exemplified through a 29% rise in free cash flow compared to the previous year, indicative of effective operational handling and a promising financial health trajectory.

PTC Inc.: Expansion of Internet of Things (IoT) and Augmented Reality (AR) Solutions! - Major 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 <a href="https://www.smartkarma.com/entities/altium-ltd" target="_blank" data-smartkarma-citation="entities:18626:1" rel="noopener">Altium Ltd (ALU AU)</a> IE considers <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a>’ A$68.50 scheme offer fair and reasonable as it is above the midpoint of the A$62.37 to A$70.27 valuation range. </li>
<li>The offer is conditional on remaining regulatory approvals (FIRB, CFIUS) and shareholder approval. </li>
<li>The offer price is attractive and 31% above the all-time high. At the last close and for the 1 August payment, the gross/annualised spread was 1.7%/11.6%.</li>
</ul>


The Altium Ltd (ALU AU) IE considers Renesas Electronics (6723 JP)’ A$68.50 scheme offer fair and reasonable as it is above the midpoint of the A$62.37 to A$70.27 valuation range. 
The offer is conditional on remaining regulatory approvals (FIRB, CFIUS) and shareholder approval. 
The offer price is attractive and 31% above the all-time high. At the last close and for the 1 August payment, the gross/annualised spread was 1.7%/11.6%.


United States

PTC Inc. develops and delivers technology solutions, comprised of software and services. The Company's technology is primarily used by discrete manufacturers to design, operate and maintain complex products. PTC's technology is also used to connect products to the Internet for purposes of capturing and analyzing information from them.

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PTC Inc (PTC US)

PTC Reinvents Its Sales Strategy With Vertical Focus—Will Industry-Specific Targeting Ignite a Revenue Surge?

PTC's 2025 second-quarter results demonstrate a balanced mix of solid execution and a cautious outlook driven by macroeconomic uncertainties. The...

Baptista Research

PTC Inc.: Will Its New And Enhanced Go-to-Market Strategy Catalyze Growth?

PTC's first quarter of fiscal 2025 results came in slightly above initial guidance amidst ongoing challenges in the macroeconomic environment and...

Baptista Research

PTC Inc.: Product Diversification & Integration As A Pivotal Factor Driving Growth! - Major Drivers

PTC’s fourth-quarter and full fiscal year 2024 earnings presentation reveals a complex landscape with various strategic initiatives and financial...

Baptista Research

PTC Inc.: Expansion of Internet of Things (IoT) and Augmented Reality (AR) Solutions! - Major Drivers

The recent earnings for PTC reflects a performance narrative that blends consistent progress in specified business areas with a frank...

Baptista Research

Altium (ALU AU): Scheme Vote on 12 July

The offer price is attractive and 31% above the all-time high. At the last close and for the 1 August payment, the gross/annualised spread was 1.7%...

Arun George

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