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>Roku, Inc. recently shared its third-quarter 2025 financial results, highlighting several strategic and financial movements.</li><li>The company demonstrated a commitment to enhancing its core platform while seeking further growth in advertising and subscription services.</li><li>From a financial perspective, Roku reported a return to positive operating income for the first time since 2021, with an adjusted EBITDA guide for the fourth quarter reaching a record $145 million.</li></ul>

Roku, Inc. recently shared its third-quarter 2025 financial results, highlighting several strategic and financial movements.The company demonstrated a commitment to enhancing its core platform while seeking further growth in advertising and subscription services.From a financial perspective, Roku reported a return to positive operating income for the first time since 2021, with an adjusted EBITDA guide for the fourth quarter reaching a record $145 million.

Will Roku’s Subscription Boom Make It the Netflix of Smart TV Platforms?

<ul><li>Roku's second quarter 2025 earnings call reflected a nuanced picture of both progress and ongoing challenges for the company.</li><li>On the positive side, the quarter was highlighted by an 18% year-over-year growth in platform revenue, driven largely by the expansion and diversification of advertising demand, and a robust performance from the newly launched Roku Ads Manager.</li><li>This growth was fueled by significant gains in video advertising, which outpaced the overall U.S. OTT and digital ad markets, pointing to successful integration strategies and product innovations.</li></ul>

Roku's second quarter 2025 earnings call reflected a nuanced picture of both progress and ongoing challenges for the company.On the positive side, the quarter was highlighted by an 18% year-over-year growth in platform revenue, driven largely by the expansion and diversification of advertising demand, and a robust performance from the newly launched Roku Ads Manager.This growth was fueled by significant gains in video advertising, which outpaced the overall U.S. OTT and digital ad markets, pointing to successful integration strategies and product innovations.

Roku Boosts User Retention & Revenue With Subscription Bundling Strategy; Will It Work In The Long Term?

<ul><li>Roku Inc.’s recent earnings for the first quarter of 2025 presented a mixed bag of results, reflecting both positive strategic positioning and ongoing challenges in the current macroeconomic environment.</li><li>On the positive side, Roku's management reiterated confidence in their full-year platform revenue and adjusted EBITDA guidance for 2025.</li><li>This confidence is bolstered by the continued shift from linear to streaming television, a macro trend that has been a significant tailwind for Roku.</li></ul>

Roku Inc.’s recent earnings for the first quarter of 2025 presented a mixed bag of results, reflecting both positive strategic positioning and ongoing challenges in the current macroeconomic environment.On the positive side, Roku's management reiterated confidence in their full-year platform revenue and adjusted EBITDA guidance for 2025.This confidence is bolstered by the continued shift from linear to streaming television, a macro trend that has been a significant tailwind for Roku.

Roku Inc.: Can The Growth of The Roku Channel Bolster Long-Term Platform Monetization!

<ul><li>Roku's recent earnings offered insights into both the robust performance and challenges the company faced.</li><li>The company reported strong growth in the fourth quarter of 2024, driven by various strategic initiatives and favorable market conditions.</li><li>A key contributing factor to the strong performance was the effective execution of Roku's three-part strategy focused on increasing platform revenue: optimizing the home screen utilization, expanding third-party partnerships to drive advertising demand, and enhancing the subscription-based revenue segment.</li></ul>

Roku's recent earnings offered insights into both the robust performance and challenges the company faced.The company reported strong growth in the fourth quarter of 2024, driven by various strategic initiatives and favorable market conditions.A key contributing factor to the strong performance was the effective execution of Roku's three-part strategy focused on increasing platform revenue: optimizing the home screen utilization, expanding third-party partnerships to drive advertising demand, and enhancing the subscription-based revenue segment.

Roku Inc.: The Advertising Goldmine That Could Skyrocket This Streaming Giant!

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>MNTN, Inc., a fast-growing advertising software company, has announced the initial price range for its upcoming US IPO.</li>
<li>The offering is expected to be between $14.00 and $16.00 per share, implying a market cap of ~$1.4B on a fully-diluted basis at the midpoint of price range.  </li>
<li>BlackRock has indicated a non-binding interest in purchasing up to $30M worth of MNTN shares at the IPO price. The price range is seen as attractively valued, in my view.</li>
</ul>


MNTN, Inc., a fast-growing advertising software company, has announced the initial price range for its upcoming US IPO.
The offering is expected to be between $14.00 and $16.00 per share, implying a market cap of ~$1.4B on a fully-diluted basis at the midpoint of price range.  
BlackRock has indicated a non-binding interest in purchasing up to $30M worth of MNTN shares at the IPO price. The price range is seen as attractively valued, in my view.


MNTN, Inc. IPO Valuation Analysis: Growth Accelerated in 1Q’25, Attractive Valuation Vs. Peers

United States

Roku, Inc. designs and manufactures consumer electronic products. The Company offers wireless enabled devices that stream audio and video content from the internet to home entertainment systems. Roku serves customers globally.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Roku (ROKU US)

Will Roku’s Subscription Boom Make It the Netflix of Smart TV Platforms?

Roku, Inc. recently shared its third-quarter 2025 financial results, highlighting several strategic and financial movements. The company...

Baptista Research

Roku Boosts User Retention & Revenue With Subscription Bundling Strategy; Will It Work In The Long Term?

Roku's second quarter 2025 earnings call reflected a nuanced picture of both progress and ongoing challenges for the company. On the positive...

Baptista Research

Roku Inc.: Can The Growth of The Roku Channel Bolster Long-Term Platform Monetization!

Roku Inc.’s recent earnings for the first quarter of 2025 presented a mixed bag of results, reflecting both positive strategic positioning and...

Baptista Research

Roku Inc.: The Advertising Goldmine That Could Skyrocket This Streaming Giant!

Roku's recent earnings offered insights into both the robust performance and challenges the company faced. The company reported strong growth in...

Baptista Research

MNTN, Inc. IPO Valuation Analysis: Growth Accelerated in 1Q’25, Attractive Valuation Vs. Peers

MNTN, inc., a rapidly growing adtech platform, is expected to IPO next week. I have a positive view of upcoming MNTN IPO and believe the offering...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)