Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>MNTN, Inc. (pronounced "mountain"), leader in OTT advertising software and first mover of PTV in the United States, filed to go public.</li>
<li>Founder-Led adtech company was backed by Fidelity, BlackRock, Greycroft, SV Angel, Qualcomm Ventures, and Baroda Ventures, among others.</li>
<li>I like the company’s leadership position,  high growth, FCF positive business and $60B+ near-term market opportunity centering around SMBs in the United States.</li>
</ul>


MNTN, Inc. (pronounced "mountain"), leader in OTT advertising software and first mover of PTV in the United States, filed to go public.
Founder-Led adtech company was backed by Fidelity, BlackRock, Greycroft, SV Angel, Qualcomm Ventures, and Baroda Ventures, among others.
I like the company’s leadership position,  high growth, FCF positive business and $60B+ near-term market opportunity centering around SMBs in the United States.


MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV, Watch This Offering Closely

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. delivered a robust performance in Q3 2024, announcing a milestone of over $1 billion in total net revenue for the first time, marking a 16% increase year-over-year.</li><li>Key financial highlights included a platform revenue of $908 million, representing a 15% increase from the previous year, primarily driven by growth in streaming services distribution and advertising activities.</li><li>Notably, the Roku Channel showcased substantial growth, remaining the third most engaged application on the platform, with streaming hours surging by 80% year over-year.</li></ul>

ROKU, Inc. delivered a robust performance in Q3 2024, announcing a milestone of over $1 billion in total net revenue for the first time, marking a 16% increase year-over-year.Key financial highlights included a platform revenue of $908 million, representing a 15% increase from the previous year, primarily driven by growth in streaming services distribution and advertising activities.Notably, the Roku Channel showcased substantial growth, remaining the third most engaged application on the platform, with streaming hours surging by 80% year over-year.

Roku Inc.: Advertising Model Innovation & Means To Achieve Top-Line Growth! - Major Drivers

<ul><li>ROKU's performance in the second quarter of 2024 reflects a company in the midst of strategic expansion and adaptation to the evolving demands of the streaming and digital advertising markets.</li><li>The company reported a 14% year-over-year increase in streaming households, reaching 83.6 million, and a 20% increase in streaming hours, indicating robust user engagement and growth in market penetration.</li><li>These metrics are crucial as they underpin the platform's attractiveness to advertisers and content distributors.</li></ul>

ROKU's performance in the second quarter of 2024 reflects a company in the midst of strategic expansion and adaptation to the evolving demands of the streaming and digital advertising markets.The company reported a 14% year-over-year increase in streaming households, reaching 83.6 million, and a 20% increase in streaming hours, indicating robust user engagement and growth in market penetration.These metrics are crucial as they underpin the platform's attractiveness to advertisers and content distributors.

Roku Inc.: Focus on Media and Entertainment Partnerships Could Be A Critical Growth Catalyst! - Major Drivers

<ul><li>Roku demonstrated a solid performance in Q1 2024, with streaming households growing 14% year over-year, streaming hours increasing by 23%, and platform revenue growing by 19% year-over year.</li><li>The company is placing greater emphasis on platform growth and innovation, aiming to accelerate platform revenue, adjusted EBITDA and free cash flow growth in the forthcoming years by focusing on three key opportunities: optimizing the Roku Home Screen as the lead-in for TV, growing Roku-billed subscriptions, and increasing demand for Roku.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Roku demonstrated a solid performance in Q1 2024, with streaming households growing 14% year over-year, streaming hours increasing by 23%, and platform revenue growing by 19% year-over year.The company is placing greater emphasis on platform growth and innovation, aiming to accelerate platform revenue, adjusted EBITDA and free cash flow growth in the forthcoming years by focusing on three key opportunities: optimizing the Roku Home Screen as the lead-in for TV, growing Roku-billed subscriptions, and increasing demand for Roku.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Roku Inc.: Driving Subscriber Growth with Roku Pay! - Major Drivers

<ul><li>Roku, the leading streaming entertainment provider, delivered a strong fourth quarter and year-ended 2023 earnings as announced during the company's earnings conference call.</li><li>Roku's CEO, Anthony Wood, and CFO, Dan Jedda, along with other executive members, shared insights into the company's financials and business trajectory.</li><li>On a positive note, Roku achieved adjusted EBITDA and free cash flow a year ahead of schedule, demonstrating the company's focus on operational improvements and platform revenue growth.</li></ul>

Roku, the leading streaming entertainment provider, delivered a strong fourth quarter and year-ended 2023 earnings as announced during the company's earnings conference call.Roku's CEO, Anthony Wood, and CFO, Dan Jedda, along with other executive members, shared insights into the company's financials and business trajectory.On a positive note, Roku achieved adjusted EBITDA and free cash flow a year ahead of schedule, demonstrating the company's focus on operational improvements and platform revenue growth.

Roku Inc.: A Diversified Monetization Strategy Can Save The Day? - Major Drivers

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.

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Roku (ROKU US)

MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV, Watch This Offering Closely

MNTN, inc., an adtech software platform provider and category creator of Performance TV, plans to go public in the United States. The company was...

Andrei Zakharov

Roku Inc.: Advertising Model Innovation & Means To Achieve Top-Line Growth! - Major Drivers

ROKU, Inc. delivered a robust performance in Q3 2024, announcing a milestone of over $1 billion in total net revenue for the first time, marking a...

Baptista Research

Roku Inc.: Focus on Media and Entertainment Partnerships Could Be A Critical Growth Catalyst! - Major Drivers

ROKU's performance in the second quarter of 2024 reflects a company in the midst of strategic expansion and adaptation to the evolving demands of...

Baptista Research

Roku Inc.: Driving Subscriber Growth with Roku Pay! - Major Drivers

Roku demonstrated a solid performance in Q1 2024, with streaming households growing 14% year over-year, streaming hours increasing by 23%, and...

Baptista Research

Roku Inc.: A Diversified Monetization Strategy Can Save The Day? - Major Drivers

Roku, the leading streaming entertainment provider, delivered a strong fourth quarter and year-ended 2023 earnings as announced during the...

Baptista Research

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