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>Roper Technologies had a strong 2023 performance with key takeaways revolving around 15% revenue growth, 16% EBITDA growth, and 32% free cash flow growth with free cash flow margins at 32%.</li><li>Organic revenue growth was 8%, setting up positive momentum for 2024.</li><li>The company deployed $2.1 billion in high-quality vertical software acquisitions in the past year, including Syntellis and Replicon.</li></ul>

Roper Technologies had a strong 2023 performance with key takeaways revolving around 15% revenue growth, 16% EBITDA growth, and 32% free cash flow growth with free cash flow margins at 32%.Organic revenue growth was 8%, setting up positive momentum for 2024.The company deployed $2.1 billion in high-quality vertical software acquisitions in the past year, including Syntellis and Replicon.

Roper Technologies: Acquisition Of Procare Solutions & Improving M&A Pipeline! - Major Drivers

<ul><li>Roper delivered a strong positive result in the recent quarter and exceeded the expectations of the management in terms of both revenue and earnings.</li><li>By the end of the year, Roper hopes to close its acquisition of Replicon, a bolt-on acquisition for the company's Deltek business.</li><li>Aderant, the software business of Roper that's aimed at the needs of law firms, is quite excellent.</li></ul>

Roper delivered a strong positive result in the recent quarter and exceeded the expectations of the management in terms of both revenue and earnings.By the end of the year, Roper hopes to close its acquisition of Replicon, a bolt-on acquisition for the company's Deltek business.Aderant, the software business of Roper that's aimed at the needs of law firms, is quite excellent.

Roper Technologies Inc.: Capitalizing on AI & Tech Synergy for Growth? – Key Drivers

Equity Capital Markets

Roper Technologies / Equity Capital Markets

<ul><li>Roper had a strong quarter which happened to be an all-around beat.</li><li>With a solid start to the year, Roper increased its full-year organic growth outlook and EPS guidance, further reinforcing its strong position in the market.</li><li>Roper Technologies' backlog at the end of the first quarter of 2023 was $4.4 billion, up 14% from the end of the fourth quarter of 2022.</li></ul>

Roper had a strong quarter which happened to be an all-around beat.With a solid start to the year, Roper increased its full-year organic growth outlook and EPS guidance, further reinforcing its strong position in the market.Roper Technologies' backlog at the end of the first quarter of 2023 was $4.4 billion, up 14% from the end of the fourth quarter of 2022.

Roper Technologies Inc.: A Disciplined Approach to Capital Deployment – Key Drivers

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There were 6 inclusions and 6 exclusions for the <a href="https://www.smartkarma.com/entities/nasdaq-100-stock-index" target="_blank" data-smartkarma-citation="entities:26197:1" rel="noopener">Nasdaq-100 Stock Index (NDX INDEX)</a> at the annual December reconstitution. Then another ad hoc change was added on top of that.</li>
<li>Impact on the inclusions ranges from 1-8 days of ADV to buy, while the impact on the deletions varies from 0.7-2.6 days of ADV to sell.</li>
<li>Apart from the constituent changes, there are expected to be inflows in <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors</a> and <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom</a> and outflows from <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple</a>, <a href="https://www.smartkarma.com/entities/microsoft-corp" target="_blank" data-smartkarma-citation="entities:15273:1" rel="noopener">Microsoft</a>, <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com</a> and <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA</a>.</li>
</ul>


There were 6 inclusions and 6 exclusions for the Nasdaq-100 Stock Index (NDX INDEX) at the annual December reconstitution. Then another ad hoc change was added on top of that.
Impact on the inclusions ranges from 1-8 days of ADV to buy, while the impact on the deletions varies from 0.7-2.6 days of ADV to sell.
Apart from the constituent changes, there are expected to be inflows in Tesla Motors and Broadcom and outflows from Apple, Microsoft, Amazon.com and NVIDIA.


NASDAQ 100 Index Rebalance: 6 Regular Changes + 1 Adhoc Change; US$37bn to Trade

Credit

<ul><li>Roper Technologies is a diversified software and tech investment player.</li><li>The company makes pertinent investments in technology companies with a high base of cash and negative working capital with the objective of maximizing the returns on the capital employed.</li><li>Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.</li></ul>

Roper Technologies is a diversified software and tech investment player.The company makes pertinent investments in technology companies with a high base of cash and negative working capital with the objective of maximizing the returns on the capital employed.Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

Roper Technologies Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

United States

Roper Technologies, Inc. manufactures and distributes industrial equipment. The Company offers industrial controls, fluid handling, pumps, medical and scientific devices, analytical instrumentation products, radio frequency identification (RFID) communication technology, and software solutions.

Roper Technologies (ROP US)

Roper Technologies: Acquisition Of Procare Solutions & Improving M&A Pipeline! - Major Drivers

Roper Technologies had a strong 2023 performance with key takeaways revolving around 15% revenue growth, 16% EBITDA growth, and 32% free cash flow...

Baptista Research

Roper Technologies Inc.: Capitalizing on AI & Tech Synergy for Growth? – Key Drivers

Roper delivered a strong positive result in the recent quarter and exceeded the expectations of the management in terms of both revenue and...

Baptista Research

Roper Technologies Inc.: A Disciplined Approach to Capital Deployment – Key Drivers

Roper had a strong quarter which happened to be an all-around beat. With a solid start to the year, Roper increased its full-year organic growth...

Baptista Research

NASDAQ 100 Index Rebalance: 6 Regular Changes + 1 Adhoc Change; US$37bn to Trade

There are 7 changes at the close on 15 December with an estimated one-way trade of US$18.7bn. Impact on the constituent changes varies from 1-8...

Brian Freitas

Roper Technologies Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Roper Technologies is a diversified software and tech investment player. The company makes pertinent investments in technology companies with a...

Baptista Research