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>RTL Group presented its financial and operational outcomes for the fiscal year 2024 with a cautiously positive tone, reflecting a period of resilience amidst challenging external conditions.</li>
<li>The company's efforts to evolve its traditional broadcast model into a more diversified media and technology enterprise were evident throughout the transcript.</li>
<li>A major takeaway from the results is RTL Group's successful management to sustain and even grow within its business operations despite an economic backdrop that showed particular vulnerabilities, especially within its traditional markets in Germany and France.</li>
</ul>


RTL Group presented its financial and operational outcomes for the fiscal year 2024 with a cautiously positive tone, reflecting a period of resilience amidst challenging external conditions.
The company's efforts to evolve its traditional broadcast model into a more diversified media and technology enterprise were evident throughout the transcript.
A major takeaway from the results is RTL Group's successful management to sustain and even grow within its business operations despite an economic backdrop that showed particular vulnerabilities, especially within its traditional markets in Germany and France.


RTL Group: Why This Media Giant’s AI Strategy Could Provide A Much-Needed Competitive Edge!

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>
<a href="https://www.smartkarma.com/entities/seven-west-media-ltd" target="_blank" data-smartkarma-citation="entities:804:1" rel="noopener">Seven West Media (SWM AU)</a> will merge with <a href="https://www.smartkarma.com/entities/southern-cross-media-group-ltd" target="_blank" data-smartkarma-citation="entities:10374:1" rel="noopener">Southern Cross Media (SXL AU)</a> at a ratio of 0.1552 SXL shares per SWM share. </li>
<li>The merger is strategically sensible and is expected to deliver annualised cost synergies of A$25 to A$35 million. The merger requires approval from both the ACMA and the ACCC.</li>
<li>While the offer is light compared to historical exchange ratios and peer multiples, large SWM shareholders are supportive. The scheme vote risk is low. </li>
</ul>



Seven West Media (SWM AU) will merge with Southern Cross Media (SXL AU) at a ratio of 0.1552 SXL shares per SWM share. 
The merger is strategically sensible and is expected to deliver annualised cost synergies of A$25 to A$35 million. The merger requires approval from both the ACMA and the ACCC.
While the offer is light compared to historical exchange ratios and peer multiples, large SWM shareholders are supportive. The scheme vote risk is low. 


Seven West Media (SWM AU): Merger with Southern Cross Media (SXL AU)

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our long-term outlook remains bullish on global equities (MSCI ACWI). Germany and Europe continue to lead, our favorite theme we have been buying since January 9th.</li>
<li>Near-Term we wouldn't be surprised to see a pullback to range supports at $116 on ACWI-US and 5770-5850 or 5600-5670 on SPX in the coming weeks, where we are buyers.</li>
<li>This report was initially sent out Thursday morning, and as of this writing SPX is now testing support at 5850. Bottom potential.</li>
</ul>


Our long-term outlook remains bullish on global equities (MSCI ACWI). Germany and Europe continue to lead, our favorite theme we have been buying since January 9th.
Near-Term we wouldn't be surprised to see a pullback to range supports at $116 on ACWI-US and 5770-5850 or 5600-5670 on SPX in the coming weeks, where we are buyers.
This report was initially sent out Thursday morning, and as of this writing SPX is now testing support at 5850. Bottom potential.


Germany and Europe Continue to Lead; Remain Overweight Germany and U.S.; Bullish Outlook Intact

<ul>
<li>
<a href="https://www.smartkarma.com/entities/southern-cross-media-group-ltd" target="_blank" data-smartkarma-citation="entities:10374:1" rel="noopener">Southern Cross Media (SXL AU)</a> is re-engaging with <a href="https://www.smartkarma.com/entities/arn-media-ltd" target="_blank" data-smartkarma-citation="entities:709:1" rel="noopener">ARN Media (A1N AU)</a>/Anchorage at A$0.296 cash per share and 0.870 A1N shares per SXL share. Eligible shareholders get franking credits worth A$0.127.</li>
<li>SXL's re-engagement was driven by major shareholders, who are also supporting a motion to remove Mr Rob Murray as chairman due to the glacial pace of negotiation.</li>
<li>While the offer is light compared to long-term adjusted exchange ratios and historical prices, large shareholders are supportive. Shares are trading through terms due to the large franking credits.  </li>
</ul>



Southern Cross Media (SXL AU) is re-engaging with ARN Media (A1N AU)/Anchorage at A$0.296 cash per share and 0.870 A1N shares per SXL share. Eligible shareholders get franking credits worth A$0.127.
SXL's re-engagement was driven by major shareholders, who are also supporting a motion to remove Mr Rob Murray as chairman due to the glacial pace of negotiation.
While the offer is light compared to long-term adjusted exchange ratios and historical prices, large shareholders are supportive. Shares are trading through terms due to the large franking credits.  


Southern Cross Media (SXL AU): Re-Engages with ARN Media (A1N AU)/Anchorage on Revised Terms

IPO and L/S equity, 2015 Starmine top stock picker, Global Equity Research Ltd

Rickin Thakrar

IPO and L/S equity, 2015 Starmine top stock picker

<a href="https://www.smartkarma.com/entities/prosiebensat-1-media-se" target="_blank" data-smartkarma-citation="entities:21696:1" rel="noopener">Prosiebensat.1 (PSM GR)</a> , one of Germany’s largest free-to-air television stations has been subject to significant stake increase in recent weeks and now 24.2% owned by Silvio Berlusconi’s <a href="https://www.smartkarma.com/entities/mediaset-spa" target="_blank" data-smartkarma-citation="entities:21207:1" rel="noopener">Mediaset SpA (MS IM)</a> . On top of this, private equity firm KKR has built a 5.2% stake while Czech Media Invest, run by billionaire Daniel Kretinsky, has now accumulated a 10% stake in the company.  Mr Kretinsky is well known in M&amp;A circles after unsuccessfully attempting to take over Germany grocery and electronics retailer <a href="https://www.smartkarma.com/entities/metro-ag" target="_blank" data-smartkarma-citation="entities:21673:1" rel="noopener">METRO AG (MEO GR)</a> last year.We believe consolidation is necessary for European cable and Prosieben looks cheap vs. its peer group after a recent sell-off. On the flip side, we think KKR’s stake could represent a potential blocking stake and could scuttle a complete takeover.Below we look at the current situation and give our initial thoughts on this unique development in the Euro cable space. More details below.

Prosiebensat.1 (PSM GR) , one of Germany’s largest free-to-air television stations has been subject to significant stake increase in recent weeks and now 24.2% owned by Silvio Berlusconi’s Mediaset SpA (MS IM) . On top of this, private equity firm KKR has built a 5.2% stake while Czech Media Invest, run by billionaire Daniel Kretinsky, has now accumulated a 10% stake in the company.  Mr Kretinsky is well known in M&amp;A circles after unsuccessfully attempting to take over Germany grocery and electronics retailer METRO AG (MEO GR) last year.We believe consolidation is necessary for European cable and Prosieben looks cheap vs. its peer group after a recent sell-off. On the flip side, we think KKR’s stake could represent a potential blocking stake and could scuttle a complete takeover.Below we look at the current situation and give our initial thoughts on this unique development in the Euro cable space. More details below.

Prosieben: Berlusconi Vs. KKR –a Failed Bidding War?

Luxembourg

RTL Group S.A. is a multimedia company.  The Company operates television and radio stations throughout Europe, produces programming, and operates websites.  RTL distributes movies on CD, co-produces feature films, markets broadcast rights to sporting events, and offers entertainment over the Internet.

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RTL Group SA (RTL LX)

RTL Group: Why This Media Giant’s AI Strategy Could Provide A Much-Needed Competitive Edge!

RTL Group presented its financial and operational outcomes for the fiscal year 2024 with a cautiously positive tone, reflecting a period of...

Baptista Research

Seven West Media (SWM AU): Merger with Southern Cross Media (SXL AU)

While the offer is light compared to historical exchange ratios and peer multiples, large SWM shareholders are supportive. The scheme vote risk is...

Arun George

Germany and Europe Continue to Lead; Remain Overweight Germany and U.S.; Bullish Outlook Intact

Germany and Europe Continue to Lead; Remain Overweight Germany $DAX $EWG and the U.S. $SPX; Bullish Outlook Intact on $ACWI above $116. $SPX...

Vermilion Research

Southern Cross Media (SXL AU): Re-Engages with ARN Media (A1N AU)/Anchorage on Revised Terms

While the offer is light compared to long-term adjusted exchange ratios and historical prices, large shareholders are supportive. Shares are...

Arun George

Prosieben: Berlusconi Vs. KKR –a Failed Bidding War?

Prosiebensat.1 (PSM GR) , one of Germany’s largest free-to-air television stations has been subject to significant stake increase in recent weeks...

Rickin Thakrar

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