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>Sage Group PLC recently reported a successful year, demonstrating notable growth and a solid financial performance.</li><li>The company's annual recurring revenue (ARR) increased for the third consecutive year, with a 11% rise to GBP 2.3 billion.</li><li>This growth was balanced between new and existing customers, reflecting effective customer retention strategies and upsell accomplishments.</li></ul>

Sage Group PLC recently reported a successful year, demonstrating notable growth and a solid financial performance.The company's annual recurring revenue (ARR) increased for the third consecutive year, with a 11% rise to GBP 2.3 billion.This growth was balanced between new and existing customers, reflecting effective customer retention strategies and upsell accomplishments.

Sage Group Plc: Initiation of Coverage-  Network Services and Automation Expansion Can Fuel A Revenue Surge Across Regions!

Owner and CEO, GR20 Research

Gregory Ramirez

Owner and CEO

Industry Research and Consulting Services

GR20 Research

GR20 Research provides industry research and consulting services

<ul>
<li>Sage launched its Copilot AI assistant automating accounting, HR and payroll tasks. This aims to roll out across all products by 2026. Sage plans to integrate AI agents into workflows. </li>
<li>The Sage Network platform connects accounting systems across businesses, facilitating automated workflows and real-time data integration. It enhances Sage Copilot’s capabilities and creates opportunities for migration to cloud-based solutions.</li>
<li>Sage's resilient business model, supported by subscriptions, positions it well in a challenging market. The company is focused on expanding its customer base through AI-powered solutions.</li>
</ul>


Sage launched its Copilot AI assistant automating accounting, HR and payroll tasks. This aims to roll out across all products by 2026. Sage plans to integrate AI agents into workflows. 
The Sage Network platform connects accounting systems across businesses, facilitating automated workflows and real-time data integration. It enhances Sage Copilot’s capabilities and creates opportunities for migration to cloud-based solutions.
Sage's resilient business model, supported by subscriptions, positions it well in a challenging market. The company is focused on expanding its customer base through AI-powered solutions.


Sage Group (SGE LN): The AI Strategy Is Taking Shape

Thematic (Sector/Industry)

<ul>
<li>Software companies see a slow improvement in revenue growth, with Europe narrowing the performance gap. However, growth remains below post-lockdown levels, and a return to high double-digit rates is unlikely.  </li>
<li>The best-performing vendors are those focused on defence, large-scale data handling, AI infrastructure, cybersecurity, financial services digitisation, and modern accounting platforms. US firms still lead in absolute growth numbers.   </li>
<li>While the number of software M&amp;A deals above USD 200m has declined, total deal value is on track for a record year in 2025, driven primarily by strategic acquirers.</li>
</ul>


Software companies see a slow improvement in revenue growth, with Europe narrowing the performance gap. However, growth remains below post-lockdown levels, and a return to high double-digit rates is unlikely.  
The best-performing vendors are those focused on defence, large-scale data handling, AI infrastructure, cybersecurity, financial services digitisation, and modern accounting platforms. US firms still lead in absolute growth numbers.   
While the number of software M&amp;A deals above USD 200m has declined, total deal value is on track for a record year in 2025, driven primarily by strategic acquirers.


European Software: Q1 2025 Takeaways – Gradual Improvement

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

Korea Stock Exchange Kospi Index / Technical Analysis

<ul>
<li>Throughout 2024 we've discussed the theme of more global indexes/Sectors breaking out to new highs, the latest being the UK's FTSE 100, South Korea's KOSPI, and Norway's Oslo OBX.</li>
<li>This is classic bull market behavior. The long list of breakouts discussed throughout 2024 include the MSCI EM, ACWI, MSCI EAFE (in local currency), Israel, Germany, Sweden, France, and Ireland.</li>
<li>Another important thing to note is that none of these breakouts are failing; they all remain above their major breakout levels, a very bullish sign. We remain bullish.</li>
</ul>


Throughout 2024 we've discussed the theme of more global indexes/Sectors breaking out to new highs, the latest being the UK's FTSE 100, South Korea's KOSPI, and Norway's Oslo OBX.
This is classic bull market behavior. The long list of breakouts discussed throughout 2024 include the MSCI EM, ACWI, MSCI EAFE (in local currency), Israel, Germany, Sweden, France, and Ireland.
Another important thing to note is that none of these breakouts are failing; they all remain above their major breakout levels, a very bullish sign. We remain bullish.


More Countries Breaking Out; Bullish Outlook Intact; FTSE 100, KOSPI, and Oslo OBX Breaking Out

US Treasury (10 Yr Generic) / Technical Analysis

<ul>
<li>We continue to see more and more global indexes and Sectors breaking out to new highs. This is classic bull market behavior. The latest breakouts: Israel, Germany, and Sweden</li>
<li>Our bullish outlook (since early November 2023) on global equities (MSCI ACWI) remains intact; continue to ride this trend higher, and treat pullbacks as buying opportunities.</li>
<li>We continue to get more evidence suggesting the US Dollar (DXY) is rolling over, and quite likely that global sovereign 10-year yields are rolling over as well. Risk-on.</li>
</ul>


We continue to see more and more global indexes and Sectors breaking out to new highs. This is classic bull market behavior. The latest breakouts: Israel, Germany, and Sweden
Our bullish outlook (since early November 2023) on global equities (MSCI ACWI) remains intact; continue to ride this trend higher, and treat pullbacks as buying opportunities.
We continue to get more evidence suggesting the US Dollar (DXY) is rolling over, and quite likely that global sovereign 10-year yields are rolling over as well. Risk-on.


Bullish Outlook Intact; DXY Rolling Over; More Global Breakouts. Buys in Discretionary, Tech

United Kingdom

The Sage Group plc is a software publishing company. The Group develops, publishes and distributes accounting and payroll software for personal computer systems. Via its subsidiaries, Sage also maintains a registered user database which provides a market for their related products and services, including computer forms, software support contracts, program upgrades and training.

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Sage Group (SGE LN)

Sage Group Plc: Initiation of Coverage- Network Services and Automation Expansion Can Fuel A Revenue Surge Across Regions!

Sage Group PLC recently reported a successful year, demonstrating notable growth and a solid financial performance. The company's annual recurring...

Baptista Research

Sage Group (SGE LN): The AI Strategy Is Taking Shape

Sage introduces Copilot AI assistant for accounting, HR, and payroll tasks, aiming to integrate AI agents into workflows and expand customer base...

Gregory Ramirez

European Software: Q1 2025 Takeaways – Gradual Improvement

Software companies in Europe are closing the revenue growth gap with the US. M&A deals above $200m are declining, but total deal value is set for...

Gregory Ramirez

More Countries Breaking Out; Bullish Outlook Intact; FTSE 100, KOSPI, and Oslo OBX Breaking Out

Bullish Outlook Intact; More Countries Breaking Out, including UK's FTSE 100, South Korea's KOSPI, and Norway's Oslo OBX; Buys in global...

Vermilion Research

Bullish Outlook Intact; DXY Rolling Over; More Global Breakouts. Buys in Discretionary, Tech

Bullish Outlook Intact; $DXY Rolling Over, 10-Yr Treasury Yield $TNX Rolling Over; More Global Indexes Breaking Out (Israel, Germany, Sweden). Buys...

Vermilion Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sage Group Plc: Initiation of Coverage- Network Services and Automation Expansion Can Fuel A Revenue Surge Across Regions!

Sage Group PLC recently reported a successful year, demonstrating notable growth and a solid financial performance. The company's annual recurring...

Baptista Research

Sage Group (SGE LN): The AI Strategy Is Taking Shape

​Sage introduces Copilot AI assistant for accounting, HR, and payroll tasks, aiming to integrate AI agents into workflows and expand customer base...

Gregory Ramirez

European Software: Q1 2025 Takeaways – Gradual Improvement

​Software companies in Europe are closing the revenue growth gap with the US. M&A deals above $200m are declining, but total deal value is set for...

Gregory Ramirez

More Countries Breaking Out; Bullish Outlook Intact; FTSE 100, KOSPI, and Oslo OBX Breaking Out

Bullish Outlook Intact; More Countries Breaking Out, including UK's FTSE 100, South Korea's KOSPI, and Norway's Oslo OBX; Buys in global...

Vermilion Research

Bullish Outlook Intact; DXY Rolling Over; More Global Breakouts. Buys in Discretionary, Tech

Bullish Outlook Intact; $DXY Rolling Over, 10-Yr Treasury Yield $TNX Rolling Over; More Global Indexes Breaking Out (Israel, Germany, Sweden). Buys...

Vermilion Research

Sage introduces Copilot AI assistant for accounting, HR, and payroll tasks, aiming to integrate AI agents into workflows and expand customer base...

Software companies in Europe are closing the revenue growth gap with the US. M&A deals above $200m are declining, but total deal value is set for...