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

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>UK Fund exposure in Softcat PLC has reached new highs.  The percentage of UK funds invested in Softcat now stands at a record 17.3% with average holding weights of 0.21%</li>
<li>Softcat PLC moves to the 5th most widely held Technology stock in the UK, sharing similar ownership characteristics to Spirent Communications, Halma PLC and Oxford Instruments.</li>
<li>With Softcat approaching the boundaries of FTSE 100 inclusion, it’s not hard to envisage investment levels moving higher from here.</li>
</ul>


UK Fund exposure in Softcat PLC has reached new highs.  The percentage of UK funds invested in Softcat now stands at a record 17.3% with average holding weights of 0.21%
Softcat PLC moves to the 5th most widely held Technology stock in the UK, sharing similar ownership characteristics to Spirent Communications, Halma PLC and Oxford Instruments.
With Softcat approaching the boundaries of FTSE 100 inclusion, it’s not hard to envisage investment levels moving higher from here.


Softcat PLC: Record Overweight as UK Managers Buy In

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>The IE considers K1’s A$4.85 offer for <a href="https://www.smartkarma.com/entities/elmo-software-ltd" target="_blank" data-smartkarma-citation="entities:24342:1" rel="noopener">Elmo Software (ELO AU)</a> to be fair and reasonable as it is towards the high end of its valuation range of A$4.39-4.98.</li>
<li>K1 has received FIRB and US antitrust approval. The remaining key conditions are shareholders and court approval.</li>
<li>This is a done deal. At the last close price and for the 23 February 2023 payment, the gross and annualised spread is 1.9% and 10.9%, respectively.</li>
</ul>


The IE considers K1’s A$4.85 offer for Elmo Software (ELO AU) to be fair and reasonable as it is towards the high end of its valuation range of A$4.39-4.98.
K1 has received FIRB and US antitrust approval. The remaining key conditions are shareholders and court approval.
This is a done deal. At the last close price and for the 23 February 2023 payment, the gross and annualised spread is 1.9% and 10.9%, respectively.


Elmo Software (ELO AU)’s Scheme Meeting on 30 January

Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

<ul>
<li>Founder-led Technology One has the capability to earn superior returns on capital while expanding predictably and profitably alongside a massive runaway, in our opinion.</li>
<li>Although the share seems a bit elevated at the moment, we feel that the name should be worth following among long-term, quality-focused investors who can wait patiently.</li>
</ul>


Founder-led Technology One has the capability to earn superior returns on capital while expanding predictably and profitably alongside a massive runaway, in our opinion.
Although the share seems a bit elevated at the moment, we feel that the name should be worth following among long-term, quality-focused investors who can wait patiently.


Technology One: Our Top SaaS Pick From APAC

United Kingdom

Sage Group is a British multinational enterprise software company that provides integrated business management software solutions and services primarily for small and medium-sized companies. Their offerings include accounting and finance, ERP, payroll, HR, and payment solutions, along with cloud-based services like Sage Business Cloud, Sage Intacct, and Sage X3. The company was founded in Newcastle upon Tyne, England, in 1981.

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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

Softcat PLC: Record Overweight as UK Managers Buy In

UK active long-only fund exposure in Softcat PLC has hit record highs as it approaches the boundaries of FTSE 100 inclusion.

Steven Holden

Elmo Software (ELO AU)’s Scheme Meeting on 30 January

This is a done deal. At the last close price and for the 23 February 2023 payment, the gross and annualised spread is 1.9% and 10.9%, respectively.

Arun George

Technology One: Our Top SaaS Pick From APAC

Although the share seems a bit elevated at the moment, we feel that Technology One should be worth following among long-term, quality-focused...

Urbem Capital

Price Gauge

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

Softcat PLC: Record Overweight as UK Managers Buy In

UK active long-only fund exposure in Softcat PLC has hit record highs as it approaches the boundaries of FTSE 100 inclusion.

Steven Holden

Elmo Software (ELO AU)’s Scheme Meeting on 30 January

This is a done deal. At the last close price and for the 23 February 2023 payment, the gross and annualised spread is 1.9% and 10.9%, respectively.

Arun George

Technology One: Our Top SaaS Pick From APAC

Although the share seems a bit elevated at the moment, we feel that Technology One should be worth following among long-term, quality-focused...

Urbem Capital

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