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>Salesforce delivered a strong financial performance for fiscal year 2025, showcasing significant progress in its AI and Data Cloud initiatives.</li><li>The company reported annual revenue of $37.9 billion, reflecting a 9% increase from the prior year, with fourth-quarter revenue reaching $10 billion—its first-ever $10 billion quarter.</li><li>Subscription and support revenue grew by 10% in constant currency, indicating continued demand for its enterprise software solutions.</li></ul>

Salesforce delivered a strong financial performance for fiscal year 2025, showcasing significant progress in its AI and Data Cloud initiatives.The company reported annual revenue of $37.9 billion, reflecting a 9% increase from the prior year, with fourth-quarter revenue reaching $10 billion—its first-ever $10 billion quarter.Subscription and support revenue grew by 10% in constant currency, indicating continued demand for its enterprise software solutions.

Salesforce.Com Inc - Salesforce’s Growth Is Slowing—Can Agentforce Turn Things Around?

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>AI agents are becoming more powerful assistants but need careful management to avoid potential risks.</li><li>Honor is preparing for an IPO with corporate restructuring and rebranding efforts.</li><li>Taiwan tightens restrictions on tech exports to China while the US considers banning Chinese drones like DJI.</li></ul>

AI agents are becoming more powerful assistants but need careful management to avoid potential risks.Honor is preparing for an IPO with corporate restructuring and rebranding efforts.Taiwan tightens restrictions on tech exports to China while the US considers banning Chinese drones like DJI.

Tech Supply Chain Tracker (04-Jan-2025): AI agents: helper or threat?

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>ServiceTitan, a provider of field service management software for home service businesses, priced its IPO at $71.00/share and raised ~$625M.  </li>
<li>ServiceTitan IPO has seen robust demand among institutional investors. The company boosted its initial price range to $65.00 to $67.00 per share.</li>
<li>The offering was priced above the price range, valuing ServiceTitan at ~$6.5B. The stock jumped ~42% on first day as a public company and closed at $101.00 on Thursday.</li>
</ul>


ServiceTitan, a provider of field service management software for home service businesses, priced its IPO at $71.00/share and raised ~$625M.  
ServiceTitan IPO has seen robust demand among institutional investors. The company boosted its initial price range to $65.00 to $67.00 per share.
The offering was priced above the price range, valuing ServiceTitan at ~$6.5B. The stock jumped ~42% on first day as a public company and closed at $101.00 on Thursday.


ServiceTitan IPO: Pricing and First Trading-Day, The Stock Jumped ~42% As A Public Company

<ul>
<li>ServiceTitan, a founder-led market leader for trades businesses in the United States and Canada, is expected to IPO this week.</li>
<li>The company’s amended S-1 puts the initial price range per share at $52.00 to $57.00, implying a market cap of roughly $5B at the midpoint.  </li>
<li>I have a positive view of upcoming ServiceTitan IPO and expect an attractive first trading-day return. The stock will begin trading on the Nasdaq on Thursday.  </li>
</ul>


ServiceTitan, a founder-led market leader for trades businesses in the United States and Canada, is expected to IPO this week.
The company’s amended S-1 puts the initial price range per share at $52.00 to $57.00, implying a market cap of roughly $5B at the midpoint.  
I have a positive view of upcoming ServiceTitan IPO and expect an attractive first trading-day return. The stock will begin trading on the Nasdaq on Thursday.  


ServiceTitan Valuation Analysis: Attractive First-Day Return, Initial Price Range: $52.00-$57.00

<ul><li>Salesforce posted a notable third-quarter performance for fiscal 2025, showcasing both strengths and emerging opportunities, albeit facing certain challenges in its transition to newer markets and technologies.</li><li>Revenue for the quarter reached $9.44 billion, marking an 8% increase year-over-year in both nominal and constant currency terms.</li><li>This growth was primarily propelled by robust performance in core segments like the Sales and Service Clouds, which saw double-digit growth.</li></ul>

Salesforce posted a notable third-quarter performance for fiscal 2025, showcasing both strengths and emerging opportunities, albeit facing certain challenges in its transition to newer markets and technologies.Revenue for the quarter reached $9.44 billion, marking an 8% increase year-over-year in both nominal and constant currency terms.This growth was primarily propelled by robust performance in core segments like the Sales and Service Clouds, which saw double-digit growth.

Salesforce’s Big Moves: What Margin Expansion and Cloud Revenue Growth Mean for Investors! - Major Drivers

United States

salesforce.com, inc. provides software on demand. The Company supplies a customer relationship management service to businesses worldwide providing a technology platform for customers and developers to build and run business applications. Clients use salesforce.com to manage their customer, sales and operational data.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Salesforce.Com Inc (CRM US)

Salesforce.Com Inc - Salesforce’s Growth Is Slowing—Can Agentforce Turn Things Around?

Salesforce delivered a strong financial performance for fiscal year 2025, showcasing significant progress in its AI and Data Cloud...

Baptista Research

Tech Supply Chain Tracker (04-Jan-2025): AI agents: helper or threat?

Rise of AI agents brings benefits and risks, Taiwan tightens tech export restrictions, US gov seeks to ban Chinese drones, China restricts 28 US...

Tech Supply Chain Tracker

ServiceTitan IPO: Pricing and First Trading-Day, The Stock Jumped ~42% As A Public Company

ServiceTitan successfully completed its IPO and raised ~$625M. In my insight, I discuss pricing, post-listing valuation and trading dynamics.

Andrei Zakharov

ServiceTitan Valuation Analysis: Attractive First-Day Return, Initial Price Range: $52.00-$57.00

ServiceTitan will go public this week in the United States. In my insight, I discuss valuation analysis and set a 2025e price target for ServiceTitan.

Andrei Zakharov

Salesforce’s Big Moves: What Margin Expansion and Cloud Revenue Growth Mean for Investors! - Major Drivers

Salesforce posted a notable third-quarter performance for fiscal 2025, showcasing both strengths and emerging opportunities, albeit facing certain...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)