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>SAP's Q3 2025 financial results reveal a mixed but overall robust performance, highlighting both promising areas and challenges that require monitoring.</li><li>The company exhibited strong momentum, particularly in their cloud business, reflected by a 27% rise in cloud revenue, marking the fifth consecutive quarter of over 25% growth.</li><li>This consistent performance was complemented by a solid cloud gross margin of 75%, against a backdrop of complicated macroeconomic conditions.</li></ul>

SAP's Q3 2025 financial results reveal a mixed but overall robust performance, highlighting both promising areas and challenges that require monitoring.The company exhibited strong momentum, particularly in their cloud business, reflected by a 27% rise in cloud revenue, marking the fifth consecutive quarter of over 25% growth.This consistent performance was complemented by a solid cloud gross margin of 75%, against a backdrop of complicated macroeconomic conditions.

SAP: Is Its “SaaS in Your Data Center” Move the Ultimate Power Play Against Cloud Rivals?

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

Thematic (Sector/Industry)

<ul>
<li>European software revenue growth slowed to 4.4% in Q1 2026, mainly due to tough comparatives, contract timing and company-specific issues. Large-cap vendors remained resilient, with solid growth and improving momentum. </li>
<li>North American software companies outperformed Europe, with like-for-like revenue growth recovering to 13.1% and reaching 24.3% among the ten largest firms, driven by cloud, cybersecurity and AI demand.  </li>
<li>Software M&amp;A accelerated in 2026, reaching USD 127bn by early June. Landmark deals and strong valuation multiples, especially in cybersecurity and AI, reflected sustained investor appetite.</li>
</ul>


European software revenue growth slowed to 4.4% in Q1 2026, mainly due to tough comparatives, contract timing and company-specific issues. Large-cap vendors remained resilient, with solid growth and improving momentum. 
North American software companies outperformed Europe, with like-for-like revenue growth recovering to 13.1% and reaching 24.3% among the ten largest firms, driven by cloud, cybersecurity and AI demand.  
Software M&amp;A accelerated in 2026, reaching USD 127bn by early June. Landmark deals and strong valuation multiples, especially in cybersecurity and AI, reflected sustained investor appetite.


European Software: Q1 2026 Takeaways – A Seasonal Slowdown

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>From its all time high of ~$118 back in September 2025, IGV, the iShares Expanded Tech-Software Sector ETF, is currently down ~26%</li>
<li>Despite the Saaspocalypse, SaaS earnings and outlook have rarely looked better. </li>
<li>The issue isn't that AI can replace SaaS, it's the risk that SaaS per seat pricing models will fall apart in an agent-centric world.</li>
</ul>


From its all time high of ~$118 back in September 2025, IGV, the iShares Expanded Tech-Software Sector ETF, is currently down ~26%
Despite the Saaspocalypse, SaaS earnings and outlook have rarely looked better. 
The issue isn't that AI can replace SaaS, it's the risk that SaaS per seat pricing models will fall apart in an agent-centric world.


<ul>
<li>In Q2 2025, European software firms—particularly small caps—experienced a slowdown in revenue growth due to geopolitical uncertainty and US tariffs, while large-cap players remained resilient and even accelerated growth.   </li>
<li>US software continued to outperform European peers, with strong momentum driven by AI, cybersecurity, and digital banking, but growth is stabilising below the high levels of the low-interest rate era.   </li>
<li>Software M&amp;A is recovering strongly in 2025, with USD 111bn in deals closed year-to-date—driven mainly by strategic buyers. Private equity remains active, particularly in Europe, though below historical peaks.</li>
</ul>


In Q2 2025, European software firms—particularly small caps—experienced a slowdown in revenue growth due to geopolitical uncertainty and US tariffs, while large-cap players remained resilient and even accelerated growth.   
US software continued to outperform European peers, with strong momentum driven by AI, cybersecurity, and digital banking, but growth is stabilising below the high levels of the low-interest rate era.   
Software M&amp;A is recovering strongly in 2025, with USD 111bn in deals closed year-to-date—driven mainly by strategic buyers. Private equity remains active, particularly in Europe, though below historical peaks.


European Software: Q2 2025 Takeaways – Europe Weakens, but Not the Large Players

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

Cross Asset Strategy

<ul>
<li>Regional rotation places DM Europe as clear consensus overweight among active Global equity funds.</li>
<li>Seventy-Five percent of funds are overweight UK stocks, with 69.6% overweight France and 70.2% overweight the Netherlands</li>
<li>Novo Nordisk, ASML, Schneider Electric, and AstraZeneca remain key holdings, while a resurgence from European banks and select names like Spotify and LSEG is also starting to stand out.</li>
</ul>


Regional rotation places DM Europe as clear consensus overweight among active Global equity funds.
Seventy-Five percent of funds are overweight UK stocks, with 69.6% overweight France and 70.2% overweight the Netherlands
Novo Nordisk, ASML, Schneider Electric, and AstraZeneca remain key holdings, while a resurgence from European banks and select names like Spotify and LSEG is also starting to stand out.


Europe Reasserted: Consensus Builds as Europe Reclaims Ground from the U.S.

United States

SAP SE is a multinational software company.  The Company develops business software, including e-business and enterprise management software, consults on organizational usage of its applications software, and provides training services.  SAP markets its products and services worldwide.

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Sap Se Sponsored Adr (SAP US)

SAP: Is Its “SaaS in Your Data Center” Move the Ultimate Power Play Against Cloud Rivals?

SAP's Q3 2025 financial results reveal a mixed but overall robust performance, highlighting both promising areas and challenges that require...

Baptista Research

European Software: Q1 2026 Takeaways – A Seasonal Slowdown

European software revenue growth slowed in Q1 2026, while North American companies outperformed with strong growth driven by cloud, cybersecurity,...

Gregory Ramirez

SaaSpocalypse Now. Are We Done Already?

SaaSpocalypse: The issue isn't that AI can replace SaaS, it's the risk that SaaS per seat pricing models will fall apart in an agent-centric world.

William Keating

European Software: Q2 2025 Takeaways – Europe Weakens, but Not the Large Players

European software firms face revenue growth slowdown in Q2 2025, while US software outperforms. Software M&A is recovering strongly with USD 111bn...

Gregory Ramirez

Europe Reasserted: Consensus Builds as Europe Reclaims Ground from the U.S.

Regional rotation places Developed Europe as a clear consensus overweight among active Global equity funds, with over 90% of funds positioned ahead...

Steven Holden

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52-week Range

Market Cap (USDm)

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SAP: Is Its “SaaS in Your Data Center” Move the Ultimate Power Play Against Cloud Rivals?

SAP's Q3 2025 financial results reveal a mixed but overall robust performance, highlighting both promising areas and challenges that require...

Baptista Research

European Software: Q1 2026 Takeaways – A Seasonal Slowdown

​European software revenue growth slowed in Q1 2026, while North American companies outperformed with strong growth driven by cloud, cybersecurity,...

Gregory Ramirez

SaaSpocalypse Now. Are We Done Already?

SaaSpocalypse: The issue isn't that AI can replace SaaS, it's the risk that SaaS per seat pricing models will fall apart in an agent-centric world.

William Keating

European Software: Q2 2025 Takeaways – Europe Weakens, but Not the Large Players

​European software firms face revenue growth slowdown in Q2 2025, while US software outperforms. Software M&A is recovering strongly with USD 111bn...

Gregory Ramirez

Europe Reasserted: Consensus Builds as Europe Reclaims Ground from the U.S.

Regional rotation places Developed Europe as a clear consensus overweight among active Global equity funds, with over 90% of funds positioned ahead...

Steven Holden

European software revenue growth slowed in Q1 2026, while North American companies outperformed with strong growth driven by cloud, cybersecurity,...

European software firms face revenue growth slowdown in Q2 2025, while US software outperforms. Software M&A is recovering strongly with USD 111bn...