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>ServiceNow reported strong financial results for the first quarter of 2025, showcasing substantial growth in key performance indicators while also navigating a challenging macroeconomic environment.</li><li>The company's focus on expanding its artificial intelligence (AI) capabilities and deepening customer relationships were major highlights.</li><li>Subscription revenue increased by 20% year-over-year in constant currency, slightly surpassing guidance.</li></ul>

ServiceNow reported strong financial results for the first quarter of 2025, showcasing substantial growth in key performance indicators while also navigating a challenging macroeconomic environment.The company's focus on expanding its artificial intelligence (AI) capabilities and deepening customer relationships were major highlights.Subscription revenue increased by 20% year-over-year in constant currency, slightly surpassing guidance.

ServiceNow Inc.: Government Transformation Suite Expansion & Key Growth Catalysts!

<ul><li>ServiceNow demonstrated strong financial and operational performance throughout the fourth quarter of 2024.</li><li>The company reported a subscription revenue growth of 21% year-over-year, with the remaining performance obligation reaching nearly $23 billion.</li><li>This emphasizes the firm's ability to capture and sustain customer interest in its services.</li></ul>

ServiceNow demonstrated strong financial and operational performance throughout the fourth quarter of 2024.The company reported a subscription revenue growth of 21% year-over-year, with the remaining performance obligation reaching nearly $23 billion.This emphasizes the firm's ability to capture and sustain customer interest in its services.

ServiceNow: Go-To-Market Strategy & Platform Innovation To Drive Transformative Business Solutions Globally! - Major Drivers

<ul><li>ServiceNow, led by CEO Bill McDermott, has exhibited strong performance in the third quarter of 2024, consistently outstripping financial forecasts and proving its resilience and strategic acumen in a tough economic landscape.</li><li>The company reported a substantial growth in subscription revenue, up by 22.5% in constant currency, surpassing the upper end of the forecast by 200 basis points.</li><li>This growth seems to stem from widespread customer adoption and expansion of ServiceNow's integrated platforms across various enterprise functions, manifesting in several large-scale deals and increasing annual contract value from customers.</li></ul>

ServiceNow, led by CEO Bill McDermott, has exhibited strong performance in the third quarter of 2024, consistently outstripping financial forecasts and proving its resilience and strategic acumen in a tough economic landscape.The company reported a substantial growth in subscription revenue, up by 22.5% in constant currency, surpassing the upper end of the forecast by 200 basis points.This growth seems to stem from widespread customer adoption and expansion of ServiceNow's integrated platforms across various enterprise functions, manifesting in several large-scale deals and increasing annual contract value from customers.

ServiceNow Inc.: The NVIDIA Partnership & Other Factors To Capitalize On GenAI! - Major Drivers

<ul><li>ServiceNow's second quarter of 2024 financial results indicate strong operational and financial momentum, with notable increases in important metrics despite a backdrop of an internal investigation and leadership changes.</li><li>The management presented a robust narrative of growth, leveraging its GenAI strategy, which contributed significantly to their overall performance.</li><li>The company reported a 23% year-over-year growth in subscription revenue at constant currency, surpassing their own guidance.</li></ul>

ServiceNow's second quarter of 2024 financial results indicate strong operational and financial momentum, with notable increases in important metrics despite a backdrop of an internal investigation and leadership changes.The management presented a robust narrative of growth, leveraging its GenAI strategy, which contributed significantly to their overall performance.The company reported a 23% year-over-year growth in subscription revenue at constant currency, surpassing their own guidance.

ServiceNow Inc.: Expanding Market Reach Through Partnerships and Cloud Solutions & Other Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Figma Inc., a fast-growing design software maker with strong VC backing, is expected to price the offering this week.</li>
<li>The company’s amended S-1 puts the initial price range per share at $25.00 to $28.00, implying a market cap of roughly $13B at the midpoint.</li>
<li>I have a positive view of upcoming Figma IPO and expect a strong first trading-day performance. The stock will begin trading on the NYSE on July 28, 2025.</li>
</ul>


Figma Inc., a fast-growing design software maker with strong VC backing, is expected to price the offering this week.
The company’s amended S-1 puts the initial price range per share at $25.00 to $28.00, implying a market cap of roughly $13B at the midpoint.
I have a positive view of upcoming Figma IPO and expect a strong first trading-day performance. The stock will begin trading on the NYSE on July 28, 2025.


Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

United States

ServiceNow, Inc. provides enterprise information technology (IT) management software. The Company designs, develops, and produces prepackaged computer software, cloud services, and IT service management platform. ServiceNow serves customers throughout the United States.

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Servicenow Inc (NOW US)

ServiceNow Inc.: Government Transformation Suite Expansion & Key Growth Catalysts!

ServiceNow reported strong financial results for the first quarter of 2025, showcasing substantial growth in key performance indicators while also...

Baptista Research

ServiceNow: Go-To-Market Strategy & Platform Innovation To Drive Transformative Business Solutions Globally! - Major Drivers

ServiceNow demonstrated strong financial and operational performance throughout the fourth quarter of 2024. The company reported a subscription...

Baptista Research

ServiceNow Inc.: The NVIDIA Partnership & Other Factors To Capitalize On GenAI! - Major Drivers

ServiceNow, led by CEO Bill McDermott, has exhibited strong performance in the third quarter of 2024, consistently outstripping financial...

Baptista Research

ServiceNow Inc.: Expanding Market Reach Through Partnerships and Cloud Solutions & Other Major Drivers

ServiceNow's second quarter of 2024 financial results indicate strong operational and financial momentum, with notable increases in important...

Baptista Research

Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

Figma Inc. finally sets terms for long-awaited IPO in the United States. In my insight, I discuss IPO valuation, post-listing trading dynamics and...

Andrei Zakharov

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

ServiceNow Inc.: Government Transformation Suite Expansion & Key Growth Catalysts!

ServiceNow reported strong financial results for the first quarter of 2025, showcasing substantial growth in key performance indicators while also...

Baptista Research

ServiceNow: Go-To-Market Strategy & Platform Innovation To Drive Transformative Business Solutions Globally! - Major Drivers

ServiceNow demonstrated strong financial and operational performance throughout the fourth quarter of 2024. The company reported a subscription...

Baptista Research

ServiceNow Inc.: The NVIDIA Partnership & Other Factors To Capitalize On GenAI! - Major Drivers

ServiceNow, led by CEO Bill McDermott, has exhibited strong performance in the third quarter of 2024, consistently outstripping financial...

Baptista Research

ServiceNow Inc.: Expanding Market Reach Through Partnerships and Cloud Solutions & Other Major Drivers

ServiceNow's second quarter of 2024 financial results indicate strong operational and financial momentum, with notable increases in important...

Baptista Research

Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

​Figma Inc. finally sets terms for long-awaited IPO in the United States. In my insight, I discuss IPO valuation, post-listing trading dynamics and...

Andrei Zakharov

Figma Inc. finally sets terms for long-awaited IPO in the United States. In my insight, I discuss IPO valuation, post-listing trading dynamics and...