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>Snap Inc. reported a satisfactory revenue increase of 15% year-over-year amounting to $1.37 billion.</li><li>The increase was primarily driven by the company’s diversification of revenue streams and its direct response advertising business.</li><li>Daily active users (DAUs) saw a substantial rise, reaching 443 million in Q3, an addition of 37 million users compared to the previous year.</li></ul>

Snap Inc. reported a satisfactory revenue increase of 15% year-over-year amounting to $1.37 billion.The increase was primarily driven by the company’s diversification of revenue streams and its direct response advertising business.Daily active users (DAUs) saw a substantial rise, reaching 443 million in Q3, an addition of 37 million users compared to the previous year.

Snap’s Bold Moves in AR and AI Pay Off – Can It Keep Up the Momentum in 2025? - Major Drivers

<ul><li>Snap Inc. delivered its second-quarter earnings for 2024, showing steady growth and strategic advancements despite varying market conditions.</li><li>With an emphasis on visual communication, Snap Inc. has reached more than 850 million monthly active users and 432 million daily active users, pushing closer to its goal of one billion monthly actives.</li><li>This growth is substantiated by an increase in user engagement and the expansion of Snap's content platform.</li></ul>

Snap Inc. delivered its second-quarter earnings for 2024, showing steady growth and strategic advancements despite varying market conditions.With an emphasis on visual communication, Snap Inc. has reached more than 850 million monthly active users and 432 million daily active users, pushing closer to its goal of one billion monthly actives.This growth is substantiated by an increase in user engagement and the expansion of Snap's content platform.

Snap Inc.: Investment in Augmented Reality To Play Catch Up With Rivals? - Major Drivers

<ul><li>Snap-on Inc., known for manufacturing tools and equipment for professional use, delivered mixed results for its second quarter of 2024.</li><li>The Company experienced a slight decline in gross sales of 1.1% organically, going from $1,191.3 million the previous year to $1,179.4 million.</li><li>The operating income (OI) margin, though, rose to 23.8% from last year's figures.</li></ul>

Snap-on Inc., known for manufacturing tools and equipment for professional use, delivered mixed results for its second quarter of 2024.The Company experienced a slight decline in gross sales of 1.1% organically, going from $1,191.3 million the previous year to $1,179.4 million.The operating income (OI) margin, though, rose to 23.8% from last year's figures.

Snap-on Incorporated: How They Are Grappling With Production Capacity and Product Availability! - Major Drivers

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Webtoon Entertainment / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/webtoon-entertainment-inc" target="_blank" data-smartkarma-citation="entities:43652:1" rel="noopener">Webtoon Entertainment (WBTN US)</a> raised around US$315m in its US IPO, after pricing the deal at the top of the range at US$21/share.</li>
<li>Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content.</li>
<li>In our previous notes, we talked about the company’s historical performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we talk about the trading dynamics.</li>
</ul>



Webtoon Entertainment (WBTN US) raised around US$315m in its US IPO, after pricing the deal at the top of the range at US$21/share.
Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content.
In our previous notes, we talked about the company’s historical performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we talk about the trading dynamics.


Webtoon Entertainment IPO Trading - Not Cheap Given the Lack of Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/webtoon-entertainment-inc" target="_blank" data-smartkarma-citation="entities:43652:1" rel="noopener">Webtoon Entertainment (WBTN US)</a> is looking to raise up to US$315m in its US IPO, down from an earlier reported float of US$500m.</li>
<li>Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content.</li>
<li>In our previous notes, we talked about the company’s historical performance and undertook a peer comparison. In this note, we share our thoughts on valuation.</li>
</ul>



Webtoon Entertainment (WBTN US) is looking to raise up to US$315m in its US IPO, down from an earlier reported float of US$500m.
Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content.
In our previous notes, we talked about the company’s historical performance and undertook a peer comparison. In this note, we share our thoughts on valuation.


Webtoon Entertainment IPO - Thoughts on Valuation

United States

Snap Inc. provides technology and social media services. The Company develops mobile camera application products and services that allow users to send and receive photos, drawings, text, and videos. Snap serves customers worldwide.

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Snap (SNAP US)

Snap’s Bold Moves in AR and AI Pay Off – Can It Keep Up the Momentum in 2025? - Major Drivers

Snap Inc. reported a satisfactory revenue increase of 15% year-over-year amounting to $1.37 billion. The increase was primarily driven by the...

Baptista Research

Snap Inc.: Investment in Augmented Reality To Play Catch Up With Rivals? - Major Drivers

Snap Inc. delivered its second-quarter earnings for 2024, showing steady growth and strategic advancements despite varying market conditions. With...

Baptista Research

Snap-on Incorporated: How They Are Grappling With Production Capacity and Product Availability! - Major Drivers

Snap-on Inc., known for manufacturing tools and equipment for professional use, delivered mixed results for its second quarter of 2024. The...

Baptista Research

Webtoon Entertainment IPO Trading - Not Cheap Given the Lack of Growth

Webtoon Entertainment (WBTN US) raised around US$315m in its US IPO, after pricing the deal at the top of the range at US$21/share.

Ethan Aw

Webtoon Entertainment IPO - Thoughts on Valuation

Webtoon Entertainment (WBTN US) is looking to raise up to US$315m in its US IPO, down from an earlier reported float of US$500m.

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)