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>Spotify's recent performance demonstrated both progress and challenges, outlining a mixed yet strategic path forward.</li><li>The company's impressive growth metrics in user engagement and subscription numbers stood out, particularly in Europe, where Spotify surpassed 100 million subscribers.</li><li>The total Monthly Active Users (MAUs) reached nearly 700 million, with the subscribers exceeding expectations by 3 million.</li></ul>

Spotify's recent performance demonstrated both progress and challenges, outlining a mixed yet strategic path forward.The company's impressive growth metrics in user engagement and subscription numbers stood out, particularly in Europe, where Spotify surpassed 100 million subscribers.The total Monthly Active Users (MAUs) reached nearly 700 million, with the subscribers exceeding expectations by 3 million.

Spotify Technology: Expanding Audiobook and Video Content Formats To Up Their GAME!

<ul><li>Spotify reported its first-quarter 2025 results with decent metrics, yet the numbers failed to satisfy market expectations, leading to a sharp drop in its stock price.</li><li>Despite posting a 12% year-over-year increase in premium subscribers to 268 million—exceeding analyst estimates of 265 million—Spotify shares fell 8.7% in early trading to $545.77.</li><li>The company also registered 678 million monthly active users, up 10%, broadly meeting expectations.</li></ul>

Spotify reported its first-quarter 2025 results with decent metrics, yet the numbers failed to satisfy market expectations, leading to a sharp drop in its stock price.Despite posting a 12% year-over-year increase in premium subscribers to 268 million—exceeding analyst estimates of 265 million—Spotify shares fell 8.7% in early trading to $545.77.The company also registered 678 million monthly active users, up 10%, broadly meeting expectations.

Spotify Bets Big on Audiobooks—Is This the Platform's Most Disruptive Move Yet?

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>Klarna is anticipated to file for a US IPO next week and go public next month looking to raise ~$1bn at a valuation of ~$15bn.</li>
<li>Klarna is expected to be added to one US index at the June 2025 review <em>if</em> its primary asset/revenue location is US <em>and</em> its listed shares are non-ADRs.</li>
<li>Klarna is expected to be added to one Global index at the December 2025 review if its listed shares are non-ADRs and passes the fcap threshold.</li>
</ul>


Klarna is anticipated to file for a US IPO next week and go public next month looking to raise ~$1bn at a valuation of ~$15bn.
Klarna is expected to be added to one US index at the June 2025 review if its primary asset/revenue location is US and its listed shares are non-ADRs.
Klarna is expected to be added to one Global index at the December 2025 review if its listed shares are non-ADRs and passes the fcap threshold.


Klarna: IPO Next Month? US Foreign Listing Limits Index Inclusion

<ul>
<li>
<a href="https://www.smartkarma.com/entities/klarna-group-plc" target="_blank" data-smartkarma-citation="entities:44090:1" rel="noopener">Klarna Group (KLAR US)</a> is forecasted to be excluded from all the main US &amp; EU indices because of a sole US foreign listing.</li>
<li>
<a href="https://www.smartkarma.com/entities/klarna-group-plc" target="_blank" data-smartkarma-citation="entities:44090:1" rel="noopener">Klarna Group (KLAR US)</a> can be added to one Global index at the December 2025 review due to a non-ADR listing given it passes the fcap threshold and voting rights.</li>
<li>
<a href="https://www.smartkarma.com/entities/klarna-group-plc" target="_blank" data-smartkarma-citation="entities:44090:1" rel="noopener">Klarna Group (KLAR US)</a> is expected to be excluded from rasel due to a non-US nationality assignment based on the company's asset &amp; revenue geographical locations.</li>
</ul>



Klarna Group (KLAR US) is forecasted to be excluded from all the main US &amp; EU indices because of a sole US foreign listing.

Klarna Group (KLAR US) can be added to one Global index at the December 2025 review due to a non-ADR listing given it passes the fcap threshold and voting rights.

Klarna Group (KLAR US) is expected to be excluded from rasel due to a non-US nationality assignment based on the company's asset &amp; revenue geographical locations.


Klarna (KLAR US): US Index Exclusion Over Asset & Revenue Geographic Locations

<ul><li>Spotify Technology S.A., a leading global audio streaming service, reported a strong conclusion to its fiscal year 2024, highlighted by record metrics across multiple fronts.</li><li>The company achieved its highest-ever fourth-quarter addition of Monthly Active Users (MAUs) and a substantial increase in premium subscribers, reflecting positively on its growth strategies and customer engagement efforts.</li><li>Positives from the performance include the notable growth in Spotify’s MAUs, adding 35 million users to reach 675 million, alongside 11 million new subscribers bringing the total to 263 million.</li></ul>

Spotify Technology S.A., a leading global audio streaming service, reported a strong conclusion to its fiscal year 2024, highlighted by record metrics across multiple fronts.The company achieved its highest-ever fourth-quarter addition of Monthly Active Users (MAUs) and a substantial increase in premium subscribers, reflecting positively on its growth strategies and customer engagement efforts.Positives from the performance include the notable growth in Spotify’s MAUs, adding 35 million users to reach 675 million, alongside 11 million new subscribers bringing the total to 263 million.

Spotify’s First Truly Profitable Year Was Great! But Will It Be EVEN MORE Profitable With The Expansion of Subscription Tiers & Monetization Of Video Content?

Luxembourg

Spotify Technology S.A. provides music streaming services. The Company offers commercial free music and ad-supported services to subscribers. Spotify Technology serves clients worldwide.

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Spotify (SPOT US)

Spotify Technology: Expanding Audiobook and Video Content Formats To Up Their GAME!

Spotify's recent performance demonstrated both progress and challenges, outlining a mixed yet strategic path forward. The company's impressive...

Baptista Research

Spotify Bets Big on Audiobooks—Is This the Platform's Most Disruptive Move Yet?

Spotify reported its first-quarter 2025 results with decent metrics, yet the numbers failed to satisfy market expectations, leading to a sharp...

Baptista Research

Klarna: IPO Next Month? US Foreign Listing Limits Index Inclusion

The $15bn Klarna IPO has been paused and is unlikely to proceed in April due to market turmoil caused by Trump tariffs and the escalating global...

Dimitris Ioannidis

Klarna (KLAR US): US Index Exclusion Over Asset & Revenue Geographic Locations

Following the IPO prospectus, KLAR faces exclusion from all major US indices including rasel due to a US foreign listing and a UK nationality...

Dimitris Ioannidis

Spotify’s First Truly Profitable Year Was Great! But Will It Be EVEN MORE Profitable With The Expansion of Subscription Tiers & Monetization Of Video Content?

Spotify Technology S.A., a leading global audio streaming service, reported a strong conclusion to its fiscal year 2024, highlighted by record...

Baptista Research

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