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>Block, Inc. reported financial results for the second quarter reflecting continued momentum across its core ecosystems of Square and Cash App.</li>
<li>The company exceeded guidance, achieving record adjusted operating income margin of 27% and adjusted diluted EPS growth of 65% year-over-year.</li>
<li>Gross profit rose 25% year-over-year, driven by broad-based strength including a 13% increase in Square’s gross profit and gross payment volume (GPV), and a 31% rise in Cash App gross profit.</li>
</ul>


Block, Inc. reported financial results for the second quarter reflecting continued momentum across its core ecosystems of Square and Cash App.
The company exceeded guidance, achieving record adjusted operating income margin of 27% and adjusted diluted EPS growth of 65% year-over-year.
Gross profit rose 25% year-over-year, driven by broad-based strength including a 13% increase in Square’s gross profit and gross payment volume (GPV), and a 31% rise in Cash App gross profit.


Block’s Pivotal Seller Push — New ISO Sellers Jump More Than 150% Sequentially!

<ul>
<li>Block's recent earnings call reflected a mixed picture of operational restructuring and financial performance, with implications for its investment thesis.</li>
<li>The company announced a significant workforce reduction, planning to reduce its current staff from over 10,000 to under 6,000.</li>
<li>This move, driven by a strategic shift toward leveraging intelligence tools and automation, is expected to redefine how the company operates, aiming for greater efficiency and accelerated decision-making and product delivery.</li>
</ul>


Block's recent earnings call reflected a mixed picture of operational restructuring and financial performance, with implications for its investment thesis.
The company announced a significant workforce reduction, planning to reduce its current staff from over 10,000 to under 6,000.
This move, driven by a strategic shift toward leveraging intelligence tools and automation, is expected to redefine how the company operates, aiming for greater efficiency and accelerated decision-making and product delivery.


Block: Lending, Payments & Banking — The Three Pillars Powering Its Fintech Growth Model!

<ul>
<li>In its third quarter of 2025 financial performance, Block, the company behind Cash App and Square, exhibited a strong trajectory driven by notable achievements in different segments.</li>
<li>The company's reported gross profit surged by 18% year-over-year to $2.66 billion, marking acceleration from the 14% growth recorded in the preceding quarter.</li>
<li>This growth was spurred largely by the performance of Cash App, which saw a 24% year-over-year increase in its gross profit—an improvement from the 16% growth in the second quarter.</li>
</ul>


In its third quarter of 2025 financial performance, Block, the company behind Cash App and Square, exhibited a strong trajectory driven by notable achievements in different segments.
The company's reported gross profit surged by 18% year-over-year to $2.66 billion, marking acceleration from the 14% growth recorded in the preceding quarter.
This growth was spurred largely by the performance of Cash App, which saw a 24% year-over-year increase in its gross profit—an improvement from the 16% growth in the second quarter.


Block Inc: Scaling Square Upmarket and Expanding Merchant Monetization...

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gcash" target="_blank" data-smartkarma-citation="entities:40108:1" rel="noopener">GCash (Mynt) (GCASH PM)</a> is the No.1 finance super app in the Philippines. It is seeking to raise US$845m at PHP6.60 per share. The listing is on 20 October.</li>
<li>I discussed the IPO in <a href="https://www.smartkarma.com/insights/mynt-gcash-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:249615" rel="noopener">Mynt (GCash) IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/mynt-gcash-ipo-2q-and-valuation-update" target="_blank" data-smartkarma-citation="insights:267765" rel="noopener">Mynt (GCash) IPO: 2Q and Valuation Update</a>. </li>
<li>The cornerstone commitment is unchanged at PHP36.5bn, about 69% of the offer. GCash is fairly valued at the IPO price.</li>
</ul>



GCash (Mynt) (GCASH PM) is the No.1 finance super app in the Philippines. It is seeking to raise US$845m at PHP6.60 per share. The listing is on 20 October.
I discussed the IPO in Mynt (GCash) IPO: The Investment Case and Mynt (GCash) IPO: 2Q and Valuation Update. 
The cornerstone commitment is unchanged at PHP36.5bn, about 69% of the offer. GCash is fairly valued at the IPO price.


Mynt (GCash) IPO: Fairly Valued at the IPO Price

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gcash" target="_blank" data-smartkarma-citation="entities:40108:1" rel="noopener">GCash (Mynt) (GCASH PM)</a> is the No.1 finance super app in the Philippines. It is seeking to raise US$1.3 billion at PHP10.00 per share. Pricing is on 1 October.</li>
<li>I discussed the IPO in <a href="https://www.smartkarma.com/insights/mynt-gcash-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:249615" rel="noopener">Mynt (GCash) IPO: The Investment Case</a>. I have updated my view and forecasts for the 2Q results.</li>
<li>My view is incrementally bearish due to escalating regulatory risk, declining sequential quarterly growth/margin, ongoing pressure in payment solutions, and stretched valuation. </li>
</ul>



GCash (Mynt) (GCASH PM) is the No.1 finance super app in the Philippines. It is seeking to raise US$1.3 billion at PHP10.00 per share. Pricing is on 1 October.
I discussed the IPO in Mynt (GCash) IPO: The Investment Case. I have updated my view and forecasts for the 2Q results.
My view is incrementally bearish due to escalating regulatory risk, declining sequential quarterly growth/margin, ongoing pressure in payment solutions, and stretched valuation. 


Mynt (GCash) IPO: 2Q and Valuation Update

United States

Block, Inc. operates as a financial services and digital payments company. The Company develops a payments platform aimed at small and medium businesses that allows them to accept credit card payments and use tablet computers as payment registers for a point-of-sale system. Block also provides financial and marketing services.

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Block (XYZ US)

Block’s Pivotal Seller Push — New ISO Sellers Jump More Than 150% Sequentially!

Block, Inc. reported financial results for the second quarter reflecting continued momentum across its core ecosystems of Square and Cash App.

Baptista Research

Block: Lending, Payments & Banking — The Three Pillars Powering Its Fintech Growth Model!

Block's recent earnings call reflected a mixed picture of operational restructuring and financial performance, with implications for its...

Baptista Research

Block Inc: Scaling Square Upmarket and Expanding Merchant Monetization...

In its third quarter of 2025 financial performance, Block, the company behind Cash App and Square, exhibited a strong trajectory driven by notable...

Baptista Research

Mynt (GCash) IPO: Fairly Valued at the IPO Price

GCash is the No.1 finance super app in the Philippines. It is seeking to raise US$845m at PHP6.60 per share. GCash is fairly valued at the IPO price.

Arun George

Mynt (GCash) IPO: 2Q and Valuation Update

GCash (Mynt) is the No.1 finance super app in the Philippines. It is seeking to raise US$1.3 billion at PHP10.00 per share. In this note, I update...

Arun George

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