Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Equity Bottom-Up

<ul>
<li>The Company posted muted revenue growth in Q1 2025, though margins showed improvement both YOY and sequentially.</li>
<li>Block trades at a discount to peers with a P/E of 11.3x vs. peer average of 26.4x. However, its TTM EBITDA margins (13.1%) are lower than the peer group average.</li>
<li>The guidance suggest focus on improving profitability as evident by improving margin outlook.</li>
</ul>


The Company posted muted revenue growth in Q1 2025, though margins showed improvement both YOY and sequentially.
Block trades at a discount to peers with a P/E of 11.3x vs. peer average of 26.4x. However, its TTM EBITDA margins (13.1%) are lower than the peer group average.
The guidance suggest focus on improving profitability as evident by improving margin outlook.


Block Inc. (XYZ) Financial Factsheet - Growth, Valuation and Peer Comps

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.

<ul>
<li>Block has demonstrated a noteworthy performance for the fourth quarter of 2024, highlighted by its significant growth in gross profit alongside strategic advances in both Square and Cash App functionalities.</li>
<li>The company, formerly Square Inc., has expanded its capabilities by evolving Square from a mere payments tool into a comprehensive commerce platform and enriching Cash App's financial services.</li>
<li>The organizational restructuring is aimed at enhancing execution velocity, enabling the company to swiftly adapt and innovate within its roadmap.</li>
</ul>


Block has demonstrated a noteworthy performance for the fourth quarter of 2024, highlighted by its significant growth in gross profit alongside strategic advances in both Square and Cash App functionalities.
The company, formerly Square Inc., has expanded its capabilities by evolving Square from a mere payments tool into a comprehensive commerce platform and enriching Cash App's financial services.
The organizational restructuring is aimed at enhancing execution velocity, enabling the company to swiftly adapt and innovate within its roadmap.


Block Inc: Is The Growth in Gross Payment Volume Here To Stay?

Podcast by CEO, Norges Bank Investment Management, In Good Company with Nicolai Tangen

In Good Company with Nicolai Tangen

Podcast by CEO, Norges Bank Investment Management

The CEO of the largest single investor in the world, Norges Bank Investment Management, interviews leaders of some of the largest companies in the world. You will get to know the leader, their strategy, leadership principles, and much more. Hosted on Acast. See https://www.acast.com/privacy-policy for more information.

<ul><li>Jack Dorsey's interest in understanding what was happening in neighborhoods led him to programming</li><li>The original vision for Twitter was simply to be able to see what friends were doing and share updates</li><li>The development of new features on Twitter, such as replies, hashtags, and retweets, was driven by how people were using the platform and their needs for public conversation and sharing information.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Jack Dorsey's interest in understanding what was happening in neighborhoods led him to programmingThe original vision for Twitter was simply to be able to see what friends were doing and share updatesThe development of new features on Twitter, such as replies, hashtags, and retweets, was driven by how people were using the platform and their needs for public conversation and sharing information.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Block CEO: Twitter Evolution, Bitcoin and Digital Freedom

External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

<ul><li>Block Inc. trading at a similar price as last write-up in January 2023, with positive shifts in cultural and organizational aspects</li><li>Block Inc. trading at a similar price as last write-up in January 2023, with positive shifts in cultural and organizational aspects</li><li>Company's dedication to Bitcoin and its ecosystems driving future shareholder returns, despite being misunderstood due to its history</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Block Inc. trading at a similar price as last write-up in January 2023, with positive shifts in cultural and organizational aspectsBlock Inc. trading at a similar price as last write-up in January 2023, with positive shifts in cultural and organizational aspectsCompany's dedication to Bitcoin and its ecosystems driving future shareholder returns, despite being misunderstood due to its historyThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Event-Driven

<ul>
<li>Multiple new agencies have been reporting that <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> plans to trim its investment portfolio over the remainder of the year. </li>
<li>The reports have been coming in since the second half of the year and the company has been duly denying these rumors.</li>
<li>In this note, we look at Tencent’s shareholding in various companies to try and gauge which ones it could sell out of and how.</li>
</ul>


Multiple new agencies have been reporting that Tencent (700 HK) plans to trim its investment portfolio over the remainder of the year. 
The reports have been coming in since the second half of the year and the company has been duly denying these rumors.
In this note, we look at Tencent’s shareholding in various companies to try and gauge which ones it could sell out of and how.


Tencent Investee Selldown - The US$120bn Global Overhang

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 Inc. (XYZ) Financial Factsheet - Growth, Valuation and Peer Comps

Block Inc. saw modest revenue growth in Q1 2025, but margins improved year-over-year and sequentially. The FY25 guidance suggests further...

GSBR Research

Block Inc: Is The Growth in Gross Payment Volume Here To Stay?

The organizational restructuring is aimed at enhancing execution velocity, enabling the company to swiftly adapt and innovate within its roadmap.

Baptista Research

Block CEO: Twitter Evolution, Bitcoin and Digital Freedom

- The speaker's interest in understanding neighborhoods led to the development of Twitter, which evolved based on user interactions and the need...

In Good Company with Nicolai Tangen

Block Inc (SQ) - Sunday, Oct 13, 2024

Block Inc. trading at a similar price as last write-up in January 2023, with positive shifts in cultural and organizational aspects

Value Investors Club

Tencent Investee Selldown - The US$120bn Global Overhang

There have been multiple reports that Tencent (700 HK) plans to trim its investment portfolio over the remainder of the year. We look at Tencent's...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Block Inc. (XYZ) Financial Factsheet - Growth, Valuation and Peer Comps

​Block Inc. saw modest revenue growth in Q1 2025, but margins improved year-over-year and sequentially. The FY25 guidance suggests further...

GSBR Research

Block Inc: Is The Growth in Gross Payment Volume Here To Stay?

The organizational restructuring is aimed at enhancing execution velocity, enabling the company to swiftly adapt and innovate within its roadmap.

Baptista Research

Block CEO: Twitter Evolution, Bitcoin and Digital Freedom

- The speaker's interest in understanding neighborhoods led to the development of Twitter, which evolved based on user interactions and the need...

In Good Company with Nicolai Tangen

Block Inc (SQ) - Sunday, Oct 13, 2024

Block Inc. trading at a similar price as last write-up in January 2023, with positive shifts in cultural and organizational aspects

Value Investors Club

Tencent Investee Selldown - The US$120bn Global Overhang

There have been multiple reports that Tencent (700 HK) plans to trim its investment portfolio over the remainder of the year. We look at Tencent's...

Sumeet Singh

Block Inc. saw modest revenue growth in Q1 2025, but margins improved year-over-year and sequentially. The FY25 guidance suggests further...