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>StoneCo has showcased a robust performance in the second quarter of 2024, aligning closely with its strategic goals for the year.</li><li>Despite facing an evolving competitive landscape and a complex economic environment, StoneCo demonstrated commendable growth and operational efficiency across its multiple segments.</li><li>In the payments sector, StoneCo reported impressive year-over-year growth with a 30% increase in its client base and a 25% expansion in total payment volume (TPV).</li></ul>

StoneCo has showcased a robust performance in the second quarter of 2024, aligning closely with its strategic goals for the year.Despite facing an evolving competitive landscape and a complex economic environment, StoneCo demonstrated commendable growth and operational efficiency across its multiple segments.In the payments sector, StoneCo reported impressive year-over-year growth with a 30% increase in its client base and a 25% expansion in total payment volume (TPV).

StoneCo Ltd.: These Are The 4 Pivotal Factors Driving Its Performance In 2024 & 2025! - Major Drivers

<ul><li>StoneCo Ltd., a financial technology company in Brazil, provided its Q1 2021 results with an updated outlook on the business.</li><li>The company's business performed strongly, delivering strategic priorities with significant growth in financial services across all client offerings.</li><li>StoneCo also launched instant payments in Ton, which fulfills a key request from micro-merchant clients.</li></ul>

StoneCo Ltd., a financial technology company in Brazil, provided its Q1 2021 results with an updated outlook on the business.The company's business performed strongly, delivering strategic priorities with significant growth in financial services across all client offerings.StoneCo also launched instant payments in Ton, which fulfills a key request from micro-merchant clients.

StoneCo Ltd.: Business Diversification Through Additional Monetization Opportunities Beyond Payments! - Major Drivers

<ul><li>StoneCo had a successful year with substantial strategic advancements, impressive financial performance, as well as strategic milestones that bolstered the company’s market position while paving the way for future growth.</li><li>The year saw the implementation of strategic adjustments that aimed to better position the business for the future.</li><li>As such, the company reorganized itself to effectively deliver solutions across different client segments, from micro to medium businesses.</li></ul>

StoneCo had a successful year with substantial strategic advancements, impressive financial performance, as well as strategic milestones that bolstered the company’s market position while paving the way for future growth.The year saw the implementation of strategic adjustments that aimed to better position the business for the future.As such, the company reorganized itself to effectively deliver solutions across different client segments, from micro to medium businesses.

StoneCo Ltd.: Is The Banking Sector Growth Likely To Last For Them? - Major Drivers

<ul><li>This is our first report on fintech solutions provider, StoneCo.</li><li>The company delivered strong financial results in Q3 2023 with a 25% increase in total revenue YoY, achieving BRL 3.1 billion which surpassed its guidance by 2%.</li><li>The impressive growth in the top line was followed by a 3.3x increase in adjusted EBT, hitting BRL 545 million.</li></ul>

This is our first report on fintech solutions provider, StoneCo.The company delivered strong financial results in Q3 2023 with a 25% increase in total revenue YoY, achieving BRL 3.1 billion which surpassed its guidance by 2%.The impressive growth in the top line was followed by a 3.3x increase in adjusted EBT, hitting BRL 545 million.

StoneCo Ltd: Initiation of Coverage - What Is Its Biggest Competitive Advantage? - Major Drivers

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>In 2H23 our longs Visa and PagSeguro delivered positive returns, whilst PayPal was in negative territory; among our shorts, Kakao Pay was modestly successful, DLocal and Affirm continued to appreciate</li>
<li>We retain card network megacap Visa as a core holding, and keep PagSeguro and PayPal adding Cielo to the buy list</li>
<li>We keep our negative views on DLocal and Affirm, and remove Kakao Pay from the sell list for its less marked price-to-sales multiple valuation</li>
</ul>


In 2H23 our longs Visa and PagSeguro delivered positive returns, whilst PayPal was in negative territory; among our shorts, Kakao Pay was modestly successful, DLocal and Affirm continued to appreciate
We retain card network megacap Visa as a core holding, and keep PagSeguro and PayPal adding Cielo to the buy list
We keep our negative views on DLocal and Affirm, and remove Kakao Pay from the sell list for its less marked price-to-sales multiple valuation


Payment Companies – Our High Conviction Calls for 1H 2024

Brazil

StoneCo Ltd. is a Brazilian financial technology and software solutions provider. The company offers a cloud-based platform for payments, digital banking, and credit solutions primarily to micro, small, and medium businesses (MSMBs). It also provides Point of Sale (POS) and Enterprise Resource Planning (ERP) solutions. Headquartered in George Town, Cayman Islands, StoneCo was founded in 2012.

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StoneCo (STNE US)

StoneCo Ltd.: These Are The 4 Pivotal Factors Driving Its Performance In 2024 & 2025! - Major Drivers

StoneCo has showcased a robust performance in the second quarter of 2024, aligning closely with its strategic goals for the year. Despite facing...

Baptista Research

StoneCo Ltd.: Business Diversification Through Additional Monetization Opportunities Beyond Payments! - Major Drivers

StoneCo Ltd., a financial technology company in Brazil, provided its Q1 2021 results with an updated outlook on the business. The company's...

Baptista Research

StoneCo Ltd.: Is The Banking Sector Growth Likely To Last For Them? - Major Drivers

StoneCo had a successful year with substantial strategic advancements, impressive financial performance, as well as strategic milestones that...

Baptista Research

StoneCo Ltd: Initiation of Coverage - What Is Its Biggest Competitive Advantage? - Major Drivers

This is our first report on fintech solutions provider, StoneCo. The company delivered strong financial results in Q3 2023 with a 25% increase in...

Baptista Research

Payment Companies – Our High Conviction Calls for 1H 2024

In payments, we stick with Visa, PayPal and PagSeguro, adding Cielo to the buy list; we remain negative on DLocal and Affirm, removing Kakao Pay...

Victor Galliano

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