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>Teleperformance, a prominent global company providing customer experience management, released its results for the first half of 2025 in a recent earnings call.</li><li>The company's performance showcases both positive developments and areas of concern, resulting in a mixed outlook for potential investors.</li><li>On the positive side, Teleperformance reported commendable growth in its core services, achieving a like-for-like revenue growth of nearly 3%.</li></ul>

Teleperformance, a prominent global company providing customer experience management, released its results for the first half of 2025 in a recent earnings call.The company's performance showcases both positive developments and areas of concern, resulting in a mixed outlook for potential investors.On the positive side, Teleperformance reported commendable growth in its core services, achieving a like-for-like revenue growth of nearly 3%.

TEP FP - Teleperformance SE Faces Margin Pressure — Can Cost Discipline in LLS Turn the Tide?

<ul><li>Teleperformance reported a strong fiscal year 2024, achieving over €10 billion in revenue for the first time and generating more than €1.08 billion in free cash flow.</li><li>This represents a statutory revenue increase of 23%, or 2.6% on a like-for-like basis, demonstrating the company's financial resilience and operational strength.</li><li>The business showed notable growth through accelerated momentum quarter-over-quarter, with significant expansion in the core Business Process Outsourcing (BPO) sector, especially in EMEA and APAC regions which achieved over 7% growth in Q4.</li></ul>

Teleperformance reported a strong fiscal year 2024, achieving over €10 billion in revenue for the first time and generating more than €1.08 billion in free cash flow.This represents a statutory revenue increase of 23%, or 2.6% on a like-for-like basis, demonstrating the company's financial resilience and operational strength.The business showed notable growth through accelerated momentum quarter-over-quarter, with significant expansion in the core Business Process Outsourcing (BPO) sector, especially in EMEA and APAC regions which achieved over 7% growth in Q4.

Teleperformance - Teleperformance: Initiation of Coverage

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

<ul><li>Teleperformance is undervalued with its Language Line Solutions business not fully reflected in its current market price</li><li>Despite strong growth and high profit margins, concerns about AI disrupting the industry have overshadowed Teleperformance's fundamentals</li><li>Operating across three segments, Teleperformance is positioned to capitalize on the expected growth in the customer experience management market, projected to reach $14.9 billion by 2025</li></ul><p><em>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.</em></p>

Teleperformance is undervalued with its Language Line Solutions business not fully reflected in its current market priceDespite strong growth and high profit margins, concerns about AI disrupting the industry have overshadowed Teleperformance's fundamentalsOperating across three segments, Teleperformance is positioned to capitalize on the expected growth in the customer experience management market, projected to reach $14.9 billion by 2025This 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.

Teleperformance (TEP) - Thursday, Oct 17, 2024

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tdcx-inc" target="_blank" data-smartkarma-citation="entities:34187:1" rel="noopener">TDCX (TDCX US)</a> offers digital customer experience solutions for innovative technology and blue-chip companies and has global client base including <a href="https://www.smartkarma.com/entities/meta-platforms-inc-class-a-facebook" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Meta Platforms (Facebook) (META US)</a> and <a href="https://www.smartkarma.com/entities/airbnb-inc" target="_blank" data-smartkarma-citation="entities:431:1" rel="noopener">Airbnb Inc (ABNB US)</a> .</li>
<li>The company’s share price has dropped more than 40% since its IPO as its largest clients were negatively impacted due to the Covid-19 outbreak.</li>
<li>TDCX’s 2Q2022 earnings were strong and the company’s client acquisition strategy is paying off and the share price has moved up 60% since then.</li>
</ul>



TDCX (TDCX US) offers digital customer experience solutions for innovative technology and blue-chip companies and has global client base including Meta Platforms (Facebook) (META US) and Airbnb Inc (ABNB US) .
The company’s share price has dropped more than 40% since its IPO as its largest clients were negatively impacted due to the Covid-19 outbreak.
TDCX’s 2Q2022 earnings were strong and the company’s client acquisition strategy is paying off and the share price has moved up 60% since then.


TDCX: Attractive Growth Profile; Drop in Multiples Offer a Good Entry Point

US/Europe Event-Driven Analyst

John DeMasi

Event-Driven

<ul>
<li>Singapore-Based private equity firm Capital Square Partners (“CSP”) engineered combination of Aegis Global and “old” Startek in 2018 to create “new” Startek.</li>
<li>Microcap business process outsourcing ("BPO") company runs outsourced customer contact centers, has improving sales and profitability, and a declining stock price.</li>
<li>On 20December2021, CSP disclosed that it had submitted a “preliminary, non-binding proposal” to acquire all outstanding shares of SRT US not already owned by it for $5.40 per share.</li>
</ul>


Singapore-Based private equity firm Capital Square Partners (“CSP”) engineered combination of Aegis Global and “old” Startek in 2018 to create “new” Startek.
Microcap business process outsourcing ("BPO") company runs outsourced customer contact centers, has improving sales and profitability, and a declining stock price.
On 20December2021, CSP disclosed that it had submitted a “preliminary, non-binding proposal” to acquire all outstanding shares of SRT US not already owned by it for $5.40 per share.


Startek Inc. – SRT US 55% Owner Proposes $5.40 Cash Per Share Squeeze Out

France

Teleperformance offers customer relationship management services.  The Company operates call centers, conducts programs to attract new customers, offers customer service and technical support services, collects debts, offers market research services, conducts telemarketing, and develops customer relationship management software.

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Teleperformance (TEP FP)

TEP FP - Teleperformance SE Faces Margin Pressure — Can Cost Discipline in LLS Turn the Tide?

Teleperformance, a prominent global company providing customer experience management, released its results for the first half of 2025 in a recent...

Baptista Research

Teleperformance - Teleperformance: Initiation of Coverage

Teleperformance reported a strong fiscal year 2024, achieving over €10 billion in revenue for the first time and generating more than €1.08...

Baptista Research

Teleperformance (TEP) - Thursday, Oct 17, 2024

Operating across three segments, Teleperformance is positioned to capitalize on the expected growth in the customer experience management market,...

Value Investors Club (VIC)

TDCX: Attractive Growth Profile; Drop in Multiples Offer a Good Entry Point

Though TDCX's share price has moved up over the last three weeks, there is further upside as the company's client acquisition has started paying...

Shifara Samsudeen, FCMA, CGMA

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

TEP FP - Teleperformance SE Faces Margin Pressure — Can Cost Discipline in LLS Turn the Tide?

Teleperformance, a prominent global company providing customer experience management, released its results for the first half of 2025 in a recent...

Baptista Research

Teleperformance - Teleperformance: Initiation of Coverage

Teleperformance reported a strong fiscal year 2024, achieving over €10 billion in revenue for the first time and generating more than €1.08...

Baptista Research

Teleperformance (TEP) - Thursday, Oct 17, 2024

Operating across three segments, Teleperformance is positioned to capitalize on the expected growth in the customer experience management market,...

Value Investors Club (VIC)

TDCX: Attractive Growth Profile; Drop in Multiples Offer a Good Entry Point

Though TDCX's share price has moved up over the last three weeks, there is further upside as the company's client acquisition has started paying...

Shifara Samsudeen, FCMA, CGMA

Startek Inc. – SRT US 55% Owner Proposes $5.40 Cash Per Share Squeeze Out

Dirt-cheap microcap whose 55% owner wants to take private on the cheap. Shares offer 27% upside to proposed buyout price and more upside if special...

John DeMasi