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>Toast, a leading provider of point-of-sale and management platforms for restaurants, reported strong performance in its third-quarter results for 2025.</li><li>The company achieved notable milestones with annual recurring revenue (ARR) surpassing $2 billion, demonstrating robust 34% top-line growth, and maintaining a consistent adjusted EBITDA margin at 35%.</li><li>These achievements underscore Toast's strengthened market presence and operational efficiency.</li></ul>

Toast, a leading provider of point-of-sale and management platforms for restaurants, reported strong performance in its third-quarter results for 2025.The company achieved notable milestones with annual recurring revenue (ARR) surpassing $2 billion, demonstrating robust 34% top-line growth, and maintaining a consistent adjusted EBITDA margin at 35%.These achievements underscore Toast's strengthened market presence and operational efficiency.

Toast Inc: Doubling ARR With Tight Budget Control—Is This the Most Efficient Growth Story in Tech Right Now?

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Key points (machine generated)<ul><li>Toast faces concerns over overestimated unit economics as it expands into new verticals, particularly with Enterprise customers like Applebee's.</li><li>Projections for fiscal year 2026 appear unrealistic given Toast's high valuation of approximately 45x forward EBITDA, risking market re-evaluation.</li><li>Despite challenges with some software modules, Toast has significantly increased its market share among U.S. restaurants from under 5% to over 15%.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)Toast faces concerns over overestimated unit economics as it expands into new verticals, particularly with Enterprise customers like Applebee's.Projections for fiscal year 2026 appear unrealistic given Toast's high valuation of approximately 45x forward EBITDA, risking market re-evaluation.Despite challenges with some software modules, Toast has significantly increased its market share among U.S. restaurants from under 5% to over 15%.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

<ul><li>Toast, Inc., a leading restaurant management platform, recently announced its second-quarter results for 2025, showcasing a strong performance with some encouraging metrics but also facing challenges as it navigates growth and expansion in various segments and geographies.</li><li>In the quarter ended June 30, 2025, Toast reported a 35% increase in recurring gross profit, achieving $161 million in adjusted EBITDA, with GAAP operating income reaching $80 million.</li><li>The company added a record 8,500 net new restaurant locations, bringing the total to approximately 148,000 locations served.</li></ul>

Toast, Inc., a leading restaurant management platform, recently announced its second-quarter results for 2025, showcasing a strong performance with some encouraging metrics but also facing challenges as it navigates growth and expansion in various segments and geographies.In the quarter ended June 30, 2025, Toast reported a 35% increase in recurring gross profit, achieving $161 million in adjusted EBITDA, with GAAP operating income reaching $80 million.The company added a record 8,500 net new restaurant locations, bringing the total to approximately 148,000 locations served.

Toast Inc.: Initiation Of Coverage- A Tale Of Growing Transaction Volume & Soaring Fintech Profits!

Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

Thematic (Sector/Industry)

<ul>
<li>The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.</li>
<li>But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.</li>
<li>It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.</li>
</ul>


The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.
But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.
It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.


A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside healthy market dynamics which have continued to improve.</li>
<li>Two weeks ago, our election day report (11/5/24) was titled "Buy the Pullback," and with the SPX/QQQ/IWM pulling back to their 20-day MAs, it's time to buy the pullback again.</li>
<li>We continue to expect significant upside into year-end and early 2025, and we expect support at the 20-day MAs on the aforementioned indexes (though support at 50-day MAs is possible).</li>
</ul>


Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside healthy market dynamics which have continued to improve.
Two weeks ago, our election day report (11/5/24) was titled "Buy the Pullback," and with the SPX/QQQ/IWM pulling back to their 20-day MAs, it's time to buy the pullback again.
We continue to expect significant upside into year-end and early 2025, and we expect support at the 20-day MAs on the aforementioned indexes (though support at 50-day MAs is possible).


Buy the Pullback Again; S&P 500, Nasdaq 100, Russell 2000 Testing Confluence of Support

United States

Toast, Inc. operates as a cloud-based restaurant software company. The Company designs and develops sale and management software system that helps restaurants to improve operations, increase sales, and create a better guest experience. Toast serves customers worldwide.

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Toast (TOST US)

Toast Inc: Doubling ARR With Tight Budget Control—Is This the Most Efficient Growth Story in Tech Right Now?

Toast, a leading provider of point-of-sale and management platforms for restaurants, reported strong performance in its third-quarter results for...

Baptista Research

Toast Inc (TOST) - Tuesday, Jul 22, 2025

Toast faces concerns over overestimated unit economics as it expands into new verticals, particularly with Enterprise customers like Applebee's.

Value Investors Club (VIC)

Toast Inc.: Initiation Of Coverage- A Tale Of Growing Transaction Volume & Soaring Fintech Profits!

Toast, Inc., a leading restaurant management platform, recently announced its second-quarter results for 2025, showcasing a strong performance...

Baptista Research

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

Finimize Research

Buy the Pullback Again; S&P 500, Nasdaq 100, Russell 2000 Testing Confluence of Support

Buy the Pullback Again, Same as Our Election Day Report; S&P 500 $SPX, Nasdaq 100 $QQQ, Russell 2000 $IWM Testing Confluence of Support at 20-day...

Vermilion Research

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