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 Capital Markets

<ul><li>Trade Desk’s revenues have continued to grow over the past quarter and the company gained market share in spite of some macroeconomic uncertainty.</li><li>The worldwide pressure on Google appears to be creating a market opportunity for Trade Desk.</li><li>The company launched its first-party playbook teaching brands to have a self-assessment for companies and their first-party data for the companies to identify their potential steps in the journey of their first-party data.</li></ul>

Trade Desk’s revenues have continued to grow over the past quarter and the company gained market share in spite of some macroeconomic uncertainty.The worldwide pressure on Google appears to be creating a market opportunity for Trade Desk.The company launched its first-party playbook teaching brands to have a self-assessment for companies and their first-party data for the companies to identify their potential steps in the journey of their first-party data.

The Trade Desk: The First-Party Data Playbook & Other Drivers

Equity Bottom-Up

<ul>
<li>This is our first report on The Trade Desk, the cloud-based platform for digital advertising.</li>
<li>Since annual advertising budgets are frequently reset and reevaluated in Q1, making them historically harder to predict, the company's performance is particularly encouraging.</li>
<li>The ongoing global pandemic, the conflict in Ukraine, and the increased rates of inflation around the world made this year's macroenvironment difficult.</li>
</ul>


This is our first report on The Trade Desk, the cloud-based platform for digital advertising.
Since annual advertising budgets are frequently reset and reevaluated in Q1, making them historically harder to predict, the company's performance is particularly encouraging.
The ongoing global pandemic, the conflict in Ukraine, and the increased rates of inflation around the world made this year's macroenvironment difficult.


The Trade Desk Inc.: Initiation of Coverage – Publisher Additions

US Tech Company Research, MT Capital

MT Capital

US Tech Company Research

I demystify the world's most interesting tech companies, providing in-depth, no-nonsense, un-biased analysis on the most interesting Tech Companies available for investment today. I am a Mechanical Engineer by education, Software Engineer by trade and a self-trained Financial Analyst.

<ul>
<li>Consumerism has taken the Western World hostage over the course of the last few hundred years.</li>
<li>Defined loosely, this term encompasses a general social and economic order that encourages the acquisition of both goods and services in ever-increasing amounts.</li>
<li>Capitalism, at its very core, is fundamentally reliant on these behaviour patterns, with the constant and widespread itch for more spurring endless arrays of both corporate and nationwide growth and enrichment. </li>
</ul>


Consumerism has taken the Western World hostage over the course of the last few hundred years.
Defined loosely, this term encompasses a general social and economic order that encourages the acquisition of both goods and services in ever-increasing amounts.
Capitalism, at its very core, is fundamentally reliant on these behaviour patterns, with the constant and widespread itch for more spurring endless arrays of both corporate and nationwide growth and enrichment. 


TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<ul>
<li>Indian Premiere League cricket auction has brought in $6.6B thus far, up 3x from the 2018-2022 package, though the per game increase is closer to 2.3x.</li>
<li>Disney was smart to relinquish the digital rights, saving itself $3.6B in cash (~$2/share) rather than spending to drive worthless Hotstar+ subs (~$0.26/share).</li>
<li>Google may open up YouTube advertising to 3rd party platforms to settle EU antitrust...a potential boon for The Trade Desk.</li>
</ul>


Indian Premiere League cricket auction has brought in $6.6B thus far, up 3x from the 2018-2022 package, though the per game increase is closer to 2.3x.
Disney was smart to relinquish the digital rights, saving itself $3.6B in cash (~$2/share) rather than spending to drive worthless Hotstar+ subs (~$0.26/share).
Google may open up YouTube advertising to 3rd party platforms to settle EU antitrust...a potential boon for The Trade Desk.


TMT Quick Hits: DIS/Cricket Rights, GOOGL/TTD/EU

<div><p>In between earnings seasons, we are trying to catch up on the flurry of TMT IPOs over the past few months that have caught our eye. Why AppLovin? As we talk about often, we are interested in unique business models, and AppLovin qualifies. Its choice to build up its own mobile game portfolio as a means of turbocharging the value of its software is highly differentiated. We've been tracking winners and losers from Apple's privacy changes this year and think a growing mobile app ecosystem with proprietary 1st party data is very interesting. Valuation seems reasonable. We will continue to track this one on the long side.</p></div><div><div><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div></div></div>

In between earnings seasons, we are trying to catch up on the flurry of TMT IPOs over the past few months that have caught our eye. Why AppLovin? As we talk about often, we are interested in unique business models, and AppLovin qualifies. Its choice to build up its own mobile game portfolio as a means of turbocharging the value of its software is highly differentiated. We've been tracking winners and losers from Apple's privacy changes this year and think a growing mobile app ecosystem with proprietary 1st party data is very interesting. Valuation seems reasonable. We will continue to track this one on the long side.Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

United States

The Trade Desk, Inc. operates as an advertising technology company. The Company offers online advertising platform that manages display, social, mobile, and video advertising campaigns. Trade Desk serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Trade Desk / (TTD US)

The Trade Desk: The First-Party Data Playbook & Other Drivers

Trade Desk’s revenues have continued to grow over the past quarter and the company gained market share in spite of some macroeconomic...

Baptista Research

The Trade Desk Inc.: Initiation of Coverage – Publisher Additions

This is our first report on The Trade Desk, the cloud-based platform for digital advertising. Since annual advertising budgets are frequently...

Baptista Research

The Trade Desk ($TTD)

Within, I will break down the opportunity that TTD has in front of it and outline some important specifics of the ecosystem that the company...

MT Capital

TMT Quick Hits: DIS/Cricket Rights, GOOGL/TTD/EU

Disney was smart to relinquish IPL digital rights, the $3.6B in cash is worth more than the value of low ARPU Hotstar+ subs. Google opening up...

Aaron Gabin

Recent IPO Insights: AppLovin

AppLovin's choice to build up its own mobile game portfolio as a means of turbocharging the value of its software is highly differentiated. A...

Aaron Gabin

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)