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>Tyler Technologies is benefitting from positive trends in the environment of the public sector market as its demo activities, and RPF continue to trend positively.</li><li>The company leveraged successful cross-selling efforts and multi-suite wins to deliver a solid quarter with revenues and earnings surpassing Wall Street expectations.</li><li>Overall, we provide the stock of Tyler Technologies with a ‘Hold’ rating with a revision in the target price.</li></ul>

Tyler Technologies is benefitting from positive trends in the environment of the public sector market as its demo activities, and RPF continue to trend positively.The company leveraged successful cross-selling efforts and multi-suite wins to deliver a solid quarter with revenues and earnings surpassing Wall Street expectations.Overall, we provide the stock of Tyler Technologies with a ‘Hold’ rating with a revision in the target price.

Equity Capital Markets

Tyler Technologies / Equity Capital Markets

<ul><li>Tyler Technologies had a promising start to the year 2022 with an organic growth of 12.8%, the highest in 20 quarters, and total revenues increasing by about 55%.</li><li>NIC continued to grow its core revenue by 13% in the last quarter, excluding Covid-related revenues.</li><li>Revenues from the new statewide payments contract in Florida and revenues from corporate filings with the Department of State boosted NIC's growth.</li></ul>

Tyler Technologies had a promising start to the year 2022 with an organic growth of 12.8%, the highest in 20 quarters, and total revenues increasing by about 55%.NIC continued to grow its core revenue by 13% in the last quarter, excluding Covid-related revenues.Revenues from the new statewide payments contract in Florida and revenues from corporate filings with the Department of State boosted NIC's growth.

Tyler Technologies Inc.: The Quatred Acquisition & Other Developments

<ul><li>Tyler Technologies' recent financial results continued to build on the positive momentum it established in the first three quarters, ensuring a strong finish to 2021.</li><li>The company’s total revenues increased by 53%, with organic growth reaching 9.2% and a particularly strong contribution from NIC.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Tyler Technologies' recent financial results continued to build on the positive momentum it established in the first three quarters, ensuring a strong finish to 2021.The company’s total revenues increased by 53%, with organic growth reaching 9.2% and a particularly strong contribution from NIC.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Tyler Technologies Inc.: Investment Thesis

<ul>
<li>Tyler Technologies has zoomed past the target price from our previous report as the company reported a stellar result surpassing Wall Street expectations.</li>
<li>Subscriptions account for nearly two-third of the company’s software revenues and render a strong foreseeability to Tyler’s business.</li>
<li>We are bullish on Tyler and upgrade it to an ‘Outperform’ rating with a revised target price.</li>
</ul>


Tyler Technologies has zoomed past the target price from our previous report as the company reported a stellar result surpassing Wall Street expectations.
Subscriptions account for nearly two-third of the company’s software revenues and render a strong foreseeability to Tyler’s business.
We are bullish on Tyler and upgrade it to an ‘Outperform’ rating with a revised target price.


Tyler Technologies Inc. - Investment Thesis

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Palantir Technologies  / Equity Capital Markets

Palantir is ready to complete its Direct Public Listing on September 23rd. 
Our valuation analysis suggests an implied market cap of $29.7 billion and a target price of $13.7 per share for Palantir (49% higher than the base price of $9.2 per share). The IPO price range is from $11.1 (low) to $16.6 per share (high). Assuming Direct Public Listing (DPL) market cap of $20 billion and diluted shares of 2.17 billion, this suggests $9.2 per share. Given the solid upside, we have a positive view of this DPL.
There are three key positives with Palantir which we believe are likely to outweigh its negatives, leading many investors to value this company at nearly $30 billion.
<ul>
<li>First, we believe the company's accelerating sales growth since the launch of its Foundry product in 2017 is likely to be valued highly. The company's sales growth is clearly much higher than its peers in 2020. </li>
<li>
<div class="content-highlight">Second, Palantir has picked a great time to complete its public offering with great investors demand high-quality software-related stocks this year.</div>
</li>
</ul>
<ul>
<li>Third, Palantir has been enjoying a noticeable improvement in its operating margins and the company possesses a strong balance sheet. </li>
</ul>

Palantir is ready to complete its Direct Public Listing on September 23rd. 
Our valuation analysis suggests an implied market cap of $29.7 billion and a target price of $13.7 per share for Palantir (49% higher than the base price of $9.2 per share). The IPO price range is from $11.1 (low) to $16.6 per share (high). Assuming Direct Public Listing (DPL) market cap of $20 billion and diluted shares of 2.17 billion, this suggests $9.2 per share. Given the solid upside, we have a positive view of this DPL.
There are three key positives with Palantir which we believe are likely to outweigh its negatives, leading many investors to value this company at nearly $30 billion.

First, we believe the company's accelerating sales growth since the launch of its Foundry product in 2017 is likely to be valued highly. The company's sales growth is clearly much higher than its peers in 2020. 

Second, Palantir has picked a great time to complete its public offering with great investors demand high-quality software-related stocks this year.



Third, Palantir has been enjoying a noticeable improvement in its operating margins and the company possesses a strong balance sheet. 


United States

Tyler Technologies, Inc. provides end-to-end information management solutions and services for local governments. The Company's client base includes local government offices throughout the United States, Canada, Puerto Rico, and the United Kingdom.

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Tyler Technologies (TYL US)

Tyler Technologies: Recent Acquisitions

Tyler Technologies is benefitting from positive trends in the environment of the public sector market as its demo activities, and RPF continue to...

Baptista Research

Tyler Technologies Inc.: The Quatred Acquisition & Other Developments

Tyler Technologies had a promising start to the year 2022 with an organic growth of 12.8%, the highest in 20 quarters, and total revenues...

Baptista Research

Tyler Technologies Inc.: Investment Thesis

Tyler Technologies' recent financial results continued to build on the positive momentum it established in the first three quarters, ensuring a...

Baptista Research

Tyler Technologies Inc. - Investment Thesis

Tyler Technologies has zoomed past the target price from our previous report as the company reported a stellar result surpassing Wall Street...

Baptista Research

Palantir DPL Valuation Analysis

Our valuation analysis suggests an implied market cap of $29.7 billion and a target price of $13.7 per share for Palantir (49% higher than the base...

Douglas Kim

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