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>UnitedHealth Group's first quarter 2025 results reveal a number of positive developments alongside several challenges that have led to a downward revision of the company’s adjusted earnings per share outlook.</li><li>The company now expects an adjusted earnings per share range of $26 to $26.50, down from previous estimates, partly attributed to higher-than-expected care activity within its Medicare Advantage business and changes in member profiles impacting revenue at Optum Health.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

UnitedHealth Group's first quarter 2025 results reveal a number of positive developments alongside several challenges that have led to a downward revision of the company’s adjusted earnings per share outlook.The company now expects an adjusted earnings per share range of $26 to $26.50, down from previous estimates, partly attributed to higher-than-expected care activity within its Medicare Advantage business and changes in member profiles impacting revenue at Optum Health.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

UnitedHealth Group’s Bold Healthcare Transformation—Is This The Future of Affordable Medicine?

High Conviction Concentrated Growth Investing, Fallacy Alarm

Fallacy Alarm

High Conviction Concentrated Growth Investing

High conviction concentrated growth investing. Blends single stock, macro and thematic research into powerful long and short ideas. I am convinced that a robust and comprehensive investment process requires macro and micro considerations. And it requires a deep understanding what you are looking for and what you are invested in. Digitization has changed the dynamics both how businesses operate and how investors compete for returns. Ideas can scale much faster and fail much faster than before. The biggest value creation happens before it can be spotted in financial statements. As a result, my approach can be best summarized as high conviction, high concentration growth investing, embedded into a macro framework built on the realization that our current demographic set-up, monetary paradigm and innovation cycle will likely deliver a strong decade for nominal and real returns of productive assets.

<ul><li>Much of UnitedHealth’s business is just freeriding the US healthcare system.</li><li>To some extent it could even be called parasitic. 40% of its revenues come from government programs.</li><li>The most important one is Medicare Advantage (MA), which was originally designed to lower costs through the use of private carriers and their competition.</li></ul>

Much of UnitedHealth’s business is just freeriding the US healthcare system.To some extent it could even be called parasitic. 40% of its revenues come from government programs.The most important one is Medicare Advantage (MA), which was originally designed to lower costs through the use of private carriers and their competition.

<ul><li>UnitedHealth Group's fourth quarter and full year 2024 results were characterized by resilience and strong operational execution despite significant challenges.</li><li>Revenues exceeded $400 billion, with an adjusted earnings per share of $27.66, aligning with the company's projections.</li><li>Notably, the medical care ratio was 150 basis points above the initial outlook, mainly due to a mix change of the people served, a more rapid acceleration in certain high-cost medication prescriptions, and coding intensity shifts in hospitals.</li></ul>

UnitedHealth Group's fourth quarter and full year 2024 results were characterized by resilience and strong operational execution despite significant challenges.Revenues exceeded $400 billion, with an adjusted earnings per share of $27.66, aligning with the company's projections.Notably, the medical care ratio was 150 basis points above the initial outlook, mainly due to a mix change of the people served, a more rapid acceleration in certain high-cost medication prescriptions, and coding intensity shifts in hospitals.

UnitedHealth: The Expansion of Optum’s Integrated Healthcare Services Might Just Be The Single Most Important Catalyst For Them Today!

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Waystar Holding, a provider of mission-critical cloud software for healthcare organizations, priced its public offering of 20M shares of common stock.</li>
<li>Key selling stockholders, including EQT, CPPIB and Bain Capital offered 20M shares at $40.00 per share and cut their Waystar Holding stakes.  </li>
<li>Waystar Holding will not receive any proceeds from the sale of the shares by the selling stockholders. The company reported revenue growth of ~19% in FY24.  </li>
</ul>


Waystar Holding, a provider of mission-critical cloud software for healthcare organizations, priced its public offering of 20M shares of common stock.
Key selling stockholders, including EQT, CPPIB and Bain Capital offered 20M shares at $40.00 per share and cut their Waystar Holding stakes.  
Waystar Holding will not receive any proceeds from the sale of the shares by the selling stockholders. The company reported revenue growth of ~19% in FY24.  


Waystar Holding: EQT, CPPIB and Bain Capital Cut Their Stakes After Record Year of Growth

<ul><li>UnitedHealth Group reported a strong financial performance in the third quarter of 2024, with revenues reaching $101 billion, marking a more than 9% increase over the prior year.</li><li>This growth was driven by significant contributions from both the Optum and UnitedHealthcare divisions.</li><li>Optum Health revenues grew by over $2 billion to approach $26 billion, and Optum Rx revenues increased by more than $5 billion to exceed $34 billion.</li></ul>

UnitedHealth Group reported a strong financial performance in the third quarter of 2024, with revenues reaching $101 billion, marking a more than 9% increase over the prior year.This growth was driven by significant contributions from both the Optum and UnitedHealthcare divisions.Optum Health revenues grew by over $2 billion to approach $26 billion, and Optum Rx revenues increased by more than $5 billion to exceed $34 billion.

UnitedHealth in Crisis? CEO’s Tragic Death and Bipartisan Bill Shake Healthcare Giant!

United States

UnitedHealth Group Incorporated owns and manages organized health systems in the United States and internationally.  The Company provides employers products and resources to plan and administer employee benefit programs.  UnitedHealth also serves the health needs of older Americans, provides specialized care services, and provides health care information and research to providers and payers.

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Unitedhealth Group (UNH US)

UnitedHealth Group’s Bold Healthcare Transformation—Is This The Future of Affordable Medicine?

UnitedHealth Group's first quarter 2025 results reveal a number of positive developments alongside several challenges that have led to a downward...

Baptista Research

I'd Stay Far Away from UnitedHealth.

Much of UnitedHealth’s business is just freeriding the US healthcare system. To some extent it could even be called parasitic. 40% of its revenues...

Fallacy Alarm

UnitedHealth: The Expansion of Optum’s Integrated Healthcare Services Might Just Be The Single Most Important Catalyst For Them Today!

UnitedHealth Group's fourth quarter and full year 2024 results were characterized by resilience and strong operational execution despite...

Baptista Research

Waystar Holding: EQT, CPPIB and Bain Capital Cut Their Stakes After Record Year of Growth

Waystar Holding successfully priced its SPO at $40.00 per share. EQT, CPPIB and Bain Capital reduced their holdings in American healthtech company

Andrei Zakharov

UnitedHealth in Crisis? CEO’s Tragic Death and Bipartisan Bill Shake Healthcare Giant!

UnitedHealth Group reported a strong financial performance in the third quarter of 2024, with revenues reaching $101 billion, marking a more than...

Baptista Research

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