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 has reported its first quarter financial results for 2024, which reflect the resilience and adaptive capacity of the organization amidst significant challenges, most notably the Change Healthcare cyberattack.</li><li>In addressing the cyberattack, UnitedHealth Group has showcased robust crisis management capabilities, responding swiftly to ensure continuity in care provision and financial support for affected healthcare providers.</li><li>The financial impact of the cyberattack has been substantial, with approximately $870 million in total impact to the quarter and an anticipated full-year impact in the range of $1.15 to $1.35 per share.</li></ul>

UnitedHealth Group has reported its first quarter financial results for 2024, which reflect the resilience and adaptive capacity of the organization amidst significant challenges, most notably the Change Healthcare cyberattack.In addressing the cyberattack, UnitedHealth Group has showcased robust crisis management capabilities, responding swiftly to ensure continuity in care provision and financial support for affected healthcare providers.The financial impact of the cyberattack has been substantial, with approximately $870 million in total impact to the quarter and an anticipated full-year impact in the range of $1.15 to $1.35 per share.

UnitedHealth Group Incorporated: Initiation of Coverage - A Dive Into The Integrated Strategy Of This Healthcare Industry Leader! - Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Waystar Holding will be valued like other unprofitable healthcare IT unicorns on a multiple of forward revenue. I used EV/Revenue valuation methodology and FY23 EV/Revenue multiples to value the Waystar. </li>
<li>In 2019, CPPIB and EQT acquired a majority stake in Waystar, valuing the company at $2.7B, which implies an EV/FY23E revenue multiple of ~ 6x, including a debt of ~$2.3B. </li>
<li>My ~$3.6B IPO valuation contemplates a ~5x EV/Revenue on my FY23E revenue of $795M and is supported by my analysis of healthcare IT comps. </li>
</ul>


Waystar Holding will be valued like other unprofitable healthcare IT unicorns on a multiple of forward revenue. I used EV/Revenue valuation methodology and FY23 EV/Revenue multiples to value the Waystar. 
In 2019, CPPIB and EQT acquired a majority stake in Waystar, valuing the company at $2.7B, which implies an EV/FY23E revenue multiple of ~ 6x, including a debt of ~$2.3B. 
My ~$3.6B IPO valuation contemplates a ~5x EV/Revenue on my FY23E revenue of $795M and is supported by my analysis of healthcare IT comps. 


Waystar IPO Valuation Analysis: Lack of Bullish Catalysts and Weak Post-Listing Performance

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>The CMA provisionally found that the acquisition of <a href="https://www.smartkarma.com/entities/emis-group-plc" target="_blank" data-smartkarma-citation="entities:21918:1" rel="noopener">EMIS Group PLC (EMIS LN)</a> may not result in a substantial lessening of competition. Final decision to be published on 5 October.</li>
<li>The Court sanctioning could take place on 16 October. The scheme would become effective on 17 October. Assuming settlement by 31 October, spread is 0.99%/4.81% (gross/annualised).</li>
<li>Assuming a break of 1,292p, the market is pricing a 97% probability of deal completion (vs. 6% by 15 June).</li>
</ul>


The CMA provisionally found that the acquisition of EMIS Group PLC (EMIS LN) may not result in a substantial lessening of competition. Final decision to be published on 5 October.
The Court sanctioning could take place on 16 October. The scheme would become effective on 17 October. Assuming settlement by 31 October, spread is 0.99%/4.81% (gross/annualised).
Assuming a break of 1,292p, the market is pricing a 97% probability of deal completion (vs. 6% by 15 June).


UnitedHealth/​​EMIS: Provisional Clearance, Estimated Timeline

Research Firm with a Qualitative Overlay, Pearl Gray Equity and Research

Pearl Gray Equity and Research

Research Firm with a Qualitative Overlay

Quantitative fund & research firm with a qualitative overlay. 

Our coverage: General U.S. with a skew towards the primary sector. 

Methods: Smart Beta/Factor Pricing, Neural Networks, Street Gossip, and Common Sense.

<ul>
<li>UnitedHealth Group Incorporated is set to release its second-quarter results on Friday, the 14th.</li>
<li>However, its Q2 report is tough to call, we warn investors that volatility will likely surface within the coming days.</li>
<li>UnitedHealth is a surreal earnings beater, but it's a surreal beater.</li>
</ul>


UnitedHealth Group Incorporated is set to release its second-quarter results on Friday, the 14th.
However, its Q2 report is tough to call, we warn investors that volatility will likely surface within the coming days.
UnitedHealth is a surreal earnings beater, but it's a surreal beater.


UnitedHealth Q2 Earnings Preview: Volatility En Route

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>The negative factor pressuring the SET Index today will be the results of the FOMC meeting.</li><li>While the Fed maintained the fed funds rate at 5.25%, as anticipated, the dot plot shows that the expectation for the terminal rate was raised to 5.6% from 5.1% previously.</li><li>The third issue is the ECB meeting, with the consensus expecting the bank to raise interest rates further by +0.25% to 4.0% and signal continuing rate hikes in order to bring inflation back to the target of +2%.</li></ul>

The negative factor pressuring the SET Index today will be the results of the FOMC meeting.While the Fed maintained the fed funds rate at 5.25%, as anticipated, the dot plot shows that the expectation for the terminal rate was raised to 5.6% from 5.1% previously.The third issue is the ECB meeting, with the consensus expecting the bank to raise interest rates further by +0.25% to 4.0% and signal continuing rate hikes in order to bring inflation back to the target of +2%.

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 Incorporated: Initiation of Coverage - A Dive Into The Integrated Strategy Of This Healthcare Industry Leader! - Major Drivers

UnitedHealth Group has reported its first quarter financial results for 2024, which reflect the resilience and adaptive capacity of the...

Baptista Research

Waystar IPO Valuation Analysis: Lack of Bullish Catalysts and Weak Post-Listing Performance

In my insight, I will focus on the IPO valuation of Waystar Holding, a healthcare IT unicorn and provider of mission-critical cloud software to...

Andrei Zakharov

UnitedHealth/EMIS: Provisional Clearance, Estimated Timeline

The CMA provisionally found that the acquisition of EMIS Group PLC (EMIS LN) may not result in a substantial lessening of competition. Final...

Jesus Rodriguez Aguilar

UnitedHealth Q2 Earnings Preview: Volatility En Route

UnitedHealth Group Incorporated is set to release its second-quarter results on Friday, the 14th. However, its Q2 report is tough to call, we warn...

Pearl Gray Equity and Research

Today's Dominant Ideas

The negative factor pressuring the SET Index today will be the results of the FOMC meeting. While the Fed maintained the fed funds rate at 5.25%,...

Krungthai XSpring

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UnitedHealth Group Incorporated: Initiation of Coverage - A Dive Into The Integrated Strategy Of This Healthcare Industry Leader! - Major Drivers

UnitedHealth Group has reported its first quarter financial results for 2024, which reflect the resilience and adaptive capacity of the...

Baptista Research

Waystar IPO Valuation Analysis: Lack of Bullish Catalysts and Weak Post-Listing Performance

In my insight, I will focus on the IPO valuation of Waystar Holding, a healthcare IT unicorn and provider of mission-critical cloud software to...

Andrei Zakharov

UnitedHealth/​​EMIS: Provisional Clearance, Estimated Timeline

The CMA provisionally found that the acquisition of EMIS Group PLC (EMIS LN) may not result in a substantial lessening of competition. Final...

Jesus Rodriguez Aguilar

UnitedHealth Q2 Earnings Preview: Volatility En Route

UnitedHealth Group Incorporated is set to release its second-quarter results on Friday, the 14th. However, its Q2 report is tough to call, we warn...

Pearl Gray Equity and Research

Today's Dominant Ideas

The negative factor pressuring the SET Index today will be the results of the FOMC meeting. While the Fed maintained the fed funds rate at 5.25%,...

Krungthai XSpring

UnitedHealth/EMIS: Provisional Clearance, Estimated Timeline