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>This is our first report on Varonis Systems, a company specializing in data security and analytics.</li><li>The company is navigating a pivotal shift in its business model, transitioning from traditional software offerings to a Software as a Service (SaaS) model.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

This is our first report on Varonis Systems, a company specializing in data security and analytics.The company is navigating a pivotal shift in its business model, transitioning from traditional software offerings to a Software as a Service (SaaS) model.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Varonis Systems: Initiation of Coverage - Can It Come Out A Winner From The SaaS Transition? - Major Drivers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tesserent-ltd" target="_blank" data-smartkarma-citation="entities:30716:1" rel="noopener">Tesserent Ltd (TNT AU)</a> has entered into a scheme implementation deed with <a href="https://www.smartkarma.com/entities/thales-sa" target="_blank" data-smartkarma-citation="entities:21483:1" rel="noopener">Thales SA (HO FP)</a> at A$0.13 per share, a juicy 165.3% premium to the undisturbed price (9 June).</li>
<li>The offer is subject to several conditions such as shareholder, FIRB and OIO approval. FIRB approval is likely due to Australia and France being part of the Nine Eyes alliance.</li>
<li>Despite the substantial premium, shareholders' acceptance of the offer could be a risk due to their higher buy-in prices. At the last close, the gross spread is 8.3%.</li>
</ul>



Tesserent Ltd (TNT AU) has entered into a scheme implementation deed with Thales SA (HO FP) at A$0.13 per share, a juicy 165.3% premium to the undisturbed price (9 June).
The offer is subject to several conditions such as shareholder, FIRB and OIO approval. FIRB approval is likely due to Australia and France being part of the Nine Eyes alliance.
Despite the substantial premium, shareholders' acceptance of the offer could be a risk due to their higher buy-in prices. At the last close, the gross spread is 8.3%.


Tesserent (TNT AU): Thales’s A$0.13 Offer

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

We continue to see signs of improving risk appetites alongside healthy market dynamics. As a result, our outlook remains constructive. A breakout to new highs in the Russell 2000 (IWM) and Russell Micro-Caps (IWC), above $234.50 and $159, would likely cause us to shift to an outright bullish stance. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary, Technology, and Health Care.

We continue to see signs of improving risk appetites alongside healthy market dynamics. As a result, our outlook remains constructive. A breakout to new highs in the Russell 2000 (IWM) and Russell Micro-Caps (IWC), above $234.50 and $159, would likely cause us to shift to an outright bullish stance. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary, Technology, and Health Care.

U.S. Yields Testing Support Ahead Of FOMC Meeting

APAC IPOs & Placements

Zhen Zhou, Toh

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/nuix-limited" target="_blank" data-smartkarma-citation="entities:31040:1" rel="noopener">Nuix (NXL AU)</a> will raise about US$698m (A$953m) in its Australia IPO and shares are due to trade tomorrow on a conditional and deferred settlement basis. Nuix is a leading provider of investigative analytics and intelligence software. The company runs a software platform called Nuix platform which consists of a data processing engine called Nuix Engine and other software applications.We will look at deal dynamics and provide a table for implied EV/Revenue at different share price levels.We have earlier covered the deal in:<ul><li>
<a href="https://www.smartkarma.com/insights/nuix-limited-ipo-a-stable-and-predictable-niche" target="_blank" data-smartkarma-citation="insights:45748" rel="noopener">Nuix Limited IPO -  A Stable and Predictable Niche</a> </li></ul>

Nuix (NXL AU) will raise about US$698m (A$953m) in its Australia IPO and shares are due to trade tomorrow on a conditional and deferred settlement basis. Nuix is a leading provider of investigative analytics and intelligence software. The company runs a software platform called Nuix platform which consists of a data processing engine called Nuix Engine and other software applications.We will look at deal dynamics and provide a table for implied EV/Revenue at different share price levels.We have earlier covered the deal in:
Nuix Limited IPO -  A Stable and Predictable Niche 

Nuix Limited IPO Trading - Aiming for a Modest Debut

United States

Varonis Systems, Inc. designs and develops data security software solutions. The Company offers data management systems to organize, manage, and protect unstructured and semi-structured data such as documents, spreadsheets, presentations, media files, and other business data. Varonis Systems operates worldwide.

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Varonis Systems (VRNS US)

Varonis Systems: Initiation of Coverage - Can It Come Out A Winner From The SaaS Transition? - Major Drivers

This is our first report on Varonis Systems, a company specializing in data security and analytics. The company is navigating a pivotal shift in...

Baptista Research

Tesserent (TNT AU): Thales’s A$0.13 Offer

Despite the substantial premium, shareholders' acceptance of the offer could be a risk due to their higher buy-in prices. At the last close, the...

Arun George

U.S. Yields Testing Support Ahead Of FOMC Meeting

We continue to see signs of improving risk appetites alongside healthy market dynamics. As a result, our outlook remains constructive.

Vermilion Research

Nuix Limited IPO Trading - Aiming for a Modest Debut

Nuix (NXL AU) will raise about US$698m (A$953m) in its Australia IPO and shares are due to trade tomorrow on a conditional and deferred settlement...

Zhen Zhou, Toh

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