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

Veeva Systems Inc Class A / Equity Bottom-Up

<ul><li>Veeva Systems recently concluded a noteworthy second quarter for fiscal 2026, reporting total revenue of $789 million and non-GAAP operating income reaching $353 million, reflecting the company's strong performance and execution.</li><li>Both analyst queries and management responses highlighted several key developments impacting Veeva's strategic trajectory, providing insights into the opportunities and challenges facing the company.</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>

Veeva Systems recently concluded a noteworthy second quarter for fiscal 2026, reporting total revenue of $789 million and non-GAAP operating income reaching $353 million, reflecting the company's strong performance and execution.Both analyst queries and management responses highlighted several key developments impacting Veeva's strategic trajectory, providing insights into the opportunities and challenges facing the company.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.

Veeva Systems Inc.: Can the Vault Platform Break Free From Salesforce & Redefine Growth?

<ul><li>Veeva Systems recently released its fiscal 2026 first-quarter results, indicating a robust performance with outcomes surpassing the company's previous guidance despite the challenging macroeconomic environment.</li><li>The total revenue for the quarter was reported at $759 million, with a non-GAAP operating margin of 46%.</li><li>Veeva has reached a calendar year revenue run rate of $3 billion, demonstrating notable progress towards its long-term financial targets.</li></ul>

Veeva Systems recently released its fiscal 2026 first-quarter results, indicating a robust performance with outcomes surpassing the company's previous guidance despite the challenging macroeconomic environment.The total revenue for the quarter was reported at $759 million, with a non-GAAP operating margin of 46%.Veeva has reached a calendar year revenue run rate of $3 billion, demonstrating notable progress towards its long-term financial targets.

Veeva Systems Ignites a Digital Revolution with Crossix—Biopharma’s Secret Weapon!

<ul><li>Veeva Systems, a prominent player in the life sciences cloud software industry, recently reported its fiscal 2025 fourth-quarter and full-year results.</li><li>The company demonstrated strength across its business segments, finishing the year with total revenue reaching $2.75 billion and non-GAAP operating income of $1.15 billion for the year.</li><li>The fourth quarter alone contributed $721 million in revenue, outperforming their guidance.</li></ul>

Veeva Systems, a prominent player in the life sciences cloud software industry, recently reported its fiscal 2025 fourth-quarter and full-year results.The company demonstrated strength across its business segments, finishing the year with total revenue reaching $2.75 billion and non-GAAP operating income of $1.15 billion for the year.The fourth quarter alone contributed $721 million in revenue, outperforming their guidance.

Automation Meets Flexibility: How Veeva Systems Is Disrupting Pharma Tech With AI & CRM Integration!

<ul><li>Veeva Systems reported a robust performance for its fiscal 2025 third quarter that ended on October 31, 2024.</li><li>The company delivered revenue of $699 million, surpassing guidance, and achieved a non-GAAP operating income of $304 million.</li><li>This indicates strong operational execution and continued innovation, which have been key differentiators for the company.</li></ul>

Veeva Systems reported a robust performance for its fiscal 2025 third quarter that ended on October 31, 2024.The company delivered revenue of $699 million, surpassing guidance, and achieved a non-GAAP operating income of $304 million.This indicates strong operational execution and continued innovation, which have been key differentiators for the company.

Veeva Systems’ Vault CRM Revolution: How Smart Migrations Are Fueling Industry Domination! - Major Drivers

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

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

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<li>
<a href="https://www.smartkarma.com/entities/sagility-india" target="_blank" data-smartkarma-citation="entities:43717:1" rel="noopener">Sagility India (2058883D IN)</a> (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).</li>
<li>In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.</li>
</ul>



Sagility India (2058883D IN) (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).
In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.


Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

United States

Veeva Systems Inc. provides cloud-based business services. The Company offers enterprise applications, multichannel platform, customer relationship, and content management solutions. Veeva Systems serves customers in the United States.

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Veeva Systems Inc Class A (VEEV US)

Veeva Systems Inc.: Can the Vault Platform Break Free From Salesforce & Redefine Growth?

Veeva Systems recently concluded a noteworthy second quarter for fiscal 2026, reporting total revenue of $789 million and non-GAAP operating...

Baptista Research

Veeva Systems Ignites a Digital Revolution with Crossix—Biopharma’s Secret Weapon!

Veeva Systems recently released its fiscal 2026 first-quarter results, indicating a robust performance with outcomes surpassing the company's...

Baptista Research

Automation Meets Flexibility: How Veeva Systems Is Disrupting Pharma Tech With AI & CRM Integration!

Veeva Systems, a prominent player in the life sciences cloud software industry, recently reported its fiscal 2025 fourth-quarter and full-year...

Baptista Research

Veeva Systems’ Vault CRM Revolution: How Smart Migrations Are Fueling Industry Domination! - Major Drivers

Veeva Systems reported a robust performance for its fiscal 2025 third quarter that ended on October 31, 2024. The company delivered revenue of...

Baptista Research

Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Sagility B.V. plans to offload up to 15.02% stake in Sagility India via block deals worth INR26.7bn (US$314.7m). The secondary share sale is priced...

Akshat Shah

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