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>Verint Systems Inc. presented its Q1 2026 earnings results, showcasing a strong beginning to the fiscal year.</li><li>The company reported accelerated annual recurring revenue (ARR) growth of 6%, with total revenue of $208 million and non-GAAP diluted earnings per share (EPS) of $0.29, both surpassing guidance expectations.</li><li>This positive performance was primarily attributed to the company's expanding AI momentum, led by its AI-powered bots and CX automation platform.</li></ul>

Verint Systems Inc. presented its Q1 2026 earnings results, showcasing a strong beginning to the fiscal year.The company reported accelerated annual recurring revenue (ARR) growth of 6%, with total revenue of $208 million and non-GAAP diluted earnings per share (EPS) of $0.29, both surpassing guidance expectations.This positive performance was primarily attributed to the company's expanding AI momentum, led by its AI-powered bots and CX automation platform.

Verint Systems: Why Thoma Bravo May Be Eyeing This Flat-Growth AI Play!

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

Palantir Technologies  / Equity Capital Markets

<p>Palantir is ready to complete its Direct Public Listing on September 23rd. </p>
<p>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.</p>
<p>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.</p>
<ul>
<li>First, we believe the <strong>company's accelerating sales growth</strong> 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 <strong>great time</strong> 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. 


Equity Analyst, LightStream Research

Supun Walpola

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<p><a href="https://www.smartkarma.com/entities/medallia-inc" target="_blank" data-smartkarma-citation="entities:28160:1" rel="noopener">Medallia Inc (MDLA US)</a>  is a US-based enterprise SaaS provider that is set to go public on Friday (19th July 2019). Medallia has set an IPO price range of $16.00-$18.00 per share and at the mid-point of the IPO range, Medallia is valued at a market cap of $2.1bn and an EV of $1.8bn. Medallia plans to raise around $240m (at the mid-point of the IPO price range) floating 11% of the ownership. </p><p>Medallia is yet another attractive opportunity for investors to get exposure into the enterprise SaaS market, that too in the rapidly growing experience management segment. Medallia’s innovative AI-driven platform and better monetisation potential allows the company to stay above competition, and to attract a sizable portion of market growth. This coupled with Medallia’s clear path to profitability in the next 3-5 years, a debt-free balance sheet, and an attractive valuation should make investors feel confident about the company.</p><div class="content-highlight"><p><strong>Our target FY1 EV/Revenue multiple of 8.0x for Medallia gives a share price of $28.40 – a 67% upside from the mid-point of the IPO price range.</strong></p></div>

Medallia Inc (MDLA US)  is a US-based enterprise SaaS provider that is set to go public on Friday (19th July 2019). Medallia has set an IPO price range of $16.00-$18.00 per share and at the mid-point of the IPO range, Medallia is valued at a market cap of $2.1bn and an EV of $1.8bn. Medallia plans to raise around $240m (at the mid-point of the IPO price range) floating 11% of the ownership. Medallia is yet another attractive opportunity for investors to get exposure into the enterprise SaaS market, that too in the rapidly growing experience management segment. Medallia’s innovative AI-driven platform and better monetisation potential allows the company to stay above competition, and to attract a sizable portion of market growth. This coupled with Medallia’s clear path to profitability in the next 3-5 years, a debt-free balance sheet, and an attractive valuation should make investors feel confident about the company.Our target FY1 EV/Revenue multiple of 8.0x for Medallia gives a share price of $28.40 – a 67% upside from the mid-point of the IPO price range.

Medallia IPO: An Attractive SaaS Opportunity

United States

Verint Systems Inc. provides analytic solutions for communications, interception, digital video security and surveillance, and enterprise business intelligence.  The Company's software generates actionable intelligence through the collection, retention, and analysis of voice, fax, video, email, Internet, and data transmission from various types of communications networks.

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Verint Systems (VRNT US)

Verint Systems: Why Thoma Bravo May Be Eyeing This Flat-Growth AI Play!

Verint Systems Inc. presented its Q1 2026 earnings results, showcasing a strong beginning to the fiscal year. The company reported accelerated...

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

Medallia IPO: An Attractive SaaS Opportunity

Medallia Inc (MDLA US) is a US-based enterprise SaaS provider that is set to go public on Friday (19th July 2019). Medallia has set an IPO price...

Supun Walpola

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