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

Verizon Communications / Equity Bottom-Up

<ul><li>Verizon Communications had a below par performance in the quarter as the inflationary pressure has been impacting consumer behavior resulting in the company failing to match earnings expectations and just about beating revenue expectations of Wall Street.</li><li>The company updated its financial guidance by lowering its expectations of other revenue and service.</li><li>The company launched its plan Welcome Unlimited for consumers wireless which will meet the requirements of budget-conscious consumers without offering device subsidies.</li></ul>

Verizon Communications had a below par performance in the quarter as the inflationary pressure has been impacting consumer behavior resulting in the company failing to match earnings expectations and just about beating revenue expectations of Wall Street.The company updated its financial guidance by lowering its expectations of other revenue and service.The company launched its plan Welcome Unlimited for consumers wireless which will meet the requirements of budget-conscious consumers without offering device subsidies.

Verizon Communications Inc: Navigating Through A Challenging Business Environment

Equity Capital Markets

Verizon Communications / Equity Capital Markets

<ul><li>Verizon gave a decent performance in the last quarter with a 3.9% growth of the service revenue and also a growth in earnings.</li><li>Its performance was supported by a robust net addition in broadband and wireless, both translating to the growth of the bottom line.</li><li>Verizon continued to add wireless subscribers and has taken a broadband share in its ILEC footprint with Fios.</li></ul>

Verizon gave a decent performance in the last quarter with a 3.9% growth of the service revenue and also a growth in earnings.Its performance was supported by a robust net addition in broadband and wireless, both translating to the growth of the bottom line.Verizon continued to add wireless subscribers and has taken a broadband share in its ILEC footprint with Fios.

Verizon Communications Inc.: Business Strategy

Credit

<ul><li>Verizon is a typical debt-heavy telecom company that has also kept a high dividend paying policy.</li><li>It operates in a typical oligopolistic setup and faces competition from the other two telecom majors, AT&T and T-Mobile.</li><li>Based on our credit analysis, the company merits a Credit Evaluation Score of BBβ with a stable outlook and as per our Financial Strength Indicator, its performance is 3.35/ 5.</li></ul>

Verizon is a typical debt-heavy telecom company that has also kept a high dividend paying policy.It operates in a typical oligopolistic setup and faces competition from the other two telecom majors, AT&T and T-Mobile.Based on our credit analysis, the company merits a Credit Evaluation Score of BBβ with a stable outlook and as per our Financial Strength Indicator, its performance is 3.35/ 5.

Verizon Communications: Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>Verizon has continued with its clear and disciplined strategy based on its multipurpose network that creates economies of scale and new business models.</li><li>Verizon covers over 20 million households with fixed wireless access solutions by the end of 2021, and T-band will cover millions more.</li><li>Since the launch of Verizon 2.0, the fourth quarter has seen the highest quarterly phone gross add performance for small and medium businesses and enterprises.</li></ul>

Verizon has continued with its clear and disciplined strategy based on its multipurpose network that creates economies of scale and new business models.Verizon covers over 20 million households with fixed wireless access solutions by the end of 2021, and T-band will cover millions more.Since the launch of Verizon 2.0, the fourth quarter has seen the highest quarterly phone gross add performance for small and medium businesses and enterprises.

Verizon Communications Inc. - Investment Thesis

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<ul>
<li>Comcast and Charter have seen their share prices cut 30% since the fall when we thought broadband risks were overstated.</li>
<li>We don't think now is the time to buy cable though due to rising competitive intensity from telco.</li>
<li>Prefer Charter over Comcast due to their faster growing wireless business and pure play business model vs. Comcast's increased streaming content spend.</li>
</ul>


Comcast and Charter have seen their share prices cut 30% since the fall when we thought broadband risks were overstated.
We don't think now is the time to buy cable though due to rising competitive intensity from telco.
Prefer Charter over Comcast due to their faster growing wireless business and pure play business model vs. Comcast's increased streaming content spend.


Comcast and Charter: Does Wireless Upside Offset Broadband Concerns?

United States

Verizon Communications Inc. is an integrated telecommunications company that provides wire line voice and data services, wireless services, Internet services, and published directory information. The Company also provides network services for the federal government including business phone lines, data services, telecommunications equipment and payphones.

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Verizon Communications (VZ US)

Verizon Communications Inc: Navigating Through A Challenging Business Environment

Verizon Communications had a below par performance in the quarter as the inflationary pressure has been impacting consumer behavior resulting in...

Baptista Research

Verizon Communications Inc.: Business Strategy

Verizon gave a decent performance in the last quarter with a 3.9% growth of the service revenue and also a growth in earnings. Its performance was...

Baptista Research

Verizon Communications: Detailed Credit Analysis & Financial Strength Evaluation Report

Verizon is a typical debt-heavy telecom company that has also kept a high dividend paying policy. It operates in a typical oligopolistic setup and...

Baptista Research

Verizon Communications Inc. - Investment Thesis

Verizon has continued with its clear and disciplined strategy based on its multipurpose network that creates economies of scale and new business...

Baptista Research

Comcast and Charter: Does Wireless Upside Offset Broadband Concerns?

While we have historically been attracted to the fiber moats of the US cable operators and the stocks are down 30% from ATH valuations...we remain...

Aaron Gabin

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