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>Viavi Solutions reported its fourth quarter and full year results for fiscal 2024, showcasing varied performance across its different segments.</li><li>For the fourth quarter, the company posted net revenue of $252 million, at the midpoint of its guidance range of $246 million to $258 million and reflected a 2.4% sequential increase but a 4.4% decline year-over-year.</li><li>The full-year revenue stood at $1 billion, marking a 9.6% decline year-over-year, influenced predominantly by subdued spending from service providers and Network Equipment Manufacturers (NEMs).</li></ul>

Viavi Solutions reported its fourth quarter and full year results for fiscal 2024, showcasing varied performance across its different segments.For the fourth quarter, the company posted net revenue of $252 million, at the midpoint of its guidance range of $246 million to $258 million and reflected a 2.4% sequential increase but a 4.4% decline year-over-year.The full-year revenue stood at $1 billion, marking a 9.6% decline year-over-year, influenced predominantly by subdued spending from service providers and Network Equipment Manufacturers (NEMs).

Viavi Solutions Inc.: Is Its Leadership in Anti-Counterfeiting & 3D Sensing Technologies Here To Stay? - Major Drivers

<ul><li>Viavi Solutions, a prominent network testing company, recently disclosed its financial results for the third quarter of Fiscal Year 2024, revealing mixed outcomes in a challenging market environment.</li><li>The company reported a total net revenue of $246 million, marking a modest year-over-year decline of 0.7% and a sequential drop of 3.3%.</li><li>This revenue, although slightly above the lower end of their forecasted range, underscores the cautious spending patterns observed across several of its customer segments, particularly within enterprise solutions.</li></ul>

Viavi Solutions, a prominent network testing company, recently disclosed its financial results for the third quarter of Fiscal Year 2024, revealing mixed outcomes in a challenging market environment.The company reported a total net revenue of $246 million, marking a modest year-over-year decline of 0.7% and a sequential drop of 3.3%.This revenue, although slightly above the lower end of their forecasted range, underscores the cautious spending patterns observed across several of its customer segments, particularly within enterprise solutions.

Viavi Solutions Inc.: A Dive Into The Market Dynamics and Competitive Strategies in Network Expansion! - Major Drivers

<ul><li>Viavi Solutions' second quarter of fiscal year 2024 displayed promising results amid ongoing market challenges.</li><li>Revenue reached $254.5 million, surpassing the company's guidance of between $240 million and $260 million.</li><li>The revenue figure saw an increase of 2.7% from the previous quarter, though it dipped by 10.5% on a year-over-year basis.</li></ul>

Viavi Solutions' second quarter of fiscal year 2024 displayed promising results amid ongoing market challenges.Revenue reached $254.5 million, surpassing the company's guidance of between $240 million and $260 million.The revenue figure saw an increase of 2.7% from the previous quarter, though it dipped by 10.5% on a year-over-year basis.

Viavi Solutions: How Long Will The Robust Growth in Aerospace and Defense Products Last? - Major Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Murakami to tender stake in <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>? Maybe the "double arb": i.e. short on swap, long on cash, will tender the cash, remain short the back end.</li>
<li>
<a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal Ltd (ASB AU)</a> rejected (for now) <a href="https://www.smartkarma.com/entities/hanwha-ocean-co-ltd" target="_blank" data-smartkarma-citation="entities:12531:1" rel="noopener">Hanwha Ocean (042660 KS)</a>'s bid based on regulatory concerns.  Hanwha reckons these should not be an issue.</li>
<li>If you can tolerate owning the mobile biz, buy <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a> on dips. If not, avoid Rakuten Group and Rakuten Bank short-term; buy Rakuten Bank on larger dips.</li>
</ul>


Murakami to tender stake in JSR Corp (4185 JP)? Maybe the "double arb": i.e. short on swap, long on cash, will tender the cash, remain short the back end.

Austal Ltd (ASB AU) rejected (for now) Hanwha Ocean (042660 KS)'s bid based on regulatory concerns.  Hanwha reckons these should not be an issue.
If you can tolerate owning the mobile biz, buy Rakuten (4755 JP) on dips. If not, avoid Rakuten Group and Rakuten Bank short-term; buy Rakuten Bank on larger dips.


Last Week in Event SPACE: JSR, Austal, Rakuten, Hyundai Home Shopping, Hanmi Science

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keysight-technologies-in" target="_blank" data-smartkarma-citation="entities:1679:1" rel="noopener">Keysight Technologies In (KEYS US)</a> and <a href="https://www.smartkarma.com/entities/spirent-communications-plc" target="_blank" data-smartkarma-citation="entities:22160:1" rel="noopener">Spirent Communications (SPT LN)</a> have agreed a recommended 201.5p/share cash acquisition via Scheme of Arrangement, an increase of 26.5p (15.1%) relative to <a href="https://www.smartkarma.com/entities/viavi-solutions-inc" target="_blank" data-smartkarma-citation="entities:15310:1" rel="noopener">Viavi Solutions (VIAV US)</a>'s Offer.</li>
<li>Spirent, with some scarcity value, should be able to improve its cyclicality as part of Keysight. A counteroffer from Viavi looks unlikely unless Silver Lake significantly increases its stake.</li>
<li>Gross spread is 1.99%. Using Keysight's forecast s about completion, at best, estimated annual return would be 3.51% while at worst, 1.88%. This suggests there may be better opportunities elsewhere.</li>
</ul>



Keysight Technologies In (KEYS US) and Spirent Communications (SPT LN) have agreed a recommended 201.5p/share cash acquisition via Scheme of Arrangement, an increase of 26.5p (15.1%) relative to Viavi Solutions (VIAV US)'s Offer.
Spirent, with some scarcity value, should be able to improve its cyclicality as part of Keysight. A counteroffer from Viavi looks unlikely unless Silver Lake significantly increases its stake.
Gross spread is 1.99%. Using Keysight's forecast s about completion, at best, estimated annual return would be 3.51% while at worst, 1.88%. This suggests there may be better opportunities elsewhere.


Keysight/Spirent: Recommended Competing Offer

United States

Viavi Solutions Inc. provides network and service enabling solutions and optical products. The Company offers installation, commissioning, scripting, custom analytics, integration, business intelligence consulting, operational assistance, field and lab testing, technical training, maintenance, and support services. Viavi Solutions serves customers worldwide.

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Viavi Solutions (VIAV US)

Viavi Solutions Inc.: Is Its Leadership in Anti-Counterfeiting & 3D Sensing Technologies Here To Stay? - Major Drivers

Viavi Solutions reported its fourth quarter and full year results for fiscal 2024, showcasing varied performance across its different...

Baptista Research

Viavi Solutions Inc.: A Dive Into The Market Dynamics and Competitive Strategies in Network Expansion! - Major Drivers

Viavi Solutions, a prominent network testing company, recently disclosed its financial results for the third quarter of Fiscal Year 2024,...

Baptista Research

Viavi Solutions: How Long Will The Robust Growth in Aerospace and Defense Products Last? - Major Drivers

Viavi Solutions' second quarter of fiscal year 2024 displayed promising results amid ongoing market challenges. Revenue reached $254.5 million,...

Baptista Research

Last Week in Event SPACE: JSR, Austal, Rakuten, Hyundai Home Shopping, Hanmi Science

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Keysight/Spirent: Recommended Competing Offer

Keysight to acquire Spirent for 201.5p/share. Viavi unlikely to counteroffer unless Silver Lake increases stake. Gross spread is 1.99%, estimated...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

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Viavi Solutions Inc.: Is Its Leadership in Anti-Counterfeiting & 3D Sensing Technologies Here To Stay? - Major Drivers

Viavi Solutions reported its fourth quarter and full year results for fiscal 2024, showcasing varied performance across its different...

Baptista Research

Viavi Solutions Inc.: A Dive Into The Market Dynamics and Competitive Strategies in Network Expansion! - Major Drivers

Viavi Solutions, a prominent network testing company, recently disclosed its financial results for the third quarter of Fiscal Year 2024,...

Baptista Research

Viavi Solutions: How Long Will The Robust Growth in Aerospace and Defense Products Last? - Major Drivers

Viavi Solutions' second quarter of fiscal year 2024 displayed promising results amid ongoing market challenges. Revenue reached $254.5 million,...

Baptista Research

Last Week in Event SPACE: JSR, Austal, Rakuten, Hyundai Home Shopping, Hanmi Science

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Keysight/Spirent: Recommended Competing Offer

​Keysight to acquire Spirent for 201.5p/share. Viavi unlikely to counteroffer unless Silver Lake increases stake. Gross spread is 1.99%, estimated...

Jesus Rodriguez Aguilar

Keysight to acquire Spirent for 201.5p/share. Viavi unlikely to counteroffer unless Silver Lake increases stake. Gross spread is 1.99%, estimated...