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>Western Union continues to navigate a challenging environment marked by shifting consumer behaviors and macroeconomic headwinds, particularly in its Americas retail segment.</li><li>In the second quarter of 2026, the company reported approximately $1 billion in GAAP revenue, representing a 1% adjusted year-over-year decline—a notable improvement from a 5% decline the previous year.</li><li>Consumer money transfer transactions grew by 3%, driven primarily by a 25% increase in branded digital business transactions, marking the eleventh consecutive quarter of digital transaction growth.</li></ul>

Western Union continues to navigate a challenging environment marked by shifting consumer behaviors and macroeconomic headwinds, particularly in its Americas retail segment.In the second quarter of 2026, the company reported approximately $1 billion in GAAP revenue, representing a 1% adjusted year-over-year decline—a notable improvement from a 5% decline the previous year.Consumer money transfer transactions grew by 3%, driven primarily by a 25% increase in branded digital business transactions, marking the eleventh consecutive quarter of digital transaction growth.

Western Union’s Next Big Test: Can $200 Million In Savings Outrun Margin Pressure?

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>Western Union faces a significant secular challenge as the global remittance industry rapidly shifts from cash-based, physical transactions to digital-first platforms. Its legacy agent network, once a key competitive advantage, now represents a high-cost structure relative to digital-native competitors.</li>
 <li>The company's financial performance reflects these pressures, with a consistent decline in revenue and net income over the past several years. While management's 'Evolve 2025' strategy aims to pivot towards digital growth, execution remains the primary uncertainty.</li>
 <li>Despite the structural headwinds, the company generates substantial cash flow, which it returns to shareholders via a high dividend yield and share buybacks. The stock's low valuation multiples suggest the market has priced in these challenges, positioning it as a high-yield, value-oriented investment with significant risks.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Western Union faces a significant secular challenge as the global remittance industry rapidly shifts from cash-based, physical transactions to digital-first platforms. Its legacy agent network, once a key competitive advantage, now represents a high-cost structure relative to digital-native competitors.
  The company's financial performance reflects these pressures, with a consistent decline in revenue and net income over the past several years. While management's 'Evolve 2025' strategy aims to pivot towards digital growth, execution remains the primary uncertainty.
  Despite the structural headwinds, the company generates substantial cash flow, which it returns to shareholders via a high dividend yield and share buybacks. The stock's low valuation multiples suggest the market has priced in these challenges, positioning it as a high-yield, value-oriented investment with significant risks.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Western Union Co (WU US) - Aug 2026

<ul><li>Western Union has suddenly found itself on both sides of the takeover conversation.</li><li>The money-transfer group is approaching the final stages of its planned $500 million acquisition of International Money Express, commonly known as Intermex, while traders are also circulating speculation that Western Union itself may have attracted acquisition interest.</li><li>The reported interest remains unconfirmed: the potential buyer has not been identified, no formal offer has been disclosed, and the chatter originated from a Betaville “uncooked” alert rather than an announced sale process.</li></ul>

Western Union has suddenly found itself on both sides of the takeover conversation.The money-transfer group is approaching the final stages of its planned $500 million acquisition of International Money Express, commonly known as Intermex, while traders are also circulating speculation that Western Union itself may have attracted acquisition interest.The reported interest remains unconfirmed: the potential buyer has not been identified, no formal offer has been disclosed, and the chatter originated from a Betaville “uncooked” alert rather than an announced sale process.

Western Union Is Expanding Fast; A Potential Acquirer May Be Watching!

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In February this year, <a href="https://www.smartkarma.com/entities/ofx-group-ltd" target="_blank" data-smartkarma-citation="entities:8376:1" rel="noopener">OFX (OFX AU)</a> announced a strategic review amid its 3Q26 trading update, to “explore a range of organic and inorganic opportunities” following “an increasing level of inbound interest”.</li>
<li>This morning the  international money transfer play announced it has entered into a transaction process deed with Equals Group, potentially leading to a A$1.00/share offer by way of a Scheme.</li>
<li>Equals Group has been granted four weeks of due diligence. OFX's board is unanimously supportive of terms, if firmed, which represent a 108% premium to undisturbed. </li>
</ul>


In February this year, OFX (OFX AU) announced a strategic review amid its 3Q26 trading update, to “explore a range of organic and inorganic opportunities” following “an increasing level of inbound interest”.
This morning the  international money transfer play announced it has entered into a transaction process deed with Equals Group, potentially leading to a A$1.00/share offer by way of a Scheme.
Equals Group has been granted four weeks of due diligence. OFX's board is unanimously supportive of terms, if firmed, which represent a 108% premium to undisturbed. 


OFX Group (OFX AU) Backs Equals Group's A$1/Share Indicative Offer

J Capital Research

Independent Insight Provider

J Capital Research, a U.S. company, publishes highly diligenced research reports on publicly traded companies, relying on deep, on-the-ground primary research. J Capital has particular expertise in the Chinese market, but we look at over-valued companies throughout the world. As an activist short- and long-research shop, when we form a clear view, we publish free, public reports to inform the investing public and never disguise our identity. We believe the internet has afforded an opportunity to small, unaffiliated investors to leapfrog the big banks, with their conflicts of interest, and obtain unbiased information on traded companies. We pride ourselves on our independence and the quality of our work. We hope the work speaks for itself.

<ul><li>Why would we not love a company whose stock yields 10% and that is buying back shares?</li><li>In a nutshell, because Western Union (WU) is uncompetitive in a digital economy dominated by major platforms such as PayPal.</li><li>WU is an old-economy company living in a new economy. We believe that building an edge risks diving back into the money laundering for which the company was fined $586 mln in 2017.</li></ul>

Why would we not love a company whose stock yields 10% and that is buying back shares?In a nutshell, because Western Union (WU) is uncompetitive in a digital economy dominated by major platforms such as PayPal.WU is an old-economy company living in a new economy. We believe that building an edge risks diving back into the money laundering for which the company was fined $586 mln in 2017.

United States

The Western Union Company offers global money transfer services. The Company offers consumer to consumer money transfer and bill paying services, and sells money orders.

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Western Union Co (WU US)

Western Union’s Next Big Test: Can $200 Million In Savings Outrun Margin Pressure?

Western Union continues to navigate a challenging environment marked by shifting consumer behaviors and macroeconomic headwinds, particularly in...

Baptista Research

Primer: Western Union Co (WU US) - Aug 2026

Western Union faces a significant secular challenge as the global remittance industry rapidly shifts from cash-based, physical transactions to...

αSK Primers

Western Union Is Expanding Fast; A Potential Acquirer May Be Watching!

Western Union has suddenly found itself on both sides of the takeover conversation. The money-transfer group is approaching the final stages of...

Baptista Research

Western Union (WU): Digital Last

Why would we not love a company whose stock yields 10% and that is buying back shares? In a nutshell, because Western Union (WU) is uncompetitive...

J Capital Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Western Union’s Next Big Test: Can $200 Million In Savings Outrun Margin Pressure?

Western Union continues to navigate a challenging environment marked by shifting consumer behaviors and macroeconomic headwinds, particularly in...

Baptista Research

Primer: Western Union Co (WU US) - Aug 2026

Western Union faces a significant secular challenge as the global remittance industry rapidly shifts from cash-based, physical transactions to...

αSK Primers

Western Union Is Expanding Fast; A Potential Acquirer May Be Watching!

Western Union has suddenly found itself on both sides of the takeover conversation. The money-transfer group is approaching the final stages of...

Baptista Research

OFX Group (OFX AU) Backs Equals Group's A$1/Share Indicative Offer

Terms areindicative; although wording in the announcement is upbeat. Chunky downside. Trading at a 20%/53% gross/annual spread, if late Dec...

David Blennerhassett

Western Union (WU): Digital Last

Why would we not love a company whose stock yields 10% and that is buying back shares? In a nutshell, because Western Union (WU) is uncompetitive...

J Capital Research