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>Wix.com reported steady revenue growth of 15% year-over-year in the second quarter of 2026, driven primarily by strong performance from its newer business unit BASE44 and continued expansion of its core Wix platform.</li>
<li>Bookings grew 12%, slightly trailing revenue, which reflects the company’s focus on near-term revenue recognition alongside ongoing investments.</li>
<li>The self-creators segment saw revenue growth accelerate to 14%, supported by improving conversion rates from free to paid users and stable retention.</li>
</ul>


Wix.com reported steady revenue growth of 15% year-over-year in the second quarter of 2026, driven primarily by strong performance from its newer business unit BASE44 and continued expansion of its core Wix platform.
Bookings grew 12%, slightly trailing revenue, which reflects the company’s focus on near-term revenue recognition alongside ongoing investments.
The self-creators segment saw revenue growth accelerate to 14%, supported by improving conversion rates from free to paid users and stable retention.


Wix’s BASE44 Margin Breakthrough — Can Base1 Turn AI Economics Upside Down?

<ul>
<li>The third quarter of 2025 results for Wix.com, Ltd. reflect a period of substantial growth and promising advancements, albeit with some associated challenges.</li>
<li>The company has successfully capitalized on the AI technology wave, particularly through its new initiative, BASE44, an AI-driven platform for app creation.</li>
<li>This has allowed non-technical users to create applications using natural language, effectively democratizing access to software development.</li>
</ul>


The third quarter of 2025 results for Wix.com, Ltd. reflect a period of substantial growth and promising advancements, albeit with some associated challenges.
The company has successfully capitalized on the AI technology wave, particularly through its new initiative, BASE44, an AI-driven platform for app creation.
This has allowed non-technical users to create applications using natural language, effectively democratizing access to software development.


<ul>
<li>Wix.com Ltd. recently reported its third quarter results for 2025, providing insights into both its traditional website building platform and its new AI-driven offerings, particularly through BASE44.</li>
<li>The earnings call highlighted several key performance indicators, strategic shifts, and future challenges for the company.</li>
<li>On the traditional side, Wix continues to maintain healthy growth.</li>
</ul>


Wix.com Ltd. recently reported its third quarter results for 2025, providing insights into both its traditional website building platform and its new AI-driven offerings, particularly through BASE44.
The earnings call highlighted several key performance indicators, strategic shifts, and future challenges for the company.
On the traditional side, Wix continues to maintain healthy growth.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>Maki-San likely holds around 28% of <a href="https://www.smartkarma.com/entities/base-inc" target="_blank" data-smartkarma-citation="entities:28353:1" rel="noopener">BASE Inc (4477 JP)</a>, targets over 30% via tender and no longer backs SBI. With shares 17% above terms, SBI cannot succeed at JPY340.</li>
<li>SBI likely needs JPY420–440 to beat a potential Maki tender. A token bump won’t work, so a small fill or walk-away may make more economic sense.</li>
<li>At the last close (JPY399), the risk/reward is unattractive. Based on a scenario analysis of the estimated prorated value, the upside is about 6% against a 12–20% downside.</li>
</ul>


Maki-San likely holds around 28% of BASE Inc (4477 JP), targets over 30% via tender and no longer backs SBI. With shares 17% above terms, SBI cannot succeed at JPY340.
SBI likely needs JPY420–440 to beat a potential Maki tender. A token bump won’t work, so a small fill or walk-away may make more economic sense.
At the last close (JPY399), the risk/reward is unattractive. Based on a scenario analysis of the estimated prorated value, the upside is about 6% against a 12–20% downside.


BASE (4477 JP): Maki-San Forces SBI’s Hand, but the Upside Is Largely Priced In

<ul>
<li>
<a href="https://www.smartkarma.com/entities/base-inc" target="_blank" data-smartkarma-citation="entities:28353:1" rel="noopener">BASE Inc (4477 JP)</a> disclosed a "<em>difference of views</em>" with Maki-san, who says management ignored the cost of his trading restrictions; he would resume buying from 2 October, targeting over 30%.</li>
<li>With Maki buying at JPY370+, shares trading above terms and the 25% listing floor limiting supply, SBI faces a shortfall at JPY340, and a bump looks inevitable.</li>
<li>SBI likely needs about JPY420 to beat a potential Maki tender, but negotiating with Maki or accepting a small fill (SBI has no minimum) may make more sense.</li>
</ul>



BASE Inc (4477 JP) disclosed a "difference of views" with Maki-san, who says management ignored the cost of his trading restrictions; he would resume buying from 2 October, targeting over 30%.
With Maki buying at JPY370+, shares trading above terms and the 25% listing floor limiting supply, SBI faces a shortfall at JPY340, and a bump looks inevitable.
SBI likely needs about JPY420 to beat a potential Maki tender, but negotiating with Maki or accepting a small fill (SBI has no minimum) may make more sense.


BASE (4477 JP): Maki's Return Leaves SBI to Bump Big or Bargain

Israel

Wix.com Ltd. operates and develops a web platform. The Company's platform offers solutions that enable businesses, organizations, professionals and individuals to develop customized websites and application platforms.

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Wix.Com Ltd (WIX US)

Wix’s BASE44 Margin Breakthrough — Can Base1 Turn AI Economics Upside Down?

Bookings grew 12%, slightly trailing revenue, which reflects the company’s focus on near-term revenue recognition alongside ongoing investments.

Baptista Research

Wix: Cohort Retention

The third quarter of 2025 results for Wix.com, Ltd. reflect a period of substantial growth and promising advancements, albeit with some associated...

Baptista Research

Wix: Retention

Wix.com Ltd. recently reported its third quarter results for 2025, providing insights into both its traditional website building platform and its...

Baptista Research

BASE (4477 JP): Maki-San Forces SBI’s Hand, but the Upside Is Largely Priced In

Maki-san aims for 30%+ via a tender and no longer backs SBI, so SBI's offer can't succeed. SBI either bumps to JPY420–440 or settles for a small...

Arun George

BASE (4477 JP): Maki's Return Leaves SBI to Bump Big or Bargain

Maki-san is buying BASE again, targeting over 30%. SBI's JPY340 offer will fall short; it likely needs JPY420, but at that price, a deal with Maki...

Arun George

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