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

Zoom Video Communications Inc / Equity Bottom-Up

<ul><li>Zoom Video Communications' fourth quarter and full fiscal year 2026 performance demonstrates a complex mix of growth and challenges, reflecting both strategic success and areas for attention.</li><li>The company reported Q4 revenue growth of 5.3% year-over-year and a full fiscal year growth of 4.4%, showing a modest acceleration compared to FY '25.</li><li>A significant factor driving growth is Zoom's push towards AI innovations, notably with the AI Companion 3.0, which aims to transform the platform into an AI-powered system for modern work.</li></ul>

Zoom Video Communications' fourth quarter and full fiscal year 2026 performance demonstrates a complex mix of growth and challenges, reflecting both strategic success and areas for attention.The company reported Q4 revenue growth of 5.3% year-over-year and a full fiscal year growth of 4.4%, showing a modest acceleration compared to FY '25.A significant factor driving growth is Zoom's push towards AI innovations, notably with the AI Companion 3.0, which aims to transform the platform into an AI-powered system for modern work.

Can Zoom Video Communications Push Growth Beyond 5% As Enterprise Carries The Platform?

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.

<p>As one  analyst put it on the call, Zoom “just delivered one of, if not, the greatest all-time quarter in enterprise software history.”</p><p>It was pretty amazing. The question is...how much are we paying for a high churn, potentially transitory customer base?</p><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div>

As one  analyst put it on the call, Zoom “just delivered one of, if not, the greatest all-time quarter in enterprise software history.”It was pretty amazing. The question is...how much are we paying for a high churn, potentially transitory customer base?Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

<ul><li>Zoom's third-quarter financial performance for the fiscal year 2026 showcased several notable achievements and challenges.</li><li>On the positive side, Zoom saw an increase in total revenue, growing by 4.4% year over year to $1.23 billion, surpassing its guidance expectations.</li><li>The company continues to benefit from its Enterprise segment, which grew 6.1%, representing 60% of its total revenue, up one percentage point from the previous year.</li></ul>

Zoom's third-quarter financial performance for the fiscal year 2026 showcased several notable achievements and challenges.On the positive side, Zoom saw an increase in total revenue, growing by 4.4% year over year to $1.23 billion, surpassing its guidance expectations.The company continues to benefit from its Enterprise segment, which grew 6.1%, representing 60% of its total revenue, up one percentage point from the previous year.

Zoom Video Communications Is Building Vertical AI Solutions—Could This Be the Game-Changer for Contact Centers & Beyond?

<ul><li>Zoom Video Communications Inc. reported its second quarter fiscal year 2026 earnings, demonstrating a blend of strengths and areas of caution for investors.</li><li>The company achieved a relatively robust revenue growth of 4.7% year-over-year, totaling $1.217 billion, exceeding the upper range of their projections by $17 million.</li><li>A significant contributor to this performance was the 7% growth in the enterprise segment, which now comprises 60% of total revenue.</li></ul>

Zoom Video Communications Inc. reported its second quarter fiscal year 2026 earnings, demonstrating a blend of strengths and areas of caution for investors.The company achieved a relatively robust revenue growth of 4.7% year-over-year, totaling $1.217 billion, exceeding the upper range of their projections by $17 million.A significant contributor to this performance was the 7% growth in the enterprise segment, which now comprises 60% of total revenue.

Zoom Communication’s Strategic Masterstroke: How Workvivo

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Cross Asset Strategy

<ul><li>We’ve received loads of feedback from our clients regarding our Trump versus Biden basket.</li><li>As a result, we will provide a detailed breakdown of both baskets and explain the rationale behind each.</li><li>We are updating the baskets regularly based on the political proposals of the two candidates.</li></ul>

We’ve received loads of feedback from our clients regarding our Trump versus Biden basket.As a result, we will provide a detailed breakdown of both baskets and explain the rationale behind each.We are updating the baskets regularly based on the political proposals of the two candidates.

Equity Watch: The Trump versus Biden Basket

United States

Zoom Video Communications, Inc. develops a people-centric cloud service that transforms real-time collaboration experience. The Company offers unified meeting experience, a cloud service that provides a 3-in-1 meeting platform with HD video conferencing, mobility, and web meetings. Zoom Video Communications serves customers worldwide.

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Zoom Video Communications Inc (ZM US)

Can Zoom Video Communications Push Growth Beyond 5% As Enterprise Carries The Platform?

Zoom Video Communications' fourth quarter and full fiscal year 2026 performance demonstrates a complex mix of growth and challenges, reflecting...

Baptista Research

Zoom 1Q21: Can You Top This?

As one analyst put it on the call, Zoom “just delivered one of, if not, the greatest all-time quarter in enterprise software history.”It was...

Aaron Gabin

Zoom Video Communications Is Building Vertical AI Solutions—Could This Be the Game-Changer for Contact Centers & Beyond?

Zoom's third-quarter financial performance for the fiscal year 2026 showcased several notable achievements and challenges. On the positive side,...

Baptista Research

Zoom Communication’s Strategic Masterstroke: How Workvivo

Zoom Video Communications Inc. reported its second quarter fiscal year 2026 earnings, demonstrating a blend of strengths and areas of caution for...

Baptista Research

Equity Watch: The Trump versus Biden Basket

We’ve received loads of feedback from our clients regarding our Trump versus Biden basket. As a result, we will provide a detailed breakdown of...

Steno Research

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