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

Deere & Company manufactures and distributes a range of agricultural, construction and forestry, and commercial and consumer equipment.  The Company supplies replacement parts for its own products and for those of other manufacturers. Deere also provides product and parts financing services. Deere and Company extends its services and products worldwide.

<ul><li>Deere & Company reported its third-quarter earnings, revealing a mixed financial performance amid varied market conditions across its segments.</li><li>Despite a tough macroeconomic environment, the company maintained a disciplined approach, particularly in managing inventory and costs, which was evident from an equipment operations margin of 18.5%.</li><li>However, the reduced demand in both agricultural and construction sectors, coupled with price competition, led to a decline in net sales and revenues by 20% and 17% respectively, totaling $11.387 billion and $13.152 billion.</li></ul>

Deere & Company reported its third-quarter earnings, revealing a mixed financial performance amid varied market conditions across its segments.Despite a tough macroeconomic environment, the company maintained a disciplined approach, particularly in managing inventory and costs, which was evident from an equipment operations margin of 18.5%.However, the reduced demand in both agricultural and construction sectors, coupled with price competition, led to a decline in net sales and revenues by 20% and 17% respectively, totaling $11.387 billion and $13.152 billion.

Deere & Company: These Are The 4 Biggest Challenges In Its Path! - Major Drivers

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

INOX India (INOX) is a manufacturer of cryogenic equipment.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/inox-india-limited" target="_blank" data-smartkarma-citation="entities:40138:1" rel="noopener">INOX India Limited (INOX IN)</a> or IIL is into design, engineering and manufacturing of cryogenic tanks and equipment. These are used in industrial gases, LNG, green hydrogen, metallurgy industries, etc</li>
<li>The company came up with its IPO in December 2023 and has posted a decent growth in the last few years.</li>
<li>One should however remain cautious about WC trend, receivables provisioning, RPT with promoters, etc.</li>
</ul>



INOX India Limited (INOX IN) or IIL is into design, engineering and manufacturing of cryogenic tanks and equipment. These are used in industrial gases, LNG, green hydrogen, metallurgy industries, etc
The company came up with its IPO in December 2023 and has posted a decent growth in the last few years.
One should however remain cautious about WC trend, receivables provisioning, RPT with promoters, etc.


Intuitive Machines, Inc. provides space services and technologies. The Company offers lunar surface access, lunar orbit delivery, space system, and communications at lunar distance. Intuitive Machines serves customers worldwide.

<ul><li>Intuitive Machines has recently become one of the hottest stocks on Reddit, driven by its impressive earnings report and ambitious plans in the space industry.</li><li>The company, known for its pioneering work in space commercialization, has seen a surge in interest as it continues to make significant strides in lunar exploration and data transmission services.</li><li>With a strong balance sheet, no debt, and a growing backlog of contracts, Intuitive Machines presents a compelling investment case.</li></ul>

Intuitive Machines has recently become one of the hottest stocks on Reddit, driven by its impressive earnings report and ambitious plans in the space industry.The company, known for its pioneering work in space commercialization, has seen a surge in interest as it continues to make significant strides in lunar exploration and data transmission services.With a strong balance sheet, no debt, and a growing backlog of contracts, Intuitive Machines presents a compelling investment case.

Intuitive Machines (LUNR) Is Buzzing On Reddit Again After Recent Earnings! What Lies Ahead For The Company? - Major Drivers

Old Dominion Freight Line / Equity Bottom-Up

Old Dominion Freight Line, Inc. is an inter-regional and multi-regional motor carrier.  The Company primarily transports less-than-truckload shipments of general commodities, such as consumer goods, textiles, and capital goods.  Old Dominion serves regional markets throughout the United States.

<ul><li>Old Dominion Freight Line reported resilient financial performance in the second quarter of 2024, marked by consistent revenue growth and operational enhancements despite a stagnant domestic economy.</li><li>The quarter's results exemplify the company's ability to navigate economic headwinds while focusing on long-term strategic goals, which have been anchored by a steadfast commitment to superior service quality and prudent management practices.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Old Dominion Freight Line reported resilient financial performance in the second quarter of 2024, marked by consistent revenue growth and operational enhancements despite a stagnant domestic economy.The quarter's results exemplify the company's ability to navigate economic headwinds while focusing on long-term strategic goals, which have been anchored by a steadfast commitment to superior service quality and prudent management practices.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Old Dominion Freight Line Inc.: A Story Of Expanding Capacity and Network Optimization! - Major Drivers

Forward Air Corporation provides transportation services to air freight forwarders, air cargo carriers, and domestic and international airlines.  The Company also operates a truckload business that is an irregular route, high service-level carrier that transports a wide range of commodities in both interstate and intrastate commerce.

<ul><li>Forward Air, a prominent player in the freight forwarding industry, finds itself at a critical juncture, facing increasing pressure from activist investors to explore strategic alternatives, including a potential sale.</li><li>The company has been navigating turbulent waters following its controversial $3.2 billion acquisition of Omni Logistics, which has drawn criticism from shareholders and led to significant financial strain.</li><li>With key investors like Ancora Holdings, which owns a 4% stake, pushing for a strategic review, Forward Air’s future seems uncertain.</li></ul>

Forward Air, a prominent player in the freight forwarding industry, finds itself at a critical juncture, facing increasing pressure from activist investors to explore strategic alternatives, including a potential sale.The company has been navigating turbulent waters following its controversial $3.2 billion acquisition of Omni Logistics, which has drawn criticism from shareholders and led to significant financial strain.With key investors like Ancora Holdings, which owns a 4% stake, pushing for a strategic review, Forward Air’s future seems uncertain.

Forward Air Corporation Under Activist Investor Pressure To Explore A Sale! Can It Get Acquired & At What Price?