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

Philip Morris International / Equity Bottom-Up

<ul><li>Philip Morris International delivered a strong start to the year with double-digit growth in organic net revenue, operating income, and adjusted diluted EPS, both in constant currency and dollar terms.</li><li>The company’s smoke-free business was a key growth driver, contributing 44% of total gross profit, supported by shipment volume growth of 14.4% and organic net revenue growth of 20%.</li><li>Within this segment, ZYN shipment volumes grew by 53%, surpassing expectations due to strong demand and increased production capacity, while IQOS demonstrated near 10% HTU adjusted IMS growth despite facing regulatory challenges like the EU flavor ban.</li></ul>

Philip Morris International delivered a strong start to the year with double-digit growth in organic net revenue, operating income, and adjusted diluted EPS, both in constant currency and dollar terms.The company’s smoke-free business was a key growth driver, contributing 44% of total gross profit, supported by shipment volume growth of 14.4% and organic net revenue growth of 20%.Within this segment, ZYN shipment volumes grew by 53%, surpassing expectations due to strong demand and increased production capacity, while IQOS demonstrated near 10% HTU adjusted IMS growth despite facing regulatory challenges like the EU flavor ban.

Philip Morris International: How Important Is The Growth & Capacity Expansion Of ZYN And Its IQOS Innovation For The Future Of The Company?

<ul><li>Philip Morris International (PMI) delivered a notable performance in 2024, showcasing both strengths and challenges that investors should weigh.</li><li>The company's expansion in the smoke-free product sector, alongside resilient performance in combustible products, is a significant aspect of its strategy, supporting growth in both revenue and profitability.</li><li>Positives from the 2024 results show strong momentum in smoke-free products, particularly IQOS, with substantial progress in markets like Japan and parts of Europe despite regulatory challenges such as the EU characterizing flavor ban.</li></ul>

Philip Morris International (PMI) delivered a notable performance in 2024, showcasing both strengths and challenges that investors should weigh.The company's expansion in the smoke-free product sector, alongside resilient performance in combustible products, is a significant aspect of its strategy, supporting growth in both revenue and profitability.Positives from the 2024 results show strong momentum in smoke-free products, particularly IQOS, with substantial progress in markets like Japan and parts of Europe despite regulatory challenges such as the EU characterizing flavor ban.

Philip Morris: Is This Tobacco Giant’s Pricing Power Strong Enough to Defy Declining Demand?

<ul><li>Philip Morris International Inc., a leading tobacco company, reported its third-quarter results for the year 2024, demonstrating robust performance across its product segments.</li><li>The financial outcomes reflected significant gains in both traditional and smoke-free product categories, margin expansion, and growth in adjusted diluted earnings per share.</li><li>These results build on the momentum from an exceptional first half of the year and indicate a strong strategic execution.</li></ul>

Philip Morris International Inc., a leading tobacco company, reported its third-quarter results for the year 2024, demonstrating robust performance across its product segments.The financial outcomes reflected significant gains in both traditional and smoke-free product categories, margin expansion, and growth in adjusted diluted earnings per share.These results build on the momentum from an exceptional first half of the year and indicate a strong strategic execution.

Philip Morris International Inc.: These Are The 6 Biggest Factors Influencing Its Performance In 2025 & Beyond! - Major Drivers

<ul><li>Philip Morris International (PMI) continues to demonstrate strong performance, driven by its ongoing transformation towards a smoke-free future.</li><li>The company's recent earnings report highlights its impressive growth, particularly in its smoke-free product segments like IQOS and ZYN, which are gaining significant traction globally.</li><li>However, PMI faces challenges such as regulatory headwinds, particularly in Europe, and supply chain constraints that could impact its growth trajectory.</li></ul>

Philip Morris International (PMI) continues to demonstrate strong performance, driven by its ongoing transformation towards a smoke-free future.The company's recent earnings report highlights its impressive growth, particularly in its smoke-free product segments like IQOS and ZYN, which are gaining significant traction globally.However, PMI faces challenges such as regulatory headwinds, particularly in Europe, and supply chain constraints that could impact its growth trajectory.

Philip Morris International's Smoke-Free Product Growth: IQOS and ZYN Leading the Charge! - Major Drivers

<ul><li>Philip Morris International has presented its 2024 first-quarter results, revealing significant strides in revenue and operating income facilitated by robust volume growth and effective operational execution.</li><li>The company has demonstrated a marked improvement in its performance across various sectors, including both its traditional combustible products and newer, smoke-free alternatives.</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>

Philip Morris International has presented its 2024 first-quarter results, revealing significant strides in revenue and operating income facilitated by robust volume growth and effective operational execution.The company has demonstrated a marked improvement in its performance across various sectors, including both its traditional combustible products and newer, smoke-free alternatives.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.

Philip Morris International Inc.: Is The Focus on Smoke-Free Product Portfolio Paying Off? - Major Drivers

United States

Philip Morris International Inc., through its subsidiaries, affiliates and their licensees, produces, sells, distributes, and markets a wide range of branded cigarettes and tobacco products in markets outside of the United States of America.  The Company's portfolio comprises both international and local brands.

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Philip Morris International (PM US)

Philip Morris International: How Important Is The Growth & Capacity Expansion Of ZYN And Its IQOS Innovation For The Future Of The Company?

Philip Morris International delivered a strong start to the year with double-digit growth in organic net revenue, operating income, and adjusted...

Baptista Research

Philip Morris: Is This Tobacco Giant’s Pricing Power Strong Enough to Defy Declining Demand?

Philip Morris International (PMI) delivered a notable performance in 2024, showcasing both strengths and challenges that investors should...

Baptista Research

Philip Morris International Inc.: These Are The 6 Biggest Factors Influencing Its Performance In 2025 & Beyond! - Major Drivers

Philip Morris International Inc., a leading tobacco company, reported its third-quarter results for the year 2024, demonstrating robust...

Baptista Research

Philip Morris International's Smoke-Free Product Growth: IQOS and ZYN Leading the Charge! - Major Drivers

Philip Morris International (PMI) continues to demonstrate strong performance, driven by its ongoing transformation towards a smoke-free...

Baptista Research

Philip Morris International Inc.: Is The Focus on Smoke-Free Product Portfolio Paying Off? - Major Drivers

Philip Morris International has presented its 2024 first-quarter results, revealing significant strides in revenue and operating income...

Baptista Research

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