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>FedEx Corporation delivered a robust finish to its fiscal year 2024, showcasing a mixture of challenges and triumphs that reflect the intricate dynamics of the current global logistics and transportation landscape.</li><li>In its fourth quarter, FedEx managed to inflect positive revenue growth amid an environment characterized by continuous demand volatilities and transitioning market conditions, all while advancing significant structural reforms aimed at improving efficiency and profitability.</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>

FedEx Corporation delivered a robust finish to its fiscal year 2024, showcasing a mixture of challenges and triumphs that reflect the intricate dynamics of the current global logistics and transportation landscape.In its fourth quarter, FedEx managed to inflect positive revenue growth amid an environment characterized by continuous demand volatilities and transitioning market conditions, all while advancing significant structural reforms aimed at improving efficiency and profitability.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.

FedEx Corporation: Can The Potential Sale of FedEx Freight Enable Some Kind Of Strategic Growth? - Major Drivers

<ul><li>According to the FedEx Corporation's third quarter earnings report for the Fiscal Year 2024, profits continued to increase for the third successive quarter.</li><li>This is attributed to the FedEx team's prompt customer service and progress with transformation initiatives.</li><li>Although revenues declined, operating income and profit margin showed growth—a dynamic the CEO attributed to FedEx's transformation and its management prowess in controlling what is within its purview.</li></ul>

According to the FedEx Corporation's third quarter earnings report for the Fiscal Year 2024, profits continued to increase for the third successive quarter.This is attributed to the FedEx team's prompt customer service and progress with transformation initiatives.Although revenues declined, operating income and profit margin showed growth—a dynamic the CEO attributed to FedEx's transformation and its management prowess in controlling what is within its purview.

FedEx Corporation: Will The Implementation Of The One FedEx Strategy Pay Off? - Major Drivers

<ul><li>FedEx Corporation delivered disappointing results as the company could not meet Wall Street's revenue and earnings expectations.</li><li>Despite a 3% decline in total revenue, the enterprise achieved a 17% improvement in adjusted operating income and a 110 basis points expansion in adjusted margin compared to the previous year.</li><li>The Ground segment exhibited outstanding performance with a 57% increase in adjusted operating income and a remarkable 370 basis points expansion in adjusted margin.</li></ul>

FedEx Corporation delivered disappointing results as the company could not meet Wall Street's revenue and earnings expectations.Despite a 3% decline in total revenue, the enterprise achieved a 17% improvement in adjusted operating income and a 110 basis points expansion in adjusted margin compared to the previous year.The Ground segment exhibited outstanding performance with a 57% increase in adjusted operating income and a remarkable 370 basis points expansion in adjusted margin.

FedEx Corporation: The Road to Recovery – How They're Overcoming Challenges! - Major Drivers

Global Mobility/Transport, Equity Long-Short

Mohshin Aziz

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fedex-corp" target="_blank" data-smartkarma-citation="entities:14577:1" rel="noopener">FedEx Corp (FDX US)</a> (FedEx) will release its 2QFY24 results on 19 Dec after market close. Closely watched as it is the bellwether for global trade and commerce  </li>
<li>Cost reduction initiatives has delivered, and resurgence in e-commerce activities across Asia Pacific could potentially provide positive earnings surprise    </li>
<li>Target price US$299 (7% UPSIDE) based on 15x CY2024 PE (FedEx's historical mean). Our recommendation is to give FedEx a miss, too little upside for the risk </li>
</ul>



FedEx Corp (FDX US) (FedEx) will release its 2QFY24 results on 19 Dec after market close. Closely watched as it is the bellwether for global trade and commerce  
Cost reduction initiatives has delivered, and resurgence in e-commerce activities across Asia Pacific could potentially provide positive earnings surprise    
Target price US$299 (7% UPSIDE) based on 15x CY2024 PE (FedEx's historical mean). Our recommendation is to give FedEx a miss, too little upside for the risk 


FedEx (FDX US, BUY, TP:$299): 2QFY24 Will Shed Light on E-Commerce Resurgence

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Cainiao Smart Logistics Network / Equity Bottom-Up

<ul>
<li>Alibaba logistics arm CaiNiao's revenue growth slowed in the June quarter</li>
<li>Our main takeaway is that Chinese X-border eComm continues to slow</li>
<li>We believe all of the large X-border eComm platforms may be affected</li>
</ul>


Alibaba logistics arm CaiNiao's revenue growth slowed in the June quarter
Our main takeaway is that Chinese X-border eComm continues to slow
We believe all of the large X-border eComm platforms may be affected


CaiNiao Q1FY Results: Most Interesting Read-Through Is Dramatic Slowdown in X-Border Activity

United States

FedEx Corp. delivers packages and freight to multiple countries and territories through an integrated global network.  The Company provides worldwide express delivery, ground small-parcel delivery, less-than-truckload freight delivery, supply chain management services, customs brokerage services, and trade facilitation and electronic commerce solutions.

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FedEx Corp (FDX US)

FedEx Corporation: Can The Potential Sale of FedEx Freight Enable Some Kind Of Strategic Growth? - Major Drivers

FedEx Corporation delivered a robust finish to its fiscal year 2024, showcasing a mixture of challenges and triumphs that reflect the intricate...

Baptista Research

FedEx Corporation: Will The Implementation Of The One FedEx Strategy Pay Off? - Major Drivers

According to the FedEx Corporation's third quarter earnings report for the Fiscal Year 2024, profits continued to increase for the third...

Baptista Research

FedEx Corporation: The Road to Recovery – How They're Overcoming Challenges! - Major Drivers

FedEx Corporation delivered disappointing results as the company could not meet Wall Street's revenue and earnings expectations. Despite a 3%...

Baptista Research

FedEx (FDX US, BUY, TP:$299): 2QFY24 Will Shed Light on E-Commerce Resurgence

FedEx's 2QFY24 results will be released on Dec 19. The company's cost reduction efforts have been successful, and a boost in e-commerce in Asia...

Mohshin Aziz

CaiNiao Q1FY Results: Most Interesting Read-Through Is Dramatic Slowdown in X-Border Activity

Given slower June quarter revenue growth at Alibaba's logistics arm CaiNiao and at the segment containing AliExpress, it's hard not to conclude...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

FedEx Corporation: Can The Potential Sale of FedEx Freight Enable Some Kind Of Strategic Growth? - Major Drivers

FedEx Corporation delivered a robust finish to its fiscal year 2024, showcasing a mixture of challenges and triumphs that reflect the intricate...

Baptista Research

FedEx Corporation: Will The Implementation Of The One FedEx Strategy Pay Off? - Major Drivers

According to the FedEx Corporation's third quarter earnings report for the Fiscal Year 2024, profits continued to increase for the third...

Baptista Research

FedEx Corporation: The Road to Recovery – How They're Overcoming Challenges! - Major Drivers

FedEx Corporation delivered disappointing results as the company could not meet Wall Street's revenue and earnings expectations. Despite a 3%...

Baptista Research

FedEx (FDX US, BUY, TP:$299): 2QFY24 Will Shed Light on E-Commerce Resurgence

​FedEx's 2QFY24 results will be released on Dec 19. The company's cost reduction efforts have been successful, and a boost in e-commerce in Asia...

Mohshin Aziz

CaiNiao Q1FY Results: Most Interesting Read-Through Is Dramatic Slowdown in X-Border Activity

Given slower June quarter revenue growth at Alibaba's logistics arm CaiNiao and at the segment containing AliExpress, it's hard not to conclude...

Tracking Traffic

FedEx's 2QFY24 results will be released on Dec 19. The company's cost reduction efforts have been successful, and a boost in e-commerce in Asia...