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.

Credit

<ul><li>Jacobs Engineering Group is a major provider of engineering and technical services across the globe.</li><li>With CMS, Jacobs continues to generate a solid recurring revenue base with an expanding new business pipeline.</li><li>Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.</li></ul>

Jacobs Engineering Group is a major provider of engineering and technical services across the globe.With CMS, Jacobs continues to generate a solid recurring revenue base with an expanding new business pipeline.Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

Jacobs Engineering Group Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Equity Bottom-Up

<ul><li>This is our first report on a engineering and technical services behemoth, Jacobs Engineering Group.</li><li>With CMS, Jacobs continues to generate a solid recurring revenue base with an expanding new business pipeline.</li><li>We initiate coverage on the stock of Jacobs Engineering Group with a 'Buy' rating.</li></ul>

This is our first report on a engineering and technical services behemoth, Jacobs Engineering Group.With CMS, Jacobs continues to generate a solid recurring revenue base with an expanding new business pipeline.We initiate coverage on the stock of Jacobs Engineering Group with a 'Buy' rating.

Jacobs Engineering Group Inc.: Initiation of Coverage – Financial Forecasts

Equity Capital Markets

Jacobs Solutions  / Equity Capital Markets

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.

Hyundai Engineering   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-engineering-co-ltd" target="_blank" data-smartkarma-citation="entities:33008:1" rel="noopener">Hyundai Engineering Co Ltd (HEC KS)</a> has launched its IPO to raise US$0.8-1.0 billion at the price range of KRW57,900-75,700 per share.</li>
<li>In <a href="https://www.smartkarma.com/insights/hyundai-engineering-ipo-initiation-building-on-good-foundations" target="_blank" data-smartkarma-citation="insights:63360" rel="noopener">Hyundai Engineering IPO Initiation: Building on Good Foundations</a>, we stated that HEC has attractive fundamentals with a strong backlog, healthy book-to-bill, improving 3Q21 revenue growth and improving margins. </li>
<li>In this note, we look at the syndicate's valuation methodology and present our valuation methodology. Our valuation analysis suggests that the IPO price range is unattractive. </li>
</ul>



Hyundai Engineering Co Ltd (HEC KS) has launched its IPO to raise US$0.8-1.0 billion at the price range of KRW57,900-75,700 per share.
In Hyundai Engineering IPO Initiation: Building on Good Foundations, we stated that HEC has attractive fundamentals with a strong backlog, healthy book-to-bill, improving 3Q21 revenue growth and improving margins. 
In this note, we look at the syndicate's valuation methodology and present our valuation methodology. Our valuation analysis suggests that the IPO price range is unattractive. 


Hyundai Engineering IPO: Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-engineering-co-ltd" target="_blank" data-smartkarma-citation="entities:33008:1" rel="noopener">Hyundai Engineering Co Ltd (HEC KS)</a>/HEC is a leading global EPC (Engineering, Procurement and Construction) contractor. It is seeking to raise up to $1 billion.  </li>
<li>HEC is offering 16.0 million shares with a primary/secondary split of 25/75 at an indicative price range of KRW57,900-66,800 per share.</li>
<li>HEG has attractive fundamentals with a strong backlog, healthy book-to-bill, improving 3Q21 revenue growth and improving margins. </li>
</ul>



Hyundai Engineering Co Ltd (HEC KS)/HEC is a leading global EPC (Engineering, Procurement and Construction) contractor. It is seeking to raise up to $1 billion.  
HEC is offering 16.0 million shares with a primary/secondary split of 25/75 at an indicative price range of KRW57,900-66,800 per share.
HEG has attractive fundamentals with a strong backlog, healthy book-to-bill, improving 3Q21 revenue growth and improving margins. 


Hyundai Engineering IPO Initiation: Building on Good Foundations

United States

TransUnion operates as a credit reporting agency. The Company offers consumer reports, risk scores, analytical services, and decisioning capabilities to businesses. TransUnion provides risk and information solutions to businesses and consumers.

Equifax Inc. brings buyers and sellers together through its information management, transaction processing, direct marketing, and customer relationship management businesses. The company serves the financial services, retail, credit card, telecommunications/utilities, transportation, information technology and healthcare industries and government.

Exponent, Inc. is a science and engineering consulting firm that provides solutions and information to complex problems. The Company performs scientific research and analysis, or evaluations, to solve complicated issues facing a range of industries and governments.

FTI Consulting, Inc. provides corporate finance and restructuring, economic, forensic and litigation, strategic communications, and technology consulting services.  The Company offers restructuring, bankruptcy and performance improvement; antitrust, business valuation and intellectual property; forensic accounting; corporate communications; and computer forensics services.

TriNet Group, Inc. provides human resource and consultancy services. The Company offers payroll, tax administration, risk protection, performance management, compensation consulting, and employee benefit plans. TriNet Group serves technology, advertising, banking, and government sectors in the United States.

Robert Half International, Inc. provides temporary and permanent staffing services.  The Company supplies temporary, full-time and project accounting and finance professionals; temporary administrative support personnel; information technology professionals; temporary, project and full-time lawyers, paralegals and support personnel; and advertising, marketing, and web design professionals.

Ceridian HCM Holding Inc. operates as a holding company. The Company, through its subsidiaries, develops human capital management software. Ceridian HCM Holding provides recruiting, staff monitoring, payroll processing, employee engagement, and human capital management technology services. Ceridian HCM Holding serves customers worldwide.

CBIZ, Inc. provides professional business services to companies throughout the United States.  The Company provides accounting and tax, employee benefits, wealth management, property and casualty insurance, payroll, and HR consulting services.  CBIZ also provides internal audit, litigation advisory, healthcare consulting, medical practice management, and other services.

Dun & Bradstreet Holdings, Inc. provides data and analytics solutions. The Company delivers workflows to inform commercial credit decisions and other related services. Dun & Bradstreet Holdings serves customers worldwide.

Manpowergroup Inc. provides non-governmental employment services through offices located around the world. The Company's principal operations include temporary staffing services, contract services, and training and testing of temporary and permanent workers. Manpower provides employment services to a wide variety of customers.

Randstad Holding nv provides temporary employees.  The Company places workers for temporary assignments in educational, secretarial and banking, information technology, engineering, and finance positions.  The Company operates primarily in the Benelux countries, Germany, Canada, Denmark, France, Italy, Portugal, Spain, the United Kingdom, Switzerland, and the United States.

Bureau Veritas SA provides a range of consulting services, including global inspection  and audit, tests and certification applied to quality, hygiene and health.

Intertek Group plc offers product inspection services.  The Company tests textiles, toys, petroleum products, chemicals, electronic products, building materials, and agricultural products.  Intertek inspects and certifies products for safety to governments, exporters and importers, and certifies that import duties are declared and paid.

SGS SA provides industrial inspection, analysis, testing, and verification services. The Company inspects, samples, analyzes, and monitors raw materials, petroleum, food, crops, chemicals, consumer goods, and production machinery for compliance with industrial standards and local regulatory requirements, including tax and duty. SGS serves business worldwide.

Stantec Inc. is an engineering, architecture, and related professional services enterprise.  The Company provides a broad range of consulting, project delivery, design build, and technology capabilities to private and public sector clients, across North America and internationally.

Seek Limited operates an Internet website.  The Company offers online employment advertisements and online training in Australia and New Zealand, and offers online employment advertisements in the United Kingdom targeted at Australian and New Zealand job seekers.

DKSH Holding AG offers international market expansion services with a focus in Asia. The Company provides an integrated portfolio of services, including sourcing, marketing, sales, distribution and after-sales services related to the Consumer Goods, Healthcare, Performance Materials and Technology markets.

Adecco SA is a personnel and temporary employment company.  The Company supplies personnel and temporary help, and offers permanent placement services for professionals and specialists in a range of occupations.  Adecco conducts its placement services internationally.

Adecco Group AG is a personnel and temporary employment company. The Company supplies personnel and temporary help, and offers permanent placement services for professionals and specialists in a range of occupations. Adecco Group conducts its placement services internationally.

Persol Holdings Co., Ltd. provides human resource solutions to a wide variety of customers worldwide. The Company's main operations include temporary staffing services, contract services, and employment services. Temp Holdings also provides outsourcing services and employment support services for job seekers.

Jacobs Solutions Inc. provides technical professional services. The Company offers engineering and construction services, as well as scientific and specialty consulting for a broad range of clients including companies, organizations, and government agencies. Jacobs Solutions serves customers worldwide.

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Jacobs Solutions (J US)

Jacobs Engineering Group Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Jacobs Engineering Group is a major provider of engineering and technical services across the globe. With CMS, Jacobs continues to generate a...

Baptista Research

Jacobs Engineering Group Inc.: Initiation of Coverage – Financial Forecasts

This is our first report on a engineering and technical services behemoth, Jacobs Engineering Group. With CMS, Jacobs continues to generate a...

Baptista Research

Jacobs Engineering Group Inc.: Initiation of Coverage – Financial Forecasts

This is our first report on a engineering and technical services behemoth, Jacobs Engineering Group. With CMS, Jacobs continues to generate a...

Baptista Research

Hyundai Engineering IPO: Valuation Insights

HEC has launched its IPO to raise US$0.8-1.0 bn. Our valuation analysis suggests that HEC is fairly valued at the low end of the IPO price range....

Arun George

Hyundai Engineering IPO Initiation: Building on Good Foundations

HEC is seeking to raise up to $1 billion. HEG has attractive fundamentals with a strong backlog, healthy book-to-bill, improving 3Q21 revenue...

Arun George

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