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>Aptar, a global leader in drug delivery systems and consumer product dispensing, has reported robust first quarter financial results for 2024.</li><li>The company disclosed a 5% core sales growth and a remarkable more than 30% increase in adjusted earnings per share (EPS) as compared to the previous year.</li><li>Notably, the Pharma segment exhibited strong performance driven by sustained demand for its proprietary drug delivery systems, marking high single-digit core sales growth.</li></ul>

Aptar, a global leader in drug delivery systems and consumer product dispensing, has reported robust first quarter financial results for 2024.The company disclosed a 5% core sales growth and a remarkable more than 30% increase in adjusted earnings per share (EPS) as compared to the previous year.Notably, the Pharma segment exhibited strong performance driven by sustained demand for its proprietary drug delivery systems, marking high single-digit core sales growth.

AptarGroup Inc.: A Tale Of Recovery and Growth in North American Markets! - Major Growth Drivers

<ul><li>Aptar Group, Inc. delivered solid core sales growth of 2% in Q4 2023, reaching an adjusted EPS of $1.21 per share, which marked a progression from past results.</li><li>The increase was attributed to a record year for the company’s proprietary drug delivery systems and its fragrance dispensing technologies.</li><li>Aptar achieved an increased adjusted EBITDA margin of more than 21%, marking a 3-point elevation from the prior year, backed by robust growth in the pharmaceutical end markets.</li></ul>

Aptar Group, Inc. delivered solid core sales growth of 2% in Q4 2023, reaching an adjusted EPS of $1.21 per share, which marked a progression from past results.The increase was attributed to a record year for the company’s proprietary drug delivery systems and its fragrance dispensing technologies.Aptar achieved an increased adjusted EBITDA margin of more than 21%, marking a 3-point elevation from the prior year, backed by robust growth in the pharmaceutical end markets.

AptarGroup Inc.: Initiation Of Coverage - Will The Expansion & Refining Of Manufacturing Operations Catalyze Growth? - Major Drivers

<ul><li>This is our first report on Aptar Group Inc., a leading global supplier of consumer dispensing, active packaging and drug delivery solutions.</li><li>In the earnings call, the company reported core sales growth of 2% and double-digit EPS growth of $1.39 per share.</li><li>These successes are largely attributed to high market demand for Aptar's proprietary pharma dosing and dispensing systems as well as their fragrance dispensing technologies.</li></ul>

This is our first report on Aptar Group Inc., a leading global supplier of consumer dispensing, active packaging and drug delivery solutions.In the earnings call, the company reported core sales growth of 2% and double-digit EPS growth of $1.39 per share.These successes are largely attributed to high market demand for Aptar's proprietary pharma dosing and dispensing systems as well as their fragrance dispensing technologies.

AptarGroup Inc: Initiation of Coverage - Cost-Cutting Mastery: How AptarGroup's Strategic Moves Are Poised to Increased Profits! - Major Drivers

Investment Advisor, Upslope Capital Management

Upslope Capital Management

Investment Advisor

Investment advisor for Upslope Partners Fund, LP, a global long/short equity hedge fund.

<ul><li>At the end of Q1, the overwhelming consensus – even among typically cautious types – was that investors needed to own stocks through at least the November election.</li><li>After all, markets are strong in election years and financial conditions should continue to improve and/or remain easier than they should be.</li><li>While dented by the recent correction, this narrative doesn’t really seem to have changed much.</li></ul>

At the end of Q1, the overwhelming consensus – even among typically cautious types – was that investors needed to own stocks through at least the November election.After all, markets are strong in election years and financial conditions should continue to improve and/or remain easier than they should be.While dented by the recent correction, this narrative doesn’t really seem to have changed much.

Upslope's Quarterly Investor Letter: Q1 2024

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pact-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:692:1" rel="noopener">Pact Group Holdings (PGH AU)</a> has disclosed an unconditional takeover proposal from Raphael Geminder at A$0.68 per share, a 0.7% premium to the undisturbed price (12 September).</li>
<li>Mr. Geminder's justification for a little-to-no premium offer is based on the premise that minorities are clambering for a liquidity event to exit a no-hope situation. </li>
<li>The offer price is unattractive on any reasonable metric. A successful privatisation would require a bump. The shares closed 6.6% higher than the offer. </li>
</ul>



Pact Group Holdings (PGH AU) has disclosed an unconditional takeover proposal from Raphael Geminder at A$0.68 per share, a 0.7% premium to the undisturbed price (12 September).
Mr. Geminder's justification for a little-to-no premium offer is based on the premise that minorities are clambering for a liquidity event to exit a no-hope situation. 
The offer price is unattractive on any reasonable metric. A successful privatisation would require a bump. The shares closed 6.6% higher than the offer. 


Pact Group (PGH AU): Raphael Geminder’s Opportunistic Proposal

United States

Crown Holdings, Inc. designs, manufactures, and sells packaging products for consumer goods through plants located in countries around the world.  The Company's primary products include steel and aluminum cans for food, beverage, household, and other consumer products.  Crown also provides a variety of metal caps, closures, and dispensing systems.

WestRock Company provides consumer and corrugated packaging solutions. The Company offers merchandising displays, paperboard, recycling, and waste solutions. WestRock conducts business in the United States.

Graphic Packaging Holding Company is an integrated provider of paperboard and integrated paperboard packaging solutions to multinational beverage and consumer products companies.  The Company manufactures folding cartons for frozen and non-frozen food and beverage products.

Graphic Packaging Holding Company (GPK US)

Berry Global Group Inc. manufactures plastic products and containers. The Company produces agricultural film, moisture control products for buildings, closures, disposable cutlery, drop cloths, flexible packaging, overcaps, tapes, tubes, bottles, drink cups, lids, and trash bags. Berry Plastics markets its products worldwide.

Sealed Air Corporation manufactures packaging and performance-based materials and equipment systems that serve food, industrial, medical, and consumer applications.

Greif Inc. manufactures and markets industrial packaging products and services. The Company provides steel, plastic, fiber, corrugated and multiwall containers. Greif also produces containerboard and has operations nationwide.

International Paper Company produces and distributes paperboard-based industrial and consumer packaging, uncoated printing & writing papers and market pulp. It maintains a global network of manufacturing operations in North America, Europe, Latin America, Russia and Asia.

Silgan Holdings Inc. and its subsidiaries manufacture consumer goods packaging products.  The Company currently produces steel and aluminum containers for human and pet food, custom designed plastic containers for various markets, plastic closures and caps, thermoformed  plastic tubs, and specialty packaging items.  Silgan markets its products in North America.

Sonoco Products Company manufactures industrial and consumer packaging solutions for customers around the world.  The Company's products include flexible packaging, high density film products, and folding cartons.  Sonoco Products also has an integrated network of global technology centers focused on materials science, packaging engineering, and process improvement.

Packaging Corporation of America manufactures containerboard and corrugated packaging products for use in protecting goods during shipment.  The Company also produces multi-color boxes and displays, as well as meat boxes and wax-coated boxes for the agricultural industry.

Packaging Corporation of America (PKG US)

DS Smith Plc is an International paper company focused on packaging and office products. The Group collects waste paper, manufactures paper, converts corrugated packaging and produces bag-in-box, plastic corrugated and heavy duty corrugated packaging, as well as wholesales office supplies.

CCL Industries Inc. supplies manufacturing services and specialty packaging products for the non-durable consumer products market.  The Company provides formulation and manufacturing services, labels, aluminum and plastic specialty tubes, containers, and closures to marketers of cosmetic, personal care, pharmaceutical, household, and specialty food products.

Amcor Limited is an international integrated packaging company offering packaging and related services.  Amcor primarily produces a wide range of packaging products which include corrugated boxes, cartons, aluminum and steel cans, flexible plastic packaging, PET plastic bottles and jars, and multi-wall sacks.

Vidrala SA manufactures glass bottles and markets them throughout Europe.  The Company produces bottles for beverages, vegetable oils, and preserves.

Huhtamaki Oyj manufactures consumer packaging products.  The Company produces disposable food service and tableware products, such as cups, plates, and trays, as well as containers for fresh meats, fruits, dairy products, frozen foods, coffee, and detergents.  Huhtamaki makes the containers of paper, molded fibers, and plastics.  The Company manufactures in many countries and sells worldwide.

Klabin S.A. produces, exports, and recycles paper. The Company's products include packaging paper and board, corrugated boxes, industrial sacks and timber in logs for saw mills and veneer plants.

SCG Packaging Public Company Limited provides packaging services and solutions. The Company offers fiber-based packaging, performance and polymer packaging, and food service products, as well as designing and printing services. SCG Packaging serves customers worldwide.

Toyo Seikan Group Holdings Ltd primarily manufactures, markets, and sells metal, plastic, and glass packaging products and containers.  The Company specializes in food cans, 18-liter cans, and other beverage cans.  Toyo Seikan also produces steel products such as steel sheets.

Orora Limited provides packaging products and services. The Company offers fiber, glass, and beverage can packaging materials in Australia and Asia and packaging distribution services in North America and Australia.

AptarGroup, Inc. designs, manufactures, and markets pumps, dispensing closures, and aerosol valves.  The Company's products are used for fragrance/cosmetics, personal care, pharmaceutical, household/industrial, and food products. AptarGroup operates worldwide.

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Aptargroup Inc (ATR US)

AptarGroup Inc.: A Tale Of Recovery and Growth in North American Markets! - Major Growth Drivers

Aptar, a global leader in drug delivery systems and consumer product dispensing, has reported robust first quarter financial results for 2024. The...

Baptista Research

AptarGroup Inc.: Initiation Of Coverage - Will The Expansion & Refining Of Manufacturing Operations Catalyze Growth? - Major Drivers

Aptar Group, Inc. delivered solid core sales growth of 2% in Q4 2023, reaching an adjusted EPS of $1.21 per share, which marked a progression from...

Baptista Research

AptarGroup Inc: Initiation of Coverage - Cost-Cutting Mastery: How AptarGroup's Strategic Moves Are Poised to Increased Profits! - Major Drivers

This is our first report on Aptar Group Inc., a leading global supplier of consumer dispensing, active packaging and drug delivery solutions. In...

Baptista Research

Upslope's Quarterly Investor Letter: Q1 2024

At the end of Q1, the overwhelming consensus – even among typically cautious types – was that investors needed to own stocks through at least the...

Upslope Capital Management

Pact Group (PGH AU): Raphael Geminder’s Opportunistic Proposal

The offer price is unattractive on any reasonable metric. A successful privatisation would require a bump. The shares closed 6.6% higher than the...

Arun George

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