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

Archer Daniels Midland Co / Equity Bottom-Up

<ul><li>Archer-Daniels-Midland Company (ADM) ended the fourth quarter and full year 2024 with adjusted earnings per share of $1.14 and $4.74, respectively.</li><li>Despite challenges, the company's approach to operational efficiency has yielded some benefits across its network, reflected in fourth-quarter operating profit of $1.1 billion and $4.2 billion for the full year.</li><li>ADM achieved solid performance in particular segments, with increased crush volumes globally and operational efficiencies in North American soy processing.</li></ul>

Archer-Daniels-Midland Company (ADM) ended the fourth quarter and full year 2024 with adjusted earnings per share of $1.14 and $4.74, respectively.Despite challenges, the company's approach to operational efficiency has yielded some benefits across its network, reflected in fourth-quarter operating profit of $1.1 billion and $4.2 billion for the full year.ADM achieved solid performance in particular segments, with increased crush volumes globally and operational efficiencies in North American soy processing.

Archer-Daniels-Midland: Strategic Simplification & Portfolio Optimization Fueling Our ‘Outperform’ Rating!

<ul><li>The latest earnings update from Archer-Daniels-Midland Company (ADM) presents both opportunities and challenges within its operational segments amidst a fluctuating market environment.</li><li>For the second quarter of 2024, ADM reported adjusted earnings per share (EPS) of $1.03, reflecting a robust adjusted segment operating profit of $1 billion.</li><li>Though this indicates a 37% decline compared to the same period last year, the company succeeded in maintaining a solid cash flow from operations before working capital at $1.7 billion.</li></ul>

The latest earnings update from Archer-Daniels-Midland Company (ADM) presents both opportunities and challenges within its operational segments amidst a fluctuating market environment.For the second quarter of 2024, ADM reported adjusted earnings per share (EPS) of $1.03, reflecting a robust adjusted segment operating profit of $1 billion.Though this indicates a 37% decline compared to the same period last year, the company succeeded in maintaining a solid cash flow from operations before working capital at $1.7 billion.

Archer Daniels Midland’s Ethanol Surge: How Record Exports Are Driving Profits! - Major Drivers

<ul><li>In the second quarter of 2024, Archer Daniels Midland Company (ADM) reported mixed results amidst a challenging market environment.</li><li>The company announced adjusted earnings per share of $1.03 and an adjusted segment operating profit of $1 billion, reflecting the dynamics and pressures within the global commodities market.</li><li>While ADM achieved a robust cash flow from operations before working capital at $1.7 billion, the results also underscore some underlying pressures across its diverse portfolio.</li></ul>

In the second quarter of 2024, Archer Daniels Midland Company (ADM) reported mixed results amidst a challenging market environment.The company announced adjusted earnings per share of $1.03 and an adjusted segment operating profit of $1 billion, reflecting the dynamics and pressures within the global commodities market.While ADM achieved a robust cash flow from operations before working capital at $1.7 billion, the results also underscore some underlying pressures across its diverse portfolio.

Archer-Daniels-Midland Company: Unfolding Competitive Landscape & Financial Prospects! - Major Drivers

Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>ADM’s Q2 results underperformed analyst expectations with both EPS and revenue missing analyst estimates.</li>
<li>Operating profit declined for Ag Services &amp; Oilseeds (ASO) and Nutrition, while Carbohydrate Solutions saw an uptick, driven by margin and volume expansion in Starches and Sweeteners.</li>
<li>ADM expects weak Q3 for AS&amp;O and Carbohydrate Solutions, with improvements expected in H2 2024. Nutrition is expected to perform strongly due to cost efficiency and volume expansion.</li>
</ul>


ADM’s Q2 results underperformed analyst expectations with both EPS and revenue missing analyst estimates.
Operating profit declined for Ag Services &amp; Oilseeds (ASO) and Nutrition, while Carbohydrate Solutions saw an uptick, driven by margin and volume expansion in Starches and Sweeteners.
ADM expects weak Q3 for AS&amp;O and Carbohydrate Solutions, with improvements expected in H2 2024. Nutrition is expected to perform strongly due to cost efficiency and volume expansion.


[Q2 Earnings Review] ADM Falls Short of Expectations on Weak Results in AS&O & Nutrition Businesses

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/olam-group" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam Group (OLG SP)</a> has despatched the EGM circular to get shareholder approval for the next step in the restructuring exercise to unlock value - Olam Agri IPO.</li>
<li>The Olam Agri IPO through a dual primary listing (SGX ST and Saudi Arabia) involves a primary (IPO shares are 20% of enlarged shares) and secondary (25% vendor sale) offering. </li>
<li>The EGM marks a key step in the strategy to unlock value. Our SoTP valuation is S$2.13 per share, which is a 28% upside to the last close price.</li>
</ul>



Olam Group (OLG SP) has despatched the EGM circular to get shareholder approval for the next step in the restructuring exercise to unlock value - Olam Agri IPO.
The Olam Agri IPO through a dual primary listing (SGX ST and Saudi Arabia) involves a primary (IPO shares are 20% of enlarged shares) and secondary (25% vendor sale) offering. 
The EGM marks a key step in the strategy to unlock value. Our SoTP valuation is S$2.13 per share, which is a 28% upside to the last close price.


Olam Group (OLG SP): EGM on 29 March Another Step to Realize Value

United States

Archer-Daniels-Midland Company procures, transports, stores, processes, and merchandises agricultural commodities and products. The Company processes oilseeds, corn, milo, oats, barley, peanuts, and wheat. Archer-Daniels-Midland also processes produce products which have primarily two end uses including food or feed ingredients.

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Archer Daniels Midland Co (ADM US)

Archer-Daniels-Midland: Strategic Simplification & Portfolio Optimization Fueling Our ‘Outperform’ Rating!

Archer-Daniels-Midland Company (ADM) ended the fourth quarter and full year 2024 with adjusted earnings per share of $1.14 and $4.74,...

Baptista Research

Archer Daniels Midland’s Ethanol Surge: How Record Exports Are Driving Profits! - Major Drivers

The latest earnings update from Archer-Daniels-Midland Company (ADM) presents both opportunities and challenges within its operational segments...

Baptista Research

Archer-Daniels-Midland Company: Unfolding Competitive Landscape & Financial Prospects! - Major Drivers

In the second quarter of 2024, Archer Daniels Midland Company (ADM) reported mixed results amidst a challenging market environment. The company...

Baptista Research

[Q2 Earnings Review] ADM Falls Short of Expectations on Weak Results in AS&O & Nutrition Businesses

ADM underperforms as Ag Services & Oilseeds deliver pale results. Carb Sols sees temp improvements. Q3 is expected to be subdued even as Nutrition...

Mint Finance

Olam Group (OLG SP): EGM on 29 March Another Step to Realize Value

The EGM marks a key step in the strategy to unlock value. Our SoTP valuation is S$2.13 per share, which is a 28% upside to the last close price.

Arun George

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