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

Armstrong World Industries / Equity Bottom-Up

<ul><li>Armstrong World Industries, Inc. delivered a strong financial performance in the third quarter of 2024, as outlined in their recent earnings call.</li><li>The company reported record-setting sales and EBITDA, which have increased by 11% from the prior year, while adjusted diluted earnings per share grew by 13%.</li><li>This robust performance was primarily driven by the contributions from the recent acquisitions of 3form and BOK Modern, favorable Average Unit Value (AUV) performance, and solid gains in manufacturing productivity.</li></ul>

Armstrong World Industries, Inc. delivered a strong financial performance in the third quarter of 2024, as outlined in their recent earnings call.The company reported record-setting sales and EBITDA, which have increased by 11% from the prior year, while adjusted diluted earnings per share grew by 13%.This robust performance was primarily driven by the contributions from the recent acquisitions of 3form and BOK Modern, favorable Average Unit Value (AUV) performance, and solid gains in manufacturing productivity.

Armstrong World Industries: An Insight Into Its Market Evolution and Growth Opportunities! - Major Drivers

<ul><li>Armstrong World Industries, a global leader in the design and manufacture of innovative commercial and residential ceiling, wall, and suspension system solutions, delivered a strong financial performance in the second quarter of 2024, posting 12% growth in revenue and 13% growth in adjusted EBITDA.</li><li>The company also reported adjusted net earnings per share growth of 17%, marking the sixth consecutive quarter of year-over-year growth.</li><li>The results are anchored in robust execution and strategic growth initiatives, despite a challenging macroeconomic environment.</li></ul>

Armstrong World Industries, a global leader in the design and manufacture of innovative commercial and residential ceiling, wall, and suspension system solutions, delivered a strong financial performance in the second quarter of 2024, posting 12% growth in revenue and 13% growth in adjusted EBITDA.The company also reported adjusted net earnings per share growth of 17%, marking the sixth consecutive quarter of year-over-year growth.The results are anchored in robust execution and strategic growth initiatives, despite a challenging macroeconomic environment.

Armstrong World Industries: Diverse Product Demand in Mineral Fiber & Other Major Drivers

<ul><li>Armstrong World Industries commenced 2024 with robust first-quarter results, demonstrating sustained growth momentum from the previous year.</li><li>The report indicates a notable increase in key financial metrics, including a 5% rise in net sales and a significant 16% growth in adjusted EBITDA.</li><li>Additionally, an impressive 23% increase in adjusted diluted earnings per share and a 46% surge in adjusted free cash flow highlights efficient financial management.</li></ul>

Armstrong World Industries commenced 2024 with robust first-quarter results, demonstrating sustained growth momentum from the previous year.The report indicates a notable increase in key financial metrics, including a 5% rise in net sales and a significant 16% growth in adjusted EBITDA.Additionally, an impressive 23% increase in adjusted diluted earnings per share and a 46% surge in adjusted free cash flow highlights efficient financial management.

Armstrong World Industries Inc.: Strengthened Market Position through Unique Value Propositions! - Major Drivers

<ul><li>This is our first report on ceiling systems producer, Armstrong World Industries.</li><li>The company's last results present an investment perspective characterized by robust sales and growth despite compromised market conditions.</li><li>Moreover, Armstrong World Industries pleasantly surpassed expectations as it did not witness any further deterioration of market activity.</li></ul>

This is our first report on ceiling systems producer, Armstrong World Industries.The company's last results present an investment perspective characterized by robust sales and growth despite compromised market conditions.Moreover, Armstrong World Industries pleasantly surpassed expectations as it did not witness any further deterioration of market activity.

Armstrong World Industries: Initiation of Coverage - Resilience Revolution! How Their Unique Market Positioning Is Driving Exceptional Growth! - Major Drivers

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/uber-technologies-inc" target="_blank" data-smartkarma-citation="entities:430:1" rel="noopener">Uber Technologies (UBER US)</a>, <a href="https://www.smartkarma.com/entities/jabil-circuit-inc" target="_blank" data-smartkarma-citation="entities:16674:1" rel="noopener">Jabil Circuit (JBL US)</a> and <a href="https://www.smartkarma.com/entities/builders-firstsource-inc" target="_blank" data-smartkarma-citation="entities:4720:1" rel="noopener">Builders Firstsource (BLDR US)</a> will be added to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> at the close on 15 December.</li>
<li>There are a bunch of inclusions. deletions and migrations across the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a>, the S&amp;P Midcap 400 Index, and the S&amp;P SmallCap 600 Index.</li>
<li>We estimate passive trackers will need to buy around US$18bn of <a href="https://www.smartkarma.com/entities/uber-technologies-inc" target="_blank" data-smartkarma-citation="entities:430:1" rel="noopener">Uber Technologies (UBER US)</a>. There has been positioning in the stock for just over a month now. </li>
</ul>



Uber Technologies (UBER US), Jabil Circuit (JBL US) and Builders Firstsource (BLDR US) will be added to the S&amp;P 500 INDEX (SPX INDEX) at the close on 15 December.
There are a bunch of inclusions. deletions and migrations across the S&amp;P 500 INDEX (SPX INDEX), the S&amp;P Midcap 400 Index, and the S&amp;P SmallCap 600 Index.
We estimate passive trackers will need to buy around US$18bn of Uber Technologies (UBER US). There has been positioning in the stock for just over a month now. 


United States

Armstrong World Industries, Inc. provides home improvement solutions. The Company offers ceilings, walls, roof deck, and plasterform castings for commercial spaces and homes. Armstrong World Industries serves customers worldwide.

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Armstrong World Industries (AWI US)

Armstrong World Industries: An Insight Into Its Market Evolution and Growth Opportunities! - Major Drivers

Armstrong World Industries, Inc. delivered a strong financial performance in the third quarter of 2024, as outlined in their recent earnings...

Baptista Research

Armstrong World Industries: Diverse Product Demand in Mineral Fiber & Other Major Drivers

Armstrong World Industries, a global leader in the design and manufacture of innovative commercial and residential ceiling, wall, and suspension...

Baptista Research

Armstrong World Industries Inc.: Strengthened Market Position through Unique Value Propositions! - Major Drivers

Armstrong World Industries commenced 2024 with robust first-quarter results, demonstrating sustained growth momentum from the previous year. The...

Baptista Research

Armstrong World Industries: Initiation of Coverage - Resilience Revolution! How Their Unique Market Positioning Is Driving Exceptional Growth! - Major Drivers

This is our first report on ceiling systems producer, Armstrong World Industries. The company's last results present an investment perspective...

Baptista Research

S&P500 Index Rebalance: Calling an UBER

Passive S&P500 index trackers will need to buy around US$18bn of Uber in two weeks. Positioning in the stock began a month ago and just ahead of Q3...

Brian Freitas

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