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

Arthur J Gallagher & Co / Equity Bottom-Up

<ul><li>Arthur J.</li><li>Gallagher & Company reported strong financial results for the third quarter of 2024, showcasing a robust performance across its core segments, Brokerage and Risk Management.</li><li>The company's revenue growth was impressive at 13%, with organic growth marking 6%.</li></ul>

Arthur J.Gallagher & Company reported strong financial results for the third quarter of 2024, showcasing a robust performance across its core segments, Brokerage and Risk Management.The company's revenue growth was impressive at 13%, with organic growth marking 6%.

Arthur J. Gallagher & Co.: These Are The 4 Biggest Challenges Responsible For Our Lack Of Optimism! - Major Drivers

<ul><li>Arthur J.</li><li>Gallagher & Co. reported strong financial performance for Q2 2024, underpinned by significant growth in revenue and earnings.</li><li>The firm's combined Brokerage and Risk Management segments saw a 14% increase in revenue and a 7.7% rise in organic growth, with an adjusted EBITDAC margin expansion of 102 basis points to 31.4%.</li></ul>

Arthur J.Gallagher & Co. reported strong financial performance for Q2 2024, underpinned by significant growth in revenue and earnings.The firm's combined Brokerage and Risk Management segments saw a 14% increase in revenue and a 7.7% rise in organic growth, with an adjusted EBITDAC margin expansion of 102 basis points to 31.4%.

Arthur J. Gallagher & Co.: Acquisition of Cornerstone Insurance to Strengthen Regional Expertise & Other Major Drivers

<ul><li>Arthur J. Gallagher & Co.</li><li>reported strong fourth quarter results for 2023 with key financial metrics in line with its December IR day.</li><li>Revenue growth for the Brokerage and Risk Management segments was 20% with 8.1% organic growth, a figure that the company corrects to 9.4% controlling for accounting adjustments and large life case timing.</li></ul>

Arthur J. Gallagher & Co.reported strong fourth quarter results for 2023 with key financial metrics in line with its December IR day.Revenue growth for the Brokerage and Risk Management segments was 20% with 8.1% organic growth, a figure that the company corrects to 9.4% controlling for accounting adjustments and large life case timing.

Arthur J. Gallagher & Co.: A Story Of Strategic Expansion Through Acquiring Associated Insurance Services! - Key Drivers

External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Key points
<ul>
<li>Arthur J Gallagher is a strong player in the U.S. SME broking market trading at fair value with potential upside</li>
<li>Estimated 5-year returns are 10% IRR / 1.5x MOIC, with possibility of higher returns with EBITDA growth and multiple expansion</li>
<li>Insurance brokers benefiting from firm P&amp;C pricing cycle and market conditions, providing downside protection and potential for sustained organic growth, investor focus on growth trend maintenance</li>
</ul>
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points

Arthur J Gallagher is a strong player in the U.S. SME broking market trading at fair value with potential upside
Estimated 5-year returns are 10% IRR / 1.5x MOIC, with possibility of higher returns with EBITDA growth and multiple expansion
Insurance brokers benefiting from firm P&amp;C pricing cycle and market conditions, providing downside protection and potential for sustained organic growth, investor focus on growth trend maintenance

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Arthur J Gallagher & Co (AJG) - Sunday, Nov 19, 2023

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>On 22 August, the <a href="https://www.smartkarma.com/entities/psc-insurance-group-ltd" target="_blank" data-smartkarma-citation="entities:24266:1" rel="noopener">Psc Insurance (PSI AU)</a> IE considered Ardonagh’s A$6.19 offer fair and reasonable as it is within the A$5.69 to A$6.65 valuation range. </li>
<li>The offer is conditional on shareholder approval of the scheme. No disinterested shareholder holds the 25% blocking stake. The scheme meeting is on 26 September.</li>
<li>The offer is attractive and represents an all-time high. At the last close and for the 11 October payment, the gross/annualised spread is 1.3%/12.1%.</li>
</ul>


On 22 August, the Psc Insurance (PSI AU) IE considered Ardonagh’s A$6.19 offer fair and reasonable as it is within the A$5.69 to A$6.65 valuation range. 
The offer is conditional on shareholder approval of the scheme. No disinterested shareholder holds the 25% blocking stake. The scheme meeting is on 26 September.
The offer is attractive and represents an all-time high. At the last close and for the 11 October payment, the gross/annualised spread is 1.3%/12.1%.


United States

Arthur J. Gallagher & Co. and its subsidiaries provide insurance brokerage, risk management, employee benefit, and other related services to clients in the United States and abroad. The Company's principal activity is the negotiation and placement of insurance for its clients. Gallagher also specializes in furnishing risk management services.

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Arthur J Gallagher & Co (AJG US)

Arthur J. Gallagher & Co.: These Are The 4 Biggest Challenges Responsible For Our Lack Of Optimism! - Major Drivers

Arthur J. Gallagher & Company reported strong financial results for the third quarter of 2024, showcasing a robust performance across its core...

Baptista Research

Arthur J. Gallagher & Co.: Acquisition of Cornerstone Insurance to Strengthen Regional Expertise & Other Major Drivers

Arthur J. Gallagher & Co. reported strong financial performance for Q2 2024, underpinned by significant growth in revenue and earnings. The...

Baptista Research

Arthur J. Gallagher & Co.: A Story Of Strategic Expansion Through Acquiring Associated Insurance Services! - Key Drivers

Arthur J. Gallagher & Co. reported strong fourth quarter results for 2023 with key financial metrics in line with its December IR day. Revenue...

Baptista Research

Arthur J Gallagher & Co (AJG) - Sunday, Nov 19, 2023

Estimated 5-year returns are 10% IRR / 1.5x MOIC, with possibility of higher returns with EBITDA growth and multiple expansion

Value Investors Club

PSC Insurance (PSI AU): A Done Deal

The offer is attractive and represents an all-time high. At the last close and for the 11 October payment, the gross/annualised spread is 1.3%/12.1%.

Arun George

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