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 Capital Markets

C.H. Robinson Worldwide / Equity Capital Markets

<ul><li>C.H.</li><li>Robinson had a disappointing result in Q1 and it failed to meet the revenue expectations and earnings expectations of analysts.</li><li>They believe that an increased digitization and automation are critical components of providing an improved client experience and operating leverage.</li></ul>

C.H.Robinson had a disappointing result in Q1 and it failed to meet the revenue expectations and earnings expectations of analysts.They believe that an increased digitization and automation are critical components of providing an improved client experience and operating leverage.

C.H. Robinson Worldwide: Can Automation & Digitization Save The Day? – Major Drivers

Credit

<ul><li>C.H.</li><li>Robinson is a global provider of multimodal transportation and third-party logistics service.</li><li>Freight demand has deteriorated, negatively impacting the top-line but the contractual truckload AGP per shipment increased, which resulted in some nominal growth in their AGP per truckload shipment.</li></ul>

C.H.Robinson is a global provider of multimodal transportation and third-party logistics service.Freight demand has deteriorated, negatively impacting the top-line but the contractual truckload AGP per shipment increased, which resulted in some nominal growth in their AGP per truckload shipment.

C.H. Robinson Worldwide Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>This is our first report on C.H.</li><li>Robinson Worldwide, a well-known provider of multimodal transportation and third-party logistics service.</li><li>Routing guide depth of tender, a proxy for their entire market, fell from 1.3 in the third quarter to 1.2 in the fourth quarter.</li></ul>

This is our first report on C.H.Robinson Worldwide, a well-known provider of multimodal transportation and third-party logistics service.Routing guide depth of tender, a proxy for their entire market, fell from 1.3 in the third quarter to 1.2 in the fourth quarter.

C.H. Robinson Worldwide Inc.: Initiation of Coverage – Business Strategy & Key Drivers

AlphaSituations-Event/Catalyst Driven Research, AlphaSituations

Robert Sassoon

AlphaSituations-Event/Catalyst Driven Research

AlphaSituations

Since its establishment, AlphaSituations has delivered a track record of outperformance with a hit rate of winners of more than 70% of its portfolio of ideas generating annualized average returns of 20%. In January 2022, AlphaSituations was contracted by Water Tower Research, an investor engagement and stakeholder communication platform to provide coverage of Special Situations

Event-Driven

Back on January 5, 2021, we published an insight highlighting the proposed break-up of <a href="https://www.smartkarma.com/entities/xpo-logistics-inc" target="_blank" data-smartkarma-citation="entities:12017:1" rel="noopener">Xpo Logistics (XPO US) </a>- SpinTalk: Multiple Envy Propels XPO Logistics' Break-Up Move To Get Its Mojo Back - via the separation of its logistics operations from its transportation business. This corporate event is now just a few days away and will be executed via  the tax-free spin-off of the logistics business GXO Logistics (GXO US) on August 2, 2021, effected through a 1-for-1 distribution of new GXO shares to XPO shareholders. With the separating companies having begun When-Issued trading as of July 22, 2021,  we believe this to be an opportune to review and update our value assessment of the upcoming  event. On a pre-spin basis , our updated assessment values  XPO at $163-$197, not too far from our first stab of $169-$186 made in January. This represents  an increase of 16% to 40% on the prevailing share price of $141.03,  which itself represents an 19% accretion from the $118.92 price printed in our January insight. However, with only one trading left before the separation becomes effective, the focus should be on the post-spin entities when they begin trading regular on Monday. While the XPO share price has reacted well to the break-up strategy, we believe there is still more value to be had in both sides of the spin-off as we lay out our thesis below.

Back on January 5, 2021, we published an insight highlighting the proposed break-up of Xpo Logistics (XPO US) - SpinTalk: Multiple Envy Propels XPO Logistics' Break-Up Move To Get Its Mojo Back - via the separation of its logistics operations from its transportation business. This corporate event is now just a few days away and will be executed via  the tax-free spin-off of the logistics business GXO Logistics (GXO US) on August 2, 2021, effected through a 1-for-1 distribution of new GXO shares to XPO shareholders. With the separating companies having begun When-Issued trading as of July 22, 2021,  we believe this to be an opportune to review and update our value assessment of the upcoming  event. On a pre-spin basis , our updated assessment values  XPO at $163-$197, not too far from our first stab of $169-$186 made in January. This represents  an increase of 16% to 40% on the prevailing share price of $141.03,  which itself represents an 19% accretion from the $118.92 price printed in our January insight. However, with only one trading left before the separation becomes effective, the focus should be on the post-spin entities when they begin trading regular on Monday. While the XPO share price has reacted well to the break-up strategy, we believe there is still more value to be had in both sides of the spin-off as we lay out our thesis below.

SpinTalk: More Value To Be Had In Now Imminent XPO Logistics Break-Up

In years past, <a href="https://www.smartkarma.com/entities/xpo-logistics-inc" target="_blank" data-smartkarma-citation="entities:12017:1" rel="noopener">Xpo Logistics (XPO US)</a> was driven by an aggressive acquisition strategy that fueled its explosive and profitable growth. This helped to turn the company into one of the world's major supply chain logistics providers as well as the 7th best-performing stock of the last decade among the Fortune 500. However, XPO has found the going tougher since late 2018. This one-time darling of investors is looking for that secret sauce to bring win back investor love. To this end, management has is proposing to break up the company into two, one a Logistics company, the other a Transportation company, on a tax-free basis to its shareholders. The market has responded warmly to the plan, but the shares still reflect a  wide valuation gap to purer play peers whether in the logistics segment or in the transportation category. This leaves the prospect of substantial value upside over the next 12 to 18 months, which will be all the greater should XPO at the same time deliver on its goal to deleverage its balance sheet.

 In years past, Xpo Logistics (XPO US) was driven by an aggressive acquisition strategy that fueled its explosive and profitable growth. This helped to turn the company into one of the world's major supply chain logistics providers as well as the 7th best-performing stock of the last decade among the Fortune 500. However, XPO has found the going tougher since late 2018. This one-time darling of investors is looking for that secret sauce to bring win back investor love. To this end, management has is proposing to break up the company into two, one a Logistics company, the other a Transportation company, on a tax-free basis to its shareholders. The market has responded warmly to the plan, but the shares still reflect a  wide valuation gap to purer play peers whether in the logistics segment or in the transportation category. This leaves the prospect of substantial value upside over the next 12 to 18 months, which will be all the greater should XPO at the same time deliver on its goal to deleverage its balance sheet.

SpinTalk: Multiple Envy Propels XPO Logistics' Break-Up Move To Get Its Mojo Back

United States

C.H. Robinson Worldwide, Inc. provides multimodal transportation services and logistics solutions. The Company operates a network of offices in North America, Europe, Asia, South America, and the Middle East. C.H. Robinson provides a variety of logistics services, such as fresh produce sourcing and freight consolidation.

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C.H. Robinson Worldwide (CHRW US)

C.H. Robinson Worldwide: Can Automation & Digitization Save The Day? – Major Drivers

C.H. Robinson had a disappointing result in Q1 and it failed to meet the revenue expectations and earnings expectations of analysts. They believe...

Baptista Research

C.H. Robinson Worldwide Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

C.H. Robinson is a global provider of multimodal transportation and third-party logistics service. Freight demand has deteriorated, negatively...

Baptista Research

C.H. Robinson Worldwide Inc.: Initiation of Coverage – Business Strategy & Key Drivers

This is our first report on C.H. Robinson Worldwide, a well-known provider of multimodal transportation and third-party logistics service. Routing...

Baptista Research

SpinTalk: More Value To Be Had In Now Imminent XPO Logistics Break-Up

XPO may have got its mojo back since first announcing the possible break-up of the company in early 2020, but with the break-up now imminent, we...

Robert Sassoon

SpinTalk: Multiple Envy Propels XPO Logistics' Break-Up Move To Get Its Mojo Back

XPO Logistic's move to break itself up into two separate companies promises to pay handsome returns to investors over the next 12 to 18 months

Robert Sassoon

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