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>CVS Group’s agile operating model and resilient supply chain contributed to robust quarterly performance and the company managed to exceed Wall Street expectations in terms of revenues as well as earnings.</li><li>The Medicare business of the company remains a strong growth segment, and it has increased its membership across all Medicare products.</li><li>The retail script growth trend of CVS is remarkable as there has been a consistent increase in the market share.</li></ul>

CVS Group’s agile operating model and resilient supply chain contributed to robust quarterly performance and the company managed to exceed Wall Street expectations in terms of revenues as well as earnings.The Medicare business of the company remains a strong growth segment, and it has increased its membership across all Medicare products.The retail script growth trend of CVS is remarkable as there has been a consistent increase in the market share.

CVS Group: Growth Strategy & Cost Advantage

SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

<ul><li>One trend that has accelerated in the last few quarters is the pace of acquisitions being made by cash-rich companies.</li><li>The significant Macroeconomic uncertainties that lie ahead, coupled with record cash balances at the largest firms on Wall Street, have only accelerated the pace of industry consolidation.</li><li>It's no secret that high-quality De-SPACs with strong earnings have been prime takeover/acquisition targets in recent months after seeing their shares take a beating through the year.</li></ul>

One trend that has accelerated in the last few quarters is the pace of acquisitions being made by cash-rich companies.The significant Macroeconomic uncertainties that lie ahead, coupled with record cash balances at the largest firms on Wall Street, have only accelerated the pace of industry consolidation.It's no secret that high-quality De-SPACs with strong earnings have been prime takeover/acquisition targets in recent months after seeing their shares take a beating through the year.

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<ul>
<li>US Value funds rotate in to Health Care, pushing allocations to their highest levels on record.</li>
<li>The average Health Care allocation stands at 18.25%, with 71.4% of Value managers overweight at +3.11% above benchmark.  Health Care has become <strong>the</strong> conviction sector holding among US Value managers.</li>
<li>The most widely held stocks in the sector are Cigna Corp and Unitedhealth Group, owned by 55.7% and 52.9% of Value managers respectively.</li>
</ul>


US Value funds rotate in to Health Care, pushing allocations to their highest levels on record.
The average Health Care allocation stands at 18.25%, with 71.4% of Value managers overweight at +3.11% above benchmark.  Health Care has become the conviction sector holding among US Value managers.
The most widely held stocks in the sector are Cigna Corp and Unitedhealth Group, owned by 55.7% and 52.9% of Value managers respectively.


Credit

<ul><li>CVS Health has managed to outperform the management's financial targets and has capitalized on the pandemic situation to the best of its ability.</li><li>Its pharmacy services segment revenues increased 8.2% year over year in 2021, owing to increased pharmacy claims volume, specialty pharmacy growth, and brand inflation, partially offset by the impact of continued client price improvements.</li><li>Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.</li></ul>

CVS Health has managed to outperform the management's financial targets and has capitalized on the pandemic situation to the best of its ability.Its pharmacy services segment revenues increased 8.2% year over year in 2021, owing to increased pharmacy claims volume, specialty pharmacy growth, and brand inflation, partially offset by the impact of continued client price improvements.Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

CVS Health: Detailed Credit Analysis & Financial Strength Evaluation Report

Equity Capital Markets

Walgreens Boots Alliance / Equity Capital Markets

<ul><li>CVS Health and Walgreens Boots Alliance are two of the largest pharmacy chains in the world.</li><li>Both these companies have done their fair share of diversification with CVS Health venturing into clinics and telehealth whereas Walgreens ventured into the cosmetics retail and other domains.</li><li>The retail space is traditionally known to have low revenue multiples and both these companies are no exceptions to this rule.</li></ul>

CVS Health and Walgreens Boots Alliance are two of the largest pharmacy chains in the world.Both these companies have done their fair share of diversification with CVS Health venturing into clinics and telehealth whereas Walgreens ventured into the cosmetics retail and other domains.The retail space is traditionally known to have low revenue multiples and both these companies are no exceptions to this rule.

CVS Health vs. Walgreens Boots Alliance - The Battle Of The Pharmacy Majors

United States

Sysco Corporation distributes food and related products primarily to the foodservice industry.  The Company also distributes personal care guest amenities, housekeeping supplies, room accessories, and textiles to the lodging industry.

The Kroger Co. operates supermarkets and convenience stores in the United States.  The Company also manufactures and processes some of the foods that its supermarkets sell.

Walgreens Boots Alliance, Inc., operates retail drugstores that offer a wide variety of prescription and non-prescription drugs as well as general goods. Walgreens' also offers health services, including primary and acute care, wellness, pharmacy and disease management services and health and fitness.

Casey's General Stores, Inc. operates convenience stores in the Midwest.  The Company's stores, operating under the name Casey's General Store, carry a selection of food, beverages, tobacco products, health and beauty aids, automotive products, and other non-food items, as well as sells gasoline.

BJ's Wholesale Club Holdings, Inc. operates as a warehouse club. The Company delivers electronics, furniture, fitness, video games, health, toys, home decor, computers, landscaping, jewelry, and grocery products. BJ's Wholesale Club Holdings serves customers in the United States.

US Foods Holding Corp. operates as a holding company. The Company, through its subsidiaries, provides catering services. US Foods Holding serves healthcare, hospitality, educational, government facilities, and other sectors in the United States.

Performance Food Group Company markets and distributes food and food-related products. The Company offers foods such as meats, fruits, vegetables, and desserts, as well as supplies paper products, including pizza boxes, disposable napkins, plates, and cups. Performance Food Group operates in the United States.

Sprouts Farmers Market, Inc. operates a chain of retail grocery stores. The Company offers meats, cheese, dairy products, bakery, beer and wine, bulk foods, vitamins, and supplements. Sprouts Farmers Market serves customers throughout the United States.

Weis Markets, Inc. operates retail food markets in Pennsylvania, Maryland, New Jersey, New York, Virginia, and West Virginia. The Company also operates the SuperPetz pet supply chain of stores.

PriceSmart, Inc. owns and manages international merchandising businesses. The Company licenses and owns membership stores using the trade name PriceSmart and PriceCostco. PriceSmart's international market consists of Latin America and Asia. The Company also operates domestic merchandising programs, including its Auto Referral Program and its Travel Program.

Woolworths Limited operates supermarkets, specialty and discount department stores, liquor and electronics stores throughout Australia.  Woolworths also manufactures processed foods, exports and wholesales food and offers petrol retailing.  The Company also operates hotels which includes pubs, food, accommodation, and gaming operations.

Seven & i Holdings Co., Ltd. is a holding company which was established through the merger of Ito-Yokado Co., Seven Eleven Japan Co., and Denny's Japan. The Company plans, manages, and operates mainly convenience stores, supermarkets, and department stores.

Wesfarmers Ltd. owns retail chains, operates mines, writes insurance, manufactures and distributes industrial products, manufactures fertilizers and chemicals, and distributes liquefied petroleum gas and medical and industrial gases.

George Weston Limited operates as a super market. The Company processes and distributes food and pharmacy products to grocer wholesalers, warehouses, and independent accounts, as well as provides real estate services. George Weston serves customers in Canada.

Loblaw Companies Limited is a retail and wholesale food distributor with operations across Canada.  The Company's operations include both company and franchisee operated stores, warehouses, and cash and carry outlets.

Wal-Mart de Mexico S.A.B. de C.V. retails food, clothing, and other merchandise under a variety of store formats. The Company operates Wal-Mart Supercenters, Sam's Club wholesale outlets, Bodega discount stores and Superama supermarkets.

Wal-Mart de Mexico SAB de CV (WALMEX* MM EQUITY)

Tesco PLC, through its subsidiaries, operates as a food retailer. The Company offers online retailing, brick and mortar supermarkets, and a private-label brand of products. Tesco provides its services primarily throughout Europe, with additional activities in Asia.

AEON CO., LTD. operates general merchandise stores, supermarkets, and convenience stores throughout Japan. The Company is also engaged in women's and casual clothing store business, development business of commercial property, and financing service through the subsidiaries.

CP Axtra Public Company Limited operates a retail discount store chain. The Company sells food and consumer products to its registered customers including wholesalers, retailers, small businesses, caterers, and private individuals who hold its member cards. CP Axtra serves customers in Thailand.

CVS Health Corporation is an integrated pharmacy health care provider. The Company's offerings include pharmacy benefit management services; mail order, retail and specialty pharmacy; disease management programs; and retail clinics. The company operates drugstores throughout the U.S., the District of Columbia, and Puerto Rico.

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Cvs Health Corp (CVS US)

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