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>FMC Corporation reported a robust third quarter in 2024 across most regions, although facing certain challenges that shaped their financial outcomes and strategic decisions.</li><li>As highlighted by Pierre Brondeau, the Chairman and CEO, the company experienced robust growth in North America, which contrasted with the expected weak market conditions in Latin America due to delayed rains and economic factors impacting borrowing rates.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

FMC Corporation reported a robust third quarter in 2024 across most regions, although facing certain challenges that shaped their financial outcomes and strategic decisions.As highlighted by Pierre Brondeau, the Chairman and CEO, the company experienced robust growth in North America, which contrasted with the expected weak market conditions in Latin America due to delayed rains and economic factors impacting borrowing rates.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

FMC Corporation: Expanding Portfolio through New Active Ingredients Development & Other Major Drivers

<ul><li>FMC Corporation reported its second quarter 2024 earnings with what can be described as a mixed but cautiously optimistic outlook amidst a complex market environment.</li><li>CEO Pierre Brondeau, after reassuming his role, provided a comprehensive reassessment of the company's position and future expectations.</li><li>During the earnings call, FMC Corporation outlined both achievements and challenges, as well as strategic adjustments aimed at long-term ustainability and growth.</li></ul>

FMC Corporation reported its second quarter 2024 earnings with what can be described as a mixed but cautiously optimistic outlook amidst a complex market environment.CEO Pierre Brondeau, after reassuming his role, provided a comprehensive reassessment of the company's position and future expectations.During the earnings call, FMC Corporation outlined both achievements and challenges, as well as strategic adjustments aimed at long-term ustainability and growth.

FMC Corporation: Strengthening Market Position through Enhanced Formulations and Mixture Products! - Major Drivers

<ul><li>FMC Corporation delivered mixed first-quarter results for 2024, characterized by solid EBITDA that met the higher end of the company’s guidance and significant improvement in cash flow, yet facing a notable decline in revenue and volume.</li><li>During this period, revenue decreased by 32% compared to the previous year, with a 27% drop in volume primarily attributable to ongoing channel destocking and delayed purchasing behavior by growers, aligning with the trend observed over the past year.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

FMC Corporation delivered mixed first-quarter results for 2024, characterized by solid EBITDA that met the higher end of the company’s guidance and significant improvement in cash flow, yet facing a notable decline in revenue and volume.During this period, revenue decreased by 32% compared to the previous year, with a 27% drop in volume primarily attributable to ongoing channel destocking and delayed purchasing behavior by growers, aligning with the trend observed over the past year.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

FMC Corporation: Enhanced Agrochemical Demand in Latin America Driving Our Optimism? - Major Drivers

US-EU Index Rebalances / Quantitative Researcher, Ortex

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

Ortex

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>Index Committee's discretion decreases the predictability of index changes. Even when a company passes all eligibility criteria and thresholds, it might still not be selected.</li>
<li>Understanding triggers for index changes, types of additions/deletions and selection patterns, narrows down the pool of candidates and increases conviction of forecasts.</li>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> is currently the main candidate to be added by transition to the S&amp;P 500 in September 2024 Quarterly Rebalance.</li>
</ul>


Index Committee's discretion decreases the predictability of index changes. Even when a company passes all eligibility criteria and thresholds, it might still not be selected.
Understanding triggers for index changes, types of additions/deletions and selection patterns, narrows down the pool of candidates and increases conviction of forecasts.

Dell Technologies (DELL US) is currently the main candidate to be added by transition to the S&amp;P 500 in September 2024 Quarterly Rebalance.


S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

<ul>
<li>
<a href="https://www.smartkarma.com/entities/coinbase-global-inc" target="_blank" data-smartkarma-citation="entities:32227:1" rel="noopener">Coinbase Global (COIN US)</a> can be the unexpected addition by transition because of a high liquidity score and a close distance below the estimated transition threshold.</li>
<li>
<a href="https://www.smartkarma.com/entities/lennox-international-inc" target="_blank" data-smartkarma-citation="entities:16420:1" rel="noopener">Lennox International (LII US)</a> is the main candidate for addition by migration due to having the highest average mcap score and passing eligibility metrics.</li>
<li>
<a href="https://www.smartkarma.com/entities/illumina-inc" target="_blank" data-smartkarma-citation="entities:8015:1" rel="noopener">Illumina Inc (ILMN US)</a> has a muted conviction for addition because of ineligible earnings and a recent deletion from the index.</li>
</ul>



Coinbase Global (COIN US) can be the unexpected addition by transition because of a high liquidity score and a close distance below the estimated transition threshold.

Lennox International (LII US) is the main candidate for addition by migration due to having the highest average mcap score and passing eligibility metrics.

Illumina Inc (ILMN US) has a muted conviction for addition because of ineligible earnings and a recent deletion from the index.


S&P500 December 2024 Forecast (Final): Flipping the COIN

United States

FMC Corp operates as a diversified research company in the chemical industry. The company offers technology solutions for agricultural, industrial, and consumer markets. FMC Corp offer an array of technologies in research and development to improve delivery of medications, enhance foods and beverages, power batteries, protect crop yields, and advance textile manufacturing.

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Fmc Corp (FMC US)

FMC Corporation: Expanding Portfolio through New Active Ingredients Development & Other Major Drivers

FMC Corporation reported a robust third quarter in 2024 across most regions, although facing certain challenges that shaped their financial...

Baptista Research

FMC Corporation: Strengthening Market Position through Enhanced Formulations and Mixture Products! - Major Drivers

FMC Corporation reported its second quarter 2024 earnings with what can be described as a mixed but cautiously optimistic outlook amidst a complex...

Baptista Research

FMC Corporation: Enhanced Agrochemical Demand in Latin America Driving Our Optimism? - Major Drivers

FMC Corporation delivered mixed first-quarter results for 2024, characterized by solid EBITDA that met the higher end of the company’s guidance...

Baptista Research

S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

S&P Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...

Dimitris Ioannidis

S&P500 December 2024 Forecast (Final): Flipping the COIN

Lennox International (LII US) - the top migration candidate - was announced as an addition to the S&P 500 on 18 December, soon after the quarterly...

Dimitris Ioannidis

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

FMC Corporation: Expanding Portfolio through New Active Ingredients Development & Other Major Drivers

FMC Corporation reported a robust third quarter in 2024 across most regions, although facing certain challenges that shaped their financial...

Baptista Research

FMC Corporation: Strengthening Market Position through Enhanced Formulations and Mixture Products! - Major Drivers

FMC Corporation reported its second quarter 2024 earnings with what can be described as a mixed but cautiously optimistic outlook amidst a complex...

Baptista Research

FMC Corporation: Enhanced Agrochemical Demand in Latin America Driving Our Optimism? - Major Drivers

FMC Corporation delivered mixed first-quarter results for 2024, characterized by solid EBITDA that met the higher end of the company’s guidance...

Baptista Research

S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

S&P ​Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...

Dimitris Ioannidis

S&P500 December 2024 Forecast (Final): Flipping the COIN

Lennox International (LII US) - the top migration candidate - was announced as an addition to the S&P 500 on 18 December, soon after the quarterly...

Dimitris Ioannidis

S&P Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...