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.

Credit

<ul><li>General Mills Inc continues to benefit from the pandemic trend of cooking and baking at home and the rising demand for pet food as it delivered a decent financial result driven by its improved service levels.</li><li>General Mills is also seeing the impact of price elasticities on its business.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

General Mills Inc continues to benefit from the pandemic trend of cooking and baking at home and the rising demand for pet food as it delivered a decent financial result driven by its improved service levels.General Mills is also seeing the impact of price elasticities on its business.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

General Mills Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Ten days after <strong><a href="https://www.smartkarma.com/entities/olam-group" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam Group (OLG SP)</a></strong>'s restructuring became effective, Saudi-backed SALIC, entered into an SPA to acquire 35.4% of Olam Agri (OGA).</li>
<li>The proposed US$1.24bn investment implied an equity value of US3.5bn for the bulk agricultural commodity player.</li>
<li>The OFI unit, which focuses on food ingredients (cocoa, coffee, nuts, and spices), is still seeking a listing in London. OGA is expected to go public six months after OFI. </li>
</ul>


Ten days after Olam Group (OLG SP)'s restructuring became effective, Saudi-backed SALIC, entered into an SPA to acquire 35.4% of Olam Agri (OGA).
The proposed US$1.24bn investment implied an equity value of US3.5bn for the bulk agricultural commodity player.
The OFI unit, which focuses on food ingredients (cocoa, coffee, nuts, and spices), is still seeking a listing in London. OGA is expected to go public six months after OFI. 


<ul>
<li>The High Court of Singapore has now sanctioned the proposed restructuring of <a href="https://www.smartkarma.com/entities/olam-international-ltd" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam International (OLAM SP)</a> and the proposed listing of OFI Group.</li>
<li>Entitlement in respect of the Scheme will close on the 11 March. The last day of trading is the 9 March. The listing of OFI is expected in the 2Q22.</li>
<li>With many grain/agri prices touching record highs amid war in Ukraine, boasting an upstream supply is not a bad thing. But the timing of OFI's listing could work both ways.</li>
</ul>


The High Court of Singapore has now sanctioned the proposed restructuring of Olam International (OLAM SP) and the proposed listing of OFI Group.
Entitlement in respect of the Scheme will close on the 11 March. The last day of trading is the 9 March. The listing of OFI is expected in the 2Q22.
With many grain/agri prices touching record highs amid war in Ukraine, boasting an upstream supply is not a bad thing. But the timing of OFI's listing could work both ways.


Olam's Demerger: The Sum Is Probably Greater Than The Whole

Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>General Mills has been among the best performing large-cap Packaged Food companies.</li>
<li>In addition to strong operational execution, the company seems to be taking the right steps in terms of capital allocation.</li>
<li>Although there are still short-term risks for gross profitability, these are likely to have a limited impact over the long term.</li>
</ul>


General Mills has been among the best performing large-cap Packaged Food companies.
In addition to strong operational execution, the company seems to be taking the right steps in terms of capital allocation.
Although there are still short-term risks for gross profitability, these are likely to have a limited impact over the long term.


General Mills: Slow And Steady Wins The Race

Equity Capital Markets

<ul><li>General Mills had a decent quarter and performed above expectations in a dynamic and challenging environment.</li><li>In the coming quarters, the raw material costs and other input costs are expected to increase on account of food inflation, which will impact the gross margin of all companies in this sector including General Mills.</li><li>We maintain our ‘Hold’ rating on the General Mills stock with a revised target price.</li></ul>

General Mills had a decent quarter and performed above expectations in a dynamic and challenging environment.In the coming quarters, the raw material costs and other input costs are expected to increase on account of food inflation, which will impact the gross margin of all companies in this sector including General Mills.We maintain our ‘Hold’ rating on the General Mills stock with a revised target price.

United States

General Mills, Inc. manufactures and markets branded and packaged consumer foods worldwide. The Company also supplies branded and unbranded food products to the foodservice and commercial baking industries.

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General Mills (GIS US)

General Mills Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

General Mills Inc continues to benefit from the pandemic trend of cooking and baking at home and the rising demand for pet food as it delivered a...

Baptista Research

Olam Teams Up With Saudi Arabia's SALIC

SALIC was clearly waiting in the wings until the demerger was completed. Trading a couple of spreads below where it traded heading into the...

David Blennerhassett

Olam's Demerger: The Sum Is Probably Greater Than The Whole

With many grain/agri prices touching record highs amid war in Ukraine, having an upstream supply is not a bad thing. But the timing of OFI's...

David Blennerhassett

General Mills: Slow And Steady Wins The Race

General Mills has been among the best performing large-cap Packaged Food companies. In addition to strong operational execution, the company seems...

Vladimir Dimitrov, CFA

General Mills Inc. - Investment Thesis

General Mills had a decent quarter and performed above expectations in a dynamic and challenging environment. In the coming quarters, the raw...

Baptista Research

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