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>Johnson Controls, in its third quarter fiscal 2024 earnings report, presented a mixture of positive developments along with strategic decisions that could pose both benefits and challenges for the company.</li><li>The CEO George Oliver and CFO Marc Vandiepenbeeck outlined the quarter's performance and future strategies in a detailed manner.</li><li>Johnson Controls reported a 3% organic sales growth, aligning with their low single-digit target and achieving a robust 150 basis points segment margin expansion to 17.9%, surpassing the guidance of 17%.</li></ul>

Johnson Controls, in its third quarter fiscal 2024 earnings report, presented a mixture of positive developments along with strategic decisions that could pose both benefits and challenges for the company.The CEO George Oliver and CFO Marc Vandiepenbeeck outlined the quarter's performance and future strategies in a detailed manner.Johnson Controls reported a 3% organic sales growth, aligning with their low single-digit target and achieving a robust 150 basis points segment margin expansion to 17.9%, surpassing the guidance of 17%.

Johnson Controls International: Expanded Service & Digital Offerings Catalyzing Growth! - Major Drivers

<ul><li>The second quarter performance for Johnson Controls was strong, with adjusted EPS coming in at the upper limit of company estimations.</li><li>Johnson Controls managed to return to sales growth after experiencing a cybersecurity disturbance at the beginning of the fiscal year.</li><li>Backed by productivity and the conversion of their higher-margin backlog, the company achieved robust margin expansion.</li></ul>

The second quarter performance for Johnson Controls was strong, with adjusted EPS coming in at the upper limit of company estimations.Johnson Controls managed to return to sales growth after experiencing a cybersecurity disturbance at the beginning of the fiscal year.Backed by productivity and the conversion of their higher-margin backlog, the company achieved robust margin expansion.

Johnson Controls International:  A Tale Of Acceleration in Orders and Pipeline Growth! - Major Drivers

Next Generation Financial Data Tools, Calcbench

Calcbench

Next Generation Financial Data Tools

Founded in 2011, based in New York and Cambridge, MA, Calcbench is a financial data platform designed for detailed fundamental research. Created by former analysts and supported by a team of financial experts with serious credentials in Finance, Accounting, and Applied Mathematics, Calcbench helps analysts looking to go a level deeper become more productive and accurate in their financial analysis. With Calcbench, analysts can systematically access all the data (numbers and text) in financial statements, including the details hidden within the footnotes.

Forensic Accounting

<ul>
<li>So there we were today, scanning the latest corporate filings to the Securities and Exchange Commission , when we noticed that Johnson Controls ($JCI) had filed its latest earnings report .</li>
<li>We started reading, and were immediately stopped short by this earnings adjustment, right there in the second bullet point: Fiscal Q4 GAAP EPS of $0.80; Q4 Adjusted EPS of $1.</li>
<li>Hold up — what cybersecurity incident? When did that happen, and what has Johnson Controls said about it so far? </li>
</ul>


So there we were today, scanning the latest corporate filings to the Securities and Exchange Commission , when we noticed that Johnson Controls ($JCI) had filed its latest earnings report .
We started reading, and were immediately stopped short by this earnings adjustment, right there in the second bullet point: Fiscal Q4 GAAP EPS of $0.80; Q4 Adjusted EPS of $1.
Hold up — what cybersecurity incident? When did that happen, and what has Johnson Controls said about it so far? 


<ul><li>This is our first report on diversified technology and multi industrial player, Johnson Controls.</li><li>The company reported its Q1 2024 earnings recently.</li><li>The company is facing some momentum after overcoming a considerable cyber disruption early in the quarter.</li></ul>

This is our first report on diversified technology and multi industrial player, Johnson Controls.The company reported its Q1 2024 earnings recently.The company is facing some momentum after overcoming a considerable cyber disruption early in the quarter.

Johnson Controls International: Initiation Of Coverage - A Strategic Overhaul That Could Be A Game Changer! - Major Drivers

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Johnson Controls-Hitachi Air Conditioning India / Equity Bottom-Up

Johnson Controls-Hitachi Air Conditioning India

<ul>
<li>Our checks suggest <a href="https://www.smartkarma.com/entities/hitachi-home-life-solutions-india-ltd" target="_blank" data-smartkarma-citation="entities:6172:1" rel="noopener">Hitachi Home &amp; Life Solutions India Ltd (JCHAC IN)</a> has lost market share this season. </li>
<li>Market share loss has come on the back of poor product quality due to focus on costs and competition, which is irreparable in spite of the strong dealer network. </li>
<li>Poor capital allocation, high receivables and low-profit margins, all warrant attention. </li>
</ul>


Our checks suggest Hitachi Home &amp; Life Solutions India Ltd (JCHAC IN) has lost market share this season. 
Market share loss has come on the back of poor product quality due to focus on costs and competition, which is irreparable in spite of the strong dealer network. 
Poor capital allocation, high receivables and low-profit margins, all warrant attention. 


Johnson Controls-Hitachi (JCHAC IN) | Irreparable Loss in Market Share

United States

Johnson Controls, Inc. markets automotive systems and building controls.  The Company supplies seating systems, interior systems, and batteries.  Johnson Controls also provides building control systems and services, energy management, and integrated facility management, as well as provides batteries for automobiles and hybrid electric vehicles.

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Johnson Controls (JCI US)

Johnson Controls International: Expanded Service & Digital Offerings Catalyzing Growth! - Major Drivers

Johnson Controls, in its third quarter fiscal 2024 earnings report, presented a mixture of positive developments along with strategic decisions...

Baptista Research

Johnson Controls International: A Tale Of Acceleration in Orders and Pipeline Growth! - Major Drivers

The second quarter performance for Johnson Controls was strong, with adjusted EPS coming in at the upper limit of company estimations. Johnson...

Baptista Research

Digging Into Cybersecurity Incidents

So there we were today, scanning the latest corporate filings to the Securities and Exchange Commission , when we noticed that Johnson Controls...

Calcbench

Johnson Controls International: Initiation Of Coverage - A Strategic Overhaul That Could Be A Game Changer! - Major Drivers

This is our first report on diversified technology and multi industrial player, Johnson Controls. The company reported its Q1 2024 earnings...

Baptista Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Johnson Controls International: Expanded Service & Digital Offerings Catalyzing Growth! - Major Drivers

Johnson Controls, in its third quarter fiscal 2024 earnings report, presented a mixture of positive developments along with strategic decisions...

Baptista Research

Johnson Controls International: A Tale Of Acceleration in Orders and Pipeline Growth! - Major Drivers

The second quarter performance for Johnson Controls was strong, with adjusted EPS coming in at the upper limit of company estimations. Johnson...

Baptista Research

Digging Into Cybersecurity Incidents

So there we were today, scanning the latest corporate filings to the Securities and Exchange Commission , when we noticed that Johnson Controls...

Calcbench

Johnson Controls International: Initiation Of Coverage - A Strategic Overhaul That Could Be A Game Changer! - Major Drivers

This is our first report on diversified technology and multi industrial player, Johnson Controls. The company reported its Q1 2024 earnings...

Baptista Research

Johnson Controls-Hitachi (JCHAC IN) | Irreparable Loss in Market Share

Our channel checks across dealers indicate an irreparable loss in market share for Hitachi in the Indian Air Conditioner (AC) market.

Pranav Bhavsar