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>Leggett & Platt, a prominent engineered product manufacturer, recently revealed its financial and strategic direction in its first quarter 2024 earnings analysis.</li><li>The company is engaged in multiple business segments, notably Bedding Products, Specialized Products, and Furniture, Flooring & Textile Products.</li><li>The reported period reflects a mix of strategic restructuring, operational challenges, and financial adjustments aimed at long-term sustainability and growth.</li></ul>

Leggett & Platt, a prominent engineered product manufacturer, recently revealed its financial and strategic direction in its first quarter 2024 earnings analysis.The company is engaged in multiple business segments, notably Bedding Products, Specialized Products, and Furniture, Flooring & Textile Products.The reported period reflects a mix of strategic restructuring, operational challenges, and financial adjustments aimed at long-term sustainability and growth.

Leggett & Platt Incorporated: Will There Be A Negative Impact Of Broader Macro-Economic Trends? - Major Drivers

<ul><li>This is our first report on bedding and other specialty products manufacturer, Leggett & Platt.</li><li>The company has been facing some tough times but its management seems to remain optimistic amid challenging circumstances.</li><li>While lower volumes in residential end markets and certain pricing responses have elicited predictions of lower earnings for 2024 from the company, other factors like the advancement of key product growth and improvement in profitability, accompanying a refocused bedding strategy are cause for increased optimism.</li></ul>

This is our first report on bedding and other specialty products manufacturer, Leggett & Platt.The company has been facing some tough times but its management seems to remain optimistic amid challenging circumstances.While lower volumes in residential end markets and certain pricing responses have elicited predictions of lower earnings for 2024 from the company, other factors like the advancement of key product growth and improvement in profitability, accompanying a refocused bedding strategy are cause for increased optimism.

Leggett & Platt Incorporated: Initiation Of Coverage - These 4 Pivotal Factors Are Driving Its Future Performance! - Financial Forecasts

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>S&amp;P DJI Global Indices on Friday announced the changes to the S&amp;P500, S&amp;P Midcap 400, and S&amp;P 600 to be implement at the close on 17 December. </li>
<li>There were no surprises and the whole exercise is one of rearranging the deckchairs. Stocks move up an index, or down an index, but nothing moves out of the three.</li>
<li>The proprietary S&amp;P data suggests little opportunity, but empirical data suggests otherwise, and as in most cases, the interesting trades are the smaller ones.</li>
</ul>


S&amp;P DJI Global Indices on Friday announced the changes to the S&amp;P500, S&amp;P Midcap 400, and S&amp;P 600 to be implement at the close on 17 December. 
There were no surprises and the whole exercise is one of rearranging the deckchairs. Stocks move up an index, or down an index, but nothing moves out of the three.
The proprietary S&amp;P data suggests little opportunity, but empirical data suggests otherwise, and as in most cases, the interesting trades are the smaller ones.


S&P500 Rebalance for December 2021 - Rearranging the Deckchairs

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Residential furniture stocks had a tough week over concerns about demand, though commercial furniture stocks fared better.</li><li>The Water Tower Research Commercial/Contract Furniture Index declined 0.5%, the Residential Manufacturers &amp; Suppliers Index fell 3.2%, and Home Goods Retailers declined 5.7%.</li><li>All three trailed the broader indexes (+0.2 to +0.5%) and the Mass Retailers Index (+1.7%). </li></ul>

Residential furniture stocks had a tough week over concerns about demand, though commercial furniture stocks fared better.The Water Tower Research Commercial/Contract Furniture Index declined 0.5%, the Residential Manufacturers &amp; Suppliers Index fell 3.2%, and Home Goods Retailers declined 5.7%.All three trailed the broader indexes (+0.2 to +0.5%) and the Mass Retailers Index (+1.7%). 

Furniture/Furnishings Weekly - July 1, 2024

<ul><li>SCS and LZB both reported strong earnings. Steelcase gained 7.2% for the week after posting strong orders and margins in 1QFY25 with adjusted EPS of $0.16, beating consensus of $0.10 and our estimate of $0.11. LZB surged 12.4% after posting adjusted 4QFY24 EPS of $0.95 versus consensus of $0.70.</li><li>It was a mixed week for the Water Tower Research Furniture/Furnishings indexes.</li><li>The Commercial/Contract Furniture Index was up 3.3% for the week, while the Residential Manufacturers &amp; Suppliers Index was down 1.1% and the Home Goods Retailers Index was down 1.2%. </li></ul>

SCS and LZB both reported strong earnings. Steelcase gained 7.2% for the week after posting strong orders and margins in 1QFY25 with adjusted EPS of $0.16, beating consensus of $0.10 and our estimate of $0.11. LZB surged 12.4% after posting adjusted 4QFY24 EPS of $0.95 versus consensus of $0.70.It was a mixed week for the Water Tower Research Furniture/Furnishings indexes.The Commercial/Contract Furniture Index was up 3.3% for the week, while the Residential Manufacturers &amp; Suppliers Index was down 1.1% and the Home Goods Retailers Index was down 1.2%. 

Furniture/Furnishings Weekly - June 24, 2024

United States

Leggett & Platt, Incorporated manufactures a wide range of engineered products. The Company's products include components for bedding, furniture, and other residential furnishings, as well as office and institutional furnishings components, retail store fixtures, and displays, specialty wire products, and automotive seating suspension and lumbar systems.

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Leggett & Platt (LEG US)

Leggett & Platt Incorporated: Will There Be A Negative Impact Of Broader Macro-Economic Trends? - Major Drivers

Leggett & Platt, a prominent engineered product manufacturer, recently revealed its financial and strategic direction in its first quarter...

Baptista Research

Leggett & Platt Incorporated: Initiation Of Coverage - These 4 Pivotal Factors Are Driving Its Future Performance! - Financial Forecasts

This is our first report on bedding and other specialty products manufacturer, Leggett & Platt. The company has been facing some tough times...

Baptista Research

S&P500 Rebalance for December 2021 - Rearranging the Deckchairs

The S&P announced its changes to the S&P500, S&P Midcap 400, and S&P Small 600 Indices. All names moving in and out of these indices are coming...

Travis Lundy

Furniture/Furnishings Weekly - July 1, 2024

Residential furniture stocks had a tough week over concerns about demand, though commercial furniture stocks fared better.

Water Tower Research

Furniture/Furnishings Weekly - June 24, 2024

SCS and LZB both reported strong earnings. Steelcase gained 7.2% for the week after posting strong orders and margins in 1QFY25 with adjusted EPS...

Water Tower Research

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