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>Lennar Corporation recently reported its first-quarter results for 2025 amid challenging economic conditions impacting the housing market.</li><li>The company has strategically navigated these headwinds with its focus on consistent volume, efficiency, and an asset-light, land-light business model.</li><li>During the quarter, Lennar’s average sales price decreased slightly to $408,000, with sales incentives reaching approximately 13%, highlighting the pressure on margins to maintain demand amid higher mortgage rates.</li></ul>

Lennar Corporation recently reported its first-quarter results for 2025 amid challenging economic conditions impacting the housing market.The company has strategically navigated these headwinds with its focus on consistent volume, efficiency, and an asset-light, land-light business model.During the quarter, Lennar’s average sales price decreased slightly to $408,000, with sales incentives reaching approximately 13%, highlighting the pressure on margins to maintain demand amid higher mortgage rates.

Is Lennar the Netflix of Homebuilding? Inside the Strategy Turning Heads on Wall Street!

<ul><li>Lennar Corporation, a prominent homebuilder, provided a comprehensive overview of its financial and operational performance for the third quarter during their earnings call.</li><li>The company is navigating a dynamic economic environment characterized by changing interest rates and ongoing demand for housing amidst a chronic shortage of available homes.</li><li>From a positive perspective, Lennar has been able to sustain strong demand with innovative strategies such as mortgage rate buydowns and incentives, particularly aimed at enhancing affordability for homebuyers.</li></ul>

Lennar Corporation, a prominent homebuilder, provided a comprehensive overview of its financial and operational performance for the third quarter during their earnings call.The company is navigating a dynamic economic environment characterized by changing interest rates and ongoing demand for housing amidst a chronic shortage of available homes.From a positive perspective, Lennar has been able to sustain strong demand with innovative strategies such as mortgage rate buydowns and incentives, particularly aimed at enhancing affordability for homebuyers.

Lennar Corporation:  The Acquisition of WCH Homes An Indicator Of Continued Consolidation In Its Domain? - Major Drivers

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul>
<li>Small caps generally trade between a 50% discount to the S&amp;P 500 and a 50% premium. The current discount is 22%.</li>
<li>Relative periods of outperformance tend to last for waves of at least 13 years.</li>
<li>The current dominance of large caps over small caps has lasted ~13 years. This suggests the cycle could be due to change.</li>
</ul>


Small caps generally trade between a 50% discount to the S&amp;P 500 and a 50% premium. The current discount is 22%.
Relative periods of outperformance tend to last for waves of at least 13 years.
The current dominance of large caps over small caps has lasted ~13 years. This suggests the cycle could be due to change.


<ul>
<li>Honeywell International (HON) announced its plan to spin off its Advanced Materials business on October 8, 2024.</li>
<li>Subsequently, on February 6, 2025, the company revealed its intention to separate into three independent entities by also spinning off its Aerospace and Automation divisions.</li>
<li>Automation (49% of revenue): This segment will concentrate on developing advanced automation technologies.</li>
</ul>


Honeywell International (HON) announced its plan to spin off its Advanced Materials business on October 8, 2024.
Subsequently, on February 6, 2025, the company revealed its intention to separate into three independent entities by also spinning off its Aerospace and Automation divisions.
Automation (49% of revenue): This segment will concentrate on developing advanced automation technologies.


<ul>
<li>
This week, IAC Inc (IAC) provided <a href="https://www.prnewswire.com/news-releases/iac-announces-plan-to-spin-off-angi-reorganizes-leadership-302349721.html" target="_blank" rel="noopener">an update</a> on its Angi Inc (ANGI) spin-off plans.
</li>
<li>
Previously, IAC had suggested that it would spin off ANGI but hadn’t confirmed it.
</li>
<li>
IAC will spin-off its entire stake in Angi Inc in the first half of 2025, but no sooner than March 31. 
</li>
</ul>



This week, IAC Inc (IAC) provided an update on its Angi Inc (ANGI) spin-off plans.


Previously, IAC had suggested that it would spin off ANGI but hadn’t confirmed it.


IAC will spin-off its entire stake in Angi Inc in the first half of 2025, but no sooner than March 31. 



United States

Lennar Corporation constructs and sells single-family attached and detached homes, and to a lesser extent multi-level buildings as well as buys and sells residential land. The Company also provides mortgage financing, title insurance, closing services and other financial services.

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Lennar Corp A (LEN US)

Is Lennar the Netflix of Homebuilding? Inside the Strategy Turning Heads on Wall Street!

Lennar Corporation recently reported its first-quarter results for 2025 amid challenging economic conditions impacting the housing market. The...

Baptista Research

Lennar Corporation: The Acquisition of WCH Homes An Indicator Of Continued Consolidation In Its Domain? - Major Drivers

Lennar Corporation, a prominent homebuilder, provided a comprehensive overview of its financial and operational performance for the third quarter...

Baptista Research

Weekly Update (WDC, SNDK, MRP, IAC)

Small caps generally trade between a 50% discount to the S&P 500 and a 50% premium. The current discount is 22%. Relative periods of outperformance...

Richard Howe

Weekly Update (MRP, WDC, HON, LGFA)

Honeywell International (HON) announced its plan to spin off its Advanced Materials business on October 8, 2024. Subsequently, on February 6, 2025,...

Richard Howe

Weekly Update (SNRE, HHH, ANGI, MRP)

This week, IAC Inc (IAC) provided an update on its Angi Inc (ANGI) spin-off plans. Previously, IAC had suggested that it would spin off ANGI but...

Richard Howe

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