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 Capital Markets

Mondelez International / Equity Capital Markets

<ul><li>Mondelez delivered yet another all-around beat as it benefitted heavily from the persistent snacking trend across the globe despite the resumption of foodservice.</li><li>The positive snacking trends are here to stay and Mondelez is only going to benefit from them in the long run as it has exposure to most snacking categories.</li><li>Its recent acquisitions of Hu and Grenade ensure its positioning in the healthy snacks and the protein-based snacks categories.</li></ul>

Mondelez delivered yet another all-around beat as it benefitted heavily from the persistent snacking trend across the globe despite the resumption of foodservice.The positive snacking trends are here to stay and Mondelez is only going to benefit from them in the long run as it has exposure to most snacking categories.Its recent acquisitions of Hu and Grenade ensure its positioning in the healthy snacks and the protein-based snacks categories.

Mondelez International Inc. - Investment Thesis

Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

Mondelez International / Equity Bottom-Up

<ul>
<li>Mondelez performance over the past year has been largely overshadowed by the pandemic lockdowns and losses in out of home channels.</li>
<li>However, the company is now even better positioned to solidify its positioning in the snacking segment and increase profitability.</li>
<li>The potential of expansion into key adjacent product categories is often neglected, but holds a significant opportunity for future margins.</li>
</ul>


Mondelez performance over the past year has been largely overshadowed by the pandemic lockdowns and losses in out of home channels.
However, the company is now even better positioned to solidify its positioning in the snacking segment and increase profitability.
The potential of expansion into key adjacent product categories is often neglected, but holds a significant opportunity for future margins.


Mondelez: Margin Opportunity Hiding In Plain Sight

<ul><li>At first glance, there are more profitable and higher growth opportunities in the Packaged Foods sector.</li><li>Underneath the surface, however, Mondelez iconic global and local brands offer an important competitive advantage.</li><li>The company is also uniquely positioned to further improve profitability and expand its topline into adjacent product categories.</li></ul>

At first glance, there are more profitable and higher growth opportunities in the Packaged Foods sector.Underneath the surface, however, Mondelez iconic global and local brands offer an important competitive advantage.The company is also uniquely positioned to further improve profitability and expand its topline into adjacent product categories.

What Makes Mondelez Attractive At Current Levels

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

ASA Capital Management

ASA Capital Management is a boutique Research and Investment Advisory firm focusing on primary research in India. ASA provides bespoke research services to Institutional Clients with a focus on due diligence backed with primary research, Field Trips & Channel Checks.

Mrs Bectors Food Specialities / Equity Bottom-Up

<p>For this Insight, we interact with a leading supplier to <a href="https://www.smartkarma.com/entities/mrs-bectors-food-specialities" target="_blank" data-smartkarma-citation="entities:27872:1" rel="noopener">Mrs Bectors Food Specialities (814506Z IN)</a>  with an objective to understand possible growth concerns that may affect the company. </p>
<p><a href="https://www.smartkarma.com/entities/mrs-bectors-food-specialities" target="_blank" data-smartkarma-citation="entities:27872:1" rel="noopener">Mrs Bectors Food Specialities (814506Z IN)</a> is interestingly positioned in an industry that has a long runway but is fiercely competitive and fragmented. The competitive forces are too strong. Mrs Bectors will have to undertake substantial changes in the business operations and the company’s DNA if it aims to move into the big leagues. Investors will have to keep a close watch on execution and market share gains as primary catalysts of growth. </p>
<div class="content-highlight">
<p><em>This Insight is labelled bullish considering the large opportunity both in India and the private label export market.  </em></p>
</div>

For this Insight, we interact with a leading supplier to Mrs Bectors Food Specialities (814506Z IN)  with an objective to understand possible growth concerns that may affect the company. 
Mrs Bectors Food Specialities (814506Z IN) is interestingly positioned in an industry that has a long runway but is fiercely competitive and fragmented. The competitive forces are too strong. Mrs Bectors will have to undertake substantial changes in the business operations and the company’s DNA if it aims to move into the big leagues. Investors will have to keep a close watch on execution and market share gains as primary catalysts of growth. 

This Insight is labelled bullish considering the large opportunity both in India and the private label export market.  


Mrs Bectors Food Specialities | Supplier Interaction Suggests Growth Concerns

Quality-first, Business-perspective Strategy, Urbem (HK) Limited

Steven Chen

Quality-first, Business-perspective Strategy

<ul>
<li>Fujian-based Dali Foods operates multiple brands in the categories of food and beverage;</li>
<li>Since its foundation, the company has pursued a simple "copycat" strategy combined with an emphasis on lower-tier regions;</li>
<li>Despite a persistently high return on capital, we do not see a moat that is wide enough and difficult to cross in this rapidly-evolving and fiercely-competitive consumer goods market in China.</li>
</ul>


Fujian-based Dali Foods operates multiple brands in the categories of food and beverage;
Since its foundation, the company has pursued a simple "copycat" strategy combined with an emphasis on lower-tier regions;
Despite a persistently high return on capital, we do not see a moat that is wide enough and difficult to cross in this rapidly-evolving and fiercely-competitive consumer goods market in China.


Dali Foods: Low-Price Copycat With A Persistent High-Return Character But A Too Narrow Moat

United States

Mondelez International Inc. is a food and beverage company.  The Company manufactures and markets packaged food products, including snacks, beverages, cheese, convenient meals and various packaged grocery products.  Mondelez International sells its products throughout the world.

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Mondelez International (MDLZ US)

Mondelez International Inc. - Investment Thesis

Mondelez delivered yet another all-around beat as it benefitted heavily from the persistent snacking trend across the globe despite the resumption...

Baptista Research

Mondelez: Margin Opportunity Hiding In Plain Sight

Mondelez performance over the past year has been largely overshadowed by the pandemic lockdowns and losses in out of home channels. However, the...

Vladimir Dimitrov, CFA

What Makes Mondelez Attractive At Current Levels

At first glance, there are more profitable and higher growth opportunities in the Packaged Foods sector. Underneath the surface, however, Mondelez...

Vladimir Dimitrov, CFA

Mrs Bectors Food Specialities | Supplier Interaction Suggests Growth Concerns

For this Insight, we interact with a leading supplier to Mrs Bectors with an objective to understand possible growth concerns that may affect the...

Pranav Bhavsar

Dali Foods: Low-Price Copycat With A Persistent High-Return Character But A Too Narrow Moat

We appreciate the differentiated strategy and the persistently high return on capital, but the moat appears too narrow for this rapidly-evolving...

Steven Chen

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