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>Mowi ASA reported robust financial performance for Q1 2025, demonstrating strong operational and biological metrics.</li>
<li>The company achieved an operational profit of EUR 214 million and revenue of EUR 1.36 billion, marking substantial growth compared to the previous year.</li>
<li>Harvest volumes increased to 108,000 tonnes, a 12% rise year-over-year, influenced by favorable environmental conditions in both hemispheres.</li>
</ul>


Mowi ASA reported robust financial performance for Q1 2025, demonstrating strong operational and biological metrics.
The company achieved an operational profit of EUR 214 million and revenue of EUR 1.36 billion, marking substantial growth compared to the previous year.
Harvest volumes increased to 108,000 tonnes, a 12% rise year-over-year, influenced by favorable environmental conditions in both hemispheres.


Mowi ASA - Global Demand Roars Back, But Will Tariffs Slam the Brakes?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Garware Technical Fibres / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/garware-technical-fibres-ltd" target="_blank" data-smartkarma-citation="entities:5528:1" rel="noopener">Garware Technical Fibres (GTFL IN)</a> focuses on value-added products and has increased R&amp;D investment significantly, with substantial growth in sports nets and geo-synthetics.</li>
<li>The company’s strong export market presence, high-margin profile, and diversification will improve the margins in the future. </li>
<li>With refocus on the domestic market and growing demand for value-added products, <a href="https://www.smartkarma.com/entities/garware-technical-fibres-ltd" target="_blank" data-smartkarma-citation="entities:5528:1" rel="noopener">Garware Technical Fibres (GTFL IN)</a> is poised for significant growth with capex coming online.</li>
</ul>



Garware Technical Fibres (GTFL IN) focuses on value-added products and has increased R&amp;D investment significantly, with substantial growth in sports nets and geo-synthetics.
The company’s strong export market presence, high-margin profile, and diversification will improve the margins in the future. 
With refocus on the domestic market and growing demand for value-added products, Garware Technical Fibres (GTFL IN) is poised for significant growth with capex coming online.


The Beat Ideas: Garware Technical Fibre- A Niche Technical Textile Player

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a>'s scheme meeting is scheduled for 3 November. The IE considers the A$5.23 per share offer fair and reasonable.</li>
<li>The key condition is approval from shareholders - headcount test and approval by at least 75% of the votes cast on the scheme resolution. Cooke has received FIRB approval.</li>
<li>We continue to think that offer is attractive. At the last close price and for the 21 November implementation date, the gross and annualised spread is 1.2% and 8.8%, respectively.</li>
</ul>



Tassal (TGR AU)'s scheme meeting is scheduled for 3 November. The IE considers the A$5.23 per share offer fair and reasonable.
The key condition is approval from shareholders - headcount test and approval by at least 75% of the votes cast on the scheme resolution. Cooke has received FIRB approval.
We continue to think that offer is attractive. At the last close price and for the 21 November implementation date, the gross and annualised spread is 1.2% and 8.8%, respectively.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a> entered a scheme implementation deed with Cooke at A$5.23 per share, a 48.6% premium to the undisturbed price of A$3.52.</li>
<li>The offer price is an all-time share price high. The scheme is not subject to due diligence or a financing condition. Cooke also noted that it had received FIRB approval.</li>
<li>This is a done deal. At last close and for year-end payment, the gross and annualised spread to the offer is 1.8% and 4.6%, respectively.</li>
</ul>



Tassal (TGR AU) entered a scheme implementation deed with Cooke at A$5.23 per share, a 48.6% premium to the undisturbed price of A$3.52.
The offer price is an all-time share price high. The scheme is not subject to due diligence or a financing condition. Cooke also noted that it had received FIRB approval.
This is a done deal. At last close and for year-end payment, the gross and annualised spread to the offer is 1.8% and 4.6%, respectively.


<ul>
<li>On 19 July, Cooke, the spurned suitor, increased its stake in <a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a> to 10.49%. The average price to build the 10.49% stake is A$4.14 per share. </li>
<li>Cooke also hired Phil Wiese, the former CEO of <a href="https://www.smartkarma.com/entities/huon-aquaculture-group-ltd" target="_blank" data-smartkarma-citation="entities:12348:1" rel="noopener">Huon Aquaculture (HUO AU)</a>, as a MD in Canada. Mr Wiese is well qualified to run Tassal should Cooke acquire it. </li>
<li>With shareholders happy to sell to Cooke despite the Board’s assertions that the previous bid undervalued Tassal, a new offer will force the Board to engage.</li>
</ul>


On 19 July, Cooke, the spurned suitor, increased its stake in Tassal (TGR AU) to 10.49%. The average price to build the 10.49% stake is A$4.14 per share. 
Cooke also hired Phil Wiese, the former CEO of Huon Aquaculture (HUO AU), as a MD in Canada. Mr Wiese is well qualified to run Tassal should Cooke acquire it. 
With shareholders happy to sell to Cooke despite the Board’s assertions that the previous bid undervalued Tassal, a new offer will force the Board to engage.


Tassal: Cooke Increases Its Stake to 10.49%

Norway

Mowi ASA as sells and markets the products. Marine Harvest operates in Canada, Norway and Scotland. The Company sells salmon worldwide through its sales companies in Norway, Canada, the United Kingdom and the United States.

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Mowi ASA (MOWI NO)

Mowi ASA - Global Demand Roars Back, But Will Tariffs Slam the Brakes?

The company achieved an operational profit of EUR 214 million and revenue of EUR 1.36 billion, marking substantial growth compared to the previous...

Baptista Research

The Beat Ideas: Garware Technical Fibre- A Niche Technical Textile Player

Garware Technical Fibres (GTFL IN) focuses on value-added products, increasing R&D investment for growth in sports nets and geo-synthetics, poised...

Sudarshan Bhandari

Tassal Scheme Meeting on 3 November

This looks like a done deal. At the last close price and for the 21 November implementation date, the annualised spread is 8.8%.

Arun George

Tassal Recommends Cooke’s A$5.23 Offer

This is a done deal. At last close and for year-end payment, the gross and annualised spread to the offer is 1.8% and 4.6%, respectively.

Arun George

Tassal: Cooke Increases Its Stake to 10.49%

Cooke has increased its stake in Tassal to 10.49%. With shareholders happy to sell despite the Board’s assertions that Cooke's bid undervalued...

Arun George

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mowi ASA - Global Demand Roars Back, But Will Tariffs Slam the Brakes?

The company achieved an operational profit of EUR 214 million and revenue of EUR 1.36 billion, marking substantial growth compared to the previous...

Baptista Research

The Beat Ideas: Garware Technical Fibre- A Niche Technical Textile Player

​Garware Technical Fibres (GTFL IN) focuses on value-added products, increasing R&D investment for growth in sports nets and geo-synthetics, poised...

Sudarshan Bhandari

Tassal Scheme Meeting on 3 November

This looks like a done deal. At the last close price and for the 21 November implementation date, the annualised spread is 8.8%.

Arun George

Tassal Recommends Cooke’s A$5.23 Offer

This is a done deal. At last close and for year-end payment, the gross and annualised spread to the offer is 1.8% and 4.6%, respectively.

Arun George

Tassal: Cooke Increases Its Stake to 10.49%

Cooke has increased its stake in Tassal to 10.49%. With shareholders happy to sell despite the Board’s assertions that Cooke's bid undervalued...

Arun George

Garware Technical Fibres (GTFL IN) focuses on value-added products, increasing R&D investment for growth in sports nets and geo-synthetics, poised...