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>Otis Worldwide Corporation demonstrated stable performance during the second quarter of 2024, amidst a mixed economic environment.</li><li>The company's results reflected both their successes and the ongoing challenges in the global market.</li><li>On the positive side, the Service segment continued to serve as a strong growth vector for Otis, with a reported mid-single-digit organic sales increase.</li></ul>

Otis Worldwide Corporation demonstrated stable performance during the second quarter of 2024, amidst a mixed economic environment.The company's results reflected both their successes and the ongoing challenges in the global market.On the positive side, the Service segment continued to serve as a strong growth vector for Otis, with a reported mid-single-digit organic sales increase.

Otis Worldwide Corporation: Expansion into the Modernization Market in China

Otis Worldwide Corporation: A Story Of Geographic Diversification and Regional Performance Optimization! - Major Drivers

<ul><li>In the first quarter of 2024, Otis Worldwide Corporation reported a solid performance, reinforcing the continued robustness of its Service-driven business model as the company achieved mid-single digit organic sales growth, led by its Service business.</li><li>Both Service and New Equipment operating profit margins expanded by 80 and 20 basis points respectively, contributing to a 10% increase in adjusted EPS growth.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

In the first quarter of 2024, Otis Worldwide Corporation reported a solid performance, reinforcing the continued robustness of its Service-driven business model as the company achieved mid-single digit organic sales growth, led by its Service business.Both Service and New Equipment operating profit margins expanded by 80 and 20 basis points respectively, contributing to a 10% increase in adjusted EPS growth.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Otis Worldwide Corporation: How Are The Market Conditions in China Impacting Their Growth? - Major Drivers

<ul><li>Otis Worldwide Corporation, a leading manufacturer and service provider for elevators, escalators, and moving walkways, is entering 2024 with confidence attributed to its strong full-year performance in 2023.</li><li>Their service-driven business model facilitated a total organic sales growth of 5.6%, driven by Service, which saw a growth of 7.7%.</li><li>The growth in the industry-leading maintenance portfolio reached a record high of 4.2% for the year.</li></ul>

Otis Worldwide Corporation, a leading manufacturer and service provider for elevators, escalators, and moving walkways, is entering 2024 with confidence attributed to its strong full-year performance in 2023.Their service-driven business model facilitated a total organic sales growth of 5.6%, driven by Service, which saw a growth of 7.7%.The growth in the industry-leading maintenance portfolio reached a record high of 4.2% for the year.

Otis Worldwide Corporation: A Story Of New Equipment Sales and Margin Expansion! - Major Drivers

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>On 31 October, in response to an FT article, <a href="https://www.smartkarma.com/entities/fujitec-co-ltd" target="_blank" data-smartkarma-citation="entities:11686:1" rel="noopener">Fujitec Co Ltd (6406 JP)</a> confirmed that it has received a preliminary non-binding proposal, which the special committee is reviewing.</li>
<li>Fujitec’s shareholder register and relative underperformance compared to its Japanese peers make it ripe for a bid. Potential bidders could include PE and trade buyers.</li>
<li>The TK Elevator takeout multiple would imply a Fujitec offer price of JPY6,100-7,500, a 10.2%-35.6% premium to the last close of JPY5,533.</li>
</ul>


On 31 October, in response to an FT article, Fujitec Co Ltd (6406 JP) confirmed that it has received a preliminary non-binding proposal, which the special committee is reviewing.
Fujitec’s shareholder register and relative underperformance compared to its Japanese peers make it ripe for a bid. Potential bidders could include PE and trade buyers.
The TK Elevator takeout multiple would imply a Fujitec offer price of JPY6,100-7,500, a 10.2%-35.6% premium to the last close of JPY5,533.


Fujitec (6406 JP): Evaluating a Potential Privatisation

United States

Otis Worldwide Corporation manufactures, installs, and services building systems. The Company offers elevators, escalators, and other moving products. Otis Worldwide serves customers worldwide.

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Otis Worldwide (OTIS US)

Otis Worldwide Corporation: Expansion into the Modernization Market in China

Otis Worldwide Corporation demonstrated stable performance during the second quarter of 2024, amidst a mixed economic environment. The company's...

Baptista Research

Otis Worldwide Corporation: A Story Of Geographic Diversification and Regional Performance Optimization! - Major Drivers

Otis Worldwide Corporation demonstrated stable performance during the second quarter of 2024, amidst a mixed economic environment. The company's...

Baptista Research

Otis Worldwide Corporation: How Are The Market Conditions in China Impacting Their Growth? - Major Drivers

In the first quarter of 2024, Otis Worldwide Corporation reported a solid performance, reinforcing the continued robustness of its Service-driven...

Baptista Research

Otis Worldwide Corporation: A Story Of New Equipment Sales and Margin Expansion! - Major Drivers

Otis Worldwide Corporation, a leading manufacturer and service provider for elevators, escalators, and moving walkways, is entering 2024 with...

Baptista Research

Fujitec (6406 JP): Evaluating a Potential Privatisation

Fujitec is evaluating a preliminary non-binding proposal. Fujitec’s shareholder register makes it ripe for a bid. Potential bidders could include...

Arun George

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