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

Philip Morris International / Equity Bottom-Up

<ul><li>Philip Morris International Inc., a leading tobacco company, reported its third-quarter results for the year 2024, demonstrating robust performance across its product segments.</li><li>The financial outcomes reflected significant gains in both traditional and smoke-free product categories, margin expansion, and growth in adjusted diluted earnings per share.</li><li>These results build on the momentum from an exceptional first half of the year and indicate a strong strategic execution.</li></ul>

Philip Morris International Inc., a leading tobacco company, reported its third-quarter results for the year 2024, demonstrating robust performance across its product segments.The financial outcomes reflected significant gains in both traditional and smoke-free product categories, margin expansion, and growth in adjusted diluted earnings per share.These results build on the momentum from an exceptional first half of the year and indicate a strong strategic execution.

Philip Morris International Inc.: These Are The 6 Biggest Factors Influencing Its Performance In 2025 & Beyond! - Major Drivers

<ul><li>Philip Morris International (PMI) continues to demonstrate strong performance, driven by its ongoing transformation towards a smoke-free future.</li><li>The company's recent earnings report highlights its impressive growth, particularly in its smoke-free product segments like IQOS and ZYN, which are gaining significant traction globally.</li><li>However, PMI faces challenges such as regulatory headwinds, particularly in Europe, and supply chain constraints that could impact its growth trajectory.</li></ul>

Philip Morris International (PMI) continues to demonstrate strong performance, driven by its ongoing transformation towards a smoke-free future.The company's recent earnings report highlights its impressive growth, particularly in its smoke-free product segments like IQOS and ZYN, which are gaining significant traction globally.However, PMI faces challenges such as regulatory headwinds, particularly in Europe, and supply chain constraints that could impact its growth trajectory.

Philip Morris International's Smoke-Free Product Growth: IQOS and ZYN Leading the Charge! - Major Drivers

<ul><li>Philip Morris International has presented its 2024 first-quarter results, revealing significant strides in revenue and operating income facilitated by robust volume growth and effective operational execution.</li><li>The company has demonstrated a marked improvement in its performance across various sectors, including both its traditional combustible products and newer, smoke-free alternatives.</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>

Philip Morris International has presented its 2024 first-quarter results, revealing significant strides in revenue and operating income facilitated by robust volume growth and effective operational execution.The company has demonstrated a marked improvement in its performance across various sectors, including both its traditional combustible products and newer, smoke-free alternatives.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.

Philip Morris International Inc.: Is The Focus on Smoke-Free Product Portfolio Paying Off? - Major Drivers

<ul><li>Philip Morris International (PMI), the world's largest tobacco company, delivered a strong operating performance in 2023, marking its third consecutive year of positive volumes and high single-digit organic top-line growth propelled by smoke-free products.</li><li>The smoke-free products, particularly the IQOS business and ZYN, mitigated significant drag from traditional combustibles, underlining PMI's strategic shift towards less harmful alternatives to traditional cigarettes.</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>

Philip Morris International (PMI), the world's largest tobacco company, delivered a strong operating performance in 2023, marking its third consecutive year of positive volumes and high single-digit organic top-line growth propelled by smoke-free products.The smoke-free products, particularly the IQOS business and ZYN, mitigated significant drag from traditional combustibles, underlining PMI's strategic shift towards less harmful alternatives to traditional cigarettes.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.

Philip Morris International: Acquisition of Swedish Match

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our long-term outlook remains neutral on the S&amp;P 500 (SPX) as of our 8/6/24 Compass, after being bullish since early-November 2023.</li>
<li>Since late-July discussed expectations for a 1-to 4-month pullback/consolidation on SPX and QQQ; now it's likely to last closer to four months, and potentially 4- to 6-months from 7/17/24.</li>
<li>At that point the market will decide which way this consolidation resolves. Throughout this pullback we have said that this consolidation could end up being a significant topping pattern.</li>
</ul>


Our long-term outlook remains neutral on the S&amp;P 500 (SPX) as of our 8/6/24 Compass, after being bullish since early-November 2023.
Since late-July discussed expectations for a 1-to 4-month pullback/consolidation on SPX and QQQ; now it's likely to last closer to four months, and potentially 4- to 6-months from 7/17/24.
At that point the market will decide which way this consolidation resolves. Throughout this pullback we have said that this consolidation could end up being a significant topping pattern.


Upgrading Staples, Real Estate, and Health Care to Overweight; List of Concerns Continues to Grow

United States

Philip Morris International Inc., through its subsidiaries, affiliates and their licensees, produces, sells, distributes, and markets a wide range of branded cigarettes and tobacco products in markets outside of the United States of America.  The Company's portfolio comprises both international and local brands.

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Philip Morris International (PM US)

Philip Morris International Inc.: These Are The 6 Biggest Factors Influencing Its Performance In 2025 & Beyond! - Major Drivers

Philip Morris International Inc., a leading tobacco company, reported its third-quarter results for the year 2024, demonstrating robust...

Baptista Research

Philip Morris International's Smoke-Free Product Growth: IQOS and ZYN Leading the Charge! - Major Drivers

Philip Morris International (PMI) continues to demonstrate strong performance, driven by its ongoing transformation towards a smoke-free...

Baptista Research

Philip Morris International Inc.: Is The Focus on Smoke-Free Product Portfolio Paying Off? - Major Drivers

Philip Morris International has presented its 2024 first-quarter results, revealing significant strides in revenue and operating income...

Baptista Research

Philip Morris International: Acquisition of Swedish Match

Philip Morris International (PMI), the world's largest tobacco company, delivered a strong operating performance in 2023, marking its third...

Baptista Research

Upgrading Staples, Real Estate, and Health Care to Overweight; List of Concerns Continues to Grow

Upgrading Staples $XLP, Real Estate $XLRE, Health Care $XLV to Overweight; List of Concerns Continues to Grow; Dow $DJI, Equal-Weight S&P 500 $RSP,...

Vermilion Research

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