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>Pilgrim's Pride reported its third-quarter results for the year 2024, showcasing a strong financial performance characterized by an increase in revenues and significant improvement in adjusted EBITDA.</li><li>The company generated net revenues of $4.6 billion, marking a 5.2% increase from the same period in the previous year.</li><li>Adjusted EBITDA increased impressively to $660 million from $324 million in the third quarter of 2023, with the adjusted EBITDA margin expanding from 7.4% to 14.4%.</li></ul>

Pilgrim's Pride reported its third-quarter results for the year 2024, showcasing a strong financial performance characterized by an increase in revenues and significant improvement in adjusted EBITDA.The company generated net revenues of $4.6 billion, marking a 5.2% increase from the same period in the previous year.Adjusted EBITDA increased impressively to $660 million from $324 million in the third quarter of 2023, with the adjusted EBITDA margin expanding from 7.4% to 14.4%.

Pilgrim's Pride Corporation: Its Efforts Towards Geographic Diversification & Investment in Mexico! - Major Drivers

<ul><li>Pilgrim's Pride Corporation reported a robust financial performance for the second quarter of 2024, with net revenues increasing to $4.6 billion, a rise of 5.8% over the previous year.</li><li>The adjusted EBITDA significantly improved to $656 million, marking a 164% increase from Q2 2023, with margins expanding to 14.4% compared to 5.8% last year.</li><li>These results reflect the company's strategic positioning and initiatives aimed at capturing market upside and mitigating risks associated with market volatility.</li></ul>

Pilgrim's Pride Corporation reported a robust financial performance for the second quarter of 2024, with net revenues increasing to $4.6 billion, a rise of 5.8% over the previous year.The adjusted EBITDA significantly improved to $656 million, marking a 164% increase from Q2 2023, with margins expanding to 14.4% compared to 5.8% last year.These results reflect the company's strategic positioning and initiatives aimed at capturing market upside and mitigating risks associated with market volatility.

Pilgrim's Pride Corporation: Will Its Strengthening Liquidity to Support Growth Initiatives Up Its Game? - Major Drivers

<ul><li>Pilgrim's Pride Corporation reported positive financial results for the first quarter of 2024, demonstrating significant growth and operational efficiency despite challenging market conditions.</li><li>The company recorded net revenues of $4.4 billion, marking a 4.7% increase from the previous year.</li><li>Moreover, the adjusted EBITDA reached $372 million, which is a 145% rise compared to Q1 2023, and the adjusted EBITDA margin expanded from 3.6% to 8.5%.</li></ul>

Pilgrim's Pride Corporation reported positive financial results for the first quarter of 2024, demonstrating significant growth and operational efficiency despite challenging market conditions.The company recorded net revenues of $4.4 billion, marking a 4.7% increase from the previous year.Moreover, the adjusted EBITDA reached $372 million, which is a 145% rise compared to Q1 2023, and the adjusted EBITDA margin expanded from 3.6% to 8.5%.

Pilgrim's Pride Corporation: A Story Of Changing Market Dynamics & Industry Positioning! - Major Drivers

<ul><li>The Pilgrim’s Pride Corporation has encountered several ups and downs in the fiscal year 2023.</li><li>The company possessed an impressive net revenue of $4.5 billion in Q4 2023, with an adjusted EBITDA of $310 million and an adjusted EBITDA margin of 6.8%.</li><li>Their revenue for the fiscal year was $17.4 billion, marking an EBITDA of $1 billion and margins of 6%.</li></ul>

The Pilgrim’s Pride Corporation has encountered several ups and downs in the fiscal year 2023.The company possessed an impressive net revenue of $4.5 billion in Q4 2023, with an adjusted EBITDA of $310 million and an adjusted EBITDA margin of 6.8%.Their revenue for the fiscal year was $17.4 billion, marking an EBITDA of $1 billion and margins of 6%.

Pilgrim's Pride Corporation: Initiation Of Coverage - What Is The Core Business Strategy Of This Meat & Poultry Giant? - Major Drivers

US/Europe Event-Driven Analyst

John DeMasi

Event-Driven

<ul>
<li>Cargill/Continental Grain announced joint acquisition of Sanderson Farms on 9th August 2021 for $203/share cash.</li>
<li>Poultry Market in the USA is not concentrated; deal presents little traditional competition risk.</li>
<li>Recent accusations of price-fixing in poultry sector present political risk, but SAFM is cheap even if deal were to get blocked.</li>
</ul>


Cargill/Continental Grain announced joint acquisition of Sanderson Farms on 9th August 2021 for $203/share cash.
Poultry Market in the USA is not concentrated; deal presents little traditional competition risk.
Recent accusations of price-fixing in poultry sector present political risk, but SAFM is cheap even if deal were to get blocked.


Sanderson Farms (SAFM US) – Pending Takeover Offers Favourable Risk/Reward

United States

Pilgrim's Pride Corporation produces prepared and fresh chicken products in the United States and Mexico.  Through vertical integration, the Company controls the breeding, hatching, and growing of chickens and the processing, preparation, and packaging of its product lines.  Pilgrim's Pride exports its products to Canada, Eastern Europe, the Far East, and other world markets.

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Pilgrim'S Pride (PPC US)

Pilgrim's Pride Corporation: Its Efforts Towards Geographic Diversification & Investment in Mexico! - Major Drivers

Pilgrim's Pride reported its third-quarter results for the year 2024, showcasing a strong financial performance characterized by an increase in...

Baptista Research

Pilgrim's Pride Corporation: Will Its Strengthening Liquidity to Support Growth Initiatives Up Its Game? - Major Drivers

Pilgrim's Pride Corporation reported a robust financial performance for the second quarter of 2024, with net revenues increasing to $4.6 billion,...

Baptista Research

Pilgrim's Pride Corporation: A Story Of Changing Market Dynamics & Industry Positioning! - Major Drivers

Pilgrim's Pride Corporation reported positive financial results for the first quarter of 2024, demonstrating significant growth and operational...

Baptista Research

Pilgrim's Pride Corporation: Initiation Of Coverage - What Is The Core Business Strategy Of This Meat & Poultry Giant? - Major Drivers

The Pilgrim’s Pride Corporation has encountered several ups and downs in the fiscal year 2023. The company possessed an impressive net revenue of...

Baptista Research

Sanderson Farms (SAFM US) – Pending Takeover Offers Favourable Risk/Reward

Chicken on Sale! Sanderson Farms trades at much lower multiples than peers and has a pending takeover which could close within months. Even if the...

John DeMasi

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