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>PPG Industries, a global supplier of paints, coatings, and specialty materials, reported their second quarter 2024 financial results highlighting an all-time record earning per share (EPS) of $2.50 that signified an 11% year-over-year growth.</li><li>Despite increasingly challenging macroeconomic conditions, the company posted sales of $4.8 billion, marking the seventh consecutive quarter of year-over-year segment margin improvement.</li><li>However, their aggregate volumes in the quarter remained flat year-over-year, falling below their initial expectations due to weak demand in Europe and global automobile manufacturing.</li></ul>

PPG Industries, a global supplier of paints, coatings, and specialty materials, reported their second quarter 2024 financial results highlighting an all-time record earning per share (EPS) of $2.50 that signified an 11% year-over-year growth.Despite increasingly challenging macroeconomic conditions, the company posted sales of $4.8 billion, marking the seventh consecutive quarter of year-over-year segment margin improvement.However, their aggregate volumes in the quarter remained flat year-over-year, falling below their initial expectations due to weak demand in Europe and global automobile manufacturing.

PPG Industries: How Are Their Portfolio Changes Impacting Profitability and Growth? - Major Drivers

<ul><li>The first quarter 2024 earnings of PPG Industries revealed insights into the company's financial position, portfolio strategy, and outlook.</li><li>During the quarter, the firm achieved sales of $4.3 billion and its sixth consecutive quarter of year-on-year segment margin increases, reporting adjusted earnings per diluted share of $1.86, $0.02 above the midpoint of the range provided in January.</li><li>This represents the second-best Q1 adjusted EPS in the company’s history.</li></ul>

The first quarter 2024 earnings of PPG Industries revealed insights into the company's financial position, portfolio strategy, and outlook.During the quarter, the firm achieved sales of $4.3 billion and its sixth consecutive quarter of year-on-year segment margin increases, reporting adjusted earnings per diluted share of $1.86, $0.02 above the midpoint of the range provided in January.This represents the second-best Q1 adjusted EPS in the company’s history.

PPG Industries: Will Its Strategy Of Portfolio Pruning & Acquisitions Pay Off? - Major Drivers

<ul><li>During PPG Industries Inc.'s fourth quarter 2023 financial results, the management reported strong financial results that were driven by effective strategic execution.</li><li>The company reported record fourth quarter sales of $4.4 billion and adjusted earnings per diluted share of $1.53, a 25% increase year-on year.</li><li>The robust earnings were primarily driven by a 260 basis point improvement in aggregated segment margin compared to the fourth quarter of 2022.</li></ul>

During PPG Industries Inc.'s fourth quarter 2023 financial results, the management reported strong financial results that were driven by effective strategic execution.The company reported record fourth quarter sales of $4.4 billion and adjusted earnings per diluted share of $1.53, a 25% increase year-on year.The robust earnings were primarily driven by a 260 basis point improvement in aggregated segment margin compared to the fourth quarter of 2022.

PPG Industries: These Are The 7 Biggest Growth Drivers & 3 Biggest Challenges In Its Path In The Coatings Market! - Major Drivers

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Elections have consequences. The November 2024 elections in the US have ushered in not just a change in political landscape for the country and the makeup of the federal government but are likely to result in material changes to government policies and priorities for 2025 and beyond.</li><li>These include international trade, the federal regulatory environment, and tax policies that can affect consumer sentiment, company strategies when it comes to capital deployment, and end market dynamics.</li><li>While specifics could emerge in the coming months, we expect modest inflationary pressures from expected tariffs on imported goods to be largely offset by more constructive energy policies, tax incentives, and a reduced federal regulatory burden, along with a reduced federal government role in economic decision-making to lead to an improvement in economic growth in 2025.</li></ul>

Elections have consequences. The November 2024 elections in the US have ushered in not just a change in political landscape for the country and the makeup of the federal government but are likely to result in material changes to government policies and priorities for 2025 and beyond.These include international trade, the federal regulatory environment, and tax policies that can affect consumer sentiment, company strategies when it comes to capital deployment, and end market dynamics.While specifics could emerge in the coming months, we expect modest inflationary pressures from expected tariffs on imported goods to be largely offset by more constructive energy policies, tax incentives, and a reduced federal regulatory burden, along with a reduced federal government role in economic decision-making to lead to an improvement in economic growth in 2025.

The US Elections' Impact on 2025 Outlook - November 13, 2024

<ul><li>WTR-CMI this week. In a tough week for the market, the WTR- CMI Index of 30 specialty chemicals and materials technology stocks dipped 0.6%, while the large-cap heavy S&amp;P 500 declined 1.4%, with the Russell 2000 inching up 0.1%.</li><li>Strong rebounds in NGVT, ECVT, LAC, PLL, and AXTA nearly offset sharp declines in EAF, CMP, and HXL. YTD, our index is slightly outperforming the Russell 2000, increasing 10.4% versus the broader index’s 9.0% improvement, although both trail the S&amp;P 500’s 20.1% increase.</li><li>On a Y/Y basis, the WTR-CMI Index has narrowed the performance gap with the S&amp;P 500, improving 32.9% versus the large-cap index’s 35.2% appreciation, with the Russell 2000 bringing up the rear with a 32.4% rebound.</li></ul>

WTR-CMI this week. In a tough week for the market, the WTR- CMI Index of 30 specialty chemicals and materials technology stocks dipped 0.6%, while the large-cap heavy S&amp;P 500 declined 1.4%, with the Russell 2000 inching up 0.1%.Strong rebounds in NGVT, ECVT, LAC, PLL, and AXTA nearly offset sharp declines in EAF, CMP, and HXL. YTD, our index is slightly outperforming the Russell 2000, increasing 10.4% versus the broader index’s 9.0% improvement, although both trail the S&amp;P 500’s 20.1% increase.On a Y/Y basis, the WTR-CMI Index has narrowed the performance gap with the S&amp;P 500, improving 32.9% versus the large-cap index’s 35.2% appreciation, with the Russell 2000 bringing up the rear with a 32.4% rebound.

Mat-Chem Notes - Supply-Demand Balancing Act and Geopolitics of Energy Transition

United States

PPG Industries, Inc. supplies products for the manufacturing, construction, automotive, chemical processing, and other industries worldwide.  The Company makes protective and decorative coatings, flat glass, fabricated glass products, continuous-strand fiber glass products, and industrial and specialty chemicals.

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Ppg Industries (PPG US)

PPG Industries: How Are Their Portfolio Changes Impacting Profitability and Growth? - Major Drivers

PPG Industries, a global supplier of paints, coatings, and specialty materials, reported their second quarter 2024 financial results highlighting...

Baptista Research

PPG Industries: Will Its Strategy Of Portfolio Pruning & Acquisitions Pay Off? - Major Drivers

The first quarter 2024 earnings of PPG Industries revealed insights into the company's financial position, portfolio strategy, and outlook. During...

Baptista Research

PPG Industries: These Are The 7 Biggest Growth Drivers & 3 Biggest Challenges In Its Path In The Coatings Market! - Major Drivers

During PPG Industries Inc.'s fourth quarter 2023 financial results, the management reported strong financial results that were driven by effective...

Baptista Research

The US Elections' Impact on 2025 Outlook - November 13, 2024

While specifics could emerge in the coming months, we expect modest inflationary pressures from expected tariffs on imported goods to be largely...

Water Tower Research

Mat-Chem Notes - Supply-Demand Balancing Act and Geopolitics of Energy Transition

In a tough week for the market, the WTR- CMI Index of 30 specialty chemicals and materials technology stocks dipped 0.6%, while the large-cap heavy...

Water Tower Research

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