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>Progressive Corporation reported a strong financial performance for the second quarter of 2025, continuing a streak of impressive growth both in terms of market share and profitability.</li><li>Through strategic focus and execution, the company added over $5 billion in premiums written and approximately 2.4 million additional policies in force during the first half of the year.</li><li>This growth is particularly notable given the competitive landscape of the U.S. property and casualty insurance market.</li></ul>

Progressive Corporation reported a strong financial performance for the second quarter of 2025, continuing a streak of impressive growth both in terms of market share and profitability.Through strategic focus and execution, the company added over $5 billion in premiums written and approximately 2.4 million additional policies in force during the first half of the year.This growth is particularly notable given the competitive landscape of the U.S. property and casualty insurance market.

The Progressive Corporation: Product Differentiation & Segmentation Strategy to Support Sustained Policy Growth & Enhanced Profitability Margins!

<ul><li>The Progressive Corporation's recent results reflect a robust financial performance, with multiple factors contributing to the company's current position.</li><li>Several positive aspects stand out, although some challenges and unknowns remain, such as the potential impact of tariffs.</li><li>Progressive reported near-record margins and record growth, driven by an increase in new policies and efficient customer acquisition.</li></ul>

The Progressive Corporation's recent results reflect a robust financial performance, with multiple factors contributing to the company's current position.Several positive aspects stand out, although some challenges and unknowns remain, such as the potential impact of tariffs.Progressive reported near-record margins and record growth, driven by an increase in new policies and efficient customer acquisition.

Progressive Corporation: Diversification & Business Expansion to Contribute To Its Ongoing Growth Efforts!

<ul><li>Progressive Corporation's latest financial results, as discussed in their earnings call, reveal a mix of robust performance and strategic advancements, underscored by their commitment to technology and operational efficiency.</li><li>The company, under the leadership of CEO Tricia Griffith, emphasized their strategic pillars, highlighting the importance of people and culture, as well as competitive pricing achieved through technological investments in their claims processes.</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>

Progressive Corporation's latest financial results, as discussed in their earnings call, reveal a mix of robust performance and strategic advancements, underscored by their commitment to technology and operational efficiency.The company, under the leadership of CEO Tricia Griffith, emphasized their strategic pillars, highlighting the importance of people and culture, as well as competitive pricing achieved through technological investments in their claims processes.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.

Progressive Corporation: Leveraging Advanced Machine Vision Technology to Influence Market Position Positively!

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>In our 2/25/25 Compass, we discussed our expectation for near-term downside. Also said one or two 8-10% pullbacks in a given year on the SPX is common</li>
<li>And said to not be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670, where we would be buyers</li>
<li>The SPX had a -10.3% peak-to-trough decline, with support showing up at 5500; close enough to our 10% pullback and 5600 level. This has been a stellar buy area</li>
</ul>


In our 2/25/25 Compass, we discussed our expectation for near-term downside. Also said one or two 8-10% pullbacks in a given year on the SPX is common
And said to not be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670, where we would be buyers
The SPX had a -10.3% peak-to-trough decline, with support showing up at 5500; close enough to our 10% pullback and 5600 level. This has been a stellar buy area


Major Low Likely in Place on S&P 500; Bullish Outlook Intact if Above 5500-5600

<ul><li>Progressive Corporation's recent investor event highlighted its strategic focus and ongoing efforts to consolidate and grow its market presence, specifically through its direct acquisition channel.</li><li>The event, led by executives including Personal Lines President Pat Callahan and media business leader Jay VanAntwerp, aimed to reaffirm Progressive's commitment to being a leading insurance provider by enhancing customer experience and optimizing media spend.</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>

Progressive Corporation's recent investor event highlighted its strategic focus and ongoing efforts to consolidate and grow its market presence, specifically through its direct acquisition channel.The event, led by executives including Personal Lines President Pat Callahan and media business leader Jay VanAntwerp, aimed to reaffirm Progressive's commitment to being a leading insurance provider by enhancing customer experience and optimizing media spend.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.

The Progressive Corporation: A Tale Of Geographic Expansion and Market Penetration! - Major Drivers

United States

The Progressive Corporation is an insurance holding company. The Company, through its subsidiaries, provide personal and commercial automobile insurance and other specialty property-casualty insurance and related services throughout the United States.

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Progressive Corp (PGR US)

The Progressive Corporation: Product Differentiation & Segmentation Strategy to Support Sustained Policy Growth & Enhanced Profitability Margins!

Progressive Corporation reported a strong financial performance for the second quarter of 2025, continuing a streak of impressive growth both in...

Baptista Research

Progressive Corporation: Diversification & Business Expansion to Contribute To Its Ongoing Growth Efforts!

The Progressive Corporation's recent results reflect a robust financial performance, with multiple factors contributing to the company's current...

Baptista Research

Progressive Corporation: Leveraging Advanced Machine Vision Technology to Influence Market Position Positively!

Progressive Corporation's latest financial results, as discussed in their earnings call, reveal a mix of robust performance and strategic...

Baptista Research

Major Low Likely in Place on S&P 500; Bullish Outlook Intact if Above 5500-5600

Major Low Likely in Place on $SPX; Bullish Outlook Intact if Above 5500-5600. 5670-5718 is short-term gap support; Power in hands of bulls if...

Vermilion Research

The Progressive Corporation: A Tale Of Geographic Expansion and Market Penetration! - Major Drivers

Progressive Corporation's recent investor event highlighted its strategic focus and ongoing efforts to consolidate and grow its market presence,...

Baptista Research

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