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>IQVIA Holdings Inc. delivered a mixed result in the recent quarter, with revenues below market expectations, but it managed to surpass the analyst consensus in terms of earnings.</li><li>Despite its continuous expansion, revenue failed to meet IQVIA's expectations in the TAS business.</li><li>Approximately half of the revenue shortfall stemmed from foreign exchange challenges, while the remaining half resulted from persistent demand weakness in the TAS segment.</li></ul>

IQVIA Holdings Inc. delivered a mixed result in the recent quarter, with revenues below market expectations, but it managed to surpass the analyst consensus in terms of earnings.Despite its continuous expansion, revenue failed to meet IQVIA's expectations in the TAS business.Approximately half of the revenue shortfall stemmed from foreign exchange challenges, while the remaining half resulted from persistent demand weakness in the TAS segment.

IQVIA Holdings Inc.: Strategic Collaboration With argenx & Other Major Developments

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>We have summarized 2Q24 earnings of major overseas CXO and life science upstream (LSU) companies, which engage in clinical CROs, preclinical CROs, C(D)MOs, and LSU fields.</li><li>We find that those companies’ 2023 earnings growth varied across sub-sectors, with later-stage CXOs performing better than earlystage ones and non-manufacturing CXOs outperforming manufacturing ones.</li><li>However, the performance differences among sub-sectors decreased in 1Q24, and continued to narrow in 2Q24, with earnings of LSU and C(D)MO companies performing better than expected. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We have summarized 2Q24 earnings of major overseas CXO and life science upstream (LSU) companies, which engage in clinical CROs, preclinical CROs, C(D)MOs, and LSU fields.We find that those companies’ 2023 earnings growth varied across sub-sectors, with later-stage CXOs performing better than earlystage ones and non-manufacturing CXOs outperforming manufacturing ones.However, the performance differences among sub-sectors decreased in 1Q24, and continued to narrow in 2Q24, with earnings of LSU and C(D)MO companies performing better than expected. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Healthcare - Overseas CXO/ Life Science Upstream 2Q24 Review

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>The 1,350p offer for <a href="https://www.smartkarma.com/entities/ergomed-plc" target="_blank" data-smartkarma-citation="entities:23411:1" rel="noopener">Ergomed Plc (ERGO LN)</a> (28% premium, 18.9x EV/Fwd NTM EBITDA using IBES estimated) seems optically attractive considering share underperformance, and in line with closest peer Medpace at 19.06x.</li>
<li>Nevertheless there'd be synergies available to a trade buyer and other than 18% from the Founder, there aren't any other irrevocables, which indicates the offer price is far from knock-out.</li>
<li>I set my TP at 1,350p. Spread turned negative last week, now 0.59%/1.71% (gross/annualised, assuming settlement by mid-February). I would be long considering there's still time for a competing offer.</li>
</ul>


The 1,350p offer for Ergomed Plc (ERGO LN) (28% premium, 18.9x EV/Fwd NTM EBITDA using IBES estimated) seems optically attractive considering share underperformance, and in line with closest peer Medpace at 19.06x.
Nevertheless there'd be synergies available to a trade buyer and other than 18% from the Founder, there aren't any other irrevocables, which indicates the offer price is far from knock-out.
I set my TP at 1,350p. Spread turned negative last week, now 0.59%/1.71% (gross/annualised, assuming settlement by mid-February). I would be long considering there's still time for a competing offer.


<ul><li>IQVIA Holdings delivered a strong result and managed an all-around beat last quarter.</li><li>The company continues to thrive within a healthy demand environment for the industry, underpinning its optimistic long-term outlook.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

IQVIA Holdings delivered a strong result and managed an all-around beat last quarter.The company continues to thrive within a healthy demand environment for the industry, underpinning its optimistic long-term outlook.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

IQVIA Holdings Inc.: M&A Strategies to Watch Out For! - Major Drivers

Equity Capital Markets

<ul><li>The last quarter proved to be yet another successful period for IQVIA as they delivered an all-around beat.</li><li>With an 11% organic growth in revenue, IQVIA demonstrated the strength and diversification of their short- and long-cycle businesses, enabling them to navigate the macroeconomic dynamics effectively.</li><li>The demand environment for the industry remained robust, with global clinical trial activity showing resilience and positive prospects for their commercial business.</li></ul>

The last quarter proved to be yet another successful period for IQVIA as they delivered an all-around beat.With an 11% organic growth in revenue, IQVIA demonstrated the strength and diversification of their short- and long-cycle businesses, enabling them to navigate the macroeconomic dynamics effectively.The demand environment for the industry remained robust, with global clinical trial activity showing resilience and positive prospects for their commercial business.

IQVIA Holdings Inc.: Major Partnership With CENTOGENE & Other Drivers

United States

IQVIA Holdings Inc. focuses on technology solutions and contract research services. The Company offers a broad range of solutions which includes clinical development strategies, therapeutic expertise, predictive and prescriptive analytics, and patient retention services. IQVIA Holdings serves consumer health, biopharma, and medical technology industries globally.

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Iqvia Holdings (IQV US)

IQVIA Holdings Inc.: Strategic Collaboration With argenx & Other Major Developments

IQVIA Holdings Inc. delivered a mixed result in the recent quarter, with revenues below market expectations, but it managed to surpass the analyst...

Baptista Research

China Healthcare - Overseas CXO/ Life Science Upstream 2Q24 Review

We have summarized 2Q24 earnings of major overseas CXO and life science upstream (LSU) companies, which engage in clinical CROs, preclinical CROs,...

CMB International

No Danger in Being Long

Spread turned negative and widened in the last week. I believe the risk/reward of adding at or below 1,340p is more favourable considering that...

Jesus Rodriguez Aguilar

IQVIA Holdings Inc.: M&A Strategies to Watch Out For! - Major Drivers

IQVIA Holdings delivered a strong result and managed an all-around beat last quarter. The company continues to thrive within a healthy demand...

Baptista Research

IQVIA Holdings Inc.: Major Partnership With CENTOGENE & Other Drivers

The last quarter proved to be yet another successful period for IQVIA as they delivered an all-around beat. With an 11% organic growth in revenue,...

Baptista Research

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