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

Ryan Specialty Holdings  / Equity Bottom-Up

<ul><li>Ryan Specialty Holdings continued its robust growth trajectory in the second quarter of 2024, achieving impressive financial results with an 18.8% year-over-year increase in total revenue to $695 million, driven by robust organic growth of 14.2%.</li><li>This growth is underpinned by the company's clear focus on niche market specialization and talent.</li><li>Adjusted EBITDAC saw a considerable rise of 27.6% to $248 million, while the adjusted EBITDAC margin expanded by 240 basis points to 35.6%.</li></ul>

Ryan Specialty Holdings continued its robust growth trajectory in the second quarter of 2024, achieving impressive financial results with an 18.8% year-over-year increase in total revenue to $695 million, driven by robust organic growth of 14.2%.This growth is underpinned by the company's clear focus on niche market specialization and talent.Adjusted EBITDAC saw a considerable rise of 27.6% to $248 million, while the adjusted EBITDAC margin expanded by 240 basis points to 35.6%.

Ryan Specialty Group Holdings: E&S Market Dynamics & Major Drivers

<ul><li>Ryan Specialty Holdings has reported robust financial results for the first quarter of 2024, indicating a strong start to the year with significant year-over-year growth in revenue, EBITDAC, and earnings per share.</li><li>The company's revenue increased by 20.6% to $552 million, driven by a commendable organic growth of 13.7% and contributions from strategic acquisitions which added nearly 7 percentage points to the top line.</li><li>Such growth underscores Ryan Specialty's effective execution of business strategies and ability to capitalize on market conditions.</li></ul>

Ryan Specialty Holdings has reported robust financial results for the first quarter of 2024, indicating a strong start to the year with significant year-over-year growth in revenue, EBITDAC, and earnings per share.The company's revenue increased by 20.6% to $552 million, driven by a commendable organic growth of 13.7% and contributions from strategic acquisitions which added nearly 7 percentage points to the top line.Such growth underscores Ryan Specialty's effective execution of business strategies and ability to capitalize on market conditions.

Ryan Specialty Group Holdings: Initiation of Coverage - Will The Acquisition of Castel Underwriting Agencies Be A Game Changer? - Major Drivers

External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

<ul><li>Ryan Specialty Holdings (RYAN) is a leading wholesale insurance broker founded in 2010 by former AON CEO Pat Ryan</li><li>RYAN generates 65% of revenue from wholesale insurance brokerage and 35% from underwriting and binding authority programs</li><li>The company has achieved consistent double-digit organic growth through over 45 acquisitions, majority owned by Pat Ryan and employees, focusing on long-term value creation</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Ryan Specialty Holdings (RYAN) is a leading wholesale insurance broker founded in 2010 by former AON CEO Pat RyanRYAN generates 65% of revenue from wholesale insurance brokerage and 35% from underwriting and binding authority programsThe company has achieved consistent double-digit organic growth through over 45 acquisitions, majority owned by Pat Ryan and employees, focusing on long-term value creationThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Ryan Specialty Holdings Inc (RYAN) - Thursday, Feb 22, 2024

Equity Long-Short Analyst

Pyari Menon

Skyward Specialty Insurance Gr / Equity Bottom-Up

<ul>
<li>One of the areas of fintech innovations, seeing significant growth is insurtech. Big data, AI, and IoT have enabled innovations in customer experience, risk assessment, and personalized products.</li>
<li>
<a href="https://www.smartkarma.com/entities/skyward-specialty-insurance-gr" target="_blank" data-smartkarma-citation="entities:37180:1" rel="noopener">Skyward Specialty Insurance Gr (SKWD US)</a>'s focus on underserved and complex markets, with unique risks, should give the company better growth and margins runway. </li>
<li>Integration of proprietary  and collaborative technologies to enhance operational efficiency and customer experience in specific niches makes Skyward very competitive in admitted and  specialty insurance segments. </li>
</ul>


One of the areas of fintech innovations, seeing significant growth is insurtech. Big data, AI, and IoT have enabled innovations in customer experience, risk assessment, and personalized products.

Skyward Specialty Insurance Gr (SKWD US)'s focus on underserved and complex markets, with unique risks, should give the company better growth and margins runway. 
Integration of proprietary  and collaborative technologies to enhance operational efficiency and customer experience in specific niches makes Skyward very competitive in admitted and  specialty insurance segments. 


Skyward Specialty Insurance: Leveraging Insurtech for Growth in Underserved Markets

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>On 22 August, the <a href="https://www.smartkarma.com/entities/psc-insurance-group-ltd" target="_blank" data-smartkarma-citation="entities:24266:1" rel="noopener">Psc Insurance (PSI AU)</a> IE considered Ardonagh’s A$6.19 offer fair and reasonable as it is within the A$5.69 to A$6.65 valuation range. </li>
<li>The offer is conditional on shareholder approval of the scheme. No disinterested shareholder holds the 25% blocking stake. The scheme meeting is on 26 September.</li>
<li>The offer is attractive and represents an all-time high. At the last close and for the 11 October payment, the gross/annualised spread is 1.3%/12.1%.</li>
</ul>


On 22 August, the Psc Insurance (PSI AU) IE considered Ardonagh’s A$6.19 offer fair and reasonable as it is within the A$5.69 to A$6.65 valuation range. 
The offer is conditional on shareholder approval of the scheme. No disinterested shareholder holds the 25% blocking stake. The scheme meeting is on 26 September.
The offer is attractive and represents an all-time high. At the last close and for the 11 October payment, the gross/annualised spread is 1.3%/12.1%.


United States

Ryan Specialty Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides specialty insurance solutions for brokers, agents, and insurance carriers. Ryan Specialty Holdings serves customers worldwide.

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Ryan Specialty Holdings (RYAN US)

Ryan Specialty Group Holdings: E&S Market Dynamics & Major Drivers

Ryan Specialty Holdings continued its robust growth trajectory in the second quarter of 2024, achieving impressive financial results with an 18.8%...

Baptista Research

Ryan Specialty Group Holdings: Initiation of Coverage - Will The Acquisition of Castel Underwriting Agencies Be A Game Changer? - Major Drivers

Ryan Specialty Holdings has reported robust financial results for the first quarter of 2024, indicating a strong start to the year with...

Baptista Research

Ryan Specialty Holdings Inc (RYAN) - Thursday, Feb 22, 2024

Ryan Specialty Holdings (RYAN) is a successful wholesale insurance broker founded by Pat Ryan, known for its strong growth, employee ownership, and...

Value Investors Club

Skyward Specialty Insurance: Leveraging Insurtech for Growth in Underserved Markets

Skyward Specialty’s focus on underserved, niche markets, with disciplined underwriting and innovative use of technology, positions it to drive...

Pyari Menon

PSC Insurance (PSI AU): A Done Deal

The offer is attractive and represents an all-time high. At the last close and for the 11 October payment, the gross/annualised spread is 1.3%/12.1%.

Arun George

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