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>Sonoco Products Company's second quarter earnings call presented a mixed picture of the company's financial performance and strategic direction.</li><li>For the second quarter, Sonoco reported sales of $1.6 billion, reflecting a decrease from previous periods.</li><li>The adjusted EBITDA stood at $262 million, with EBITDA margins maintaining strength at 16%.</li></ul>

Sonoco Products Company's second quarter earnings call presented a mixed picture of the company's financial performance and strategic direction.For the second quarter, Sonoco reported sales of $1.6 billion, reflecting a decrease from previous periods.The adjusted EBITDA stood at $262 million, with EBITDA margins maintaining strength at 16%.

Sonoco Products Company: An Analysis Of Its Strategy & Enhanced Productivity Initiatives! - Major Drivers

<ul><li>Sonoco, a diversified global packaging company, displayed stable financial performance in its first quarter of 2024.</li><li>With revenues hitting $1.6 billion and adjusted earnings per share at $1.12, the company's resilience in managing operating costs and capital was transparent.</li><li>A particularly strong note was the reported operating cash flow of $166 million, supported by effective working capital management.</li></ul>

Sonoco, a diversified global packaging company, displayed stable financial performance in its first quarter of 2024.With revenues hitting $1.6 billion and adjusted earnings per share at $1.12, the company's resilience in managing operating costs and capital was transparent.A particularly strong note was the reported operating cash flow of $166 million, supported by effective working capital management.

Sonoco Products Company: A Story Of Strategic Reorganization & Market Positioning! - Major Drivers

<ul><li>Sonoco's management, during its Fourth Quarter 2023 Earnings, commented on its strategic initiatives and financial performance despite a challenging year.</li><li>The company encountered lower volumes throughout 2023 but managed to deliver strong EBITDA margins of 15.7%, similar to the previous year.</li><li>These strong margins stemmed from record performances in rigid paper cans and flexibles businesses.</li></ul>

Sonoco's management, during its Fourth Quarter 2023 Earnings, commented on its strategic initiatives and financial performance despite a challenging year.The company encountered lower volumes throughout 2023 but managed to deliver strong EBITDA margins of 15.7%, similar to the previous year.These strong margins stemmed from record performances in rigid paper cans and flexibles businesses.

Sonoco Products Company: Initiation Of Coverage - Competitive Advantage

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>
<a href="https://www.smartkarma.com/entities/pact-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:692:1" rel="noopener">Pact Group Holdings (PGH AU)</a> has disclosed an unconditional takeover proposal from Raphael Geminder at A$0.68 per share, a 0.7% premium to the undisturbed price (12 September).</li>
<li>Mr. Geminder's justification for a little-to-no premium offer is based on the premise that minorities are clambering for a liquidity event to exit a no-hope situation. </li>
<li>The offer price is unattractive on any reasonable metric. A successful privatisation would require a bump. The shares closed 6.6% higher than the offer. </li>
</ul>



Pact Group Holdings (PGH AU) has disclosed an unconditional takeover proposal from Raphael Geminder at A$0.68 per share, a 0.7% premium to the undisturbed price (12 September).
Mr. Geminder's justification for a little-to-no premium offer is based on the premise that minorities are clambering for a liquidity event to exit a no-hope situation. 
The offer price is unattractive on any reasonable metric. A successful privatisation would require a bump. The shares closed 6.6% higher than the offer. 


Pact Group (PGH AU): Raphael Geminder’s Opportunistic Proposal

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/raytheon-technologies-corp" target="_blank" data-smartkarma-citation="entities:6453:1" rel="noopener">Raytheon Technologies (RTX US)</a><a href="https://www.smartkarma.com/entities/beiersdorf-ag" target="_blank" data-smartkarma-citation="entities:21588:1" rel="noopener">Beiersdorf AG (BEI GR)</a> and <a href="https://www.smartkarma.com/entities/king-slide-works-co-ltd" target="_blank" data-smartkarma-citation="entities:7130:1" rel="noopener">King Slide Works (2059 TT)</a> 
</li>
<li>For the twenty-six weeks since inception ended 19 May the combined innovation portfolio was +2.5%, versus DJIA-0.9%, S&amp;P500+5.7%, Nasdaq+13.6%, Russell2000 -4.1%, MSCI-ACWI-ETF+6.9%, S&amp;P midcap 400 -2.2%, all in US$ terms</li>
<li>Small-Cap (+4.1%) versus Russell2000 (-4.1%) and midcap (+1.9%) versus S&amp;P400 (-2.2%) continues to outperform benchmarks, but the omission of mega-tech names has hurt large-cap portfolio (+2.6%) versus S&amp;P500 (+5.7%) . </li>
</ul>


The three companies we write about this week are Raytheon Technologies (RTX US)Beiersdorf AG (BEI GR) and King Slide Works (2059 TT) 

For the twenty-six weeks since inception ended 19 May the combined innovation portfolio was +2.5%, versus DJIA-0.9%, S&amp;P500+5.7%, Nasdaq+13.6%, Russell2000 -4.1%, MSCI-ACWI-ETF+6.9%, S&amp;P midcap 400 -2.2%, all in US$ terms
Small-Cap (+4.1%) versus Russell2000 (-4.1%) and midcap (+1.9%) versus S&amp;P400 (-2.2%) continues to outperform benchmarks, but the omission of mega-tech names has hurt large-cap portfolio (+2.6%) versus S&amp;P500 (+5.7%) . 


The Innovations Portfolios - Week Twenty Six

United States

Sonoco Products Company manufactures industrial and consumer packaging solutions for customers around the world.  The Company's products include flexible packaging, high density film products, and folding cartons.  Sonoco Products also has an integrated network of global technology centers focused on materials science, packaging engineering, and process improvement.

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Sonoco Products Co (SON US)

Sonoco Products Company: An Analysis Of Its Strategy & Enhanced Productivity Initiatives! - Major Drivers

Sonoco Products Company's second quarter earnings call presented a mixed picture of the company's financial performance and strategic...

Baptista Research

Sonoco Products Company: A Story Of Strategic Reorganization & Market Positioning! - Major Drivers

Sonoco, a diversified global packaging company, displayed stable financial performance in its first quarter of 2024. With revenues hitting $1.6...

Baptista Research

Sonoco Products Company: Initiation Of Coverage - Competitive Advantage

Sonoco's management, during its Fourth Quarter 2023 Earnings, commented on its strategic initiatives and financial performance despite a...

Baptista Research

Pact Group (PGH AU): Raphael Geminder’s Opportunistic Proposal

The offer price is unattractive on any reasonable metric. A successful privatisation would require a bump. The shares closed 6.6% higher than the...

Arun George

The Innovations Portfolios - Week Twenty Six

The small-Cap (+4.1%) and midcap (+1.9%) portfolios continues to outperform respective benchmarks, but the willful omission of mega-tech names has...

Pyari Menon

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