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>SPX Technologies has entered one of the most consequential chapters of its transformation journey with its agreement to acquire Cleveland‑based Crawford United for roughly $300 million in cash.</li><li>Coming on the heels of a standout Q3—where SPX delivered 23% revenue growth, 31% adjusted EBITDA growth, and raised full‑year 2025 guidance—the Crawford deal underscores the company’s intent to broaden its engineered air‑handling and industrial technology portfolio at a moment of accelerating demand.</li><li>Backlog momentum in HVAC and Detection & Measurement, a fortified balance sheet with more than $1 billion of incremental liquidity, and new product success such as the Olympus Max cooling platform have created a strategic window for inorganic expansion.</li></ul>

SPX Technologies has entered one of the most consequential chapters of its transformation journey with its agreement to acquire Cleveland‑based Crawford United for roughly $300 million in cash.Coming on the heels of a standout Q3—where SPX delivered 23% revenue growth, 31% adjusted EBITDA growth, and raised full‑year 2025 guidance—the Crawford deal underscores the company’s intent to broaden its engineered air‑handling and industrial technology portfolio at a moment of accelerating demand.Backlog momentum in HVAC and Detection & Measurement, a fortified balance sheet with more than $1 billion of incremental liquidity, and new product success such as the Olympus Max cooling platform have created a strategic window for inorganic expansion.

SPX Technologies Drops $300M on Crawford: Smart Synergy or Strategic Overreach?

<ul><li>SPX Technologies recently reported its third-quarter performance for 2025, which showcased strong financial results coupled with strategic corporate moves.</li><li>The company experienced significant growth in both adjusted earnings per share (EPS) and revenue.</li><li>Overall, SPX Technologies increased its adjusted EPS by 32% year-over-year to $1.84, while total company revenue grew by 23%, largely driven by organic growth and recent acquisitions.</li></ul>

SPX Technologies recently reported its third-quarter performance for 2025, which showcased strong financial results coupled with strategic corporate moves.The company experienced significant growth in both adjusted earnings per share (EPS) and revenue.Overall, SPX Technologies increased its adjusted EPS by 32% year-over-year to $1.84, while total company revenue grew by 23%, largely driven by organic growth and recent acquisitions.

SPX Technologies: Its Efforts Towards Capacity Expansion Initiatives & Other Major Drivers

<ul><li>SPX Technologies recently hosted its earnings call for the second quarter of 2025, detailing its financial performance and strategic initiatives.</li><li>For the quarter, SPX Technologies reported a 10% increase in revenue year-over-year, driven by acquisitions and project sales within its Detection & Measurement segment.</li><li>Additionally, adjusted earnings per share (EPS) grew by 16%, reflecting strong operational performance across both segments of the business.</li></ul>

SPX Technologies recently hosted its earnings call for the second quarter of 2025, detailing its financial performance and strategic initiatives.For the quarter, SPX Technologies reported a 10% increase in revenue year-over-year, driven by acquisitions and project sales within its Detection & Measurement segment.Additionally, adjusted earnings per share (EPS) grew by 16%, reflecting strong operational performance across both segments of the business.

SPX Corporation’s Detection & Measurement Innovations–Can They Redefine Industry Standards?

<ul><li>SPX Technologies has delivered robust financial results in the first quarter of 2025, showcasing a solid beginning to the year primarily driven by the HVAC segment's strong performance and strategic acquisitions.</li><li>The reported growth in adjusted EBITDA by 12% and adjusted EPS by 10% indicates effective management execution and operational enhancements.</li><li>A highlight of this quarter is the acquisition of Sigma & Omega, expected to bolster SPX's HVAC offering and open avenues for future growth.</li></ul>

SPX Technologies has delivered robust financial results in the first quarter of 2025, showcasing a solid beginning to the year primarily driven by the HVAC segment's strong performance and strategic acquisitions.The reported growth in adjusted EBITDA by 12% and adjusted EPS by 10% indicates effective management execution and operational enhancements.A highlight of this quarter is the acquisition of Sigma & Omega, expected to bolster SPX's HVAC offering and open avenues for future growth.

SPX Technologies: Will The Acquisition of Sigma & Omega Be A Game Changer For Its HVAC Growth?

<ul><li>The earnings report from SPX Technologies showed a mix of positive and cautionary elements, indicating a firm trajectory in several areas along with challenges that may affect future performance.</li><li>On the positive side, SPX Technologies demonstrated a strong finish to 2024, marked by a significant increase in adjusted EBITDA by 36% and adjusted EPS reaching the higher end of the guidance range.</li><li>The company also achieved robust operational performance, highlighted by a 13.7% revenue growth with contributions from both its HVAC and Detection & Measurement segments.</li></ul>

The earnings report from SPX Technologies showed a mix of positive and cautionary elements, indicating a firm trajectory in several areas along with challenges that may affect future performance.On the positive side, SPX Technologies demonstrated a strong finish to 2024, marked by a significant increase in adjusted EBITDA by 36% and adjusted EPS reaching the higher end of the guidance range.The company also achieved robust operational performance, highlighted by a 13.7% revenue growth with contributions from both its HVAC and Detection & Measurement segments.

SPX Corporation: Expanding HVAC and Data Center Markets To Catalyze Growth!

United States

SPX Technologies, Inc. is a supplier of engineered products and technologies, holding positions in the heating, ventilation and air conditioning (HVAC), and detection and measurement markets. The Company manufactures cooling towers, fluid coolers, evaporative condensers, and air cooled heat exchangers.

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SPX Technologies (SPXC US)

SPX Technologies Drops $300M on Crawford: Smart Synergy or Strategic Overreach?

SPX Technologies has entered one of the most consequential chapters of its transformation journey with its agreement to acquire Cleveland‑based...

Baptista Research

SPX Technologies: Its Efforts Towards Capacity Expansion Initiatives & Other Major Drivers

SPX Technologies recently reported its third-quarter performance for 2025, which showcased strong financial results coupled with strategic...

Baptista Research

SPX Corporation’s Detection & Measurement Innovations–Can They Redefine Industry Standards?

SPX Technologies recently hosted its earnings call for the second quarter of 2025, detailing its financial performance and strategic...

Baptista Research

SPX Technologies: Will The Acquisition of Sigma & Omega Be A Game Changer For Its HVAC Growth?

SPX Technologies has delivered robust financial results in the first quarter of 2025, showcasing a solid beginning to the year primarily driven by...

Baptista Research

SPX Corporation: Expanding HVAC and Data Center Markets To Catalyze Growth!

The earnings report from SPX Technologies showed a mix of positive and cautionary elements, indicating a firm trajectory in several areas along...

Baptista Research

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