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

Thermo Fisher Scientific Inc / Equity Bottom-Up

<ul><li>Thermo Fisher Scientific Inc. recently disclosed their financial results for the second quarter of 2024, which provide a mixed picture, illustrating both strengths and weaknesses in their performance.</li><li>Starting with the positives, Thermo Fisher experienced a solid revenue posting of $10.54 billion for the quarter, alongside an adjusted operating income of $2.35 billion.</li><li>The adjusted operating margin also saw a notable increase to 22.3%, reflecting a refined operational efficiency.</li></ul>

Thermo Fisher Scientific Inc. recently disclosed their financial results for the second quarter of 2024, which provide a mixed picture, illustrating both strengths and weaknesses in their performance.Starting with the positives, Thermo Fisher experienced a solid revenue posting of $10.54 billion for the quarter, alongside an adjusted operating income of $2.35 billion.The adjusted operating margin also saw a notable increase to 22.3%, reflecting a refined operational efficiency.

Thermo Fisher Scientific Inc.: What Is The Framework Behind Their Market Positioning and Competitive Differentiation? - Major Drivers

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> is Japan’s leading manufacturer of X-ray analysis, measurement and testing instruments. It is seeking to raise up to US$760 million. </li>
<li>In Japan, Rigaku’s XRD (X-ray diffraction) has a high market share of 75%. Around 70% of its revenue is derived from customers outside Japan.   </li>
<li>The bull case rests on high customer switching costs, peer-leading revenue growth, top-quartile profitability, FCF generation, and low leverage.</li>
</ul>



Rigaku Holdings (268A JP) is Japan’s leading manufacturer of X-ray analysis, measurement and testing instruments. It is seeking to raise up to US$760 million. 
In Japan, Rigaku’s XRD (X-ray diffraction) has a high market share of 75%. Around 70% of its revenue is derived from customers outside Japan.   
The bull case rests on high customer switching costs, peer-leading revenue growth, top-quartile profitability, FCF generation, and low leverage.


Rigaku Holdings (268A JP) IPO: The Bull Case

<ul><li>Thermo Fisher Scientific posted a strong start to the year, with the first-quarter revenue reaching $10.34 billion and an increase of 2% year-over-year in adjusted EPS, to $5.11 per share.</li><li>The robust financial performance was primarily driven by strong operational discipline, superior commercial execution, and its effective growth strategy.</li><li>The company managed to beat their expectations which is reflected in the raised guidance, setting the stage for strong performance in 2024.</li></ul>

Thermo Fisher Scientific posted a strong start to the year, with the first-quarter revenue reaching $10.34 billion and an increase of 2% year-over-year in adjusted EPS, to $5.11 per share.The robust financial performance was primarily driven by strong operational discipline, superior commercial execution, and its effective growth strategy.The company managed to beat their expectations which is reflected in the raised guidance, setting the stage for strong performance in 2024.

Thermo Fisher Scientific: What Is Their Long-Term Growth Strategy Towards Market Share Expansion? - Major Drivers

<ul><li>Thermo Fisher Scientific was able to engage in strong execution and display solid operational discipline in 2023.</li><li>For that year, the company reported a revenue of $42.9 billion, an adjusted operating income of $9.81 billion and adjusted earnings per share of $21.55.</li><li>Thermo Fisher Scientific attributes these achievements to its efforts of delivering differentiated short-term performance while also strengthening its long-term competitive position.</li></ul>

Thermo Fisher Scientific was able to engage in strong execution and display solid operational discipline in 2023.For that year, the company reported a revenue of $42.9 billion, an adjusted operating income of $9.81 billion and adjusted earnings per share of $21.55.Thermo Fisher Scientific attributes these achievements to its efforts of delivering differentiated short-term performance while also strengthening its long-term competitive position.

Thermo Fisher Scientific: 6 Major Factors Driving Its Growth In 2024! - Financial Forecasts

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>With multiple mutations, Omicron may require modifications in the existing vaccines. With fast mover advantage and superior efficacy, <a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna Inc (MRNA US)</a> seems to be a clear winner of the situation.</li>
<li>Moderna’s current expectation to deliver 2–3 billion doses in 2022 is likely to be revised upwards with the fast spread of Omicron vaccine and full approval of booster doses.</li>
<li>Moderna shares have reasonable valuation compared to its peers. Higher visibility into 2022 and beyond will lead to re-rating opportunity.</li>
</ul>


With multiple mutations, Omicron may require modifications in the existing vaccines. With fast mover advantage and superior efficacy, Moderna Inc (MRNA US) seems to be a clear winner of the situation.
Moderna’s current expectation to deliver 2–3 billion doses in 2022 is likely to be revised upwards with the fast spread of Omicron vaccine and full approval of booster doses.
Moderna shares have reasonable valuation compared to its peers. Higher visibility into 2022 and beyond will lead to re-rating opportunity.


Moderna (MRNA US): To Cash in on Omicron Fear

United States

Thermo Fisher Scientific, Inc. manufactures scientific instruments, consumables, and chemicals. The Company offers analytical instruments, laboratory equipment, software, services, consumables, reagents, chemicals, and supplies to pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions, and government agencies.

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Thermo Fisher Scientific (TMO UN)

Thermo Fisher Scientific Inc.: What Is The Framework Behind Their Market Positioning and Competitive Differentiation? - Major Drivers

Thermo Fisher Scientific Inc. recently disclosed their financial results for the second quarter of 2024, which provide a mixed picture,...

Baptista Research

Rigaku Holdings (268A JP) IPO: The Bull Case

The bull case rests on high customer switching costs, peer-leading revenue growth, top-quartile profitability, FCF generation, and low leverage.

Arun George

Thermo Fisher Scientific: 6 Major Factors Driving Its Growth In 2024! - Financial Forecasts

Thermo Fisher Scientific was able to engage in strong execution and display solid operational discipline in 2023. For that year, the company...

Baptista Research

Moderna (MRNA US): To Cash in on Omicron Fear

Moderna is set to fly high on the continuous increasing demand for its Covid vaccine and rich pipeline beyond Covid. Emerging Omicron variant is...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thermo Fisher Scientific Inc.: What Is The Framework Behind Their Market Positioning and Competitive Differentiation? - Major Drivers

Thermo Fisher Scientific Inc. recently disclosed their financial results for the second quarter of 2024, which provide a mixed picture,...

Baptista Research

Rigaku Holdings (268A JP) IPO: The Bull Case

The bull case rests on high customer switching costs, peer-leading revenue growth, top-quartile profitability, FCF generation, and low leverage.

Arun George

Thermo Fisher Scientific: What Is Their Long-Term Growth Strategy Towards Market Share Expansion? - Major Drivers

Thermo Fisher Scientific posted a strong start to the year, with the first-quarter revenue reaching $10.34 billion and an increase of 2%...

Baptista Research

Thermo Fisher Scientific: 6 Major Factors Driving Its Growth In 2024! - Financial Forecasts

Thermo Fisher Scientific was able to engage in strong execution and display solid operational discipline in 2023. For that year, the company...

Baptista Research

Moderna (MRNA US): To Cash in on Omicron Fear

Moderna is set to fly high on the continuous increasing demand for its Covid vaccine and rich pipeline beyond Covid. Emerging Omicron variant is...

Tina Banerjee