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>TriMas Corporation's second-quarter 2024 earnings report presents a mixed performance across its business segments.</li>
<li>The company experienced moderate revenue growth compared to the previous year but faced significant challenges in certain areas.</li>
<li>The highlights of the earnings reveal both encouraging signs of recovery and concerns around persistent operational difficulties.</li>
</ul>


TriMas Corporation's second-quarter 2024 earnings report presents a mixed performance across its business segments.
The company experienced moderate revenue growth compared to the previous year but faced significant challenges in certain areas.
The highlights of the earnings reveal both encouraging signs of recovery and concerns around persistent operational difficulties.


Why TriMas Could Be A Perfect Target For AIP: 4 Key Reasons Behind the Takeover Speculation!

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<ul>
<li>TRS has three operating segments where the smallest has already been going through a sales restructuring period and we are now expecting a slowdown in TRS’s aerospace business.  </li>
<li>Aerospace had been growing at double-digit rates in recent years, but in recent months the two largest aerospace customers have been going through their own ordeals</li>
<li>TRS’s current valuation gives little value for what each segment could be worth. There have been two aerospace IPOs with similar businesses to TRS’s aerospace business. </li>
</ul>


TRS has three operating segments where the smallest has already been going through a sales restructuring period and we are now expecting a slowdown in TRS’s aerospace business.  
Aerospace had been growing at double-digit rates in recent years, but in recent months the two largest aerospace customers have been going through their own ordeals
TRS’s current valuation gives little value for what each segment could be worth. There have been two aerospace IPOs with similar businesses to TRS’s aerospace business. 


<ul>
<li>TRS experienced a continuation of sales growing within its packaging and aerospace segments. TRS’s specialty products segment remains a laggard to the rest of the business with demand eroding. </li>
<li>The recovery within the packaging business should have been the main highlight of TRS’s Q2. However, the weakness within specialty products resulted in TRS missing our estimates for the quarter.</li>
<li>We are updating our full year estimates after TRS lowered its adjusted EPS and sales guidance. </li>
</ul>


TRS experienced a continuation of sales growing within its packaging and aerospace segments. TRS’s specialty products segment remains a laggard to the rest of the business with demand eroding. 
The recovery within the packaging business should have been the main highlight of TRS’s Q2. However, the weakness within specialty products resulted in TRS missing our estimates for the quarter.
We are updating our full year estimates after TRS lowered its adjusted EPS and sales guidance. 


<ul>
<li>TRS reported first quarter results confirming a turnaround in the packaging segment could be underway</li>
<li>Packaging is TRS’s largest business segment and had undergone a restructuring last year. The increase in sales has done little to impress investors</li>
<li>TRS reported first quarter sales of $227.1 million compared to our estimate of $216.2 million. The biggest driver for the outperformance was the packaging segment</li>
</ul>


TRS reported first quarter results confirming a turnaround in the packaging segment could be underway
Packaging is TRS’s largest business segment and had undergone a restructuring last year. The increase in sales has done little to impress investors
TRS reported first quarter sales of $227.1 million compared to our estimate of $216.2 million. The biggest driver for the outperformance was the packaging segment


<ul>
<li>The fourth quarter results from TRS were not up to our expectations after a recovery in packaging was subdued by an unexpected significant decline in the specialty business</li>
<li>The specialty business has been a source of sales growth for the past nearly three years without any sign of slowing down until Q4. </li>
<li>TRS reported fourth quarter sales of $209.6 million compared to our forecast of $247.4 million. The biggest delta was from specialty where sales missed our estimate by $26 million</li>
</ul>


The fourth quarter results from TRS were not up to our expectations after a recovery in packaging was subdued by an unexpected significant decline in the specialty business
The specialty business has been a source of sales growth for the past nearly three years without any sign of slowing down until Q4. 
TRS reported fourth quarter sales of $209.6 million compared to our forecast of $247.4 million. The biggest delta was from specialty where sales missed our estimate by $26 million


United States

TriMas Corporation is a diversified manufacturer of proprietary products. The Company manufactures trailer products, recreational accessories, packaging systems, energy products and industrial specialty products for the commercial, manufacturing, and consumer markets.

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