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>Analog Devices, Inc.'s (ADI) second-quarter fiscal 2025 results demonstrated a solid performance and exceeded expectations on both the top and bottom lines.</li><li>Revenue for the quarter was $2.64 billion, up 9% sequentially and 22% year-over-year.</li><li>This growth was broad-based with double-digit year-over-year increases across all end markets, showcasing the strength of ADI's diversified product portfolio and resilient business model.</li></ul>

Analog Devices, Inc.'s (ADI) second-quarter fiscal 2025 results demonstrated a solid performance and exceeded expectations on both the top and bottom lines.Revenue for the quarter was $2.64 billion, up 9% sequentially and 22% year-over-year.This growth was broad-based with double-digit year-over-year increases across all end markets, showcasing the strength of ADI's diversified product portfolio and resilient business model.

Analog Devices Is Building a Global Hybrid Manufacturing Empire—Can It Outpace Supply Chain Disruptions?

<ul><li>Analog Devices, Inc. (ADI) reported its financial results for the first quarter of fiscal year 2025, showing better than-anticipated performance despite prevailing macroeconomic and geopolitical challenges.</li><li>Revenue reached $2.42 billion, surpassing the midpoint of its outlook, although this marked a 4% year-over-year decline.</li><li>When adjusted for an extra week in the comparable period last year, sales represented a 4% year-over-year increase.</li></ul>

Analog Devices, Inc. (ADI) reported its financial results for the first quarter of fiscal year 2025, showing better than-anticipated performance despite prevailing macroeconomic and geopolitical challenges.Revenue reached $2.42 billion, surpassing the midpoint of its outlook, although this marked a 4% year-over-year decline.When adjusted for an extra week in the comparable period last year, sales represented a 4% year-over-year increase.

Analog Devices Pushing For Increased Industrial Automation With An Interesting Power-Saving Tech – What Does This Mean For Investors?

Technology / Semiconductor / Internet Research

Nicolas Baratte

Thematic (Sector/Industry)

<ul>
<li>Auto &amp; Industrial Semi long boom / bust cycle started during Covid (peak demand) and is ending soon. Revenues declined by -20%. Operating Profits are depressed, down -50% from peak.   </li>
<li>Industry structure, high fragmentation, low transparency led to a protracted and steep bottom. But inventories remain high. The recovery will take time, probably no YoY revenue growth till 2026.   </li>
<li>Two big restructuring are underway, the sector is rationalizing. Lofty expectations of “structural growth” (EV, ADAS, green energy growth) hit the wall of a disappointing reality amplified by trade wars.</li>
</ul>


Auto &amp; Industrial Semi long boom / bust cycle started during Covid (peak demand) and is ending soon. Revenues declined by -20%. Operating Profits are depressed, down -50% from peak.   
Industry structure, high fragmentation, low transparency led to a protracted and steep bottom. But inventories remain high. The recovery will take time, probably no YoY revenue growth till 2026.   
Two big restructuring are underway, the sector is rationalizing. Lofty expectations of “structural growth” (EV, ADAS, green energy growth) hit the wall of a disappointing reality amplified by trade wars.


Auto & Industrial Semi Part1: Background of the Ongoing Crash, Revising Down Lofty Expectations

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul><li>Markets always act erratically, but I thought I would highlight one aspect that disproportionately impacts semiconductors.</li><li>Factor investing is not new, but we are in a unique period where Momentum has quite a period of outperformance and short-term outperformance.</li><li>This matters because semiconductors are (as far as my memory holds) the most significant weight in Momentum I’ve ever witnessed. </li></ul>

Markets always act erratically, but I thought I would highlight one aspect that disproportionately impacts semiconductors.Factor investing is not new, but we are in a unique period where Momentum has quite a period of outperformance and short-term outperformance.This matters because semiconductors are (as far as my memory holds) the most significant weight in Momentum I’ve ever witnessed. 

<ul><li>The year 2023 began with a significant downturn in the semiconductor market.</li><li>Significant capacity additions were brought on after the historic shortages due to COVID-19, and then demand wobbled as interest rates quickly rose.</li><li>Supply outpaced demand, and the market turned into a period of oversupply.</li></ul>

The year 2023 began with a significant downturn in the semiconductor market.Significant capacity additions were brought on after the historic shortages due to COVID-19, and then demand wobbled as interest rates quickly rose.Supply outpaced demand, and the market turned into a period of oversupply.

Semiconductor Outlook 2024: AI's Adolescence

United States

Analog Devices, Inc. designs, manufactures, and markets integrated circuits used in analog and digital signal processing.  The Company's products are used in communications, computer, industrial, instrumentation, military/aerospace, automotive, and high-performance consumer electronics applications.  Analog Devices sells its products worldwide.

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Analog Devices (ADI US)

Analog Devices Is Building a Global Hybrid Manufacturing Empire—Can It Outpace Supply Chain Disruptions?

Analog Devices, Inc.'s (ADI) second-quarter fiscal 2025 results demonstrated a solid performance and exceeded expectations on both the top and...

Baptista Research

Analog Devices Pushing For Increased Industrial Automation With An Interesting Power-Saving Tech – What Does This Mean For Investors?

Analog Devices, Inc. (ADI) reported its financial results for the first quarter of fiscal year 2025, showing better than-anticipated performance...

Baptista Research

Auto & Industrial Semi Part1: Background of the Ongoing Crash, Revising Down Lofty Expectations

Auto & Industrial Semi close to end of long boom/bust cycle, with revenues down -20%. Recovery expected to be slow with no YoY growth till 2026....

Nicolas Baratte

Factors and Semiconductors

A friendly warning. Momentum is outperforming all factors this year, and Semiconductors are a large part of that. Markets always act erratically,...

Fabricated Knowledge

Semiconductor Outlook 2024: AI's Adolescence

Its time to jog your memory. We've gone through the downturn, what does an upturn look like? The year 2023 began with a significant downturn in the...

Fabricated Knowledge

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Analog Devices Is Building a Global Hybrid Manufacturing Empire—Can It Outpace Supply Chain Disruptions?

Analog Devices, Inc.'s (ADI) second-quarter fiscal 2025 results demonstrated a solid performance and exceeded expectations on both the top and...

Baptista Research

Analog Devices Pushing For Increased Industrial Automation With An Interesting Power-Saving Tech – What Does This Mean For Investors?

Analog Devices, Inc. (ADI) reported its financial results for the first quarter of fiscal year 2025, showing better than-anticipated performance...

Baptista Research

Auto & Industrial Semi Part1: Background of the Ongoing Crash, Revising Down Lofty Expectations

​Auto & Industrial Semi close to end of long boom/bust cycle, with revenues down -20%. Recovery expected to be slow with no YoY growth till 2026....

Nicolas Baratte

Factors and Semiconductors

A friendly warning. Momentum is outperforming all factors this year, and Semiconductors are a large part of that. Markets always act erratically,...

Fabricated Knowledge

Semiconductor Outlook 2024: AI's Adolescence

Its time to jog your memory. We've gone through the downturn, what does an upturn look like? The year 2023 began with a significant downturn in the...

Fabricated Knowledge

Auto & Industrial Semi close to end of long boom/bust cycle, with revenues down -20%. Recovery expected to be slow with no YoY growth till 2026....