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

Philip Morris International / Equity Bottom-Up

<ul><li>Philip Morris International (PMI), the world's largest tobacco company, delivered a strong operating performance in 2023, marking its third consecutive year of positive volumes and high single-digit organic top-line growth propelled by smoke-free products.</li><li>The smoke-free products, particularly the IQOS business and ZYN, mitigated significant drag from traditional combustibles, underlining PMI's strategic shift towards less harmful alternatives to traditional cigarettes.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Philip Morris International (PMI), the world's largest tobacco company, delivered a strong operating performance in 2023, marking its third consecutive year of positive volumes and high single-digit organic top-line growth propelled by smoke-free products.The smoke-free products, particularly the IQOS business and ZYN, mitigated significant drag from traditional combustibles, underlining PMI's strategic shift towards less harmful alternatives to traditional cigarettes.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Philip Morris International: Acquisition of Swedish Match

<ul><li>Philip Morris International delivered mixed results for the previous quarter, with revenues above analyst expectations but below-par earnings.</li><li>The company reported a robust and better-than-expected performance in Q3, with significant contributions from IQOS and ZYN.</li><li>Philip Morris continued its positive trend in total volumes, achieving over 2% growth in Q3, positioning them to realize their third consecutive year of growth.</li></ul>

Philip Morris International delivered mixed results for the previous quarter, with revenues above analyst expectations but below-par earnings.The company reported a robust and better-than-expected performance in Q3, with significant contributions from IQOS and ZYN.Philip Morris continued its positive trend in total volumes, achieving over 2% growth in Q3, positioning them to realize their third consecutive year of growth.

Philip Morris International: Development of Zero-Tobacco Heat Stick & Other Developments

<ul><li>Philip Morris International managed to surpass the revenue and the earnings expectations of Wall Street.</li><li>This fantastic result supported high teens' currency-neutral adjusted diluted EPS growth and double-digit organic top-line growth.</li><li>Given these strong results, their team remains confident in a solid full-year result with exceptional revenue growth.</li></ul>

Philip Morris International managed to surpass the revenue and the earnings expectations of Wall Street.This fantastic result supported high teens' currency-neutral adjusted diluted EPS growth and double-digit organic top-line growth.Given these strong results, their team remains confident in a solid full-year result with exceptional revenue growth.

Philip Morris International Inc.: The Smoke-Free Business Revolution You Didn't See Coming! - Major Drivers

<ul><li>Philip Morris International's Q1 results exceeded analyst expectations on the earnings front but were below par in terms of revenues despite some decent underlying momentum from IQOS, ZYN, and its combustible business.</li><li>The company's Q1 organic net revenues had solid growth.</li><li>This highlights the ongoing strength of IQOS as a step-up in pricing but was somewhat mitigated by anticipated HTU inventory movement.</li></ul>

Philip Morris International's Q1 results exceeded analyst expectations on the earnings front but were below par in terms of revenues despite some decent underlying momentum from IQOS, ZYN, and its combustible business.The company's Q1 organic net revenues had solid growth.This highlights the ongoing strength of IQOS as a step-up in pricing but was somewhat mitigated by anticipated HTU inventory movement.

Philip Morris International Inc.: IQOS & ILUMA Are Changing The Game – Key Drivers

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<ul>
<li>After a multi-year drop in ownership, Global EM fund exposure in the Tobacco sector is on the rise.</li>
<li>Tobacco remains heavily under-owned, but key EM funds are raising allocations, led by GQG Partners, Virtus, BNY Mellon and Allianz. </li>
<li>ITC Limited has been a key beneficiary of inflows and stands as the most widely owned stock in the sector, followed by KT&amp;G Corp.</li>
</ul>


After a multi-year drop in ownership, Global EM fund exposure in the Tobacco sector is on the rise.
Tobacco remains heavily under-owned, but key EM funds are raising allocations, led by GQG Partners, Virtus, BNY Mellon and Allianz. 
ITC Limited has been a key beneficiary of inflows and stands as the most widely owned stock in the sector, followed by KT&amp;G Corp.


Investors Return to Tobacco Stocks After Multi-Year Decline

United States

Philip Morris International Inc., through its subsidiaries, affiliates and their licensees, produces, sells, distributes, and markets a wide range of branded cigarettes and tobacco products in markets outside of the United States of America.  The Company's portfolio comprises both international and local brands.

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Philip Morris International (PM US)

Philip Morris International: Acquisition of Swedish Match

Philip Morris International (PMI), the world's largest tobacco company, delivered a strong operating performance in 2023, marking its third...

Baptista Research

Philip Morris International: Development of Zero-Tobacco Heat Stick & Other Developments

Philip Morris International delivered mixed results for the previous quarter, with revenues above analyst expectations but below-par earnings. The...

Baptista Research

Philip Morris International Inc.: The Smoke-Free Business Revolution You Didn't See Coming! - Major Drivers

Philip Morris International managed to surpass the revenue and the earnings expectations of Wall Street. This fantastic result supported high...

Baptista Research

Philip Morris International Inc.: IQOS & ILUMA Are Changing The Game – Key Drivers

Philip Morris International's Q1 results exceeded analyst expectations on the earnings front but were below par in terms of revenues despite some...

Baptista Research

Investors Return to Tobacco Stocks After Multi-Year Decline

After a multi-year drop in ownership, Global Emerging Market fund exposure in the Tobacco Industry group is on the rise.

Steven Holden

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