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>Marsh & McLennan Companies (MMC) reported solid third quarter performance amidst a challenging economic and market environment.</li><li>The company announced an impressive 11% increase in revenue bringing it to $6.4 billion, with underlying revenue growth of 4%.</li><li>This growth was partially fuelled by acquisitions in 2024.</li></ul>

Marsh & McLennan Companies (MMC) reported solid third quarter performance amidst a challenging economic and market environment.The company announced an impressive 11% increase in revenue bringing it to $6.4 billion, with underlying revenue growth of 4%.This growth was partially fuelled by acquisitions in 2024.

Marsh & McLennan’s London Power Play: Can New Specialty Talent Transform Its Global Edge?

<ul><li>Marsh & McLennan Companies reported a solid second quarter with a 12% increase in revenue, a 14% rise in adjusted operating income, and an 11% growth in adjusted EPS, aligning well with their expectations, despite challenging macroeconomic conditions.</li><li>Underlying revenue increased by 4%, with contributions from various business segments including Marsh, Guy Carpenter, Mercer, and Oliver Wyman.</li><li>The company continues to navigate a complex operating environment affected by geopolitical instability, trade wars, extreme weather, and emerging AI opportunities.</li></ul>

Marsh & McLennan Companies reported a solid second quarter with a 12% increase in revenue, a 14% rise in adjusted operating income, and an 11% growth in adjusted EPS, aligning well with their expectations, despite challenging macroeconomic conditions.Underlying revenue increased by 4%, with contributions from various business segments including Marsh, Guy Carpenter, Mercer, and Oliver Wyman.The company continues to navigate a complex operating environment affected by geopolitical instability, trade wars, extreme weather, and emerging AI opportunities.

Marsh & McLennan's Latest Earnings: How Economic Agility & Analytics Are Fueling Resilience!

<ul><li>Marsh McLennan had a solid start to 2025, reporting a 9% increase in revenue for the first quarter, driven by a 4% growth in underlying revenue and contributions from acquisitions made in 2024.</li><li>The company saw growth across all four of its businesses: Marsh, Guy Carpenter, Mercer, and Oliver Wyman.</li><li>Adjusted operating income rose by 8%, although the adjusted operating margin slightly declined by 20 basis points, reflecting some seasonality at McGriff.</li></ul>

Marsh McLennan had a solid start to 2025, reporting a 9% increase in revenue for the first quarter, driven by a 4% growth in underlying revenue and contributions from acquisitions made in 2024.The company saw growth across all four of its businesses: Marsh, Guy Carpenter, Mercer, and Oliver Wyman.Adjusted operating income rose by 8%, although the adjusted operating margin slightly declined by 20 basis points, reflecting some seasonality at McGriff.

Marsh & McLennan: Why Oliver Wyman Holds The Key To Its Future Growth!

<ul><li>Marsh & McLennan Companies, a global leader in professional services, closed 2024 with substantial financial growth, registering an 8% revenue increase to $24.5 billion and a 7% underlying revenue growth.</li><li>The company reported an 11% expansion in adjusted operating income, reaching $6.2 billion against a backdrop of a complex global market.</li><li>The year's achievements were attributed not just to core business growth but also to an aggressive acquisition strategy, including a record $9.4 billion in acquisitions with a pivotal $7.75 billion deal to acquire McGriff.</li></ul>

Marsh & McLennan Companies, a global leader in professional services, closed 2024 with substantial financial growth, registering an 8% revenue increase to $24.5 billion and a 7% underlying revenue growth.The company reported an 11% expansion in adjusted operating income, reaching $6.2 billion against a backdrop of a complex global market.The year's achievements were attributed not just to core business growth but also to an aggressive acquisition strategy, including a record $9.4 billion in acquisitions with a pivotal $7.75 billion deal to acquire McGriff.

Marsh McLennan: Can Insurance Pricing Cycles Sustain Growth in the Long Run? - 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.

Event-Driven

<ul>
<li>In response to an AFR article, <a href="https://www.smartkarma.com/entities/aub-group-limited" target="_blank" data-smartkarma-citation="entities:11179:1" rel="noopener">AUB Group Limited (AUB AU)</a> confirmed that on 26 September, it received a non-binding proposal from <a href="https://www.smartkarma.com/entities/eqt-ab" target="_blank" data-smartkarma-citation="entities:28922:1" rel="noopener">EQT (EQT SS)</a> at A$45.00.</li>
<li>While the offer represents an all-time high, it is arguably light compared to precedent transactions and peer multiples. EQT's history of unsuccessful ASX tilts warrants some caution. </li>
<li>The Board has granted a six-week exclusive due diligence period, which ends on 20 November. The shareholder structure reduces the vote risk. </li>
</ul>


In response to an AFR article, AUB Group Limited (AUB AU) confirmed that on 26 September, it received a non-binding proposal from EQT (EQT SS) at A$45.00.
While the offer represents an all-time high, it is arguably light compared to precedent transactions and peer multiples. EQT's history of unsuccessful ASX tilts warrants some caution. 
The Board has granted a six-week exclusive due diligence period, which ends on 20 November. The shareholder structure reduces the vote risk. 


AUB Group (AUB AU): EQT’s NBIO at A$45.00

United States

Marsh & McLennan Companies, Inc. is a professional services firm providing advice and solutions in the areas of risk, strategy, and human capital. Marsh & McLennan offers analysis, advice, and transactional capabilities to clients worldwide.

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Marsh & Mclennan (MMC US)

Marsh & McLennan’s London Power Play: Can New Specialty Talent Transform Its Global Edge?

Marsh & McLennan Companies (MMC) reported solid third quarter performance amidst a challenging economic and market environment. The company...

Baptista Research

Marsh & McLennan's Latest Earnings: How Economic Agility & Analytics Are Fueling Resilience!

Marsh & McLennan Companies reported a solid second quarter with a 12% increase in revenue, a 14% rise in adjusted operating income, and an 11%...

Baptista Research

Marsh & McLennan: Why Oliver Wyman Holds The Key To Its Future Growth!

Marsh McLennan had a solid start to 2025, reporting a 9% increase in revenue for the first quarter, driven by a 4% growth in underlying revenue...

Baptista Research

Marsh McLennan: Can Insurance Pricing Cycles Sustain Growth in the Long Run? - Major Drivers

Marsh & McLennan Companies, a global leader in professional services, closed 2024 with substantial financial growth, registering an 8% revenue...

Baptista Research

AUB Group (AUB AU): EQT’s NBIO at A$45.00

While the offer represents an all-time high, it is arguably light compared to precedent transactions and peer multiples.

Arun George

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