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 delivered an all-around beat in the most recent quarterly result, showcasing strong performance across its businesses and regions, continuing its impressive streak of underlying revenue growth.</li>
<li>The company reported an 11% underlying revenue growth on top of a 10% increase in the second quarter of the previous year.</li>
<li>Marsh McLennan remains optimistic about its full-year outlook, expecting high single-digit underlying revenue growth, margin expansion, and strong growth in adjusted EPS for 2023.</li>
</ul>


Marsh McLennan delivered an all-around beat in the most recent quarterly result, showcasing strong performance across its businesses and regions, continuing its impressive streak of underlying revenue growth.
The company reported an 11% underlying revenue growth on top of a 10% increase in the second quarter of the previous year.
Marsh McLennan remains optimistic about its full-year outlook, expecting high single-digit underlying revenue growth, margin expansion, and strong growth in adjusted EPS for 2023.


Marsh & McLennan Co: Can The Acquisition Of Graham Companies Be A Game Changer? Major Drivers

<ul>
<li>Marsh &amp; McLennan managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.</li>
<li>The company had significant growth in most of its businesses, market sectors, and geographical areas, with Marsh, Guy Carpenter, and Mercer all experiencing faster underlying growth than in the previous quarter.</li>
<li>Guy Carpenter's revenue was $1.1 billion, driven by solid growth in all areas and worldwide specializations, reflecting tighter reinsurance market conditions.</li>
</ul>


Marsh &amp; McLennan managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.
The company had significant growth in most of its businesses, market sectors, and geographical areas, with Marsh, Guy Carpenter, and Mercer all experiencing faster underlying growth than in the previous quarter.
Guy Carpenter's revenue was $1.1 billion, driven by solid growth in all areas and worldwide specializations, reflecting tighter reinsurance market conditions.


Marsh & McLennan Companies: Expanding Their Business with Acquisitions & Other Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

This week in StubWorld ...
<ul class="">
<li>With the sale of <a href="https://www.smartkarma.com/entities/22017" target="_blank" data-smartkarma-citation="entities:22017:1">Jardine Lloyd Thompson Group P (JLT LN)</a> all but a done deal, how will <a href="https://www.smartkarma.com/entities/19718" target="_blank" data-smartkarma-citation="entities:19718:1">Jardine Matheson Hldgs (JM SP)</a> deploy the cash proceeds?</li>
<li>Time to unwind <a href="https://www.smartkarma.com/entities/11074" target="_blank" data-smartkarma-citation="entities:11074:1">Takara Holdings (2531 JP)</a> after a 40% gain in the past fortnight following its unexpected non-exclusion in the N225 rebalance.</li>
</ul>
This, and other relationships discussed below, trade with: 1) a minimum liquidity threshold of US$1mn on a 90-day moving average; and 2) a minimum 20% 'market capitalisation' threshold, whereby the value of the holding/Opco held must be at least 20% of the parent's market cap.
My comments on Jardine, Takara and other Holdcos follow my weekly setup/unwind tables.
<div class="content-caption">(Market cap and liquidity noted below are in US$. Liquidity is assessed on a 3-month average)</div>

This week in StubWorld ...

With the sale of Jardine Lloyd Thompson Group P (JLT LN) all but a done deal, how will Jardine Matheson Hldgs (JM SP) deploy the cash proceeds?
Time to unwind Takara Holdings (2531 JP) after a 40% gain in the past fortnight following its unexpected non-exclusion in the N225 rebalance.

This, and other relationships discussed below, trade with: 1) a minimum liquidity threshold of US$1mn on a 90-day moving average; and 2) a minimum 20% 'market capitalisation' threshold, whereby the value of the holding/Opco held must be at least 20% of the parent's market cap.
My comments on Jardine, Takara and other Holdcos follow my weekly setup/unwind tables.
(Market cap and liquidity noted below are in US$. Liquidity is assessed on a 3-month average)

StubWorld: Matheson Unloads JLT, Unwind Takara

<a href="https://www.smartkarma.com/entities/22017" target="_blank" data-smartkarma-citation="entities:22017:1">Jardine Lloyd Thompson Group P (JLT LN)</a> has received an <a href="http://infopub.sgx.com/FileOpen/JMH.ashx?App=Announcement&amp;amp;FileID=525409" target="_blank">offer</a> from <a href="https://www.smartkarma.com/entities/15690" target="_blank" data-smartkarma-citation="entities:15690:1">Marsh &amp; Mclennan Cos (MMC US)</a>, by way of a scheme, at £19.15/share, a 33.7% premium to last close. 
<a href="https://www.smartkarma.com/entities/19718" target="_blank" data-smartkarma-citation="entities:19718:1">Jardine Matheson Hldgs (JM SP)</a>, which holds 40.16% in JLT, has given an irrevocable to vote in favour of the scheme. In total, irrevocables total 40.45%.  These irrevocables are locked up and cannot be unwound should a superior offer emerge. 
The scheme is subject to approval from JLT shareholders (75%), and anti-trust and regulatory approvals. JLT closed up 30.87% at £18.74, or a gross/annualised spread of 2.07%/3.9% if using spring 2019 completion as guided. Pitched at an all-time price level, this is a done deal.

Jardine Lloyd Thompson Group P (JLT LN) has received an offer from Marsh &amp; Mclennan Cos (MMC US), by way of a scheme, at £19.15/share, a 33.7% premium to last close. 
Jardine Matheson Hldgs (JM SP), which holds 40.16% in JLT, has given an irrevocable to vote in favour of the scheme. In total, irrevocables total 40.45%.  These irrevocables are locked up and cannot be unwound should a superior offer emerge. 
The scheme is subject to approval from JLT shareholders (75%), and anti-trust and regulatory approvals. JLT closed up 30.87% at £18.74, or a gross/annualised spread of 2.07%/3.9% if using spring 2019 completion as guided. Pitched at an all-time price level, this is a done deal.

Matheson's Support Locks Up Marsh & McLennan's Offer For JLT

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

<ul><li class="p1">Towers Watson (TW) and Willis Group (WSH) completed the $18 billion merger in January to form Willis Towers Watson, the third largest professional advisory firm and insurance broker by revenue after MMC and Aon.</li><li class="p1">Shares are undervalued at a 22% discount to our $140 fair value estimate as we think investors underappreciate the value-creating opportunities now available</li></ul>Analyst: Vincent Lui

Towers Watson (TW) and Willis Group (WSH) completed the $18 billion merger in January to form Willis Towers Watson, the third largest professional advisory firm and insurance broker by revenue after MMC and Aon.Shares are undervalued at a 22% discount to our $140 fair value estimate as we think investors underappreciate the value-creating opportunities now availableAnalyst: Vincent Lui

A Big Merger Makes the New Willis Towers Watson a Good Bet

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 Co: Can The Acquisition Of Graham Companies Be A Game Changer? Major Drivers

Marsh McLennan delivered an all-around beat in the most recent quarterly result, showcasing strong performance across its businesses and regions,...

Baptista Research

Marsh & McLennan Companies: Expanding Their Business with Acquisitions & Other Drivers

Marsh & McLennan managed to surpass the revenue expectations as well as the earnings expectations of Wall Street. The company had significant...

Baptista Research

StubWorld: Matheson Unloads JLT, Unwind Takara

This week in StubWorld ... With the sale of Jardine Lloyd Thompson Group P (JLT LN) all but a done deal, how will Jardine Matheson Hldgs (JM...

David Blennerhassett

Matheson's Support Locks Up Marsh & McLennan's Offer For JLT

Jardine Lloyd Thompson Group P (JLT LN) has received an offer from Marsh & Mclennan Cos (MMC US), by way of a scheme, at £19.15/share, a 33.7%...

David Blennerhassett

A Big Merger Makes the New Willis Towers Watson a Good Bet

Towers Watson (TW) and Willis Group (WSH) completed the $18 billion merger in January to form Willis Towers Watson, the third largest professional...

Morningstar, Inc.

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