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>Ambev S.A.'s recent financial performance provides a mixed perspective for investors, underlining both strengths and challenges in the company's journey.</li><li>The third quarter of 2025 highlighted Ambev's strategic choices amidst a softer-than-expected industry environment, particularly in Brazil, which is the company's largest market.</li><li>On the positive side, Ambev reported a 7% increase in net revenue per hectoliter and a 3% growth in EBITDA, with a corresponding 50 basis point expansion of its margin.</li></ul>

Ambev S.A.'s recent financial performance provides a mixed perspective for investors, underlining both strengths and challenges in the company's journey.The third quarter of 2025 highlighted Ambev's strategic choices amidst a softer-than-expected industry environment, particularly in Brazil, which is the company's largest market.On the positive side, Ambev reported a 7% increase in net revenue per hectoliter and a 3% growth in EBITDA, with a corresponding 50 basis point expansion of its margin.

Ambev’s Premium Revolution: The Beer Giant Is Focusing On Brazil’s High-End Market!

<ul><li>The recent performance of Ambev, detailed in their quarterly report, presents a mixed outlook for the company's future.</li><li>Key financial metrics demonstrate resilience in the face of various challenges, but also reveal areas of concern that investors should closely monitor.</li><li>Positively, Ambev managed to deliver a high single-digit organic EBITDA increase, achieving a 110 basis point margin expansion despite difficult market conditions primarily attributed to adverse weather.</li></ul>

The recent performance of Ambev, detailed in their quarterly report, presents a mixed outlook for the company's future.Key financial metrics demonstrate resilience in the face of various challenges, but also reveal areas of concern that investors should closely monitor.Positively, Ambev managed to deliver a high single-digit organic EBITDA increase, achieving a 110 basis point margin expansion despite difficult market conditions primarily attributed to adverse weather.

Ambev SA: Revenue Management & Pricing Strategy for Brand Equity Realization In An Increasingly Competitive Beverage Market!

<ul><li>Ambev S.A.'s recent financial disclosures provide a mixed picture for investors, underscored by a strong start to 2025 but tempered by broader economic challenges.</li><li>The company reported a robust top-line performance for the first quarter of 2025, with revenues rising by high single digits and EBITDA growing by double digits, despite nominal volume growth of just 0.7%.</li><li>This performance signifies healthy operational efficiency and strategic execution across various business pillars, though the flat net income reflects substantial tax comparisons from the previous year.</li></ul>

Ambev S.A.'s recent financial disclosures provide a mixed picture for investors, underscored by a strong start to 2025 but tempered by broader economic challenges.The company reported a robust top-line performance for the first quarter of 2025, with revenues rising by high single digits and EBITDA growing by double digits, despite nominal volume growth of just 0.7%.This performance signifies healthy operational efficiency and strategic execution across various business pillars, though the flat net income reflects substantial tax comparisons from the previous year.

Ambev S.A.: How Are They Dealing With Competitive Market Dynamics & Other Risks?

<ul><li>Ambev S.A. recently reported its fourth quarter and full-year 2024 results.</li><li>For the fiscal year, Ambev reported a 37% growth in EBITDA over five years, as well as nearly BRL 65 billion in free cash flow to equity.</li><li>The company succeeded in driving volume growth across its key markets, with standout performances in the digital transformation space, where a significant proportion of transactions now occur through their B2B platform, BEES.</li></ul>

Ambev S.A. recently reported its fourth quarter and full-year 2024 results.For the fiscal year, Ambev reported a 37% growth in EBITDA over five years, as well as nearly BRL 65 billion in free cash flow to equity.The company succeeded in driving volume growth across its key markets, with standout performances in the digital transformation space, where a significant proportion of transactions now occur through their B2B platform, BEES.

Ambev S.A.: A Strategy That Hovers Around Premiumization & Expansion of Product Portfolio In Latam But Will It Yield Results?

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

Cross Asset Strategy

<ul>
<li>LATAM remains a core and consensus overweight among active EM managers, with 85% of funds positioned ahead of the MSCI EM benchmark</li>
<li>LATAM exposure is concentrated in Brazil, Mexico, and Argentina, which together make up 90% of the region’s allocation.</li>
<li>Banorte remains the most widely held stock in the region, with Embraer SA and Gentera staging notable recoveries from the low positioning levels seen in 2021 and 2022.</li>
</ul>


LATAM remains a core and consensus overweight among active EM managers, with 85% of funds positioned ahead of the MSCI EM benchmark
LATAM exposure is concentrated in Brazil, Mexico, and Argentina, which together make up 90% of the region’s allocation.
Banorte remains the most widely held stock in the region, with Embraer SA and Gentera staging notable recoveries from the low positioning levels seen in 2021 and 2022.


LATAM:  The Conviction Overweight in a Benchmark-Driven World

Brazil

Ambev SA primary business is the production and distribution of beer. The Company also operates in the soft drinks and non-alcoholic and non-carbonated businesses with proprietary brands. Ambev has exclusive bottler and distributor rights for Pepsi CSD products in Brazil.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ambev (ABEV US)

Ambev’s Premium Revolution: The Beer Giant Is Focusing On Brazil’s High-End Market!

Ambev S.A.'s recent financial performance provides a mixed perspective for investors, underlining both strengths and challenges in the company's...

Baptista Research

Ambev SA: Revenue Management & Pricing Strategy for Brand Equity Realization In An Increasingly Competitive Beverage Market!

The recent performance of Ambev, detailed in their quarterly report, presents a mixed outlook for the company's future. Key financial metrics...

Baptista Research

Ambev S.A.: How Are They Dealing With Competitive Market Dynamics & Other Risks?

Ambev S.A.'s recent financial disclosures provide a mixed picture for investors, underscored by a strong start to 2025 but tempered by broader...

Baptista Research

Ambev S.A.: A Strategy That Hovers Around Premiumization & Expansion of Product Portfolio In Latam But Will It Yield Results?

Ambev S.A. recently reported its fourth quarter and full-year 2024 results. For the fiscal year, Ambev reported a 37% growth in EBITDA over five...

Baptista Research

LATAM: The Conviction Overweight in a Benchmark-Driven World

LATAM remains a core and consensus overweight among active EM managers, with 85% of funds positioned ahead of the MSCI EM benchmark

Steven Holden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)