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>Amrize reported income growth for the third quarter of 2025, driven by a 6.6% increase in revenues largely attributed to robust demand in the infrastructure and improved commercial market segments.</li><li>The quarter demonstrated the company's effective adaptation to market conditions and strategic focus areas but also highlighted certain operational challenges.</li><li>In terms of positives, Amrize's Building Materials business showed significant promise, with strong volume growth in cement and aggregates complemented by stable pricing dynamics.</li></ul>

Amrize reported income growth for the third quarter of 2025, driven by a 6.6% increase in revenues largely attributed to robust demand in the infrastructure and improved commercial market segments.The quarter demonstrated the company's effective adaptation to market conditions and strategic focus areas but also highlighted certain operational challenges.In terms of positives, Amrize's Building Materials business showed significant promise, with strong volume growth in cement and aggregates complemented by stable pricing dynamics.

Amrize: M&A Strategy, Expansion Potential & Other Factors Driving Our Optimism!

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Key points (machine generated)<ul><li>Amrize (AMRZ) is North America's largest cement producer and a spinoff from Holcim.</li><li>As of July 11, 2025, Amrize has a stock price of $50.40, a market cap of $28.57 billion, and reported $11.7 billion in revenue for 2024.</li><li>The company operates over 1,000 sites in the U.S. and Canada, with a net debt of $4.5 billion.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)Amrize (AMRZ) is North America's largest cement producer and a spinoff from Holcim.As of July 11, 2025, Amrize has a stock price of $50.40, a market cap of $28.57 billion, and reported $11.7 billion in revenue for 2024.The company operates over 1,000 sites in the U.S. and Canada, with a net debt of $4.5 billion.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul><li>Holcim will spin off its construction materials and solutions business into a standalone company, to be named Amrize on Friday, June 20th.</li><li>The first day of trading will be Monday, June 23, 2025.</li><li>Holcim plans to spin off Amrize, distributing one Amrize share for each Holcim share held.</li></ul>

Holcim will spin off its construction materials and solutions business into a standalone company, to be named Amrize on Friday, June 20th.The first day of trading will be Monday, June 23, 2025.Holcim plans to spin off Amrize, distributing one Amrize share for each Holcim share held.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/holcim-ltd-7f60ceaa-51af-4f85-ac5f-114595eb04f3" target="_blank" data-smartkarma-citation="entities:27916" rel="noopener">Holcim (HOLN SW)</a> spun off its construction materials and solutions business into a standalone company on Friday, June 20th.</li>
<li>The new company is called <a href="https://www.smartkarma.com/entities/amrize-ltd" target="_blank" data-smartkarma-citation="entities:45209" rel="noopener">Amrize (AMRZ US)</a>. </li>
<li>The first day of trading will be Monday, June 23, 2025.</li>
</ul>



Holcim (HOLN SW) spun off its construction materials and solutions business into a standalone company on Friday, June 20th.
The new company is called Amrize (AMRZ US). 
The first day of trading will be Monday, June 23, 2025.


Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Taiheiyo Cement’s California platform is vertically integrated and permit-constrained, yet valued at a Japanese consolidated multiple.</li>
<li>Activist engagement targets U.S. asset re-rating, capital allocation discipline, and potential monetisation.</li>
<li>Base case values shares at ¥4,800; activist outcome implies ¥7,200 driven by U.S. multiple normalisation.</li>
</ul>


Taiheiyo Cement’s California platform is vertically integrated and permit-constrained, yet valued at a Japanese consolidated multiple.
Activist engagement targets U.S. asset re-rating, capital allocation discipline, and potential monetisation.
Base case values shares at ¥4,800; activist outcome implies ¥7,200 driven by U.S. multiple normalisation.


Taiheiyo Cement (5233 JP): U.S. Scarcity Assets Drive Activist Re-Rating Potential

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Amrize (AMRZ US)

Amrize: M&A Strategy, Expansion Potential & Other Factors Driving Our Optimism!

Amrize reported income growth for the third quarter of 2025, driven by a 6.6% increase in revenues largely attributed to robust demand in the...

Baptista Research

Amrize Ltd (AMRZ) - Sunday, Jul 13, 2025

Amrize (AMRZ), North America's largest cement producer, has a market cap of $28.57 billion, $11.7 billion in revenue, and a strong infrastructure...

Value Investors Club (VIC)

Holcim Spin-off (Amrize) Deep Dive

Holcim will spin off its construction materials and solutions business into a standalone company, to be named Amrize on Friday, June 20th.

Richard Howe

Weekly Update (AMRZ, LION, FTV)

The AMRZ spin-off aims to capitalize on the higher valuation multiples of US building supply companies compared to their European counterparts.

Richard Howe

Taiheiyo Cement (5233 JP): U.S. Scarcity Assets Drive Activist Re-Rating Potential

Activist investors target Taiheiyo Cement's California platform for re-rating and potential monetization, aiming to increase share value from...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Amrize: M&A Strategy, Expansion Potential & Other Factors Driving Our Optimism!

Amrize reported income growth for the third quarter of 2025, driven by a 6.6% increase in revenues largely attributed to robust demand in the...

Baptista Research

Amrize Ltd (AMRZ) - Sunday, Jul 13, 2025

Amrize (AMRZ), North America's largest cement producer, has a market cap of $28.57 billion, $11.7 billion in revenue, and a strong infrastructure...

Value Investors Club (VIC)

Holcim Spin-off (Amrize) Deep Dive

Holcim will spin off its construction materials and solutions business into a standalone company, to be named Amrize on Friday, June 20th.

Richard Howe

Weekly Update (AMRZ, LION, FTV)

The AMRZ spin-off aims to capitalize on the higher valuation multiples of US building supply companies compared to their European counterparts.

Richard Howe

Taiheiyo Cement (5233 JP): U.S. Scarcity Assets Drive Activist Re-Rating Potential

​Activist investors target Taiheiyo Cement's California platform for re-rating and potential monetization, aiming to increase share value from...

Rahul Jain

Activist investors target Taiheiyo Cement's California platform for re-rating and potential monetization, aiming to increase share value from...