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>Aon plc, a global leader in insurance brokerage and consulting services, is undergoing strategic realignment that has reignited acquisition speculation.</li><li>On September 3, 2025, the company confirmed it would divest the majority of its NFP wealth businesses—namely Wealthspire Advisors, Fiducient Advisors, and Newport Private Wealth—to private equity firm Madison Dearborn Partners for approximately $2.7 billion.</li><li>The transaction, expected to close in late Q4, will yield around $2.2 billion in after-tax proceeds and remove $127 million in trailing twelve-month EBITDA from Aon’s books.</li></ul>

Aon plc, a global leader in insurance brokerage and consulting services, is undergoing strategic realignment that has reignited acquisition speculation.On September 3, 2025, the company confirmed it would divest the majority of its NFP wealth businesses—namely Wealthspire Advisors, Fiducient Advisors, and Newport Private Wealth—to private equity firm Madison Dearborn Partners for approximately $2.7 billion.The transaction, expected to close in late Q4, will yield around $2.2 billion in after-tax proceeds and remove $127 million in trailing twelve-month EBITDA from Aon’s books.

Aon Just Offloaded $2.7 Billion In Assets—Is A Buyout Next?

<ul><li>Aon plc's second-quarter 2025 financial performance showcases a company effectively executing its strategic initiatives and achieving substantial growth in several key metrics.</li><li>Aon's financial model, underpinned by its Aon United strategy and the operational support of Aon Business Services (ABS), is demonstrating robust execution.</li><li>For the quarter, Aon achieved notable results including 6% organic revenue growth, driven by new business and strengthened client relationships.</li></ul>

Aon plc's second-quarter 2025 financial performance showcases a company effectively executing its strategic initiatives and achieving substantial growth in several key metrics.Aon's financial model, underpinned by its Aon United strategy and the operational support of Aon Business Services (ABS), is demonstrating robust execution.For the quarter, Aon achieved notable results including 6% organic revenue growth, driven by new business and strengthened client relationships.

AON Inc: M&A Services Expansion, Synergy Realization from NFP Acquisition & Key Growth Levers!

<ul><li>Aon plc reported a strong start to 2025, with results aligning well with their financial objectives amidst unpredictable business conditions.</li><li>The company witnessed a 16% total revenue growth, bolstered by a 5% organic revenue increase and the impact of the National Financial Partners (NFP) acquisition.</li><li>Aon's financial discipline enabled a 38.4% operating margin, contributing to a 12% rise in adjusted operating income and a $5.67 adjusted EPS.</li></ul>

Aon plc reported a strong start to 2025, with results aligning well with their financial objectives amidst unpredictable business conditions.The company witnessed a 16% total revenue growth, bolstered by a 5% organic revenue increase and the impact of the National Financial Partners (NFP) acquisition.Aon's financial discipline enabled a 38.4% operating margin, contributing to a 12% rise in adjusted operating income and a $5.67 adjusted EPS.

AON Inc.: Macro Trend Adaptation & Diversification to Up Their Game!

<ul><li>Aon plc's performance in the fourth quarter of 2024 reflects a period of strategic execution and financial growth.</li><li>The company reported a 6% organic revenue growth for the full year and a notable 17% total revenue increase, driven significantly by its successful 3x3 Plan.</li><li>Operating income saw a robust 17% rise, contributing to a 10% increase in adjusted earnings per share.</li></ul>

Aon plc's performance in the fourth quarter of 2024 reflects a period of strategic execution and financial growth.The company reported a 6% organic revenue growth for the full year and a notable 17% total revenue increase, driven significantly by its successful 3x3 Plan.Operating income saw a robust 17% rise, contributing to a 10% increase in adjusted earnings per share.

Aon: What’s Next After the Willis Towers Watson Merger Fallout?

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

Aon PLC is a professional services provider. The Company is comprised of risk and insurance brokerage consulting. Aon's services include helping manage risk for clients, negotiating and placing insurance risk with other carriers, and advising clients related to health and benefits, retirement, compensation, strategic human capital, and human resource outsourcing.

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Aon (AON US)

Aon Just Offloaded $2.7 Billion In Assets—Is A Buyout Next?

Aon plc, a global leader in insurance brokerage and consulting services, is undergoing strategic realignment that has reignited acquisition...

Baptista Research

AON Inc: M&A Services Expansion, Synergy Realization from NFP Acquisition & Key Growth Levers!

Aon plc's second-quarter 2025 financial performance showcases a company effectively executing its strategic initiatives and achieving substantial...

Baptista Research

AON Inc.: Macro Trend Adaptation & Diversification to Up Their Game!

Aon plc reported a strong start to 2025, with results aligning well with their financial objectives amidst unpredictable business conditions. The...

Baptista Research

Aon: What’s Next After the Willis Towers Watson Merger Fallout?

Aon plc's performance in the fourth quarter of 2024 reflects a period of strategic execution and financial growth. The company reported a 6%...

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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