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>Aptar's third-quarter earnings call provided a comprehensive overview of the company’s operational and financial performance for the period, showcasing some robust segments and areas for growth, alongside challenges and strategic plans for improving efficiency and market reach into 2025.</li><li>Starting with the financials, Aptar reported a 2% core sales growth for the quarter, contributing to a 15% EPS growth for the first nine months of the year.</li><li>Notably, the Adjusted EBITDA margin came in at the higher end of the long-term target at 23%.</li></ul>

Aptar's third-quarter earnings call provided a comprehensive overview of the company’s operational and financial performance for the period, showcasing some robust segments and areas for growth, alongside challenges and strategic plans for improving efficiency and market reach into 2025.Starting with the financials, Aptar reported a 2% core sales growth for the quarter, contributing to a 15% EPS growth for the first nine months of the year.Notably, the Adjusted EBITDA margin came in at the higher end of the long-term target at 23%.

AptarGroup Inc.: Strengthening Market Position in Beauty & Personal Care & Expansion in Proprietary Drug Delivery Systems As Critical Growth Levers! - Major Drivers

<ul><li>Aptar, a global leader in dispensing and drug delivery solutions, achieved core sales growth of 3% and an adjusted earnings per share (EPS) of $1.37 in the second quarter of 2024.</li><li>This marks a 12% increase over the prior year's quarter, continuing the positive momentum seen in the first half of the year.</li><li>The company's promising results were buoyed by strong demand in its pharma proprietary drug delivery systems and broad-based margin improvements, leading to a recently announced dividend increase of approximately 10%.</li></ul>

Aptar, a global leader in dispensing and drug delivery solutions, achieved core sales growth of 3% and an adjusted earnings per share (EPS) of $1.37 in the second quarter of 2024.This marks a 12% increase over the prior year's quarter, continuing the positive momentum seen in the first half of the year.The company's promising results were buoyed by strong demand in its pharma proprietary drug delivery systems and broad-based margin improvements, leading to a recently announced dividend increase of approximately 10%.

AptarGroup Inc.: An Insight Into Their Core Business Strategy! - 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 media speculation, <a href="https://www.smartkarma.com/entities/orora-ltd" target="_blank" data-smartkarma-citation="entities:16042:1" rel="noopener">Orora Ltd (ORA AU)</a> disclosed that it had rejected Lone Star's indicative non-binding proposal at A$2.55 per share, a 33.5% premium to the undisturbed price.</li>
<li>The offer is opportunistically timed to take advantage of the share price collapse precipitating from the profit warning on 2 April. </li>
<li>The Lone Star offer is unattractive and could also draw other suitors. If Lone Star walks, the downside is low, as Orora’s valuation is undemanding compared to peer multiples.</li>
</ul>


In response to media speculation, Orora Ltd (ORA AU) disclosed that it had rejected Lone Star's indicative non-binding proposal at A$2.55 per share, a 33.5% premium to the undisturbed price.
The offer is opportunistically timed to take advantage of the share price collapse precipitating from the profit warning on 2 April. 
The Lone Star offer is unattractive and could also draw other suitors. If Lone Star walks, the downside is low, as Orora’s valuation is undemanding compared to peer multiples.


Orora (ORA AU): Lone Star’s Opportunistic A$2.55 Offer

<ul><li>Aptar, a global leader in drug delivery systems and consumer product dispensing, has reported robust first quarter financial results for 2024.</li><li>The company disclosed a 5% core sales growth and a remarkable more than 30% increase in adjusted earnings per share (EPS) as compared to the previous year.</li><li>Notably, the Pharma segment exhibited strong performance driven by sustained demand for its proprietary drug delivery systems, marking high single-digit core sales growth.</li></ul>

Aptar, a global leader in drug delivery systems and consumer product dispensing, has reported robust first quarter financial results for 2024.The company disclosed a 5% core sales growth and a remarkable more than 30% increase in adjusted earnings per share (EPS) as compared to the previous year.Notably, the Pharma segment exhibited strong performance driven by sustained demand for its proprietary drug delivery systems, marking high single-digit core sales growth.

AptarGroup Inc.: A Tale Of Recovery and Growth in North American Markets! - Major Growth Drivers

Investment Advisor, Upslope Capital Management

Upslope Capital Management

Investment Advisor

Investment advisor for Upslope Partners Fund, LP, a global long/short equity hedge fund.

<ul><li>At the end of Q1, the overwhelming consensus – even among typically cautious types – was that investors needed to own stocks through at least the November election.</li><li>After all, markets are strong in election years and financial conditions should continue to improve and/or remain easier than they should be.</li><li>While dented by the recent correction, this narrative doesn’t really seem to have changed much.</li></ul>

At the end of Q1, the overwhelming consensus – even among typically cautious types – was that investors needed to own stocks through at least the November election.After all, markets are strong in election years and financial conditions should continue to improve and/or remain easier than they should be.While dented by the recent correction, this narrative doesn’t really seem to have changed much.

Upslope's Quarterly Investor Letter: Q1 2024

United States

AptarGroup, Inc. designs, manufactures, and markets pumps, dispensing closures, and aerosol valves.  The Company's products are used for fragrance/cosmetics, personal care, pharmaceutical, household/industrial, and food products. AptarGroup operates worldwide.

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Aptargroup Inc (ATR US)

AptarGroup Inc.: Strengthening Market Position in Beauty & Personal Care & Expansion in Proprietary Drug Delivery Systems As Critical Growth Levers! - Major Drivers

Aptar's third-quarter earnings call provided a comprehensive overview of the company’s operational and financial performance for the period,...

Baptista Research

AptarGroup Inc.: An Insight Into Their Core Business Strategy! - Major Drivers

Aptar, a global leader in dispensing and drug delivery solutions, achieved core sales growth of 3% and an adjusted earnings per share (EPS) of...

Baptista Research

Orora (ORA AU): Lone Star’s Opportunistic A$2.55 Offer

The Lone Star offer is unattractive and could also draw other suitors. If Lone Star walks, the downside is low, as Orora’s valuation is undemanding...

Arun George

AptarGroup Inc.: A Tale Of Recovery and Growth in North American Markets! - Major Growth Drivers

Aptar, a global leader in drug delivery systems and consumer product dispensing, has reported robust first quarter financial results for 2024. The...

Baptista Research

Upslope's Quarterly Investor Letter: Q1 2024

At the end of Q1, the overwhelming consensus – even among typically cautious types – was that investors needed to own stocks through at least the...

Upslope Capital Management

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