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

Armstrong World Industries / Equity Bottom-Up

<ul><li>Armstrong World Industries, Inc. reported its third quarter 2025 earnings, revealing record-setting net sales and earnings, supported by strong performance in both its Mineral Fiber and Architectural Specialties segments.</li><li>The company observed a 10% year-over-year increase in consolidated net sales, translating into robust quarterly results amidst a backdrop of market challenges.</li><li>Positively, Armstrong World Industries' Mineral Fiber segment recorded a 6% rise in net sales, driven by strong average unit value (AUV) growth and a slight increase in volumes.</li></ul>

Armstrong World Industries, Inc. reported its third quarter 2025 earnings, revealing record-setting net sales and earnings, supported by strong performance in both its Mineral Fiber and Architectural Specialties segments.The company observed a 10% year-over-year increase in consolidated net sales, translating into robust quarterly results amidst a backdrop of market challenges.Positively, Armstrong World Industries' Mineral Fiber segment recorded a 6% rise in net sales, driven by strong average unit value (AUV) growth and a slight increase in volumes.

Armstrong World Industries’ Bold Acquisition Play: What Geometrik Means for Investors!

<ul><li>Armstrong World Industries Inc. reported strong financial results for the second quarter of 2025, demonstrating resilience amid market uncertainties.</li><li>The company achieved record sales and earnings, marked by a 16% increase in net sales and a 23% rise in adjusted EBITDA, with a notable expansion in EBITDA margins by 200 basis points to 36%.</li><li>This growth was reflected in a 29% year-over-year increase in adjusted diluted earnings per share, its highest since its separation from the flooring business in 2016.</li></ul>

Armstrong World Industries Inc. reported strong financial results for the second quarter of 2025, demonstrating resilience amid market uncertainties.The company achieved record sales and earnings, marked by a 16% increase in net sales and a 23% rise in adjusted EBITDA, with a notable expansion in EBITDA margins by 200 basis points to 36%.This growth was reflected in a 29% year-over-year increase in adjusted diluted earnings per share, its highest since its separation from the flooring business in 2016.

Armstrong World Industries: Disrupting Ceilings With Groundbreaking TEMPLOK Innovation!

<ul><li>Armstrong World Industries Inc. (AWI) delivered another strong quarter in Q1 of 2025, marked by record-setting sales and impressive earnings before interest, taxes, depreciation, and amortization (EBITDA).</li><li>The company reported a 17% increase in net sales and a 16% rise in adjusted EBITDA, demonstrating effective execution of their business strategy despite an uncertain macroeconomic environment.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Armstrong World Industries Inc. (AWI) delivered another strong quarter in Q1 of 2025, marked by record-setting sales and impressive earnings before interest, taxes, depreciation, and amortization (EBITDA).The company reported a 17% increase in net sales and a 16% rise in adjusted EBITDA, demonstrating effective execution of their business strategy despite an uncertain macroeconomic environment.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Armstrong World Industries: An Insight Into Its Mineral Fiber Business & Architectural Specialties Expansion!

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/uber-technologies-inc" target="_blank" data-smartkarma-citation="entities:430:1" rel="noopener">Uber Technologies (UBER US)</a>, <a href="https://www.smartkarma.com/entities/jabil-circuit-inc" target="_blank" data-smartkarma-citation="entities:16674:1" rel="noopener">Jabil Circuit (JBL US)</a> and <a href="https://www.smartkarma.com/entities/builders-firstsource-inc" target="_blank" data-smartkarma-citation="entities:4720:1" rel="noopener">Builders Firstsource (BLDR US)</a> will be added to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> at the close on 15 December.</li>
<li>There are a bunch of inclusions. deletions and migrations across the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a>, the S&amp;P Midcap 400 Index, and the S&amp;P SmallCap 600 Index.</li>
<li>We estimate passive trackers will need to buy around US$18bn of <a href="https://www.smartkarma.com/entities/uber-technologies-inc" target="_blank" data-smartkarma-citation="entities:430:1" rel="noopener">Uber Technologies (UBER US)</a>. There has been positioning in the stock for just over a month now. </li>
</ul>



Uber Technologies (UBER US), Jabil Circuit (JBL US) and Builders Firstsource (BLDR US) will be added to the S&amp;P 500 INDEX (SPX INDEX) at the close on 15 December.
There are a bunch of inclusions. deletions and migrations across the S&amp;P 500 INDEX (SPX INDEX), the S&amp;P Midcap 400 Index, and the S&amp;P SmallCap 600 Index.
We estimate passive trackers will need to buy around US$18bn of Uber Technologies (UBER US). There has been positioning in the stock for just over a month now. 


<ul><li>Armstrong World Industries, Inc. delivered a strong financial performance in the third quarter of 2024, as outlined in their recent earnings call.</li><li>The company reported record-setting sales and EBITDA, which have increased by 11% from the prior year, while adjusted diluted earnings per share grew by 13%.</li><li>This robust performance was primarily driven by the contributions from the recent acquisitions of 3form and BOK Modern, favorable Average Unit Value (AUV) performance, and solid gains in manufacturing productivity.</li></ul>

Armstrong World Industries, Inc. delivered a strong financial performance in the third quarter of 2024, as outlined in their recent earnings call.The company reported record-setting sales and EBITDA, which have increased by 11% from the prior year, while adjusted diluted earnings per share grew by 13%.This robust performance was primarily driven by the contributions from the recent acquisitions of 3form and BOK Modern, favorable Average Unit Value (AUV) performance, and solid gains in manufacturing productivity.

Armstrong World Industries: An Insight Into Its Market Evolution and Growth Opportunities! - Major Drivers

United States

Armstrong World Industries, Inc. provides home improvement solutions. The Company offers ceilings, walls, roof deck, and plasterform castings for commercial spaces and homes. Armstrong World Industries serves customers worldwide.

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Armstrong World Industries (AWI US)

Armstrong World Industries’ Bold Acquisition Play: What Geometrik Means for Investors!

Armstrong World Industries, Inc. reported its third quarter 2025 earnings, revealing record-setting net sales and earnings, supported by strong...

Baptista Research

Armstrong World Industries: Disrupting Ceilings With Groundbreaking TEMPLOK Innovation!

Armstrong World Industries Inc. reported strong financial results for the second quarter of 2025, demonstrating resilience amid market...

Baptista Research

Armstrong World Industries: An Insight Into Its Mineral Fiber Business & Architectural Specialties Expansion!

Armstrong World Industries Inc. (AWI) delivered another strong quarter in Q1 of 2025, marked by record-setting sales and impressive earnings...

Baptista Research

S&P500 Index Rebalance: Calling an UBER

Passive S&P500 index trackers will need to buy around US$18bn of Uber in two weeks. Positioning in the stock began a month ago and just ahead of Q3...

Brian Freitas

Armstrong World Industries: An Insight Into Its Market Evolution and Growth Opportunities! - Major Drivers

Armstrong World Industries, Inc. delivered a strong financial performance in the third quarter of 2024, as outlined in their recent earnings...

Baptista Research

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