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>Asbury Automotive Group’s second quarter of 2026 reflects a period of transition driven by the ongoing implementation of the Tekion dealer management system (DMS).</li><li>Approximately 70% of the company’s store base has been converted to Tekion, with completion expected by October 2026.</li><li>While the rollout has involved significant investment and short-term operational challenges—such as managing dual legacy and new systems—the company reports early indications of improved productivity and operational efficiency in markets that have been on Tekion longest.</li></ul>

Asbury Automotive Group’s second quarter of 2026 reflects a period of transition driven by the ongoing implementation of the Tekion dealer management system (DMS).Approximately 70% of the company’s store base has been converted to Tekion, with completion expected by October 2026.While the rollout has involved significant investment and short-term operational challenges—such as managing dual legacy and new systems—the company reports early indications of improved productivity and operational efficiency in markets that have been on Tekion longest.

Asbury Automotive Group’s 70% Tekion Conversion Signals A Pivotal Operating Reset!

Hedge Fund News, Information and Data, Hedge Fund Alpha

Hedge Fund Alpha

Hedge Fund News, Information and Data

We focus on hedge funds with a bias towards emerging managers, specifically fundamental long-short managers. We are known for a lot of insights and exclusives on hedge fund letters, coverage of industry conferences, and interviews with investors and interesting service providers.

Thematic (Sector/Industry)

<ul><li>Bonhoeffer Fund's commentary for the second quarter ended June 30, 2026.</li><li>Dear Partner, Throughout the first six months of 2026, Bonhoeffer Fund 1) continued to sell slower-growth firms, 2) purchased durable, faster-growing firms in temporarily depressed sectors and 3) identified similar opportunities in new industries.</li><li>One ideal way to manage a portfolio is to invest in a set of potential investment winners, let the market work, retain the firms that maintain or increase return on invested capital (“RoIC”), and replace lagging investments with new potential investment winners.</li></ul>

Bonhoeffer Fund's commentary for the second quarter ended June 30, 2026.Dear Partner, Throughout the first six months of 2026, Bonhoeffer Fund 1) continued to sell slower-growth firms, 2) purchased durable, faster-growing firms in temporarily depressed sectors and 3) identified similar opportunities in new industries.One ideal way to manage a portfolio is to invest in a set of potential investment winners, let the market work, retain the firms that maintain or increase return on invested capital (“RoIC”), and replace lagging investments with new potential investment winners.

<ul><li>The first quarter 2026 financial results of Asbury Automotive Group reflect an ongoing business transformation characterized by significant operational shifts and portfolio optimization.</li><li>The company proceeded with migrating its store operations to the Tekion dealer management system (DMS), with over 50% of stores converted and a planned full rollout by fall.</li><li>While this transition is expected to yield long-term efficiency gains and cost benefits, the initial phases have incurred incremental integration costs and temporary disruptions impacting short-term productivity.</li></ul>

The first quarter 2026 financial results of Asbury Automotive Group reflect an ongoing business transformation characterized by significant operational shifts and portfolio optimization.The company proceeded with migrating its store operations to the Tekion dealer management system (DMS), with over 50% of stores converted and a planned full rollout by fall.While this transition is expected to yield long-term efficiency gains and cost benefits, the initial phases have incurred incremental integration costs and temporary disruptions impacting short-term productivity.

Asbury Automotive's $207 Million Adjusted EBITDA Understates Earnings Power Before Weather And Tekion Drag!

<ul><li>Asbury Automotive Group delivered a record fourth quarter with revenue of $4.7 billion, gross profit of $793 million, and adjusted EPS of $6.67, reflecting continued scale expansion and operational execution.</li><li>The company benefited from portfolio optimization through divestitures and acquisitions, alongside disciplined capital allocation, which helped reduce leverage to 3.2x, ahead of expectations.</li><li>Strong free cash flow generation and liquidity of $927 million provide financial flexibility for continued share repurchases, debt reduction, and selective acquisitions.</li></ul>

Asbury Automotive Group delivered a record fourth quarter with revenue of $4.7 billion, gross profit of $793 million, and adjusted EPS of $6.67, reflecting continued scale expansion and operational execution.The company benefited from portfolio optimization through divestitures and acquisitions, alongside disciplined capital allocation, which helped reduce leverage to 3.2x, ahead of expectations.Strong free cash flow generation and liquidity of $927 million provide financial flexibility for continued share repurchases, debt reduction, and selective acquisitions.

<ul><li>Asbury Automotive Group (ABG) recently provided an update detailing its financial and operational performance for the third quarter of 2025, highlighting both strategic advancements and areas where challenges persist.</li><li>From a financial standpoint, ABG reported record quarterly revenue of $4.8 billion and a gross profit of $803 million, resulting in a gross profit margin of 16.7%.</li><li>The company's adjusted operating margin stood at 5.5%, and adjusted earnings per share reached $7.17, with an adjusted EBITDA of $261 million.</li></ul>

Asbury Automotive Group (ABG) recently provided an update detailing its financial and operational performance for the third quarter of 2025, highlighting both strategic advancements and areas where challenges persist.From a financial standpoint, ABG reported record quarterly revenue of $4.8 billion and a gross profit of $803 million, resulting in a gross profit margin of 16.7%.The company's adjusted operating margin stood at 5.5%, and adjusted earnings per share reached $7.17, with an adjusted EBITDA of $261 million.

Asbury Automotive Group’s Bold EV Move: Can It Survive the Electric Revolution?

United States

Asbury Automotive Group Inc. is an automotive retailer operating franchises and dealership locations in the United States.  The Company offers new and used vehicles and related financing and insurance, vehicle maintenance and repair services, replacement parts, and service contracts.  Asbury's dealerships are primarily either luxury or mid-line import brands.

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Asbury Automotive (ABG US)

Asbury Automotive Group’s 70% Tekion Conversion Signals A Pivotal Operating Reset!

Asbury Automotive Group’s second quarter of 2026 reflects a period of transition driven by the ongoing implementation of the Tekion dealer...

Baptista Research

Bonhoeffer Fund Q2 2026 Commentary

One ideal way to manage a portfolio is to invest in a set of potential investment winners, let the market work, retain the firms that maintain or...

Hedge Fund Alpha

Asbury Automotive's $207 Million Adjusted EBITDA Understates Earnings Power Before Weather And Tekion Drag!

The first quarter 2026 financial results of Asbury Automotive Group reflect an ongoing business transformation characterized by significant...

Baptista Research

Asbury Automotive Group: Tekion Rollout

Asbury Automotive Group delivered a record fourth quarter with revenue of $4.7 billion, gross profit of $793 million, and adjusted EPS of $6.67,...

Baptista Research

Asbury Automotive Group’s Bold EV Move: Can It Survive the Electric Revolution?

Asbury Automotive Group (ABG) recently provided an update detailing its financial and operational performance for the third quarter of 2025,...

Baptista Research

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