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

Axalta Coating Systems / Equity Bottom-Up

<ul><li>Axalta Coating Systems reported its first quarter of fiscal 2025 results, showcasing a blend of consistent performance and challenges influenced by external economic factors.</li><li>The company's net sales remained flat compared to the previous year on a constant currency basis.</li><li>Despite facing declines in volume, Axalta managed to achieve a 4% year-over-year increase in adjusted EBITDA, amounting to $270 million, with an expansion in the adjusted EBITDA margin by 140 basis points.</li></ul>

Axalta Coating Systems reported its first quarter of fiscal 2025 results, showcasing a blend of consistent performance and challenges influenced by external economic factors.The company's net sales remained flat compared to the previous year on a constant currency basis.Despite facing declines in volume, Axalta managed to achieve a 4% year-over-year increase in adjusted EBITDA, amounting to $270 million, with an expansion in the adjusted EBITDA margin by 140 basis points.

Axalta Coating Systems: Is Its Global Mobility Surge the Key to Beating Industry Headwinds?

<ul><li>Axalta Coating Systems reported robust financial results for the fourth quarter and full year 2024, achieving record net sales and adjusted EBITDA levels.</li><li>Net sales for the fourth quarter amounted to $1.3 billion, marking a notable performance amid challenging macroeconomic conditions and foreign currency fluctuations.</li><li>This growth was predominantly driven by gains in the company's Refinish and Light Vehicle segments, alongside contributions from strategic acquisitions like CoverFlexx.</li></ul>

Axalta Coating Systems reported robust financial results for the fourth quarter and full year 2024, achieving record net sales and adjusted EBITDA levels.Net sales for the fourth quarter amounted to $1.3 billion, marking a notable performance amid challenging macroeconomic conditions and foreign currency fluctuations.This growth was predominantly driven by gains in the company's Refinish and Light Vehicle segments, alongside contributions from strategic acquisitions like CoverFlexx.

Axalta Coating Systems: Can the Technological Advancements Strengthen Its Position In the Competitive Market?

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Balancing act. As the ag industry is preparing for the planting season, an early look at 2025 expectations by Farm Journal’s Ag Economists’ Monthly Monitor offers a mixed bag.</li><li>On one hand, after a two-year decline, net and cash farm income are expected to increase Y/Y in 2025.</li><li>On the other hand, the increase will be mostly due to an increase in government payments. </li></ul>

Balancing act. As the ag industry is preparing for the planting season, an early look at 2025 expectations by Farm Journal’s Ag Economists’ Monthly Monitor offers a mixed bag.On one hand, after a two-year decline, net and cash farm income are expected to increase Y/Y in 2025.On the other hand, the increase will be mostly due to an increase in government payments. 

Mat-Chem Notes - Tariff Concerns Proliferate as Geopolitics Remain Center Stage

<ul><li>Political policies could affect markets across the spectrum.</li><li>The incoming administration’s more hawkish attitude when it comes to potentially destabilizing implementation of tariffs as a political rather than economic tool could result in greater volatility when it comes to commodity and finished goods pricing and availability, while its greater focus on domestic energy production and onshoring of supply chains could provide opportunities and lead to lower energy and logistics costs.</li><li><p>Lower energy and feedstock costs could drive margin improvement. </p></li></ul>

Political policies could affect markets across the spectrum.The incoming administration’s more hawkish attitude when it comes to potentially destabilizing implementation of tariffs as a political rather than economic tool could result in greater volatility when it comes to commodity and finished goods pricing and availability, while its greater focus on domestic energy production and onshoring of supply chains could provide opportunities and lead to lower energy and logistics costs.Lower energy and feedstock costs could drive margin improvement. 

WTR Small-Cap Spotlight Recap - Trends That Could Shape Chemicals and Materials Industries in 2025

<ul><li>WTR-CMI in 2024. Last year was difficult for specialty chemicals and materials stocks, with our WTR-CMI Index posting a rather modest 5% gain for the year, affected by &gt;40% Y/Y declines in lithium stocks.</li><li>The index’s performance was well off the pace of the Russell 2000 and S&amp;P 500, which posted returns of 10.8% and 24%, respectively, driven by the extraordinary gains of the “magnificent seven” tech and media stocks.</li><li>On a positive note, RYAM’s stock price nearly doubled during the year, driven by an <span style="font-size: var(--content-font-size);">improving pricing environment, better sales mix, and cost </span>containment efforts, as well as the ramp-up of the company’s Biomaterials business. </li></ul>

WTR-CMI in 2024. Last year was difficult for specialty chemicals and materials stocks, with our WTR-CMI Index posting a rather modest 5% gain for the year, affected by &gt;40% Y/Y declines in lithium stocks.The index’s performance was well off the pace of the Russell 2000 and S&amp;P 500, which posted returns of 10.8% and 24%, respectively, driven by the extraordinary gains of the “magnificent seven” tech and media stocks.On a positive note, RYAM’s stock price nearly doubled during the year, driven by an improving pricing environment, better sales mix, and cost containment efforts, as well as the ramp-up of the company’s Biomaterials business. 

Mat-Chem Notes - Looking Ahead by Looking Back at 2024

United States

Axalta Coating Systems Ltd. manufactures, markets and distributes coatings systems. The Company offers products and services which includes paint, color matching tools, application technologies, and customer  training and business management systems. Axalta Coating Systems serves automotive, transportation,  general industrial, and architectural and decorative sectors.

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Axalta Coating Systems (AXTA US)

Axalta Coating Systems: Is Its Global Mobility Surge the Key to Beating Industry Headwinds?

Axalta Coating Systems reported its first quarter of fiscal 2025 results, showcasing a blend of consistent performance and challenges influenced...

Baptista Research

Axalta Coating Systems: Can the Technological Advancements Strengthen Its Position In the Competitive Market?

Axalta Coating Systems reported robust financial results for the fourth quarter and full year 2024, achieving record net sales and adjusted EBITDA...

Baptista Research

Mat-Chem Notes - Tariff Concerns Proliferate as Geopolitics Remain Center Stage

Balancing act. As the ag industry is preparing for the planting season, an early look at 2025 expectations by Farm Journal’s Ag Economists’ Monthly...

Water Tower Research

WTR Small-Cap Spotlight Recap - Trends That Could Shape Chemicals and Materials Industries in 2025

On the latest WTR Small-Cap Spotlight, we discussed our high-level views of the specialty chemicals and materials technology industries heading...

Water Tower Research

Mat-Chem Notes - Looking Ahead by Looking Back at 2024

Last year was difficult for specialty chemicals and materials stocks, with our WTR-CMI Index posting a rather modest 5% gain for the year, affected...

Water Tower Research

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