Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Equity Bottom-Up

Resideo Technologies Inc / Equity Bottom-Up

<ul><li>Resideo (REZI) is about to spin off its distribution business, ADI Global Distribution (ADIG), with regular-way trading set to begin August 4, 2026.</li><li>I’m recommending buying REZI ahead of the break-up for a few reasons.</li><li>It’s a classic de-merger arbitrage setup. Even in the worst case, where RemainCo trades at the cheapest multiple in its peer group (~10x 2027 EBITDA) and ADIG trades at the cheapest distributor multiple (6.2x), I still get ~3% upside from today’s price.</li></ul>

Resideo (REZI) is about to spin off its distribution business, ADI Global Distribution (ADIG), with regular-way trading set to begin August 4, 2026.I’m recommending buying REZI ahead of the break-up for a few reasons.It’s a classic de-merger arbitrage setup. Even in the worst case, where RemainCo trades at the cheapest multiple in its peer group (~10x 2027 EBITDA) and ADIG trades at the cheapest distributor multiple (6.2x), I still get ~3% upside from today’s price.

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.

<ul><li>Carrier Global Corporation delivered a compelling set of results for the second quarter of 2025, with notable achievements and some challenges reflecting the current market dynamics.</li><li>From a growth perspective, the company posted 6% organic growth, driven primarily by a substantial 45% increase in commercial HVAC sales in the Americas and a 13% rise in aftermarket growth.</li><li>Regions like India, Japan, and the Middle East also contributed significantly to the growth figures, accentuating Carrier's global operational reach.</li></ul>

Carrier Global Corporation delivered a compelling set of results for the second quarter of 2025, with notable achievements and some challenges reflecting the current market dynamics.From a growth perspective, the company posted 6% organic growth, driven primarily by a substantial 45% increase in commercial HVAC sales in the Americas and a 13% rise in aftermarket growth.Regions like India, Japan, and the Middle East also contributed significantly to the growth figures, accentuating Carrier's global operational reach.

Carrier Global Corporation: An Insight Into Its Productivity

<ul><li>Carrier Global Corporation reported a robust performance for the first quarter of 2025, showcasing strong results across various segments despite facing some challenges in certain areas.</li><li>The company, which specializes in HVAC (heating, ventilation, and air conditioning), refrigeration, and fire and security solutions, provided a comprehensive view of its financial performance, including significant areas of growth and concern, setting the stage for the remainder of the year.</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>

Carrier Global Corporation reported a robust performance for the first quarter of 2025, showcasing strong results across various segments despite facing some challenges in certain areas.The company, which specializes in HVAC (heating, ventilation, and air conditioning), refrigeration, and fire and security solutions, provided a comprehensive view of its financial performance, including significant areas of growth and concern, setting the stage for the remainder of the year.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.

Carrier Global's Localization & Dual Sourcing Strategy—Can It Outpace Global Disruptions?

Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>July 2024 ranked as the warmest July in NOAA’s 175-year global record. Land &amp; sea surface temperatures were above average across the planet barring few exceptions.</li>
<li>July had the 2nd smallest sea ice coverage in 46-years at 8.49 million square miles. There is a 77% chance that 2024 will rank as the warmest year on record.</li>
<li>Heating, Ventilation, and Air Conditioning (“HVAC”) stocks continue to rise on strong demand as temperatures peak across the planet.</li>
</ul>


July 2024 ranked as the warmest July in NOAA’s 175-year global record. Land &amp; sea surface temperatures were above average across the planet barring few exceptions.
July had the 2nd smallest sea ice coverage in 46-years at 8.49 million square miles. There is a 77% chance that 2024 will rank as the warmest year on record.
Heating, Ventilation, and Air Conditioning (“HVAC”) stocks continue to rise on strong demand as temperatures peak across the planet.


Shares of Cooling Firms Have Turned Red Hot on Record Setting Scorching Heat

<ul><li>Carrier's latest earnings for Q2 2024 indicates a quarter of continued strength and advancement towards the company's strategic goals.</li><li>Under the leadership of CEO David Gitlin and CFO Patrick Goris, the company has reaffirmed its commitment to becoming a global leader in intelligent climate and energy solutions, marked by notable order increases and strong margin expansions.</li><li>Positive aspects from the quarter include a 12% increase in reported sales, significantly buoyed by the inclusion of Viessmann Climate Solutions.</li></ul>

Carrier's latest earnings for Q2 2024 indicates a quarter of continued strength and advancement towards the company's strategic goals.Under the leadership of CEO David Gitlin and CFO Patrick Goris, the company has reaffirmed its commitment to becoming a global leader in intelligent climate and energy solutions, marked by notable order increases and strong margin expansions.Positive aspects from the quarter include a 12% increase in reported sales, significantly buoyed by the inclusion of Viessmann Climate Solutions.

Carrier Global Corporation: Expansion in Data Center Cooling Solutions A Critical Growth Catalyst? - Major Drivers

United States

Carrier Global Corporation manufactures HVAC equipment. The Company offers heating, air-conditioning, and refrigeration solutions. Carrier Global serves customers worldwide.

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Carrier Global (CARR US)

[Alert] Buy REZI

Resideo (REZI) is about to spin off its distribution business, ADI Global Distribution (ADIG), with regular-way trading set to begin August 4, 2026.

Richard Howe

Carrier Global Corporation: An Insight Into Its Productivity

Carrier Global Corporation delivered a compelling set of results for the second quarter of 2025, with notable achievements and some challenges...

Baptista Research

Carrier Global's Localization & Dual Sourcing Strategy—Can It Outpace Global Disruptions?

Carrier Global Corporation reported a robust performance for the first quarter of 2025, showcasing strong results across various segments despite...

Baptista Research

Shares of Cooling Firms Have Turned Red Hot on Record Setting Scorching Heat

July 2024 was the hottest in 175 years. It saw the 2nd smallest ice cover in 46 years. 77% chance that 2024 will rank as the hottest year on...

Mint Finance

Carrier Global Corporation: Expansion in Data Center Cooling Solutions A Critical Growth Catalyst? - Major Drivers

Carrier's latest earnings for Q2 2024 indicates a quarter of continued strength and advancement towards the company's strategic goals. Under the...

Baptista Research

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