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>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

<ul><li>Carrier Global Corporation's Q1 2024 results showed a robust start to the year with adjusted EPS growth of 19% on low-single-digit organic sales growth and 280 basis points of adjusted margin expansion.</li><li>With the addition of 12,000 new members from Viessmann Climate Solutions, the company is poised for another year of significant margin expansion and solid growth.</li><li>Its lean journey and sustained productivity have contributed greatly to these results.</li></ul>

Carrier Global Corporation's Q1 2024 results showed a robust start to the year with adjusted EPS growth of 19% on low-single-digit organic sales growth and 280 basis points of adjusted margin expansion.With the addition of 12,000 new members from Viessmann Climate Solutions, the company is poised for another year of significant margin expansion and solid growth.Its lean journey and sustained productivity have contributed greatly to these results.

Carrier Global Corporation: Can It Increase Its Productivity & Show Resilience Against Rising Material Costs? - Major Drivers

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>Our flash checks across a couple of dealers indicate pressure on margins across the industry. <a href="https://www.smartkarma.com/entities/voltas-ltd" target="_blank" data-smartkarma-citation="entities:19924:1" rel="noopener">Voltas Ltd (VOLT IN)</a> is trying hard to gain market share.</li>
<li>Other names discussed include <a href="https://www.smartkarma.com/entities/pnb-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:23613:1" rel="noopener">PNB Housing Finance Ltd (PNBHOUSI IN)</a>, <a href="https://www.smartkarma.com/entities/vedant-fashions-limited" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener">Vedant Fashions (MANYAVAR IN)</a> and <a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank Ltd (BANDHAN IN)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/varun-beverages-ltd" target="_blank" data-smartkarma-citation="entities:23653:1" rel="noopener">Varun Beverages (VBL IN)</a> and <a href="https://www.smartkarma.com/entities/schaeffler-india-ltd" target="_blank" data-smartkarma-citation="entities:6434:1" rel="noopener">Schaeffler India (SCHFL IN)</a> show up as interesting ARs to read. </li>
</ul>


Our flash checks across a couple of dealers indicate pressure on margins across the industry. Voltas Ltd (VOLT IN) is trying hard to gain market share.
Other names discussed include PNB Housing Finance Ltd (PNBHOUSI IN), Vedant Fashions (MANYAVAR IN) and Bandhan Bank Ltd (BANDHAN IN). 

Varun Beverages (VBL IN) and Schaeffler India (SCHFL IN) show up as interesting ARs to read. 


[#22] Namaste India 🙏 | Voltas Ltd (VOLT IN) | Margin Pressure to Continue

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)

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

Carrier Global Corporation: Can It Increase Its Productivity & Show Resilience Against Rising Material Costs? - Major Drivers

Carrier Global Corporation's Q1 2024 results showed a robust start to the year with adjusted EPS growth of 19% on low-single-digit organic sales...

Baptista Research

[#22] Namaste India 🙏 | Voltas Ltd (VOLT IN) | Margin Pressure to Continue

Industry margins under pressure, Voltas Ltd striving for market share. Other companies discussed include PNB Housing Finance Ltd, Vedant Fashions,...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Carrier Global Corporation: Can It Increase Its Productivity & Show Resilience Against Rising Material Costs? - Major Drivers

Carrier Global Corporation's Q1 2024 results showed a robust start to the year with adjusted EPS growth of 19% on low-single-digit organic sales...

Baptista Research

[#22] Namaste India 🙏 | Voltas Ltd (VOLT IN) | Margin Pressure to Continue

​Industry margins under pressure, Voltas Ltd striving for market share. Other companies discussed include PNB Housing Finance Ltd, Vedant Fashions,...

Pranav Bhavsar

Industry margins under pressure, Voltas Ltd striving for market share. Other companies discussed include PNB Housing Finance Ltd, Vedant Fashions,...