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>Corteva Agriscience reported its first quarter 2025 earnings, revealing a solid start to the year with significant financial and operational improvements.</li><li>The company's EBITDA increased by 15% year-over-year, with nearly 400 basis points of margin expansion.</li><li>This growth was primarily driven by operational excellence and strategic focus on three growth platforms: Biologicals, Crop Protection (CP) new products, and Seed out-licensing.</li></ul>

Corteva Agriscience reported its first quarter 2025 earnings, revealing a solid start to the year with significant financial and operational improvements.The company's EBITDA increased by 15% year-over-year, with nearly 400 basis points of margin expansion.This growth was primarily driven by operational excellence and strategic focus on three growth platforms: Biologicals, Crop Protection (CP) new products, and Seed out-licensing.

Corteva Inc.: Advancements in Global Agricultural Technologies

<ul><li>Corteva Agriscience concluded 2024 with performance in line with expectations and a strategic focus on sustaining value creation through 2027.</li><li>Despite operating in less than ideal market conditions, the company achieved 20% operating EBITDA margins for the first time, maintaining flat year-over-year operating EBITDA.</li><li>Notably, the Crop Protection segment showed resilience with double-digit organic sales growth and an 800 basis points margin improvement in the fourth quarter, driven primarily by strong demand in Brazil.</li></ul>

Corteva Agriscience concluded 2024 with performance in line with expectations and a strategic focus on sustaining value creation through 2027.Despite operating in less than ideal market conditions, the company achieved 20% operating EBITDA margins for the first time, maintaining flat year-over-year operating EBITDA.Notably, the Crop Protection segment showed resilience with double-digit organic sales growth and an 800 basis points margin improvement in the fourth quarter, driven primarily by strong demand in Brazil.

Corteva Inc.: Product Innovation & Technology Integration As A Strategic Growth Enabler!

<ul><li>Corteva delivered a disappointing result with below-par revenues and on-par earnings.</li><li>Despite a 1% year-to-date sales decrease, pricing gains globally, especially in Seed and Crop Protection, contributed to a 9% increase in global pricing.</li><li>On the other hand, Crop Protection net sales declined by 10%, with a 12% drop in organic sales due to pricing gains being overshadowed by lower volumes.</li></ul>

Corteva delivered a disappointing result with below-par revenues and on-par earnings.Despite a 1% year-to-date sales decrease, pricing gains globally, especially in Seed and Crop Protection, contributed to a 9% increase in global pricing.On the other hand, Crop Protection net sales declined by 10%, with a 12% drop in organic sales due to pricing gains being overshadowed by lower volumes.

Corteva Inc.: Global Demand for Agricultural Production - What's the Outlook for 2024? - Major Drivers

<ul><li>Corteva, Inc. delivered mixed results in the quarter, with revenues below Wall Street expectations but above-par earnings.</li><li>Pioneer and Brevant achieved double-digit revenue growth in the United States.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Corteva, Inc. delivered mixed results in the quarter, with revenues below Wall Street expectations but above-par earnings.Pioneer and Brevant achieved double-digit revenue growth in the United States.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Corteva Inc.: Inside the Launch of Reklemel Active and What It Means for Farmers! - Major Drivers

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/syngenta-group" target="_blank" data-smartkarma-citation="entities:39907:1" rel="noopener">Syngenta Group (1844795D CH)</a> is looking to raise around US$9.2bn in its upcoming China A-share IPO.</li>
<li>Syngenta Group (Syngenta) is one of the largest agricultural firms globally, developing, producing and commercializing a portfolio of crop protection, seeds, crop nutrition products.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



Syngenta Group (1844795D CH) is looking to raise around US$9.2bn in its upcoming China A-share IPO.
Syngenta Group (Syngenta) is one of the largest agricultural firms globally, developing, producing and commercializing a portfolio of crop protection, seeds, crop nutrition products.
In this note, we will talk about the not so positive aspects of the deal.


Syngenta Pre-IPO - The Negatives - Margins Remain Razor Thin and Parent on Sanction List

United States

Corteva, Inc. provides agricultural products. The Company offers seeds and crop protection products, as well as software solutions and digital services. Corteva serves customers worldwide.

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Corteva (CTVA US)

Corteva Inc.: Advancements in Global Agricultural Technologies

Corteva Agriscience reported its first quarter 2025 earnings, revealing a solid start to the year with significant financial and operational...

Baptista Research

Corteva Inc.: Product Innovation & Technology Integration As A Strategic Growth Enabler!

Corteva Agriscience concluded 2024 with performance in line with expectations and a strategic focus on sustaining value creation through...

Baptista Research

Corteva Inc.: Global Demand for Agricultural Production - What's the Outlook for 2024? - Major Drivers

Corteva delivered a disappointing result with below-par revenues and on-par earnings. Despite a 1% year-to-date sales decrease, pricing gains...

Baptista Research

Corteva Inc.: Inside the Launch of Reklemel Active and What It Means for Farmers! - Major Drivers

Corteva, Inc. delivered mixed results in the quarter, with revenues below Wall Street expectations but above-par earnings. Pioneer and Brevant...

Baptista Research

Syngenta Pre-IPO - The Negatives - Margins Remain Razor Thin and Parent on Sanction List

Syngenta Group (1844795D CH) is looking to raise around US$9.2bn in its upcoming China A-share IPO. In this note, we will talk about the not so...

Clarence Chu

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