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>Cummins Inc., a global leader in clean energy technology and innovation, experienced a record breaking fourth quarter in 2023, with revenues totaling $8.5 billion.</li><li>This represented a 10% increase from 2022, driven by robust demand across most global markets.</li><li>Cummins achieved significant strides in its Destination Zero strategy, developing new 0 emission solutions and investing over $1 billion in fuel-agnostic engine platforms.</li></ul>

Cummins Inc., a global leader in clean energy technology and innovation, experienced a record breaking fourth quarter in 2023, with revenues totaling $8.5 billion.This represented a 10% increase from 2022, driven by robust demand across most global markets.Cummins achieved significant strides in its Destination Zero strategy, developing new 0 emission solutions and investing over $1 billion in fuel-agnostic engine platforms.

Cummins Inc: Market Moderation and Cost Reduction Measures! - Major Drivers

<ul><li>Cummins delivered a mixed result in the recent quarter, with revenues above market expectations, but it failed to surpass the analyst consensus in terms of earnings.</li><li>Cummins reported strong demand across key markets and regions, with revenues reaching $8.4 billion, a 15% increase from the previous year.</li><li>In the quarter, Cummins successfully concluded the acquisition of two Faurecia commercial vehicle manufacturing plants in Columbus, Indiana, and Roermond, Netherlands.</li></ul>

Cummins delivered a mixed result in the recent quarter, with revenues above market expectations, but it failed to surpass the analyst consensus in terms of earnings.Cummins reported strong demand across key markets and regions, with revenues reaching $8.4 billion, a 15% increase from the previous year.In the quarter, Cummins successfully concluded the acquisition of two Faurecia commercial vehicle manufacturing plants in Columbus, Indiana, and Roermond, Netherlands.

Cummins Inc.: Pioneering Telematics Software for Commercial Vehicles & Other Major Drivers - Financial Forecasts

<ul><li>Cummins Inc. delivered mixed results in the quarter, with revenues above expectations but below-par earnings.</li><li>Cummins' organic sales growth rate was 12%, driven by increased pricing and strong end-market demand for its goods globally, with a balance of 19% rise in sales generated by including Meritor.</li><li>Due to the inclusion of Meritor, high demand, and better pricing, the quarter's revenue increased.</li></ul>

Cummins Inc. delivered mixed results in the quarter, with revenues above expectations but below-par earnings.Cummins' organic sales growth rate was 12%, driven by increased pricing and strong end-market demand for its goods globally, with a balance of 19% rise in sales generated by including Meritor.Due to the inclusion of Meritor, high demand, and better pricing, the quarter's revenue increased.

Equity Capital Markets

<ul><li>Cummins had a successful first quarter, marked by a 12% increase in organic revenue growth, as well as higher-than-anticipated quarterly earnings before interest, taxes, depreciation, and amortization, net income, and earnings per share.</li><li>The higher EBITDA percentage was mainly driven by higher volumes and improved pricing, despite increased investment in new products and capabilities.</li><li>Operating cash flow was an inflow of $495 million, $331 million higher than the first quarter of last year, essentially due to higher earnings.</li></ul>

Cummins had a successful first quarter, marked by a 12% increase in organic revenue growth, as well as higher-than-anticipated quarterly earnings before interest, taxes, depreciation, and amortization, net income, and earnings per share.The higher EBITDA percentage was mainly driven by higher volumes and improved pricing, despite increased investment in new products and capabilities.Operating cash flow was an inflow of $495 million, $331 million higher than the first quarter of last year, essentially due to higher earnings.

Cummins Inc.: What Is Their Core Business Strategy? – Key Drivers

Energy Transition | AI | Shifting World Order, Mint Finance

Srinidhi Raghavendra

Energy Transition | AI | Shifting World Order

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.

Thematic (Sector/Industry)

<ul>
<li>Inflation Reduction Act is by far the largest legislation to positively influence climate change and emissions control.</li>
<li>IRA is packed with subsidies, and loans totaling up to USD 369 billion over the next ten years on renewables, EVs, hydrogen hubs, carbon capture &amp; storage, among others.</li>
<li>By 2035, IRA will drive reduction of greenhouse gas emissions by up to 48% relative to 2005 emissions levels.</li>
</ul>


Inflation Reduction Act is by far the largest legislation to positively influence climate change and emissions control.
IRA is packed with subsidies, and loans totaling up to USD 369 billion over the next ten years on renewables, EVs, hydrogen hubs, carbon capture &amp; storage, among others.
By 2035, IRA will drive reduction of greenhouse gas emissions by up to 48% relative to 2005 emissions levels.


Many Aren’t Aware of the Inflation Reduction Act; and That’s Good News for Investors

United States

Cummins Inc. designs, manufactures, distributes and services diesel and natural gas engines. The Company also manufactures electric power generation systems and engine-related component products, including filtration and exhaust aftertreatment, fuel systems, controls, and air handling systems.

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Cummins Inc (CMI US)

Cummins Inc: Market Moderation and Cost Reduction Measures! - Major Drivers

Cummins Inc., a global leader in clean energy technology and innovation, experienced a record breaking fourth quarter in 2023, with revenues...

Baptista Research

Cummins Inc.: Pioneering Telematics Software for Commercial Vehicles & Other Major Drivers - Financial Forecasts

Cummins delivered a mixed result in the recent quarter, with revenues above market expectations, but it failed to surpass the analyst consensus in...

Baptista Research

Cummins Inc.: High Demand

Cummins Inc. delivered mixed results in the quarter, with revenues above expectations but below-par earnings. Cummins' organic sales growth rate...

Baptista Research

Cummins Inc.: What Is Their Core Business Strategy? – Key Drivers

Cummins had a successful first quarter, marked by a 12% increase in organic revenue growth, as well as higher-than-anticipated quarterly earnings...

Baptista Research

Many Aren’t Aware of the Inflation Reduction Act; and That’s Good News for Investors

Two in three Americans know little about IRA. The Inflation Reduction Act (“IRA”) took years in the making and will have material implications...

Mint Finance

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