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>Fastenal Company reported solid financial results for the third quarter of 2025, achieving notable growth in several key areas.</li><li>The company posted net sales of $2.13 billion, marking an 11.7% year-over-year increase.</li><li>This outcome marks the second consecutive quarter where Fastenal surpassed the $2 billion sales threshold, underscoring effective execution of its growth strategy.</li></ul>

Fastenal Company reported solid financial results for the third quarter of 2025, achieving notable growth in several key areas.The company posted net sales of $2.13 billion, marking an 11.7% year-over-year increase.This outcome marks the second consecutive quarter where Fastenal surpassed the $2 billion sales threshold, underscoring effective execution of its growth strategy.

Fastenal Company: Expanding Global & Direct Sales to Remain Competitive & Agile In A Dynamic Global Market!

<ul><li>Fastenal Company's Q2 2025 results demonstrated a notable blend of achievements and challenges.</li><li>The quarter marked a milestone with sales exceeding $2 billion for the first time, reflecting an 8.6% year-over-year increase.</li><li>This growth, the strongest since early 2023, primarily stemmed from strategic market share gains, effective execution of the company's strategic plan, and incremental pricing actions aimed at countering supply chain cost pressures.</li></ul>

Fastenal Company's Q2 2025 results demonstrated a notable blend of achievements and challenges.The quarter marked a milestone with sales exceeding $2 billion for the first time, reflecting an 8.6% year-over-year increase.This growth, the strongest since early 2023, primarily stemmed from strategic market share gains, effective execution of the company's strategic plan, and incremental pricing actions aimed at countering supply chain cost pressures.

Fastenal Company: Will Its Expansion Of E-commerce Capabilities Help Them Up The Ante?

<ul><li>Fastenal Company reported its financial results for the first quarter of 2025, reflecting a period of steady operational execution amidst a sluggish market environment.</li><li>The company experienced a sales growth of 3.4%, with a daily sales rate increase of 5%, marking the strongest since the second quarter of 2023.</li><li>Despite facing a challenging economic environment marked by trade policy uncertainties and sluggish market demand, Fastenal managed to drive growth primarily through internal initiatives and strategic execution, rather than external market upticks.</li></ul>

Fastenal Company reported its financial results for the first quarter of 2025, reflecting a period of steady operational execution amidst a sluggish market environment.The company experienced a sales growth of 3.4%, with a daily sales rate increase of 5%, marking the strongest since the second quarter of 2023.Despite facing a challenging economic environment marked by trade policy uncertainties and sluggish market demand, Fastenal managed to drive growth primarily through internal initiatives and strategic execution, rather than external market upticks.

How Fastenal Is Strengthening Pricing Power & Margin Resilience Amid Global Market Turbulence!

<ul><li>Fastenal Company recently held its 2024 annual and fourth-quarter earnings call, providing insights into its financial and operational performance.</li><li>The company reported a modest fourth-quarter sales growth of 3.7% (2.1% on a daily sales rate), indicating a stabilization in sales amidst a challenging industrial economy.</li><li>Although sales grew slightly, the company did not meet its own expectations, with earnings per share (EPS) decreasing by 2% to $0.46.</li></ul>

Fastenal Company recently held its 2024 annual and fourth-quarter earnings call, providing insights into its financial and operational performance.The company reported a modest fourth-quarter sales growth of 3.7% (2.1% on a daily sales rate), indicating a stabilization in sales amidst a challenging industrial economy.Although sales grew slightly, the company did not meet its own expectations, with earnings per share (EPS) decreasing by 2% to $0.46.

Fastenal Company: Expanding Onsite & Branch Sales Strategy To Up Their Game! - Major Drivers

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

<ul>
<li>Although <a href="https://www.smartkarma.com/entities/jingdong-jd-industrials-inc" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrials (7618 HK)</a> is China's largest MRO player, its maximum IPO price of HK$15.5 implies a rich FY26 PER of 28.2x.</li>
<li>The stock's highest justified valuation is a 20% premium to the sector average FY26F PER, implying only 8% upside from the IPO price, providing a limited safety margin.</li>
<li>We think it will only be attractive to price below the mid-point of the IPO range, that is, HK$14.10.</li>
</ul>


Although JD Industrials (7618 HK) is China's largest MRO player, its maximum IPO price of HK$15.5 implies a rich FY26 PER of 28.2x.
The stock's highest justified valuation is a 20% premium to the sector average FY26F PER, implying only 8% upside from the IPO price, providing a limited safety margin.
We think it will only be attractive to price below the mid-point of the IPO range, that is, HK$14.10.


JD Industrials (7618 HK) IPO: Only Attractive if Priced Cheaply

United States

Fastenal Company sell industrial and construction supplies in a wholesale and retail fashion.  The Company markets its products and services throughout the United States, Canada, Mexico, Puerto Rico, Singapore, China, and The Netherlands.

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Fastenal Co (FAST US)

Fastenal Company: Expanding Global & Direct Sales to Remain Competitive & Agile In A Dynamic Global Market!

Fastenal Company reported solid financial results for the third quarter of 2025, achieving notable growth in several key areas. The company posted...

Baptista Research

Fastenal Company: Will Its Expansion Of E-commerce Capabilities Help Them Up The Ante?

Fastenal Company's Q2 2025 results demonstrated a notable blend of achievements and challenges. The quarter marked a milestone with sales...

Baptista Research

How Fastenal Is Strengthening Pricing Power & Margin Resilience Amid Global Market Turbulence!

Fastenal Company reported its financial results for the first quarter of 2025, reflecting a period of steady operational execution amidst a...

Baptista Research

Fastenal Company: Expanding Onsite & Branch Sales Strategy To Up Their Game! - Major Drivers

Fastenal Company recently held its 2024 annual and fourth-quarter earnings call, providing insights into its financial and operational...

Baptista Research

JD Industrials (7618 HK) IPO: Only Attractive if Priced Cheaply

JD Industrials is China's largest MRO player, but its IPO price of HK$15.5 suggests a high valuation, limiting upside. To make it attractive, it...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Fastenal Company: Expanding Global & Direct Sales to Remain Competitive & Agile In A Dynamic Global Market!

Fastenal Company reported solid financial results for the third quarter of 2025, achieving notable growth in several key areas. The company posted...

Baptista Research

Fastenal Company: Will Its Expansion Of E-commerce Capabilities Help Them Up The Ante?

Fastenal Company's Q2 2025 results demonstrated a notable blend of achievements and challenges. The quarter marked a milestone with sales...

Baptista Research

How Fastenal Is Strengthening Pricing Power & Margin Resilience Amid Global Market Turbulence!

Fastenal Company reported its financial results for the first quarter of 2025, reflecting a period of steady operational execution amidst a...

Baptista Research

Fastenal Company: Expanding Onsite & Branch Sales Strategy To Up Their Game! - Major Drivers

Fastenal Company recently held its 2024 annual and fourth-quarter earnings call, providing insights into its financial and operational...

Baptista Research

JD Industrials (7618 HK) IPO: Only Attractive if Priced Cheaply

​JD Industrials is China's largest MRO player, but its IPO price of HK$15.5 suggests a high valuation, limiting upside. To make it attractive, it...

Osbert Tang, CFA

JD Industrials is China's largest MRO player, but its IPO price of HK$15.5 suggests a high valuation, limiting upside. To make it attractive, it...