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>FirstService Corporation reported second-quarter revenues of $1.45 billion, reflecting a 2% increase year-over-year, with adjusted EBITDA rising 3% to $161.7 million and adjusted earnings per share climbing 2% to $1.75.</li><li>The company operates through two primary divisions: FirstService Residential and FirstService Brands.</li><li>FirstService Residential delivered revenues of $617 million, up 4% year-over-year and 5% organically.</li></ul>

FirstService Corporation reported second-quarter revenues of $1.45 billion, reflecting a 2% increase year-over-year, with adjusted EBITDA rising 3% to $161.7 million and adjusted earnings per share climbing 2% to $1.75.The company operates through two primary divisions: FirstService Residential and FirstService Brands.FirstService Residential delivered revenues of $617 million, up 4% year-over-year and 5% organically.

FirstService Corporation’s $1.45 Billion Quarter: Can Brands Regain Momentum?

<ul><li>FirstService Corporation reported first quarter 2026 results that broadly aligned with management expectations, reflecting modest growth and some margin pressures primarily linked to market conditions and strategic investments.</li><li>Overall consolidated revenues increased by 5% year-over-year to $1.32 billion, driven by organic growth exceeding half of this increase, while adjusted EBITDA rose 2% to $106 million, resulting in a slight margin contraction from 8.3% to 8%.</li><li>Adjusted earnings per share grew by 3% to $0.95.</li></ul>

FirstService Corporation reported first quarter 2026 results that broadly aligned with management expectations, reflecting modest growth and some margin pressures primarily linked to market conditions and strategic investments.Overall consolidated revenues increased by 5% year-over-year to $1.32 billion, driven by organic growth exceeding half of this increase, while adjusted EBITDA rose 2% to $106 million, resulting in a slight margin contraction from 8.3% to 8%.Adjusted earnings per share grew by 3% to $0.95.

From Paul Davis To California Closets — FirstService Keeps Its Tuck-In Playbook Alive!

<ul><li>FirstService Corporation's recent quarterly earnings report highlights several key aspects of its operational performance and financial position that can be analyzed for investment consideration.</li><li>Their total revenues increased by 4% year over year, largely driven by tuck-under acquisitions made over the past year.</li><li>However, organic growth remained flat, reflecting varied performance across different segments.</li></ul>

FirstService Corporation's recent quarterly earnings report highlights several key aspects of its operational performance and financial position that can be analyzed for investment consideration.Their total revenues increased by 4% year over year, largely driven by tuck-under acquisitions made over the past year.However, organic growth remained flat, reflecting varied performance across different segments.

FirstService Corporation Century Fire Protection Is Surging—What Double-Digit Growth Says About the Order Book!

<ul><li>FirstService Corporation reported solid performance in the second quarter of 2025 amid an environment marked by uncertainty and weak consumer sentiment.</li><li>The company's revenues recorded a 9% year-over-year growth, primarily propelled by tuck-under acquisitions and supported by organic growth of 2% within the period.</li><li>However, the performance was not uniform across its segments, with FirstService Residential, Century Fire, and restoration brands showing positive gains, contrasted by stagnation in the Home Service segment and declines in Roofing operations.</li></ul>

FirstService Corporation reported solid performance in the second quarter of 2025 amid an environment marked by uncertainty and weak consumer sentiment.The company's revenues recorded a 9% year-over-year growth, primarily propelled by tuck-under acquisitions and supported by organic growth of 2% within the period.However, the performance was not uniform across its segments, with FirstService Residential, Century Fire, and restoration brands showing positive gains, contrasted by stagnation in the Home Service segment and declines in Roofing operations.

FirstService Corporation: Initiation of Coverage-  Expansion in Fire Protection Services & Critical Growth Levers!

Canada

FirstService Corporation offers real estate services. The Company provides property services for residential and commercial buildings. FirstService Corporation serves customers in Canada.

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FirstService Corp (FSV US)

FirstService Corporation’s $1.45 Billion Quarter: Can Brands Regain Momentum?

FirstService Corporation reported second-quarter revenues of $1.45 billion, reflecting a 2% increase year-over-year, with adjusted EBITDA rising...

Baptista Research

From Paul Davis To California Closets — FirstService Keeps Its Tuck-In Playbook Alive!

FirstService Corporation reported first quarter 2026 results that broadly aligned with management expectations, reflecting modest growth and some...

Baptista Research

FirstService Corporation Century Fire Protection Is Surging—What Double-Digit Growth Says About the Order Book!

FirstService Corporation's recent quarterly earnings report highlights several key aspects of its operational performance and financial position...

Baptista Research

FirstService Corporation: Initiation of Coverage- Expansion in Fire Protection Services & Critical Growth Levers!

FirstService Corporation reported solid performance in the second quarter of 2025 amid an environment marked by uncertainty and weak consumer...

Baptista Research

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