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>FMC Corporation's second quarter 2025 results illustrate a mixed picture of operational outcomes and strategic pivots that impact its investment thesis.</li><li>The company reported a slight increase in sales, with a 1% rise from the previous year, driven by a 6% volume growth.</li><li>Despite the topline growth, pricing and foreign exchange created headwinds, each accounting for a 1% decline in revenue.</li></ul>

FMC Corporation's second quarter 2025 results illustrate a mixed picture of operational outcomes and strategic pivots that impact its investment thesis.The company reported a slight increase in sales, with a 1% rise from the previous year, driven by a 6% volume growth.Despite the topline growth, pricing and foreign exchange created headwinds, each accounting for a 1% decline in revenue.

FMC Corporation’s Cost-Cutting Blitz Paying Off? What Is The Expected Impact On Margins in 2025?

<ul><li>FMC Corporation's first quarter 2025 earnings highlighted several key areas of focus and provided an update on the company's performance.</li><li>The company's strategy is centered on four critical areas: reducing FMC products in channels to align with target inventory levels, implementing post-patent strategies for Rynaxypyr, establishing a direct market route in Brazil, and ensuring that new products in the Plant Health portfolio are adequately resourced.</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>

FMC Corporation's first quarter 2025 earnings highlighted several key areas of focus and provided an update on the company's performance.The company's strategy is centered on four critical areas: reducing FMC products in channels to align with target inventory levels, implementing post-patent strategies for Rynaxypyr, establishing a direct market route in Brazil, and ensuring that new products in the Plant Health portfolio are adequately resourced.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.

FMC Corporation: Strategic Product Development, Market Penetration & Other Major Growth Catalyts!

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>Index Committee's discretion decreases the predictability of index changes. Even when a company passes all eligibility criteria and thresholds, it might still not be selected.</li>
<li>Understanding triggers for index changes, types of additions/deletions and selection patterns, narrows down the pool of candidates and increases conviction of forecasts.</li>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> is currently the main candidate to be added by transition to the S&amp;P 500 in September 2024 Quarterly Rebalance.</li>
</ul>


Index Committee's discretion decreases the predictability of index changes. Even when a company passes all eligibility criteria and thresholds, it might still not be selected.
Understanding triggers for index changes, types of additions/deletions and selection patterns, narrows down the pool of candidates and increases conviction of forecasts.

Dell Technologies (DELL US) is currently the main candidate to be added by transition to the S&amp;P 500 in September 2024 Quarterly Rebalance.


S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

<ul><li>FMC Corporation's fourth-quarter results reveal a period of both strategic enhancement and immediate financial challenges, reflecting a company in transition.</li><li>The company reported revenue for the fourth quarter of $1.22 billion, which, despite growing 7% year-over-year, landed below the guidance range.</li><li>Likewise, for the fiscal year 2024, revenues declined by 5%, highlighting difficulties in maintaining top-line growth against market and internal operational pressures.</li></ul>

FMC Corporation's fourth-quarter results reveal a period of both strategic enhancement and immediate financial challenges, reflecting a company in transition.The company reported revenue for the fourth quarter of $1.22 billion, which, despite growing 7% year-over-year, landed below the guidance range.Likewise, for the fiscal year 2024, revenues declined by 5%, highlighting difficulties in maintaining top-line growth against market and internal operational pressures.

FMC Corporation: Diversification Through A New Pipeline Of Active Ingredients To Up Their Game!

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> is the main candidate for addition-transition with uncertainty arising from the 'Multiple Share Classes' criterion. Forecasted demand is ~$7bn and ~4 ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/williams-sonoma-inc" target="_blank" data-smartkarma-citation="entities:11383:1" rel="noopener">Williams Sonoma (WSM US)</a> is one of the top candidates for addition-migration with uncertainty due to the migrations' inconsistent market cap selection pattern. Forecasted demand is $840m and ~2.6 ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/american-airlines-group-inc" target="_blank" data-smartkarma-citation="entities:3663:1" rel="noopener">American Airlines Group (AAL US)</a> is one of the main candidates for deletion with uncertainty due to price hence ranking fluctuations until cut-off. Forecasted supply is $290m and ~0.8 ADV.</li>
</ul>



Dell Technologies (DELL US) is the main candidate for addition-transition with uncertainty arising from the 'Multiple Share Classes' criterion. Forecasted demand is ~$7bn and ~4 ADV.

Williams Sonoma (WSM US) is one of the top candidates for addition-migration with uncertainty due to the migrations' inconsistent market cap selection pattern. Forecasted demand is $840m and ~2.6 ADV.

American Airlines Group (AAL US) is one of the main candidates for deletion with uncertainty due to price hence ranking fluctuations until cut-off. Forecasted supply is $290m and ~0.8 ADV.


S&P 500 September Forecasts: Saved by the Dell?

United States

FMC Corp operates as a diversified research company in the chemical industry. The company offers technology solutions for agricultural, industrial, and consumer markets. FMC Corp offer an array of technologies in research and development to improve delivery of medications, enhance foods and beverages, power batteries, protect crop yields, and advance textile manufacturing.

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Fmc Corp (FMC US)

FMC Corporation’s Cost-Cutting Blitz Paying Off? What Is The Expected Impact On Margins in 2025?

FMC Corporation's second quarter 2025 results illustrate a mixed picture of operational outcomes and strategic pivots that impact its investment...

Baptista Research

FMC Corporation: Strategic Product Development, Market Penetration & Other Major Growth Catalyts!

FMC Corporation's first quarter 2025 earnings highlighted several key areas of focus and provided an update on the company's performance. The...

Baptista Research

S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

S&P Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...

Dimitris Ioannidis

FMC Corporation: Diversification Through A New Pipeline Of Active Ingredients To Up Their Game!

FMC Corporation's fourth-quarter results reveal a period of both strategic enhancement and immediate financial challenges, reflecting a company in...

Baptista Research

S&P 500 September Forecasts: Saved by the Dell?

Dell Technologies is the biggest candidate for inclusion in the S&P 500 with forecasted demand of ~$7bn and ~4 days of volume. Uncertainty arises...

Dimitris Ioannidis

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

FMC Corporation’s Cost-Cutting Blitz Paying Off? What Is The Expected Impact On Margins in 2025?

FMC Corporation's second quarter 2025 results illustrate a mixed picture of operational outcomes and strategic pivots that impact its investment...

Baptista Research

FMC Corporation: Strategic Product Development, Market Penetration & Other Major Growth Catalyts!

FMC Corporation's first quarter 2025 earnings highlighted several key areas of focus and provided an update on the company's performance. The...

Baptista Research

S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

S&P ​Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...

Dimitris Ioannidis

FMC Corporation: Diversification Through A New Pipeline Of Active Ingredients To Up Their Game!

FMC Corporation's fourth-quarter results reveal a period of both strategic enhancement and immediate financial challenges, reflecting a company in...

Baptista Research

S&P 500 September Forecasts: Saved by the Dell?

​Dell Technologies is the biggest candidate for inclusion in the S&P 500 with forecasted demand of ~$7bn and ~4 days of volume. Uncertainty arises...

Dimitris Ioannidis

S&P Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...

Dell Technologies is the biggest candidate for inclusion in the S&P 500 with forecasted demand of ~$7bn and ~4 days of volume. Uncertainty arises...