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>Fortive Corporation's third quarter results reflect robust operational execution, achieving the upper end of their earnings and free cash flow guidance.</li><li>The growth rates were 14% in adjusted EPS and 12% in free cash flow on a revenue increase of 3%.</li><li>Noteworthy is the strength in Advanced Healthcare Solutions and Intelligent Operating Solutions, with a notable recovery observed in the Precision Technologies segment.</li></ul>

Fortive Corporation's third quarter results reflect robust operational execution, achieving the upper end of their earnings and free cash flow guidance.The growth rates were 14% in adjusted EPS and 12% in free cash flow on a revenue increase of 3%.Noteworthy is the strength in Advanced Healthcare Solutions and Intelligent Operating Solutions, with a notable recovery observed in the Precision Technologies segment.

Fortive Corporation: How Is It Executing Strategic Repositioning Through Spin-offs? - Major Drivers

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Event-Driven

<ul>
<li>On September 4, 2024, Fortive Corp (NYSE: FTV) announced plans to separate its Precision Technologies business into a separate publicly listed company (NewCo), via a tax-free spin-off transaction.</li>
<li>NewCo, being more volatile and lower margin, versus the parent, has been a drag on the overall valuation of FTV.</li>
<li>FTV (ex NewCo) will be a high recurring revenue business with strong free cash flow generation profile. We believe that FTV (ex NewCo) will command a higher multiple.</li>
</ul>


On September 4, 2024, Fortive Corp (NYSE: FTV) announced plans to separate its Precision Technologies business into a separate publicly listed company (NewCo), via a tax-free spin-off transaction.
NewCo, being more volatile and lower margin, versus the parent, has been a drag on the overall valuation of FTV.
FTV (ex NewCo) will be a high recurring revenue business with strong free cash flow generation profile. We believe that FTV (ex NewCo) will command a higher multiple.


Fortive Corp (NYSE: FTV) To Spin-Off Precision Technologies Business

<ul><li>Fortive Corporation's recent earnings report underscores its strategic focus and financial agility in today's economic environment.</li><li>The firm showcased a robust display of financial discipline and strategic execution, achieving earnings and free cash flow at the high end of expectations.</li><li>Despite facing a low growth environment, Fortive demonstrated a remarkable 90 basis points of adjusted operating margin expansion and a 9% growth in adjusted earnings, which highlights its operational efficacy and resilience.</li></ul>

Fortive Corporation's recent earnings report underscores its strategic focus and financial agility in today's economic environment.The firm showcased a robust display of financial discipline and strategic execution, achieving earnings and free cash flow at the high end of expectations.Despite facing a low growth environment, Fortive demonstrated a remarkable 90 basis points of adjusted operating margin expansion and a 9% growth in adjusted earnings, which highlights its operational efficacy and resilience.

Fortive Corporation: How Is The Strategic De-risking in Advanced Market Engagements Working Out? - Major Drivers

<ul><li>Based on the Q1 2024 earnings of Fortive Corporation, it is discernible that the company has visualized a strong start to the year, overachieving its anticipations regarding core revenue growth, margins extension, earnings, and free cash flow.</li><li>Fortive's strategy broadly focuses around invigorating safety and productivity of consumers across manufacturing and healthcare sectors.</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>

Based on the Q1 2024 earnings of Fortive Corporation, it is discernible that the company has visualized a strong start to the year, overachieving its anticipations regarding core revenue growth, margins extension, earnings, and free cash flow.Fortive's strategy broadly focuses around invigorating safety and productivity of consumers across manufacturing and healthcare sectors.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.

Fortive Corporation: Strategic M&A For Boosting Revenue Growth & Profitability! - Major Drivers

<ul><li>In the Q4 and full year 2023 earnings call of Fortive Corporation, executives reported that Fortive delivered strong operational performance throughout 2023, displaying consistent performance amid a mixed macroeconomic environment.</li><li>Its adjusted operating margins approached 26%, a record high, pointing to the company's resilience and successful execution of strategic planning.</li><li>Fortive also saw significant capital deployment across its segments.</li></ul>

In the Q4 and full year 2023 earnings call of Fortive Corporation, executives reported that Fortive delivered strong operational performance throughout 2023, displaying consistent performance amid a mixed macroeconomic environment.Its adjusted operating margins approached 26%, a record high, pointing to the company's resilience and successful execution of strategic planning.Fortive also saw significant capital deployment across its segments.

Fortive Corporation: Excellent Potential for Portfolio Durability through M&A! - Major Drivers

United States

Fortive Corporation operates as a diversified industrial growth company. The Company focuses on professional instrumentation, automation, sensing, and transportation technologies. Fortive serves customers worldwide.

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Fortive (FTV US)

Fortive Corporation: How Is It Executing Strategic Repositioning Through Spin-offs? - Major Drivers

Fortive Corporation's third quarter results reflect robust operational execution, achieving the upper end of their earnings and free cash flow...

Baptista Research

Fortive Corp (NYSE: FTV) To Spin-Off Precision Technologies Business

Fortive Corp to spin off Precision Technologies business into separate publicly listed company, NewCo. Spin-off to unlock value for shareholders.

GSBR Research

Fortive Corporation: How Is The Strategic De-risking in Advanced Market Engagements Working Out? - Major Drivers

Fortive Corporation's recent earnings report underscores its strategic focus and financial agility in today's economic environment. The firm...

Baptista Research

Fortive Corporation: Strategic M&A For Boosting Revenue Growth & Profitability! - Major Drivers

Based on the Q1 2024 earnings of Fortive Corporation, it is discernible that the company has visualized a strong start to the year, overachieving...

Baptista Research

Fortive Corporation: Excellent Potential for Portfolio Durability through M&A! - Major Drivers

In the Q4 and full year 2023 earnings call of Fortive Corporation, executives reported that Fortive delivered strong operational performance...

Baptista Research

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52-week Range

Market Cap (USDm)

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Fortive Corporation: How Is It Executing Strategic Repositioning Through Spin-offs? - Major Drivers

Fortive Corporation's third quarter results reflect robust operational execution, achieving the upper end of their earnings and free cash flow...

Baptista Research

Fortive Corp (NYSE: FTV) To Spin-Off Precision Technologies Business

​Fortive Corp to spin off Precision Technologies business into separate publicly listed company, NewCo. Spin-off to unlock value for shareholders.

GSBR Research

Fortive Corporation: How Is The Strategic De-risking in Advanced Market Engagements Working Out? - Major Drivers

Fortive Corporation's recent earnings report underscores its strategic focus and financial agility in today's economic environment. The firm...

Baptista Research

Fortive Corporation: Strategic M&A For Boosting Revenue Growth & Profitability! - Major Drivers

Based on the Q1 2024 earnings of Fortive Corporation, it is discernible that the company has visualized a strong start to the year, overachieving...

Baptista Research

Fortive Corporation: Excellent Potential for Portfolio Durability through M&A! - Major Drivers

In the Q4 and full year 2023 earnings call of Fortive Corporation, executives reported that Fortive delivered strong operational performance...

Baptista Research

Fortive Corp to spin off Precision Technologies business into separate publicly listed company, NewCo. Spin-off to unlock value for shareholders.