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 delivered a strong result and managed an all-around beat in the last quarter, showcasing its portfolio's durability and the strength of its execution.</li><li>The company achieved higher core growth, margins, earnings, and free cash flows.</li><li>Their focus on building leading positions across customers' critical connected workflows has paid off, demonstrated by the significant margins and expansion in adjusted operating margins.</li></ul>

Fortive Corporation delivered a strong result and managed an all-around beat in the last quarter, showcasing its portfolio's durability and the strength of its execution.The company achieved higher core growth, margins, earnings, and free cash flows.Their focus on building leading positions across customers' critical connected workflows has paid off, demonstrated by the significant margins and expansion in adjusted operating margins.

Fortive Corporation: Revolutionizing Facility Management for Multi-Unit Operators! – Key Drivers

<ul><li>Fortive Corporation made a solid start to the year, achieving sales, margins, and higher profitability than Wall Street expectations in the first quarter.</li><li>Each of their key regions experienced another quarter of rapid sales growth.</li><li>Precision Technologies also reported another quarter of double-digit core revenue growth or a 14% revenue increase.</li></ul>

Fortive Corporation made a solid start to the year, achieving sales, margins, and higher profitability than Wall Street expectations in the first quarter.Each of their key regions experienced another quarter of rapid sales growth.Precision Technologies also reported another quarter of double-digit core revenue growth or a 14% revenue increase.

Fortive Corporation: What You Need To Know About The Q1 Success & Why It Matters – Key Drivers

<ul><li>Fortive delivered its fourth consecutive all-around beat and managed to report core revenue growth, operating margin expansion, adjusted earnings per share growth, and free cash flow growth.</li><li>IOS grew core revenue, representing its double-digit core revenue growth.</li><li>In the quarter, strong end-market demand drove revenue growth of double-digit EMEA SaaS.</li></ul>

Fortive delivered its fourth consecutive all-around beat and managed to report core revenue growth, operating margin expansion, adjusted earnings per share growth, and free cash flow growth.IOS grew core revenue, representing its double-digit core revenue growth.In the quarter, strong end-market demand drove revenue growth of double-digit EMEA SaaS.

<ul><li>This is our first report on Fortive Corporation, a leading provider of provider of essential technologies for connected workflow solutions.</li><li>Fortive delivered an all-around beat as software ARR and hardware orders both increased, reflecting a more diversified and resilient product portfolio.</li><li>In the quarter, orders and demand remained strong despite the rising FX headwinds and higher inflation.</li></ul>

This is our first report on Fortive Corporation, a leading provider of provider of essential technologies for connected workflow solutions.Fortive delivered an all-around beat as software ARR and hardware orders both increased, reflecting a more diversified and resilient product portfolio.In the quarter, orders and demand remained strong despite the rising FX headwinds and higher inflation.

Fortive Corporation: Initiation of Coverage – The Provation Acquisition & Other Drivers

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

Forensic Accounting

Marvell Technology  / Forensic Accounting

<ul>
<li>This short model seeks short-sale candidates among companies that use aggressive accounting and/or exhibit deteriorating quality of earnings.  </li>
<li>They are typically highly idiosyncratic shorts and require thoughtful analyses of upcoming catalysts.  When the company’s issues become well-known, there is often multiple compression as well as a rerating.</li>
<li>These shorts can have high or low betas, valuations based on artificial earnings and exhibit good short responses to subsequently disappointing earnings.</li>
</ul>


This short model seeks short-sale candidates among companies that use aggressive accounting and/or exhibit deteriorating quality of earnings.  
They are typically highly idiosyncratic shorts and require thoughtful analyses of upcoming catalysts.  When the company’s issues become well-known, there is often multiple compression as well as a rerating.
These shorts can have high or low betas, valuations based on artificial earnings and exhibit good short responses to subsequently disappointing earnings.


Earnings Quality Short Candidates: Marvell, Celsius, Fortive and Ranpak Hldg.

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: Revolutionizing Facility Management for Multi-Unit Operators! – Key Drivers

Fortive Corporation delivered a strong result and managed an all-around beat in the last quarter, showcasing its portfolio's durability and the...

Baptista Research

Fortive Corporation: What You Need To Know About The Q1 Success & Why It Matters – Key Drivers

Fortive Corporation made a solid start to the year, achieving sales, margins, and higher profitability than Wall Street expectations in the first...

Baptista Research

Fortive Corporation: Major Drivers

Fortive delivered its fourth consecutive all-around beat and managed to report core revenue growth, operating margin expansion, adjusted earnings...

Baptista Research

Fortive Corporation: Initiation of Coverage – The Provation Acquisition & Other Drivers

This is our first report on Fortive Corporation, a leading provider of provider of essential technologies for connected workflow...

Baptista Research

Earnings Quality Short Candidates: Marvell, Celsius, Fortive and Ranpak Hldg.

Our earnings quality short model is flagging Marvell Technology (MRVL), Celsius (CELH), Fortive (FTV) and Ranpak Holdings (PACK).

Eric Fernandez, CFA

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