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>Gates Industrial Corporation reported its second quarter 2026 financial results with record quarterly sales of $942 million, representing a 6.6% increase inclusive of favorable foreign currency impacts and 4.9% core sales growth year-over-year.</li><li>The company highlighted broad-based growth across most end markets, notably personal mobility with approximately 25% growth, commercial on-highway above 20%, and low-double-digit industrial OEM growth, particularly in the Power Transmission segment.</li><li>Adjusted EBITDA reached $211 million with a 22.5% margin, slightly above expectations, while adjusted earnings per share rose 13% to a quarterly record of $0.44.</li></ul>

Gates Industrial Corporation reported its second quarter 2026 financial results with record quarterly sales of $942 million, representing a 6.6% increase inclusive of favorable foreign currency impacts and 4.9% core sales growth year-over-year.The company highlighted broad-based growth across most end markets, notably personal mobility with approximately 25% growth, commercial on-highway above 20%, and low-double-digit industrial OEM growth, particularly in the Power Transmission segment.Adjusted EBITDA reached $211 million with a 22.5% margin, slightly above expectations, while adjusted earnings per share rose 13% to a quarterly record of $0.44.

Gates Industrial Corporation’s Growth Engine Accelerates — Asia Pacific Sales Jump 11.5%!

<ul><li>Gates Industrial Corporation reported first quarter 2026 results characterized by operational challenges related primarily to the recent implementation of a new enterprise resource planning (ERP) system in its European operations and the impact of two fewer working days compared to the prior year.</li><li>These factors contributed to a reported core sales decline of 2.9% for the quarter, with European core sales falling approximately 8.5% year-over-year largely due to distribution inefficiencies and backlog buildup during the ERP transition.</li><li>However, management indicated that March sales trends improved with core sales growth in March rising to mid-single digits and a book-to-bill ratio above 1.</li></ul>

Gates Industrial Corporation reported first quarter 2026 results characterized by operational challenges related primarily to the recent implementation of a new enterprise resource planning (ERP) system in its European operations and the impact of two fewer working days compared to the prior year.These factors contributed to a reported core sales decline of 2.9% for the quarter, with European core sales falling approximately 8.5% year-over-year largely due to distribution inefficiencies and backlog buildup during the ERP transition.However, management indicated that March sales trends improved with core sales growth in March rising to mid-single digits and a book-to-bill ratio above 1.

Gates Industrial's Europe Comeback: Can ERP Recovery Reignite Growth?

<ul><li>based on the macroeconomic conditions.</li><li>As outlined in the earnings discussion, Gates Industrial Corporation has navigated a third quarter of 2025 characterized by a complex landscape of subdued industrial demand and varied performance across its differing business segments.</li><li>The company reported an adjusted EBITDA margin increase to 22.9%, a record third-quarter margin rate, indicating efficient cost management and improved profitability.</li></ul>

based on the macroeconomic conditions.As outlined in the earnings discussion, Gates Industrial Corporation has navigated a third quarter of 2025 characterized by a complex landscape of subdued industrial demand and varied performance across its differing business segments.The company reported an adjusted EBITDA margin increase to 22.9%, a record third-quarter margin rate, indicating efficient cost management and improved profitability.

Gates Industrial: The Power Trio—Capacity Expansion, ERP Modernization, and New Growth Bets Collide!

<ul><li>Gates Industrial Corporation's second quarter 2025 earnings report offers a nuanced perspective on its current financial and operational status, presenting both opportunities and challenges.</li><li>On the positive side, Gates demonstrated resilience in a volatile macroeconomic environment, with total sales reaching $884 million—a slight decline of 0.6% on a core basis, which is reflective of external pressures rather than internal structural issues.</li><li>The gross margin expanded by 40 basis points to 40.8%, maintaining above 40% for five consecutive quarters, a significant achievement in light of uneven demand trends.</li></ul>

Gates Industrial Corporation's second quarter 2025 earnings report offers a nuanced perspective on its current financial and operational status, presenting both opportunities and challenges.On the positive side, Gates demonstrated resilience in a volatile macroeconomic environment, with total sales reaching $884 million—a slight decline of 0.6% on a core basis, which is reflective of external pressures rather than internal structural issues.The gross margin expanded by 40 basis points to 40.8%, maintaining above 40% for five consecutive quarters, a significant achievement in light of uneven demand trends.

Gates Industrial Corporation: Initiation Of Coverage- Targeting $300M in E-Bike Gold—Can It Be A Part Of The Future of Personal Mobility?

United States

Gates Industrial Corporation plc designs and manufactures power transmission equipment. The Company offers water pumps, thermoplastics polyurethane belts, hydraulic tubing, and thermostats equipment to the construction, agricultural, automotive, transportation, and general industrial sectors. Gates Industrial serves customers globally.

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Gates Industrial (GTES US)

Gates Industrial Corporation’s Growth Engine Accelerates — Asia Pacific Sales Jump 11.5%!

Gates Industrial Corporation reported its second quarter 2026 financial results with record quarterly sales of $942 million, representing a 6.6%...

Baptista Research

Gates Industrial's Europe Comeback: Can ERP Recovery Reignite Growth?

Gates Industrial Corporation reported first quarter 2026 results characterized by operational challenges related primarily to the recent...

Baptista Research

Gates Industrial: The Power Trio—Capacity Expansion, ERP Modernization, and New Growth Bets Collide!

based on the macroeconomic conditions. As outlined in the earnings discussion, Gates Industrial Corporation has navigated a third quarter of 2025...

Baptista Research

Gates Industrial Corporation: Initiation Of Coverage- Targeting $300M in E-Bike Gold—Can It Be A Part Of The Future of Personal Mobility?

Gates Industrial Corporation's second quarter 2025 earnings report offers a nuanced perspective on its current financial and operational status,...

Baptista Research

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