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>H.B. Fuller Company has suddenly found itself at the center of an unusually revealing valuation debate.</li><li>Activist investor Ancora Holdings has increased its proposal for the company’s Building Adhesive Solutions, or BAS, business to between $1.2 billion and $1.4 billion in cash after an earlier offer was rejected.</li><li>The headline number is striking because BAS represents only about 20% of H.B. Fuller’s consolidated revenue, yet the revised proposal equates to roughly half of the company’s equity value.</li></ul>

H.B. Fuller Company has suddenly found itself at the center of an unusually revealing valuation debate.Activist investor Ancora Holdings has increased its proposal for the company’s Building Adhesive Solutions, or BAS, business to between $1.2 billion and $1.4 billion in cash after an earlier offer was rejected.The headline number is striking because BAS represents only about 20% of H.B. Fuller’s consolidated revenue, yet the revised proposal equates to roughly half of the company’s equity value.

H.B. Fuller’s Valuation Gap Is Getting Hard To Ignore After Ancora’s $1.4 Billion Bid!

<ul><li>H.B. Fuller has become the center of a fresh portfolio debate after confirming that Ancora Holdings submitted an unsolicited proposal to acquire its Building Adhesive Solutions business for $1.1 billion to $1.2 billion in cash.</li><li>The proposal marks a significant escalation in Ancora’s activist campaign and arrives while H.B. Fuller is pursuing its planned acquisition of Advanced Medical Solutions, a transaction designed to push the company further into higher-growth, higher-margin medical markets.</li><li>Importantly, H.B. Fuller has confirmed receipt of the BAS proposal, but it has not agreed to sell the business or entered into a definitive transaction.</li></ul>

H.B. Fuller has become the center of a fresh portfolio debate after confirming that Ancora Holdings submitted an unsolicited proposal to acquire its Building Adhesive Solutions business for $1.1 billion to $1.2 billion in cash.The proposal marks a significant escalation in Ancora’s activist campaign and arrives while H.B. Fuller is pursuing its planned acquisition of Advanced Medical Solutions, a transaction designed to push the company further into higher-growth, higher-margin medical markets.Importantly, H.B. Fuller has confirmed receipt of the BAS proposal, but it has not agreed to sell the business or entered into a definitive transaction.

H.B. Fuller Buyout Battle: Why Ancora Is Offering Up To $1.2 Billion!

<ul><li>H.B. Fuller has moved to deepen its exposure to the medical adhesives market through a recommended all-cash offer to acquire Advanced Medical Solutions for £715 million.</li><li>The proposed deal values AMS at £2.85 per share and comes alongside H.B. Fuller’s stronger second-quarter 2026 performance, where revenue rose 5.8%, organic revenue increased 2.6%, adjusted EBITDA grew 9%, and EBITDA margin expanded to 19.1%.</li><li>Management framed AMS as a strategic step toward building a larger, higher-margin medical platform, supported by durable healthcare demand, regulatory barriers, and less cyclical end-market exposure.</li></ul>

H.B. Fuller has moved to deepen its exposure to the medical adhesives market through a recommended all-cash offer to acquire Advanced Medical Solutions for £715 million.The proposed deal values AMS at £2.85 per share and comes alongside H.B. Fuller’s stronger second-quarter 2026 performance, where revenue rose 5.8%, organic revenue increased 2.6%, adjusted EBITDA grew 9%, and EBITDA margin expanded to 19.1%.Management framed AMS as a strategic step toward building a larger, higher-margin medical platform, supported by durable healthcare demand, regulatory barriers, and less cyclical end-market exposure.

H.B. Fuller's Latest Acquisition Could Unlock A Medical Goldmine!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares Russell 2000 ETF / Technical Analysis

<ul>
<li>Since early-October we have discussed our expectation for a bear rally, targeting the 200-day MAs on the $IWM and $SPX; targets were hit (within 0.5% of hitting on SPX).</li>
<li>We are now seeing short-term uptrend breaks on the IWM and the DJIA; this is a good time to get defensive and/or take profits, as the 1.5-month rally appears over.</li>
<li>We expect more weakness in the weeks ahead, and we cannot rule out another test of the 2022 lows.</li>
</ul>


Since early-October we have discussed our expectation for a bear rally, targeting the 200-day MAs on the $IWM and $SPX; targets were hit (within 0.5% of hitting on SPX).
We are now seeing short-term uptrend breaks on the IWM and the DJIA; this is a good time to get defensive and/or take profits, as the 1.5-month rally appears over.
We expect more weakness in the weeks ahead, and we cannot rule out another test of the 2022 lows.


Time to Get Defensive After 1.5-Month Uptrend Breaks; High Yield Spreads Widening Much Like Mid-Aug.

Macro Strategist, Saxo Capital Markets

Kay Van-Petersen

Macro Strategist

Saxo Capital Markets

Thematic (Sector/Industry)

<ul><li>It's time to break out the analysis on gold and silver miners</li><li>Some goldminers are trading well below P/B, with potential price moves of +4x just to get back to median P/B levels</li><li>Fed week: watch for dovishness; US GDP watch for a miss. Both of these plus coming up to month end could add to near-term equity bullish sentiment</li><li>Central bank meetings include Japan, New Zealand, South Africa, Russia and Nigeria</li></ul>

It's time to break out the analysis on gold and silver minersSome goldminers are trading well below P/B, with potential price moves of +4x just to get back to median P/B levelsFed week: watch for dovishness; US GDP watch for a miss. Both of these plus coming up to month end could add to near-term equity bullish sentimentCentral bank meetings include Japan, New Zealand, South Africa, Russia and Nigeria

The Macro Take: Get the Picks Out for Gold and Silver Miners

United States

H.B. Fuller Company manufactures and markets adhesives, sealants, coatings, paints, and other specialty chemical products worldwide.  The Company's products are sold in countries that include North America, Europe, Latin America, the Asia Pacific region, India, the Middle East and Africa.

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H.B. Fuller Co. (FUL US)

H.B. Fuller’s Valuation Gap Is Getting Hard To Ignore After Ancora’s $1.4 Billion Bid!

H.B. Fuller Company has suddenly found itself at the center of an unusually revealing valuation debate. Activist investor Ancora Holdings has...

Baptista Research

H.B. Fuller Buyout Battle: Why Ancora Is Offering Up To $1.2 Billion!

H.B. Fuller has become the center of a fresh portfolio debate after confirming that Ancora Holdings submitted an unsolicited proposal to acquire...

Baptista Research

H.B. Fuller's Latest Acquisition Could Unlock A Medical Goldmine!

H.B. Fuller has moved to deepen its exposure to the medical adhesives market through a recommended all-cash offer to acquire Advanced Medical...

Baptista Research

Time to Get Defensive After 1.5-Month Uptrend Breaks; High Yield Spreads Widening Much Like Mid-Aug.

Our targets for this bear rally have been hit, which were the 200-day MAs on $IWM and $SPX (within 0.5%). Now seeing short-term uptrend breaks on...

Vermilion Research

The Macro Take: Get the Picks Out for Gold and Silver Miners

It's time to break out the analysis on gold and silver miners Some goldminers are trading well below P/B, with potential price moves of +4x just...

Kay Van-Petersen

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