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

Hanover Insurance Group / Equity Bottom-Up

<ul><li>The Hanover Insurance Group's second quarter results demonstrate notable advancements, but a few challenges must be considered.</li><li>Positively, the company reported record operating return on equity (ROE) of 18.7% and operating earnings of $4.35 per diluted share, representing a 25% increase excluding catastrophes.</li><li>Both the overall combined ratio and ex-catastrophe combined ratio showed improvement, outperforming expectations by approximately 7 points and 3 points, respectively.</li></ul>

The Hanover Insurance Group's second quarter results demonstrate notable advancements, but a few challenges must be considered.Positively, the company reported record operating return on equity (ROE) of 18.7% and operating earnings of $4.35 per diluted share, representing a 25% increase excluding catastrophes.Both the overall combined ratio and ex-catastrophe combined ratio showed improvement, outperforming expectations by approximately 7 points and 3 points, respectively.

Hanover Group (THG)’s Growth Engine – Which Segment Will Drive Its Next Phase of Profitability?

<ul><li>The Hanover Insurance Group reported its first-quarter performance, reflecting both positive strategic implementations and ongoing challenges.</li><li>Key takeaways from the results indicate a strong start to the year, with an operating return on equity reaching 17.2%, despite the impacts of significant catastrophe events like Californian wildfires and severe convective storms.</li><li>The company's response to these losses underscores effectiveness in catastrophe mitigation strategies.</li></ul>

The Hanover Insurance Group reported its first-quarter performance, reflecting both positive strategic implementations and ongoing challenges.Key takeaways from the results indicate a strong start to the year, with an operating return on equity reaching 17.2%, despite the impacts of significant catastrophe events like Californian wildfires and severe convective storms.The company's response to these losses underscores effectiveness in catastrophe mitigation strategies.

Hanover Insurance Group: Transforming Risk into Opportunity with Advanced Data

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

<ul>
<li>In our 2/25/25 Compass, we discussed our expectation for near-term downside. Also said one or two 8-10% pullbacks in a given year on the SPX is common</li>
<li>And said to not be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670, where we would be buyers</li>
<li>The SPX had a -10.3% peak-to-trough decline, with support showing up at 5500; close enough to our 10% pullback and 5600 level. This has been a stellar buy area</li>
</ul>


In our 2/25/25 Compass, we discussed our expectation for near-term downside. Also said one or two 8-10% pullbacks in a given year on the SPX is common
And said to not be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670, where we would be buyers
The SPX had a -10.3% peak-to-trough decline, with support showing up at 5500; close enough to our 10% pullback and 5600 level. This has been a stellar buy area


Major Low Likely in Place on S&P 500; Bullish Outlook Intact if Above 5500-5600

<ul><li>The Hanover Insurance Group's recent financial results for the third quarter show a complex but generally positive picture of the company's performance.</li><li>The firm reported an operating income of $3.05 per diluted share, with an operating return on equity of 14.4%.</li><li>This performance reflects improvements driven by strategic initiatives such as enhanced pricing, adjustments in insurance value, and targeted underwriting actions.</li></ul>

The Hanover Insurance Group's recent financial results for the third quarter show a complex but generally positive picture of the company's performance.The firm reported an operating income of $3.05 per diluted share, with an operating return on equity of 14.4%.This performance reflects improvements driven by strategic initiatives such as enhanced pricing, adjustments in insurance value, and targeted underwriting actions.

The Hanover Insurance Group: How Is The Management Tackling The Financial Strain from Expense Management

<ul>
<li>The Hanover Insurance Group has demonstrated a strong start to the year with robust financial and operational performance in the first quarter.</li>
<li>The company's disciplined approach towards margin recapture, effective catastrophe management, and strategic growth initiatives are likely to continue supporting its profitability and shareholder value in the medium to long term.</li>
<li>The Hanover Insurance Group reported after-tax operating income of $112 million or $3.08 per diluted share in the first quarter, representing an operating return on equity of 15%.</li>
</ul>


The Hanover Insurance Group has demonstrated a strong start to the year with robust financial and operational performance in the first quarter.
The company's disciplined approach towards margin recapture, effective catastrophe management, and strategic growth initiatives are likely to continue supporting its profitability and shareholder value in the medium to long term.
The Hanover Insurance Group reported after-tax operating income of $112 million or $3.08 per diluted share in the first quarter, representing an operating return on equity of 15%.


The Hanover Insurance Group Inc.: Initiation of Coverage

United States

Hanover Insurance Group Inc operates as a holding company. The Company, through its subsidiaries, offers property and casualty insurance products including personal lines, commercial lines and other property casualty through independent agents.

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Hanover Insurance Group (THG US)

Hanover Group (THG)’s Growth Engine – Which Segment Will Drive Its Next Phase of Profitability?

The Hanover Insurance Group's second quarter results demonstrate notable advancements, but a few challenges must be considered. Positively, the...

Baptista Research

Hanover Insurance Group: Transforming Risk into Opportunity with Advanced Data

The Hanover Insurance Group reported its first-quarter performance, reflecting both positive strategic implementations and ongoing challenges. Key...

Baptista Research

Major Low Likely in Place on S&P 500; Bullish Outlook Intact if Above 5500-5600

Major Low Likely in Place on $SPX; Bullish Outlook Intact if Above 5500-5600. 5670-5718 is short-term gap support; Power in hands of bulls if...

Vermilion Research

The Hanover Insurance Group: How Is The Management Tackling The Financial Strain from Expense Management

The Hanover Insurance Group's recent financial results for the third quarter show a complex but generally positive picture of the company's...

Baptista Research

The Hanover Insurance Group Inc.: Initiation of Coverage

The Hanover Insurance Group has demonstrated a strong start to the year with robust financial and operational performance in the first quarter.

Baptista Research

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