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

Honeywell International / Equity Bottom-Up

<ul><li>In the second quarter of 2025, Honeywell International Inc. delivered robust financial results, maintaining or exceeding expectations across various metrics, despite economic fluctuations.</li><li>The company reported a 5% increase in organic sales growth, driven by strong performances in the Defense and Space and UOP segments, as well as overall increases in orders and backlog reaching a record of $36.6 billion.</li><li>Earnings per share rose by 4% to $2.45, with an adjusted earnings per share up by 10% to $2.75.</li></ul>

In the second quarter of 2025, Honeywell International Inc. delivered robust financial results, maintaining or exceeding expectations across various metrics, despite economic fluctuations.The company reported a 5% increase in organic sales growth, driven by strong performances in the Defense and Space and UOP segments, as well as overall increases in orders and backlog reaching a record of $36.6 billion.Earnings per share rose by 4% to $2.45, with an adjusted earnings per share up by 10% to $2.75.

Honeywell Is Finally Powering Ahead: A Game-Changing Comeback in Aerospace & Building Automation!

<ul><li>Honeywell International Inc. delivered a strong start to fiscal 2025, reporting first-quarter results that exceeded Wall Street expectations and raised guidance despite a complex macroeconomic backdrop.</li><li>The company posted adjusted earnings per share of $2.51 on revenue of $9.8 billion, surpassing analyst estimates of $2.21 EPS on $9.6 billion in revenue.</li><li>This performance also marked a year-over-year improvement from $2.25 EPS on $9.1 billion in sales.</li></ul>

Honeywell International Inc. delivered a strong start to fiscal 2025, reporting first-quarter results that exceeded Wall Street expectations and raised guidance despite a complex macroeconomic backdrop.The company posted adjusted earnings per share of $2.51 on revenue of $9.8 billion, surpassing analyst estimates of $2.21 EPS on $9.6 billion in revenue.This performance also marked a year-over-year improvement from $2.25 EPS on $9.1 billion in sales.

Honeywell’s $500M Tariff Hit? No Problem—Stock Jumps as Split Plan Gains Steam!

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul><li>So far in 2025, there have been 5 new US spin-off announcements. Meanwhile 3 new spin-offs have started trading.</li><li>Spin-off stock performance was strong in 2024, but performance has turned over a bit in the last month.</li><li>On February 6, 2025, Honeywell International (HON) announced its plans to separate into three independent public entities:</li></ul>

So far in 2025, there have been 5 new US spin-off announcements. Meanwhile 3 new spin-offs have started trading.Spin-off stock performance was strong in 2024, but performance has turned over a bit in the last month.On February 6, 2025, Honeywell International (HON) announced its plans to separate into three independent public entities:

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Solstice Advanced Materials / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/solstice-advanced-materials" target="_blank" data-smartkarma-citation="entities:45953:1" rel="noopener">Solstice Advanced Materials (SOLS US)</a> is a recent spin-off from legacy conglomerate <a href="https://www.smartkarma.com/entities/honeywell-international-inc" target="_blank" data-smartkarma-citation="entities:16765:1" rel="noopener">Honeywell International (HON US)</a>. It sports a market capitalization of US$7.5bn and ADTV of US$226m.  
</li>
<li>It is a beneficiary of continued AI data center buildouts and owns the only domestic nuclear conversion site in the US.</li>
<li>In this note, we will talk about the company’s past performance and future prospects.</li>
</ul>



Solstice Advanced Materials (SOLS US) is a recent spin-off from legacy conglomerate Honeywell International (HON US). It sports a market capitalization of US$7.5bn and ADTV of US$226m.  

It is a beneficiary of continued AI data center buildouts and owns the only domestic nuclear conversion site in the US.
In this note, we will talk about the company’s past performance and future prospects.


2026 High Conviction - Solstice Advanced Materials - Hidden AI and Nuclear Play

<ul><li>Honeywell International is set to undergo a major transformation by splitting into three independent companies: aerospace, automation, and advanced materials.</li><li>This move comes after mounting pressure from activist investor Elliott Investment Management, which pointed to the success of General Electric’s three-way breakup in 2024.</li><li>Honeywell’s board and CEO Vimal Kapur initiated a strategic review nearly a year ago, ultimately concluding that the aerospace business was diverging significantly from the rest of the company, warranting a complete separation.</li></ul>

Honeywell International is set to undergo a major transformation by splitting into three independent companies: aerospace, automation, and advanced materials.This move comes after mounting pressure from activist investor Elliott Investment Management, which pointed to the success of General Electric’s three-way breakup in 2024.Honeywell’s board and CEO Vimal Kapur initiated a strategic review nearly a year ago, ultimately concluding that the aerospace business was diverging significantly from the rest of the company, warranting a complete separation.

Honeywell: Why This Historic Breakup Could Change the Aerospace and Automation Game!

United States

Honeywell International Inc. is a worldwide diversified technology and manufacturing company providing aerospace products and services, control, sensing and security technologies, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and energy efficient products and solutions.

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Honeywell International (HON US)

Honeywell Is Finally Powering Ahead: A Game-Changing Comeback in Aerospace & Building Automation!

In the second quarter of 2025, Honeywell International Inc. delivered robust financial results, maintaining or exceeding expectations across...

Baptista Research

Honeywell’s $500M Tariff Hit? No Problem—Stock Jumps as Split Plan Gains Steam!

Honeywell International Inc. delivered a strong start to fiscal 2025, reporting first-quarter results that exceeded Wall Street expectations and...

Baptista Research

Upcoming Spin-Offs: Key Details

So far in 2025, there have been 5 new US spin-off announcements. Meanwhile 3 new spin-offs have started trading. Spin-off stock performance was...

Richard Howe

2026 High Conviction - Solstice Advanced Materials - Hidden AI and Nuclear Play

Solstice, a spin-off from Honeywell benefits from AI data center growth and owns the only US nuclear conversion site. Past performance and future...

Nicholas Tan

Honeywell: Why This Historic Breakup Could Change the Aerospace and Automation Game!

Honeywell International is set to undergo a major transformation by splitting into three independent companies: aerospace, automation, and...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Honeywell Is Finally Powering Ahead: A Game-Changing Comeback in Aerospace & Building Automation!

In the second quarter of 2025, Honeywell International Inc. delivered robust financial results, maintaining or exceeding expectations across...

Baptista Research

Honeywell’s $500M Tariff Hit? No Problem—Stock Jumps as Split Plan Gains Steam!

Honeywell International Inc. delivered a strong start to fiscal 2025, reporting first-quarter results that exceeded Wall Street expectations and...

Baptista Research

Upcoming Spin-Offs: Key Details

So far in 2025, there have been 5 new US spin-off announcements. Meanwhile 3 new spin-offs have started trading. Spin-off stock performance was...

Richard Howe

2026 High Conviction - Solstice Advanced Materials - Hidden AI and Nuclear Play

​Solstice, a spin-off from Honeywell benefits from AI data center growth and owns the only US nuclear conversion site. Past performance and future...

Nicholas Tan

Honeywell: Why This Historic Breakup Could Change the Aerospace and Automation Game!

Honeywell International is set to undergo a major transformation by splitting into three independent companies: aerospace, automation, and...

Baptista Research

Solstice, a spin-off from Honeywell benefits from AI data center growth and owns the only US nuclear conversion site. Past performance and future...