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

James Hardie Industries  / Equity Bottom-Up

<ul><li>James Hardie has moved into the M&A spotlight after agreeing to sell its European Fermacell business to Holcim for €840 million, or roughly $980 million in cash.</li><li>The transaction, announced on August 20, 2026, covers the fermacell and Aestuver brands and is expected to close during the first half of 2027, subject to customary approvals and consultation requirements.</li><li>Importantly, there is currently no public confirmation that Holcim has approached James Hardie about acquiring the entire company; Holcim’s confirmed interest is limited to Fermacell.</li></ul>

James Hardie has moved into the M&A spotlight after agreeing to sell its European Fermacell business to Holcim for €840 million, or roughly $980 million in cash.The transaction, announced on August 20, 2026, covers the fermacell and Aestuver brands and is expected to close during the first half of 2027, subject to customary approvals and consultation requirements.Importantly, there is currently no public confirmation that Holcim has approached James Hardie about acquiring the entire company; Holcim’s confirmed interest is limited to Fermacell.

James Hardie Buyout Potential: Four Reasons Holcim Could Circle!

<ul><li>James Hardie Industries plc reported fiscal 2026 results reflecting resilience amidst a challenging construction and housing market environment.</li><li>The company recorded net sales of $4.8 billion for the full year, representing a 25% increase largely driven by the AZEK acquisition, though organic net sales declined 2%.</li><li>Adjusted EBITDA reached $1.3 billion with a margin of 26.2%, supported by operational discipline and cost management despite inflationary and integration-related expenses.</li></ul>

James Hardie Industries plc reported fiscal 2026 results reflecting resilience amidst a challenging construction and housing market environment.The company recorded net sales of $4.8 billion for the full year, representing a 25% increase largely driven by the AZEK acquisition, though organic net sales declined 2%.Adjusted EBITDA reached $1.3 billion with a margin of 26.2%, supported by operational discipline and cost management despite inflationary and integration-related expenses.

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>James Hardie is the global leader in fiber cement siding, with a dominant market share in North America, its primary earnings driver. The company's growth is closely tied to the residential construction and remodeling markets.</li>
  <li>The strategic acquisition of AZEK in 2025 has diversified the company's portfolio into the attractive outdoor living sector, offering significant synergy potential and a new avenue for growth beyond its core fiber cement products.</li>
  <li>Key risks for the company include the cyclicality of the housing market, volatility in raw material costs, and ongoing, albeit well-managed, asbestos-related liabilities. Recent legal challenges regarding inventory disclosures have also introduced a governance risk.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  James Hardie is the global leader in fiber cement siding, with a dominant market share in North America, its primary earnings driver. The company's growth is closely tied to the residential construction and remodeling markets.
  The strategic acquisition of AZEK in 2025 has diversified the company's portfolio into the attractive outdoor living sector, offering significant synergy potential and a new avenue for growth beyond its core fiber cement products.
  Key risks for the company include the cyclicality of the housing market, volatility in raw material costs, and ongoing, albeit well-managed, asbestos-related liabilities. Recent legal challenges regarding inventory disclosures have also introduced a governance risk.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: James Hardie Industries  (JHX US) - May 2026

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>Recent developments have continued to reinforce our bullish outlook on global equities (MSCI ACWI).</li>
<li>There is no reason to fight this bullish trend, and we continue to expect more upside into the early part of 2024.</li>
<li>Upgrading Mexico to Overweight; Technology Remains Global Leadership; Actionable Themes: 44 individual stock buy recommendations within Technology, Services, Consumer Discretionary, Financials, and Materials</li>
</ul>


Recent developments have continued to reinforce our bullish outlook on global equities (MSCI ACWI).
There is no reason to fight this bullish trend, and we continue to expect more upside into the early part of 2024.
Upgrading Mexico to Overweight; Technology Remains Global Leadership; Actionable Themes: 44 individual stock buy recommendations within Technology, Services, Consumer Discretionary, Financials, and Materials


Upgrading Mexico to Overweight; Technology Remains Global Leadership; Overall Bullish Outlook Intact

EURO STOXX 50 Price EUR / Technical Analysis

<ul>
<li>As discussed in our previous Int'l Compass (June 29, 2023), we are bullish on global equities (MSCI ACWI) as long as ACWI-US is above $93, targeting $110</li>
<li>Bullish developments have continued: DXY breaking below $101-$101.50, RS bottoming for small-caps, MSCI ACWI ex-U.S. (ACWX-US) 1+ year breakout above $50, Italy's FTSE MIB breaking above multi-year resistance at 28,100.</li>
<li>This is only further evidence supporting our bullish outlook. We are getting the breakout above 4400-4415 on the EURO STOXX 50 that we've been expecting. Buys in Energy, Materials, Financials</li>
</ul>


As discussed in our previous Int'l Compass (June 29, 2023), we are bullish on global equities (MSCI ACWI) as long as ACWI-US is above $93, targeting $110
Bullish developments have continued: DXY breaking below $101-$101.50, RS bottoming for small-caps, MSCI ACWI ex-U.S. (ACWX-US) 1+ year breakout above $50, Italy's FTSE MIB breaking above multi-year resistance at 28,100.
This is only further evidence supporting our bullish outlook. We are getting the breakout above 4400-4415 on the EURO STOXX 50 that we've been expecting. Buys in Energy, Materials, Financials


Bullish Developments Continue; MSCI ACWI Ex-US 1-Yr Breakout; Buys in Energy, Materials, Financials

United States

James Hardie Industries plc manufactures building products for new home construction and remodeling. The Company's products include fiber cement siding, backer board, and pipe. James Hardie Industries operates in the United States, Australia and New Zealand.

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James Hardie Industries (JHX US)

James Hardie Buyout Potential: Four Reasons Holcim Could Circle!

James Hardie has moved into the M&A spotlight after agreeing to sell its European Fermacell business to Holcim for €840 million, or roughly...

Baptista Research

James Hardie: Initiation of Coverage

James Hardie Industries plc reported fiscal 2026 results reflecting resilience amidst a challenging construction and housing market...

Baptista Research

Primer: James Hardie Industries (JHX US) - May 2026

James Hardie is the global leader in fiber cement siding, with a dominant market share in North America, its primary earnings driver. The...

αSK Primers

Upgrading Mexico to Overweight; Technology Remains Global Leadership; Overall Bullish Outlook Intact

Upgrading Mexico $EWW to Overweight; Bullish Outlook Intact on $ACWI; Technology Remains Global Leadership. 44 individual buys highlighted in Tech,...

Vermilion Research

Bullish Developments Continue; MSCI ACWI Ex-US 1-Yr Breakout; Buys in Energy, Materials, Financials

We remain bullish on global equities as long as $ACWI remains above $93, targeting $110; Bullish developments continue: $DXY below $101.50, small...

Vermilion Research

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