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>JBT Corporation (JBT Marel) reported an impressive second quarter for 2025, highlighted by exceeding adjusted EBITDA margins and EPS expectations.</li>
<li>The performance was bolstered by a favorable mix of recurring revenue and the influence of foreign exchange rates, contributing to revenues of $935 million, which surpassed the expected midpoint by $35 million.</li>
<li>Order intake was robust at $938 million, showcasing continued demand in the poultry, meat, beverages, food, and vegetable segments.</li>
</ul>


JBT Corporation (JBT Marel) reported an impressive second quarter for 2025, highlighted by exceeding adjusted EBITDA margins and EPS expectations.
The performance was bolstered by a favorable mix of recurring revenue and the influence of foreign exchange rates, contributing to revenues of $935 million, which surpassed the expected midpoint by $35 million.
Order intake was robust at $938 million, showcasing continued demand in the poultry, meat, beverages, food, and vegetable segments.


JBT Corporation: Automation & Line Speed Enhancements in Poultry Processing

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dai-ichi-life-insurance" target="_blank" data-smartkarma-citation="entities:1109:1" rel="noopener">Dai Ichi Life (8750 JP)</a> has the wherewithal, and probably the synergies to make a bump for <a href="https://www.smartkarma.com/entities/benefit-one-inc" target="_blank" data-smartkarma-citation="entities:14502:1" rel="noopener">Benefit One (2412 JP)</a> work. M3 is clearly not in the driver's seat.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-united-network-a" target="_blank" data-smartkarma-citation="entities:12620:1" rel="noopener">China United Network (600050 CH)</a> is, for all intent and purpose, a pseudo-A to <a href="https://www.smartkarma.com/entities/china-unicom-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:1016:1" rel="noopener">China Unicom (762 HK)</a>. Go long Unicom, short United due to Unicom's significantly cheaper valuation.</li>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-expressway-co-h" target="_blank" data-smartkarma-citation="entities:2178:1" rel="noopener">Zhejiang Expressway (576 HK)</a> has had a stonking run since its rights issue. Look to unwind this set-up and take the other side: short Expressway, long <a href="https://www.smartkarma.com/entities/zheshang-securities-co-ltd" target="_blank" data-smartkarma-citation="entities:29981:1" rel="noopener">Zheshang Securities (601878 CH)</a>.
</li>
</ul>



Dai Ichi Life (8750 JP) has the wherewithal, and probably the synergies to make a bump for Benefit One (2412 JP) work. M3 is clearly not in the driver's seat.

China United Network (600050 CH) is, for all intent and purpose, a pseudo-A to China Unicom (762 HK). Go long Unicom, short United due to Unicom's significantly cheaper valuation.

Zhejiang Expressway (576 HK) has had a stonking run since its rights issue. Look to unwind this set-up and take the other side: short Expressway, long Zheshang Securities (601878 CH).



Last Week in Event SPACE: Benefit One, China Unicom, Zhejiang Expressway/ Zheshang Sec, Hollysys

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>
<a href="https://www.smartkarma.com/entities/marel-hf" target="_blank" data-smartkarma-citation="entities:21794:1" rel="noopener">Marel HF (MARL IR)</a> announced a third proposal from <a href="https://www.smartkarma.com/entities/john-bean-technologies-corp" target="_blank" data-smartkarma-citation="entities:14349:1" rel="noopener">John Bean Technologies (JBT US)</a> for a cash and shares offer, equivalent €3.60/share, to be launched in Q1, with 24.7% irrevocable undertakings.</li>
<li>There is strong market growth potential, due to growing middle-class demanding a higher proportion of animal protein in their diet. The overall sector, despite global economic woes, seems piping hot.</li>
<li>My base-case fair value estimate is €3.54 (9.0% WACC, 2% implied perpetuity growth rate). The median IBES consensus TP is €3.50. On this basis, the offer price seems fair. Buy.
</li>
</ul>



Marel HF (MARL IR) announced a third proposal from John Bean Technologies (JBT US) for a cash and shares offer, equivalent €3.60/share, to be launched in Q1, with 24.7% irrevocable undertakings.
There is strong market growth potential, due to growing middle-class demanding a higher proportion of animal protein in their diet. The overall sector, despite global economic woes, seems piping hot.
My base-case fair value estimate is €3.54 (9.0% WACC, 2% implied perpetuity growth rate). The median IBES consensus TP is €3.50. On this basis, the offer price seems fair. Buy.



United States

JBT Marel Corporation provides food technology and automation systems. The Company designs, manufactures, tests, and services systems and products for global industrial food processing markets, with focuses on recurring parts, rebuilds, and leasing operations. JBT Marel serves customers worldwide.

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JBT Marel (JBTM US)

JBT Corporation: Automation & Line Speed Enhancements in Poultry Processing

JBT Corporation (JBT Marel) reported an impressive second quarter for 2025, highlighted by exceeding adjusted EBITDA margins and EPS expectations.

Baptista Research

Last Week in Event SPACE: Benefit One, China Unicom, Zhejiang Expressway/ Zheshang Sec, Hollysys

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Meaty Target

Marel HF receives a cash and shares offer from John Bean Technologies, signaling strong market growth potential in the animal protein sector. Fair...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JBT Corporation: Automation & Line Speed Enhancements in Poultry Processing

JBT Corporation (JBT Marel) reported an impressive second quarter for 2025, highlighted by exceeding adjusted EBITDA margins and EPS expectations.

Baptista Research

Last Week in Event SPACE: Benefit One, China Unicom, Zhejiang Expressway/ Zheshang Sec, Hollysys

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Meaty Target

​Marel HF receives a cash and shares offer from John Bean Technologies, signaling strong market growth potential in the animal protein sector. Fair...

Jesus Rodriguez Aguilar

Marel HF receives a cash and shares offer from John Bean Technologies, signaling strong market growth potential in the animal protein sector. Fair...