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

L3Harris Technologies  / Equity Bottom-Up

<ul>
<li>L3Harris Technologies' second-quarter results for 2025 underscore a strong execution in a complex business environment characterized by evolving global defense dynamics.</li>
<li>The company's earnings call revealed key updates in financial performance, strategic alignment, and future opportunities that investors might consider when evaluating L3Harris as an investment.</li>
<li>The financial performance in the second quarter was robust, with revenue increasing to $5.4 billion, reflecting an organic growth rate of 6%.</li>
</ul>


L3Harris Technologies' second-quarter results for 2025 underscore a strong execution in a complex business environment characterized by evolving global defense dynamics.
The company's earnings call revealed key updates in financial performance, strategic alignment, and future opportunities that investors might consider when evaluating L3Harris as an investment.
The financial performance in the second quarter was robust, with revenue increasing to $5.4 billion, reflecting an organic growth rate of 6%.


L3Harris Technologies: Latest Advancements in Tactical Communications & Other Major Growth Levers!

<ul>
<li>L3Harris Technologies' fourth-quarter earnings call provides a comprehensive overview of its performance and strategic positioning, reflecting both achievements and challenges.</li>
<li>The company concluded 2024 with a record backlog, aligning with its Trusted Disruptor strategy and indicating a strong market position for future endeavors.</li>
<li>This strategic framework positions L3Harris between traditional primes and new entrants, leveraging advancements in AI and autonomy to meet evolving national security requirements.</li>
</ul>


L3Harris Technologies' fourth-quarter earnings call provides a comprehensive overview of its performance and strategic positioning, reflecting both achievements and challenges.
The company concluded 2024 with a record backlog, aligning with its Trusted Disruptor strategy and indicating a strong market position for future endeavors.
This strategic framework positions L3Harris between traditional primes and new entrants, leveraging advancements in AI and autonomy to meet evolving national security requirements.


L3Harris Technologies: Space & International Markets Expansion As A Key Growth Catalyst!

<ul>
<li>L3Harris Technologies reported a robust financial performance in its third quarter of 2024, demonstrating significant progress across various operational and financial metrics.</li>
<li>The company showcased a strong alignment with customer demands and emerging market trends, optimizing its portfolio through strategic acquisitions, divestitures, and a focus on resilient communication technologies, space capabilities, and advanced defense systems.</li>
<li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li>
</ul>


L3Harris Technologies reported a robust financial performance in its third quarter of 2024, demonstrating significant progress across various operational and financial metrics.
The company showcased a strong alignment with customer demands and emerging market trends, optimizing its portfolio through strategic acquisitions, divestitures, and a focus on resilient communication technologies, space capabilities, and advanced defense systems.
Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.


L3Harris Technologies: Expansion in Tactical Communication Systems & Other Major Developments

<ul>
<li>L3Harris Technologies recently disclosed their second quarter 2024 financial results, demonstrating progress in various areas, though mixed signals in certain segments warrant a nuanced understanding of their financial health and strategic position.</li>
<li>On a positive note, L3Harris Technologies reported a robust second quarter, with segment operating margins increasing by 80 basis points year-over-year to 15.6%, and non-GAAP earnings per share (EPS) growing by 9% to $3.24.</li>
<li>These results are indicative of the company's strong ability to manage costs and enhance operational efficiency.</li>
</ul>


L3Harris Technologies recently disclosed their second quarter 2024 financial results, demonstrating progress in various areas, though mixed signals in certain segments warrant a nuanced understanding of their financial health and strategic position.
On a positive note, L3Harris Technologies reported a robust second quarter, with segment operating margins increasing by 80 basis points year-over-year to 15.6%, and non-GAAP earnings per share (EPS) growing by 9% to $3.24.
These results are indicative of the company's strong ability to manage costs and enhance operational efficiency.


L3Harris Technologies Inc.: Integration & Optimization Post-Aerojet Rocketdyne Acquisition

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>
Submarine Milestone Validates CSBC’s Strategic Role: Taiwan’s June 17 maiden sea trial of the Hai Kun-class submarine highlights CSBC as the sole builder of Taiwan’s Indigenous Defense Submarine (IDS) program.</li>
<li>
Scale of Program Is Significant vs. Market Cap: Seven additional submarines are expected to follow, with a reported program budget of NT$284bn (~US$9.5bn), over 12x CSBC’s current US$760m market cap.</li>
<li>
Emerging Naval, Drones, &amp; Energy Platforms Provide Optionality: Beyond submarines, CSBC is expanding into unmanned surface vessels (USVs) and offshore wind engineering, offering long-term exposure to Taiwan’s asymmetric defense.</li>
</ul>



Submarine Milestone Validates CSBC’s Strategic Role: Taiwan’s June 17 maiden sea trial of the Hai Kun-class submarine highlights CSBC as the sole builder of Taiwan’s Indigenous Defense Submarine (IDS) program.

Scale of Program Is Significant vs. Market Cap: Seven additional submarines are expected to follow, with a reported program budget of NT$284bn (~US$9.5bn), over 12x CSBC’s current US$760m market cap.

Emerging Naval, Drones, &amp; Energy Platforms Provide Optionality: Beyond submarines, CSBC is expanding into unmanned surface vessels (USVs) and offshore wind engineering, offering long-term exposure to Taiwan’s asymmetric defense.


Defense Tech: Taiwan Advanced Submarine Trial & Global Turmoil Puts CSBC in the Investor Spotlight

United States

L3Harris Technologies, Inc. is an aerospace and defense technology innovator. The Company designs, develops, and manufactures radio communications products and systems, including single channel ground and airborne radio systems. L3Harris Technologies provides advanced defense and commercial technologies across air, land, sea, space, and cyber domains.

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L3Harris Technologies (LHX US)

L3Harris Technologies: Latest Advancements in Tactical Communications & Other Major Growth Levers!

L3Harris Technologies' second-quarter results for 2025 underscore a strong execution in a complex business environment characterized by evolving...

Baptista Research

L3Harris Technologies: Space & International Markets Expansion As A Key Growth Catalyst!

L3Harris Technologies' fourth-quarter earnings call provides a comprehensive overview of its performance and strategic positioning, reflecting both...

Baptista Research

L3Harris Technologies: Expansion in Tactical Communication Systems & Other Major Developments

L3Harris Technologies reported a robust financial performance in its third quarter of 2024, demonstrating significant progress across various...

Baptista Research

L3Harris Technologies Inc.: Integration & Optimization Post-Aerojet Rocketdyne Acquisition

L3Harris Technologies recently disclosed their second quarter 2024 financial results, demonstrating progress in various areas

Baptista Research

Defense Tech: Taiwan Advanced Submarine Trial & Global Turmoil Puts CSBC in the Investor Spotlight

Taiwan's CSBC plays crucial role in submarine program, expanding its naval & drone platforms for defense. Recent successful sea trials of the Hai...

Vincent Fernando, CFA

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

L3Harris Technologies: Latest Advancements in Tactical Communications & Other Major Growth Levers!

L3Harris Technologies' second-quarter results for 2025 underscore a strong execution in a complex business environment characterized by evolving...

Baptista Research

L3Harris Technologies: Space & International Markets Expansion As A Key Growth Catalyst!

L3Harris Technologies' fourth-quarter earnings call provides a comprehensive overview of its performance and strategic positioning, reflecting both...

Baptista Research

L3Harris Technologies: Expansion in Tactical Communication Systems & Other Major Developments

L3Harris Technologies reported a robust financial performance in its third quarter of 2024, demonstrating significant progress across various...

Baptista Research

L3Harris Technologies Inc.: Integration & Optimization Post-Aerojet Rocketdyne Acquisition

L3Harris Technologies recently disclosed their second quarter 2024 financial results, demonstrating progress in various areas

Baptista Research

Defense Tech: Taiwan Advanced Submarine Trial & Global Turmoil Puts CSBC in the Investor Spotlight

​Taiwan's CSBC plays crucial role in submarine program, expanding its naval & drone platforms for defense. Recent successful sea trials of the Hai...

Vincent Fernando, CFA

Taiwan's CSBC plays crucial role in submarine program, expanding its naval & drone platforms for defense. Recent successful sea trials of the Hai...