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 reported positive financial results in its third quarter of 2025, highlighting both significant opportunities and challenges.</li>
<li>The company reported revenue of $5.7 billion, reflecting strong organic growth of 10% across its four segments, marking its position as a formidable player in the defense sector.</li>
<li>This growth was attributed largely to increased volume on existing programs, new program ramps, and heightened international demand, with the company noting a book-to-bill ratio of 1.2, indicating a healthy pipeline.</li>
</ul>


L3Harris Technologies reported positive financial results in its third quarter of 2025, highlighting both significant opportunities and challenges.
The company reported revenue of $5.7 billion, reflecting strong organic growth of 10% across its four segments, marking its position as a formidable player in the defense sector.
This growth was attributed largely to increased volume on existing programs, new program ramps, and heightened international demand, with the company noting a book-to-bill ratio of 1.2, indicating a healthy pipeline.


L3Harris Technologies: An Insight Into Its Aerojet Rocketdyne's Growth Trajectory...

<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!

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Firefly Aerospace / Equity Capital Markets

<ul>
<li>The company will be offering 16.2mm shares at $35-$39 with an expected market cap between $4.9b and $5.5b and to debut on August 7th.</li>
<li>According to our sources, the deal is being classified as multiple-times oversubscribed.</li>
<li>FireFly is in growth mode and the ability to scale with improving margins and a significant and visible backlog makes this deal extremely attractive. </li>
</ul>


The company will be offering 16.2mm shares at $35-$39 with an expected market cap between $4.9b and $5.5b and to debut on August 7th.
According to our sources, the deal is being classified as multiple-times oversubscribed.
FireFly is in growth mode and the ability to scale with improving margins and a significant and visible backlog makes this deal extremely attractive. 


Firefly Aerospace Inc. (FLY): Industry Tailwinds, Lucrative Backlog Highlight Bull Case for IPO

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: An Insight Into Its Aerojet Rocketdyne's Growth Trajectory...

L3Harris Technologies reported positive financial results in its third quarter of 2025, highlighting both significant opportunities and challenges.

Baptista Research

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

Firefly Aerospace Inc. (FLY): Industry Tailwinds, Lucrative Backlog Highlight Bull Case for IPO

FireFly set to debut on August 7th with 16.2mm shares offered at $35-$39, deal classified as oversubscribed, company in growth mode with promising...

IPO Boutique

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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L3Harris Technologies: An Insight Into Its Aerojet Rocketdyne's Growth Trajectory...

L3Harris Technologies reported positive financial results in its third quarter of 2025, highlighting both significant opportunities and challenges.

Baptista Research

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

Firefly Aerospace Inc. (FLY): Industry Tailwinds, Lucrative Backlog Highlight Bull Case for IPO

​FireFly set to debut on August 7th with 16.2mm shares offered at $35-$39, deal classified as oversubscribed, company in growth mode with promising...

IPO Boutique

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

FireFly set to debut on August 7th with 16.2mm shares offered at $35-$39, deal classified as oversubscribed, company in growth mode with promising...

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