IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hanwha-ocean-co-ltd" target="_blank" data-smartkarma-citation="entities:12531:1" rel="noopener">Hanwha Ocean (042660 KS)</a> is now negotiating deal terms with <a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal Ltd (ASB AU)</a> after substantially completing diligence, while Wildcat’s competing proposal remains at the non-binding dialogue stage.</li>
<li>Tax structuring advice and extended diligence signal a late-stage process, making a binding Hanwha offer materially more likely; price remains the key open question.</li>
<li>My revised SoTP values Austal at A$4.84–$6.97 per share, 17–69% above A$4.13. The gap reflects AUSA deal-completion risk plus a standalone Australasia scale discount — not fundamentals alone.</li>
</ul>



Hanwha Ocean (042660 KS) is now negotiating deal terms with Austal Ltd (ASB AU) after substantially completing diligence, while Wildcat’s competing proposal remains at the non-binding dialogue stage.
Tax structuring advice and extended diligence signal a late-stage process, making a binding Hanwha offer materially more likely; price remains the key open question.
My revised SoTP values Austal at A$4.84–$6.97 per share, 17–69% above A$4.13. The gap reflects AUSA deal-completion risk plus a standalone Australasia scale discount — not fundamentals alone.


Austal (ASB AU): Hanwha Pulls Ahead of Wildcat in the Race for Austal USA

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 a first quarter 2026 marked by strong organic revenue growth of 15%, reaching $5.7 billion, supported by continued momentum across its Space &amp; Mission Systems (SMS), Communications &amp; Spectrum Dominance (CSD), and Missile Solutions segments.</li>
<li>The company’s backlog nearly doubled to over $40 billion, excluding an additional $25 billion related to the Munitions Acceleration Council (MAC) programs currently under negotiation.</li>
<li>Segment operating income grew by $125 million to $902 million, yielding a 15.7% margin, slightly improved year-over-year, driven by volume growth, improved program execution, and legacy asset monetization.</li>
</ul>


L3Harris Technologies reported a first quarter 2026 marked by strong organic revenue growth of 15%, reaching $5.7 billion, supported by continued momentum across its Space &amp; Mission Systems (SMS), Communications &amp; Spectrum Dominance (CSD), and Missile Solutions segments.
The company’s backlog nearly doubled to over $40 billion, excluding an additional $25 billion related to the Munitions Acceleration Council (MAC) programs currently under negotiation.
Segment operating income grew by $125 million to $902 million, yielding a 15.7% margin, slightly improved year-over-year, driven by volume growth, improved program execution, and legacy asset monetization.


LHX US: How NATO Demand and U.S. Modernization Are Powering Its Communications Growth!

<ul>
<li>L3Harris Technologies reported a strong set of financial results for 2025, marked by notable organic growth and strategic realignments to position the company for future defense market opportunities.</li>
<li>The company closed the year with significant revenue figures, $21.9 billion, up by 5% on an organic basis.</li>
<li>It demonstrated robust performance across its segments, with the Communication Systems (CS) and Integrated Mission Systems (IMS) segments leading the way.</li>
</ul>


L3Harris Technologies reported a strong set of financial results for 2025, marked by notable organic growth and strategic realignments to position the company for future defense market opportunities.
The company closed the year with significant revenue figures, $21.9 billion, up by 5% on an organic basis.
It demonstrated robust performance across its segments, with the Communication Systems (CS) and Integrated Mission Systems (IMS) segments leading the way.


L3Harris Technologies and the Golden Dome Vision: Is Space-Based Defense a Game-Changer?

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

<ul><li>On January 13, 2026, L3Harris (LHX) announced that it is planning to spin off its Missile Solutions business (the unit that makes solid rocket motors and other missile propulsion systems) into a stand-alone, publicly traded company in the second half of 2026.</li><li>This will be done through an initial public offering (IPO).</li><li>The most interesting aspect of this news is that the U.S. Department of Defense (DoD) will invest $1BN in convertible equity which will become common equity once the division goes public.</li></ul>

On January 13, 2026, L3Harris (LHX) announced that it is planning to spin off its Missile Solutions business (the unit that makes solid rocket motors and other missile propulsion systems) into a stand-alone, publicly traded company in the second half of 2026.This will be done through an initial public offering (IPO).The most interesting aspect of this news is that the U.S. Department of Defense (DoD) will invest $1BN in convertible equity which will become common equity once the division goes public.

<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...

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)

Austal (ASB AU): Hanwha Pulls Ahead of Wildcat in the Race for Austal USA

Hanwha is negotiating terms and leads Wildcat for Austal USA; a binding offer looks likely. SoTP of A$4.84–6.97/sh implies 17–69% upside to A$4.13.

Arun George

LHX US: How NATO Demand and U.S. Modernization Are Powering Its Communications Growth!

L3Harris Technologies reported a first quarter 2026 marked by strong organic revenue growth of 15%, reaching $5.7 billion, supported by continued...

Baptista Research

L3Harris Technologies and the Golden Dome Vision: Is Space-Based Defense a Game-Changer?

L3Harris Technologies reported a strong set of financial results for 2025, marked by notable organic growth and strategic realignments to position...

Baptista Research

Weekly Update (VSNT, LHX, FDX)

On January 13, 2026, L3Harris (LHX) announced that it is planning to spin off its Missile Solutions business (the unit that makes solid rocket...

Richard Howe

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

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