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>Leggett & Platt's first-quarter earnings for 2025 reflected both positives and challenges, revealing a mixed yet strategically proactive outlook.</li><li>On the positive side, the company posted better-than-expected earnings driven partially by effective restructuring efforts and operational efficiency improvements.</li><li>The strategic divestment of a small U.S. machinery business, progress in flooring products consolidation, and steps towards selling their Aerospace business exemplify a focus on streamlining operations to enhance core business areas.</li></ul>

Leggett & Platt's first-quarter earnings for 2025 reflected both positives and challenges, revealing a mixed yet strategically proactive outlook.On the positive side, the company posted better-than-expected earnings driven partially by effective restructuring efforts and operational efficiency improvements.The strategic divestment of a small U.S. machinery business, progress in flooring products consolidation, and steps towards selling their Aerospace business exemplify a focus on streamlining operations to enhance core business areas.

Leggett & Platt: An Insight Into Its Recent Restructuring, Bedding Products Market & Tariff Impact!

<ul><li>Leggett & Platt's fourth-quarter and full-year 2024 results reflect a challenging market environment with mixed outcomes from restructuring efforts and demand dynamics across its segments.</li><li>Throughout 2024, Leggett & Platt undertook significant restructuring, particularly in its Bedding Products segment, as well as in home furniture, flooring products, and hydraulic cylinders.</li><li>The company exceeded its target for restructuring EBIT benefits, achieving $22 million, which was above the expected $10 million to $15 million, indicating successful execution of the restructuring plans.</li></ul>

Leggett & Platt's fourth-quarter and full-year 2024 results reflect a challenging market environment with mixed outcomes from restructuring efforts and demand dynamics across its segments.Throughout 2024, Leggett & Platt undertook significant restructuring, particularly in its Bedding Products segment, as well as in home furniture, flooring products, and hydraulic cylinders.The company exceeded its target for restructuring EBIT benefits, achieving $22 million, which was above the expected $10 million to $15 million, indicating successful execution of the restructuring plans.

Leggett & Platt: Focus On Expanding High-End Bedding Market To Enable Margin Expansion!

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Progress on at least some trade deals (Vietnam) was seen as a positive in a holiday-shortened week of trading.</li><li>The WTR Commercial/Contract Furniture Index gained 6.1%, the Residential Manufacturers &amp; Suppliers Index was up 2.1%, and the Home Goods Retailers Index gained 7.0% as the broader market indices were up 1.7% and the R2K was up 3.6%.</li><li>New home construction, on a per capita basis, in the US (and other anglophone countries) has effectively flatlined since the 1990s, leaving us with just as many dwelling units on a per capita basis as we had in the early 1990s, despite the fact that the total US population has increased by roughly 80 million (1).</li></ul>

Progress on at least some trade deals (Vietnam) was seen as a positive in a holiday-shortened week of trading.The WTR Commercial/Contract Furniture Index gained 6.1%, the Residential Manufacturers &amp; Suppliers Index was up 2.1%, and the Home Goods Retailers Index gained 7.0% as the broader market indices were up 1.7% and the R2K was up 3.6%.New home construction, on a per capita basis, in the US (and other anglophone countries) has effectively flatlined since the 1990s, leaving us with just as many dwelling units on a per capita basis as we had in the early 1990s, despite the fact that the total US population has increased by roughly 80 million (1).

Furniture/Furnishings Weekly - July 7, 2025

<ul><li>The US enters the war with Iran, bombing multiple nuclear sites, while trade policy uncertainty continues.</li><li>The WTR Commercial/Contract Furniture Index gained 0.2% and the Home Goods Retailers Index was up 2.8%, while the Residential Manufacturers &amp; Suppliers Index fell 2.0%.</li><li>The broader indices were also mixed, with the S&amp;P 500 and DJ 30 down 0.2%, while the R2K gained 0.1%.</li></ul>

The US enters the war with Iran, bombing multiple nuclear sites, while trade policy uncertainty continues.The WTR Commercial/Contract Furniture Index gained 0.2% and the Home Goods Retailers Index was up 2.8%, while the Residential Manufacturers &amp; Suppliers Index fell 2.0%.The broader indices were also mixed, with the S&amp;P 500 and DJ 30 down 0.2%, while the R2K gained 0.1%.

Furniture/Furnishings Weekly Housing Booms and Busts...

<ul><li>Middle East conflict and tariff policy uncertainty weigh down the market.</li><li>The WTR Commercial/Contract Furniture Index declined 3.6%, the Residential Manufacturers &amp; Suppliers Index fell 3.4%, and the Home Goods Retailers Index was down 1.7%, as the broader market indices declined 0.5% and the R2K fell 2.1%.</li><li>Innovation sprints and ‘crisis’ response drive return-to- office policies (1), at least for one hedge fund who is demanding that staff commit to five days a week at the office in order to address recent performance shortcomings, with management arguing that “experience has shown that a period of highly focused, in-person collaboration allows significant research progress to be made in a relatively short amount of time.”</li></ul>

Middle East conflict and tariff policy uncertainty weigh down the market.The WTR Commercial/Contract Furniture Index declined 3.6%, the Residential Manufacturers &amp; Suppliers Index fell 3.4%, and the Home Goods Retailers Index was down 1.7%, as the broader market indices declined 0.5% and the R2K fell 2.1%.Innovation sprints and ‘crisis’ response drive return-to- office policies (1), at least for one hedge fund who is demanding that staff commit to five days a week at the office in order to address recent performance shortcomings, with management arguing that “experience has shown that a period of highly focused, in-person collaboration allows significant research progress to be made in a relatively short amount of time.”

Furniture/Furnishings Weekly 'Crisis Mode' Return-To-Office

United States

Leggett & Platt, Incorporated manufactures a wide range of engineered products. The Company's products include components for bedding, furniture, and other residential furnishings, as well as office and institutional furnishings components, retail store fixtures, and displays, specialty wire products, and automotive seating suspension and lumbar systems.

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Leggett & Platt (LEG US)

Leggett & Platt: An Insight Into Its Recent Restructuring, Bedding Products Market & Tariff Impact!

Leggett & Platt's first-quarter earnings for 2025 reflected both positives and challenges, revealing a mixed yet strategically proactive...

Baptista Research

Leggett & Platt: Focus On Expanding High-End Bedding Market To Enable Margin Expansion!

Leggett & Platt's fourth-quarter and full-year 2024 results reflect a challenging market environment with mixed outcomes from restructuring...

Baptista Research

Furniture/Furnishings Weekly - July 7, 2025

The WTR Commercial/Contract Furniture Index gained 6.1%, the Residential Manufacturers & Suppliers Index was up 2.1%, and the Home Goods Retailers...

Water Tower Research

Furniture/Furnishings Weekly Housing Booms and Busts...

The WTR Commercial/Contract Furniture Index gained 0.2% and the Home Goods Retailers Index was up 2.8%, while the Residential Manufacturers &...

Water Tower Research

Furniture/Furnishings Weekly 'Crisis Mode' Return-To-Office

The WTR Commercial/Contract Furniture Index declined 3.6%, the Residential Manufacturers & Suppliers Index fell 3.4%, and the Home Goods Retailers...

Water Tower Research

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