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>Legrand, a leading player in the electrical and digital building infrastructure industry, presented its 2025 half-year results, highlighting robust sales growth and strong profitability.</li><li>In the first half of 2025, Legrand achieved a 15% increase in sales, excluding FX impacts.</li><li>This growth was driven by a significant 9% organic growth, particularly fueled by the performance in the data centers segment.</li></ul>

Legrand, a leading player in the electrical and digital building infrastructure industry, presented its 2025 half-year results, highlighting robust sales growth and strong profitability.In the first half of 2025, Legrand achieved a 15% increase in sales, excluding FX impacts.This growth was driven by a significant 9% organic growth, particularly fueled by the performance in the data centers segment.

Legrand SA’s Global Strategy: Is It Building the Backbone of Tomorrow’s Cloud?

<ul><li>Legrand, a French multinational company specializing in electrical and digital building infrastructure, concluded 2024 with noteworthy results, achieving its stated financial targets.</li><li>The company reported a combined sales growth of 3.9%, driven by organic expansion and acquisitions, despite facing headwinds such as currency fluctuations and reduced contributions from Russia.</li><li>Most prominently, Legrand's data center segment and strategic M&A activities contributed significantly to its performance.</li></ul>

Legrand, a French multinational company specializing in electrical and digital building infrastructure, concluded 2024 with noteworthy results, achieving its stated financial targets.The company reported a combined sales growth of 3.9%, driven by organic expansion and acquisitions, despite facing headwinds such as currency fluctuations and reduced contributions from Russia.Most prominently, Legrand's data center segment and strategic M&A activities contributed significantly to its performance.

Legrand S.A.: Initiation of Coverage- How Are They Executing Geographical Diversification To Seize Growth Opportunities!

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

<ul><li>Our estimations for FY 2025 annual revenue range at around €9,168 million and for 2026 at around €9,718 million.</li><li>The company’s annual revenue reached €8,649 million in 2024 compared to €8,417 million in 2023, post- ing an increase by 2.76%. Legrand S.A. (or the company) gross profit for FY 2024 was €4,466 million, increased by 1.52% compared to €4,399 million for the corresponding period of 2023.</li><li>In addition, during FY 2024 EBITDA amounted to €2,022 million, while EBT and EATAM settled at €1,578 million and €1,166 million respectively.</li></ul>

Our estimations for FY 2025 annual revenue range at around €9,168 million and for 2026 at around €9,718 million.The company’s annual revenue reached €8,649 million in 2024 compared to €8,417 million in 2023, post- ing an increase by 2.76%. Legrand S.A. (or the company) gross profit for FY 2024 was €4,466 million, increased by 1.52% compared to €4,399 million for the corresponding period of 2023.In addition, during FY 2024 EBITDA amounted to €2,022 million, while EBT and EATAM settled at €1,578 million and €1,166 million respectively.

Legrand S.A. - Company Update: March 21, 2025

Managing Director, Leaf & Ledger Limited

Evan Campbell, CFA

Managing Director

Leaf & Ledger Limited

Formed in 2024, Leaf & Ledger is a European advisory and research firm serving institutional investors and managers. We focus on real assets and private markets, with public-market read-throughs where material. Our work emphasises valuation signals, market structure, and execution topics that translate technical assessment into underwriting and strategy.

Insight That Moves Capital

Cross Asset Strategy

<ul>
<li>
Set-Up and scale: 245 SLBs face 2025 KPI tests; applying a 19% 2024 miss rate implies ~50 step-ups of ~25 bps, worth ~20–60 bps PV. &gt;$80bn notional, heaviest in Q4.</li>
<li>
Trade design, credit and equity: Pre-position where slippage exists and no pre-test calls; run structure pairs; trade post-print drift; for equities, SLB misses flag delivery shortfalls and funding-cost creep.</li>
<li>
Why the market is inefficient: ESG KPIs hide in footnotes and annexes, overlooked by analysts. Verification lags and slow vendor updates delay repricing, so step-up structures stay mis-weighted and mispriced.</li>
</ul>



Set-Up and scale: 245 SLBs face 2025 KPI tests; applying a 19% 2024 miss rate implies ~50 step-ups of ~25 bps, worth ~20–60 bps PV. &gt;$80bn notional, heaviest in Q4.

Trade design, credit and equity: Pre-position where slippage exists and no pre-test calls; run structure pairs; trade post-print drift; for equities, SLB misses flag delivery shortfalls and funding-cost creep.

Why the market is inefficient: ESG KPIs hide in footnotes and annexes, overlooked by analysts. Verification lags and slow vendor updates delay repricing, so step-up structures stay mis-weighted and mispriced.


SLBs in 2025: Where Step-Ups Create Event-Driven Alpha

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rheinmetall-ag" target="_blank" data-smartkarma-citation="entities:21700:1" rel="noopener">Rheinmetall AG (RHM GR)</a> surged ~65% over the last month and is now passing the sector coverage threshold resulting in its selection list qualification and rank of ~26.</li>
<li>Fast-Entry inclusion to Euro STOXX50 can be triggered at the June 2025 quarterly review if RHM's price increases by ~4% to reach the fast-entry rank of 25. </li>
<li>RHM's inclusion at the September 2025 annual review has a high probability given a failed fast-entry in June. <a href="https://www.smartkarma.com/entities/kering" target="_blank" data-smartkarma-citation="entities:21492:1" rel="noopener">Kering (KER FP)</a> is the main deletion candidate.</li>
</ul>



Rheinmetall AG (RHM GR) surged ~65% over the last month and is now passing the sector coverage threshold resulting in its selection list qualification and rank of ~26.
Fast-Entry inclusion to Euro STOXX50 can be triggered at the June 2025 quarterly review if RHM's price increases by ~4% to reach the fast-entry rank of 25. 
RHM's inclusion at the September 2025 annual review has a high probability given a failed fast-entry in June. Kering (KER FP) is the main deletion candidate.


EURO STOXX50: Fast-Entry In June Or Inclusion In September 2025 For Rheinmetall AG (RHM GR)

France

Legrand S.A. specializes in products and systems for electrical installations and information networks.  The company's products are offered for residential, commercial, and industrial use.

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Legrand SA (LR FP)

Legrand SA’s Global Strategy: Is It Building the Backbone of Tomorrow’s Cloud?

Legrand, a leading player in the electrical and digital building infrastructure industry, presented its 2025 half-year results, highlighting...

Baptista Research

Legrand S.A.: Initiation of Coverage- How Are They Executing Geographical Diversification To Seize Growth Opportunities!

Legrand, a French multinational company specializing in electrical and digital building infrastructure, concluded 2024 with noteworthy results,...

Baptista Research

Legrand S.A. - Company Update: March 21, 2025

Our estimations for FY 2025 annual revenue range at around €9,168 million and for 2026 at around €9,718 million. The company’s annual revenue...

VRS (Valuation & Research Specialists)

SLBs in 2025: Where Step-Ups Create Event-Driven Alpha

SLBs hide mispriced, time-stamped options. In 2025, €80B in bonds face KPI tests. Many will fail. Few are priced for it. Dislocation equals alpha...

Evan Campbell, CFA

EURO STOXX50: Fast-Entry In June Or Inclusion In September 2025 For Rheinmetall AG (RHM GR)

Rheinmetall AG (RHM) is now ranked 26th in Euro STOXX50, after surpassing the Industrial sector coverage threshold and is ~4% away from fast-entry...

Dimitris Ioannidis

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