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>Magna International's second quarter of 2025 results showcase a mixed performance across various financial metrics, amid ongoing industry challenges such as lower vehicle production in key markets and tariff impacts.</li><li>The company managed to achieve a 1% increase in adjusted earnings before interest and taxes (EBIT) and a 20- basis-point improvement in EBIT margin, although sales decreased by 3% year-over-year to $10.6 billion.</li><li>This contraction in sales was mainly attributed to weaker production dynamics in North America and Europe, declines in complete vehicle assembly volumes, and other operational adjustments.</li></ul>

Magna International's second quarter of 2025 results showcase a mixed performance across various financial metrics, amid ongoing industry challenges such as lower vehicle production in key markets and tariff impacts.The company managed to achieve a 1% increase in adjusted earnings before interest and taxes (EBIT) and a 20- basis-point improvement in EBIT margin, although sales decreased by 3% year-over-year to $10.6 billion.This contraction in sales was mainly attributed to weaker production dynamics in North America and Europe, declines in complete vehicle assembly volumes, and other operational adjustments.

Magna International: Initiation Of Coverage- Strengthening Its Competitive Edge With Localization & Technological Flexibility!

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

<ul><li>Global auto parts company Magna's value has declined this year despite investments in industry megatrends like EVs</li><li>The company has become a leader in areas like battery enclosures, but investors have not fully appreciated these investments</li><li>Magna is expected to see increased profitability in 2025 as its investments in EVs, Active Safety, and Battery Enclosures start to pay off, with these segments projected to grow significantly by 2027</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Global auto parts company Magna's value has declined this year despite investments in industry megatrends like EVsThe company has become a leader in areas like battery enclosures, but investors have not fully appreciated these investmentsMagna is expected to see increased profitability in 2025 as its investments in EVs, Active Safety, and Battery Enclosures start to pay off, with these segments projected to grow significantly by 2027This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Magna International Inc (MGA) - Monday, Jul 29, 2024

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>India is limiting Chinese participation in Indian subsidiaries while seeking investments from Taiwan, diversifying its economic ties.</li><li>AWS is committing significant funds to establish data centers in Taiwan, anticipating obstacles in securing renewable energy sources.</li><li>Elephantech is seeking collaborators to scale up their eco-friendly PCB manufacturing operations to meet the escalating demand. Join the sustainable production movement.</li></ul>

India is limiting Chinese participation in Indian subsidiaries while seeking investments from Taiwan, diversifying its economic ties.AWS is committing significant funds to establish data centers in Taiwan, anticipating obstacles in securing renewable energy sources.Elephantech is seeking collaborators to scale up their eco-friendly PCB manufacturing operations to meet the escalating demand. Join the sustainable production movement.

Tech Supply Chain Tracker (14-Jun-2024): India limits Chinese participation, woos Taiwanese investments.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back in 2014, Hahn &amp; Co and <a href="https://www.smartkarma.com/entities/hankook-tire-technology" target="_blank" data-smartkarma-citation="entities:20031:1" rel="noopener">Hankook Tire (161390 KS)</a> acquired a 70% stake in <a href="https://www.smartkarma.com/entities/hanon-systems" target="_blank" data-smartkarma-citation="entities:11506:1" rel="noopener">Hanon Systems (018880 KS)</a> from <a href="https://www.smartkarma.com/entities/visteon-corp" target="_blank" data-smartkarma-citation="entities:5471:1" rel="noopener">Visteon (VC US)</a>, an automotive electronics supplier, for ₩3.8tn.</li>
<li>Three years ago, Hahn/Hankook explored the sale of this 70% stake, which was expected to fetch ~₩8tn (US$7bn). Reportedly, Carlyle, TPG, Bain and auto supplier Mahle submitted preliminary bids.</li>
<li>That 70% stake is now worth ₩2.3tn. And reportedly, Carlyle has returned to the trough. </li>
</ul>


Back in 2014, Hahn &amp; Co and Hankook Tire (161390 KS) acquired a 70% stake in Hanon Systems (018880 KS) from Visteon (VC US), an automotive electronics supplier, for ₩3.8tn.
Three years ago, Hahn/Hankook explored the sale of this 70% stake, which was expected to fetch ~₩8tn (US$7bn). Reportedly, Carlyle, TPG, Bain and auto supplier Mahle submitted preliminary bids.
That 70% stake is now worth ₩2.3tn. And reportedly, Carlyle has returned to the trough. 


On A Charge: Hanon Systems & Renewed Interest In Hahn/Hankook's Stake

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Mobileye Global (MBLY US) is getting ready to complete its IPO next week. The IPO price range is between $18 and $20 per share.</li>
<li>Our base case valuation of Mobileye is implied market cap of $15.2 billion or $19 per share, which is within the IPO price range. </li>
<li>Given the low upside in our target price relative to the IPO price range, we have a Negative view of this IPO.</li>
</ul>


Mobileye Global (MBLY US) is getting ready to complete its IPO next week. The IPO price range is between $18 and $20 per share.
Our base case valuation of Mobileye is implied market cap of $15.2 billion or $19 per share, which is within the IPO price range. 
Given the low upside in our target price relative to the IPO price range, we have a Negative view of this IPO.


Canada

Magna International Inc. retails auto parts. The Company offers body exteriors, chassis structures, transmissions, lighting, seating, and fuel systems. Magna International serves customers worldwide.

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Magna International (MG CN)

Magna International: Initiation Of Coverage- Strengthening Its Competitive Edge With Localization & Technological Flexibility!

Magna International's second quarter of 2025 results showcase a mixed performance across various financial metrics, amid ongoing industry...

Baptista Research

Magna International Inc (MGA) - Monday, Jul 29, 2024

The company has become a leader in areas like battery enclosures, but investors have not fully appreciated these investments

Value Investors Club (VIC)

Tech Supply Chain Tracker (14-Jun-2024): India limits Chinese participation, woos Taiwanese investments.

India is pushing for restrictions on Chinese involvement, Taiwan is attracting investments, AWS is investing in Taiwan data centers, Elephantech...

Tech Supply Chain Tracker

On A Charge: Hanon Systems & Renewed Interest In Hahn/Hankook's Stake

There is currently no firm Offer. It's doubtful Hahn/Hankook will sell at these levels. Hanon appears inexpensive here, with a solid backlog and...

David Blennerhassett

Mobileye Global IPO Valuation Analysis

Our base case valuation of Mobileye is implied market cap of $15.2 billion or $19 per share, which is within the IPO price range. We have a...

Douglas Kim

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