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>ManpowerGroup's recent earnings revealed a mixed performance for the first quarter of 2025, highlighting both favorable and challenging aspects of its business environment.</li><li>The company's global operations spanning Europe, Latin America, the Asia Pacific, and North America faced varying levels of demand due to economic and geopolitical dynamics, particularly influenced by trade policy announcements in the U.S. which have resulted in heightened uncertainty and cautious client behavior.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

ManpowerGroup's recent earnings revealed a mixed performance for the first quarter of 2025, highlighting both favorable and challenging aspects of its business environment.The company's global operations spanning Europe, Latin America, the Asia Pacific, and North America faced varying levels of demand due to economic and geopolitical dynamics, particularly influenced by trade policy announcements in the U.S. which have resulted in heightened uncertainty and cautious client behavior.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

ManpowerGroup: Restructuring Initiatives in Northern Europe to Support Financial Recovery & Future Growth Plans!

<ul><li>ManpowerGroup recently reported its fourth-quarter earnings for 2024, revealing several key insights into its performance and strategic initiatives.</li><li>With a revenue decline of 3% year-over-year in constant currency to $4.4 billion, the company's results reflect challenging conditions in its primary markets, particularly Europe and North America.</li><li>Despite this, segments like LATAM and APME displayed positive demand for services.</li></ul>

ManpowerGroup recently reported its fourth-quarter earnings for 2024, revealing several key insights into its performance and strategic initiatives.With a revenue decline of 3% year-over-year in constant currency to $4.4 billion, the company's results reflect challenging conditions in its primary markets, particularly Europe and North America.Despite this, segments like LATAM and APME displayed positive demand for services.

ManpowerGroup: How Are They Tackling Market Volatility and Employer Sentiment Challenges?

<ul><li>ManpowerGroup Inc. reported its third-quarter earnings for 2024, indicating a challenging yet cautiously optimistic landscape.</li><li>The company's total revenue for the third quarter was $4.5 billion, showing a decrease of 2% from the previous year in constant currency.</li><li>Adjusted EBITA stood at $117 million, marking a 2% increase year-over-year, while adjusted earnings per diluted share was $1.29, reflecting an 8% decrease in constant currency terms.</li></ul>

ManpowerGroup Inc. reported its third-quarter earnings for 2024, indicating a challenging yet cautiously optimistic landscape.The company's total revenue for the third quarter was $4.5 billion, showing a decrease of 2% from the previous year in constant currency.Adjusted EBITA stood at $117 million, marking a 2% increase year-over-year, while adjusted earnings per diluted share was $1.29, reflecting an 8% decrease in constant currency terms.

ManpowerGroup’s Bold Innovation: Walmart Job Hub Revolutionizes Talent Acquisition! - Major Drivers

<ul><li>ManpowerGroup, a global leader in workforce solutions, has reported its financial results for the second quarter of 2024, delivering $4.5 billion in revenue, a decrease of 3% year-over-year in constant currency.</li><li>Adjusted Earnings Before Interest, Taxes, and Amortization (EBITA) were $112 million, demonstrating a decrease of 9% in constant currency compared to the previous year.</li><li>The adjusted EBITA margin stood at 2.5%.</li></ul>

ManpowerGroup, a global leader in workforce solutions, has reported its financial results for the second quarter of 2024, delivering $4.5 billion in revenue, a decrease of 3% year-over-year in constant currency.Adjusted Earnings Before Interest, Taxes, and Amortization (EBITA) were $112 million, demonstrating a decrease of 9% in constant currency compared to the previous year.The adjusted EBITA margin stood at 2.5%.

ManpowerGroup Inc.: Initiation Of Coverage - How Are The Staffing Solutions Provider Adapting to Geopolitical and Economic Environments! - Major Drivers

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>The <a href="https://www.smartkarma.com/entities/apm-human-services-internation" target="_blank" data-smartkarma-citation="entities:34808:1" rel="noopener">APM Human Services (APM AU)</a> IE considers Madison Dearborn Partners (MDP)’s A$1.45 offer fair and reasonable as it is within the A$1.40 to A$1.74 valuation range. </li>
<li>The offer is conditional on FIRB, US HSR and shareholder approval. FIRB approval should be forthcoming as MDP is the second-largest shareholder.</li>
<li>While the offer remains underwhelming, rollover shareholders and quiet retail boards should ensure the vote passes. At last close and for the 10 October payment, the gross/annualised spread is 1.4%/10.1%.</li>
</ul>


The APM Human Services (APM AU) IE considers Madison Dearborn Partners (MDP)’s A$1.45 offer fair and reasonable as it is within the A$1.40 to A$1.74 valuation range. 
The offer is conditional on FIRB, US HSR and shareholder approval. FIRB approval should be forthcoming as MDP is the second-largest shareholder.
While the offer remains underwhelming, rollover shareholders and quiet retail boards should ensure the vote passes. At last close and for the 10 October payment, the gross/annualised spread is 1.4%/10.1%.


APM Human Services (APM AU): Scheme Vote on 18 September

United States

Manpowergroup Inc. provides non-governmental employment services through offices located around the world. The Company's principal operations include temporary staffing services, contract services, and training and testing of temporary and permanent workers. Manpower provides employment services to a wide variety of customers.

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Manpowergroup Inc (MAN US)

ManpowerGroup: Restructuring Initiatives in Northern Europe to Support Financial Recovery & Future Growth Plans!

ManpowerGroup's recent earnings revealed a mixed performance for the first quarter of 2025, highlighting both favorable and challenging aspects of...

Baptista Research

ManpowerGroup: How Are They Tackling Market Volatility and Employer Sentiment Challenges?

ManpowerGroup recently reported its fourth-quarter earnings for 2024, revealing several key insights into its performance and strategic...

Baptista Research

ManpowerGroup’s Bold Innovation: Walmart Job Hub Revolutionizes Talent Acquisition! - Major Drivers

ManpowerGroup Inc. reported its third-quarter earnings for 2024, indicating a challenging yet cautiously optimistic landscape. The company's total...

Baptista Research

ManpowerGroup Inc.: Initiation Of Coverage - How Are The Staffing Solutions Provider Adapting to Geopolitical and Economic Environments! - Major Drivers

ManpowerGroup, a global leader in workforce solutions, has reported its financial results for the second quarter of 2024, delivering $4.5 billion...

Baptista Research

APM Human Services (APM AU): Scheme Vote on 18 September

While the offer remains underwhelming, rollover shareholders and quiet retail boards should ensure the vote passes. At the last close, the gross...

Arun George

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