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>Marsh & McLennan Companies reported a solid second quarter with a 12% increase in revenue, a 14% rise in adjusted operating income, and an 11% growth in adjusted EPS, aligning well with their expectations, despite challenging macroeconomic conditions.</li><li>Underlying revenue increased by 4%, with contributions from various business segments including Marsh, Guy Carpenter, Mercer, and Oliver Wyman.</li><li>The company continues to navigate a complex operating environment affected by geopolitical instability, trade wars, extreme weather, and emerging AI opportunities.</li></ul>

Marsh & McLennan Companies reported a solid second quarter with a 12% increase in revenue, a 14% rise in adjusted operating income, and an 11% growth in adjusted EPS, aligning well with their expectations, despite challenging macroeconomic conditions.Underlying revenue increased by 4%, with contributions from various business segments including Marsh, Guy Carpenter, Mercer, and Oliver Wyman.The company continues to navigate a complex operating environment affected by geopolitical instability, trade wars, extreme weather, and emerging AI opportunities.

Marsh & McLennan's Latest Earnings: How Economic Agility & Analytics Are Fueling Resilience!

<ul><li>Marsh McLennan had a solid start to 2025, reporting a 9% increase in revenue for the first quarter, driven by a 4% growth in underlying revenue and contributions from acquisitions made in 2024.</li><li>The company saw growth across all four of its businesses: Marsh, Guy Carpenter, Mercer, and Oliver Wyman.</li><li>Adjusted operating income rose by 8%, although the adjusted operating margin slightly declined by 20 basis points, reflecting some seasonality at McGriff.</li></ul>

Marsh McLennan had a solid start to 2025, reporting a 9% increase in revenue for the first quarter, driven by a 4% growth in underlying revenue and contributions from acquisitions made in 2024.The company saw growth across all four of its businesses: Marsh, Guy Carpenter, Mercer, and Oliver Wyman.Adjusted operating income rose by 8%, although the adjusted operating margin slightly declined by 20 basis points, reflecting some seasonality at McGriff.

Marsh & McLennan: Why Oliver Wyman Holds The Key To Its Future Growth!

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Reportedly buyout firms are "vying for" <a href="https://www.smartkarma.com/entities/trend-micro-inc" target="_blank" data-smartkarma-citation="entities:13172:1" rel="noopener">Trend Micro Inc (4704 JP)</a>. The stock went limit up today. Again. The stock is now getting to the expensive side.</li>
<li>
<a href="https://www.smartkarma.com/entities/furukawa-co-ltd" target="_blank" data-smartkarma-citation="entities:19521:1" rel="noopener">Furukawa (5715 JP)</a> has changed their capital allocation policy for the third time. The company is a cyclical, and will likely always suffer the indignity of a cyclical multiple.</li>
<li>While it often pays to follows where the family invests when assessing holdco structures, <a href="https://www.smartkarma.com/entities/melco-international-development-ltd" target="_blank" data-smartkarma-citation="entities:809:1" rel="noopener">Melco International (200 HK)</a>'s NAV discount is simply too narrow for a simple holding company structure.</li>
</ul>


Reportedly buyout firms are "vying for" Trend Micro Inc (4704 JP). The stock went limit up today. Again. The stock is now getting to the expensive side.

Furukawa (5715 JP) has changed their capital allocation policy for the third time. The company is a cyclical, and will likely always suffer the indignity of a cyclical multiple.
While it often pays to follows where the family invests when assessing holdco structures, Melco International (200 HK)'s NAV discount is simply too narrow for a simple holding company structure.


Last Week in Event SPACE: Trend Micro, Furukawa, Melco, Ingenia/Lifestyle

<ul><li>Marsh & McLennan Companies, a global leader in professional services, closed 2024 with substantial financial growth, registering an 8% revenue increase to $24.5 billion and a 7% underlying revenue growth.</li><li>The company reported an 11% expansion in adjusted operating income, reaching $6.2 billion against a backdrop of a complex global market.</li><li>The year's achievements were attributed not just to core business growth but also to an aggressive acquisition strategy, including a record $9.4 billion in acquisitions with a pivotal $7.75 billion deal to acquire McGriff.</li></ul>

Marsh & McLennan Companies, a global leader in professional services, closed 2024 with substantial financial growth, registering an 8% revenue increase to $24.5 billion and a 7% underlying revenue growth.The company reported an 11% expansion in adjusted operating income, reaching $6.2 billion against a backdrop of a complex global market.The year's achievements were attributed not just to core business growth but also to an aggressive acquisition strategy, including a record $9.4 billion in acquisitions with a pivotal $7.75 billion deal to acquire McGriff.

Marsh McLennan: Can Insurance Pricing Cycles Sustain Growth in the Long Run? - Major Drivers

<ul><li>Marsh & McLennan Companies (MMC) delivered a solid financial performance in the third quarter of 2024, continuing its positive growth trajectory.</li><li>The company achieved underlying revenue growth of 5%, supported by strong execution in Risk and Insurance Services (RIS) and Consulting.</li><li>Adjusted operating income increased by 12%, and the adjusted operating margin expanded by 110 basis points, reflecting effective cost management and operational efficiency.</li></ul>

Marsh & McLennan Companies (MMC) delivered a solid financial performance in the third quarter of 2024, continuing its positive growth trajectory.The company achieved underlying revenue growth of 5%, supported by strong execution in Risk and Insurance Services (RIS) and Consulting.Adjusted operating income increased by 12%, and the adjusted operating margin expanded by 110 basis points, reflecting effective cost management and operational efficiency.

Marsh & McLennan Companies: Expanding Middle Market Reach For A Competitive Edge! - Major Drivers

United States

Marsh & McLennan Companies, Inc. is a professional services firm providing advice and solutions in the areas of risk, strategy, and human capital. Marsh & McLennan offers analysis, advice, and transactional capabilities to clients worldwide.

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Marsh & Mclennan (MMC US)

Marsh & McLennan's Latest Earnings: How Economic Agility & Analytics Are Fueling Resilience!

Marsh & McLennan Companies reported a solid second quarter with a 12% increase in revenue, a 14% rise in adjusted operating income, and an 11%...

Baptista Research

Marsh & McLennan: Why Oliver Wyman Holds The Key To Its Future Growth!

Marsh McLennan had a solid start to 2025, reporting a 9% increase in revenue for the first quarter, driven by a 4% growth in underlying revenue...

Baptista Research

Last Week in Event SPACE: Trend Micro, Furukawa, Melco, Ingenia/Lifestyle

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Marsh McLennan: Can Insurance Pricing Cycles Sustain Growth in the Long Run? - Major Drivers

Marsh & McLennan Companies, a global leader in professional services, closed 2024 with substantial financial growth, registering an 8% revenue...

Baptista Research

Marsh & McLennan Companies: Expanding Middle Market Reach For A Competitive Edge! - Major Drivers

Marsh & McLennan Companies (MMC) delivered a solid financial performance in the third quarter of 2024, continuing its positive growth...

Baptista Research

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