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

Martin Marietta Materials / Equity Bottom-Up

<ul><li>Martin Marietta Materials reported an impressive third quarter for 2025, marked by record performance across both aggregates and specialties, emphasizing the enduring strength of its business model and strategic focus.</li><li>Aggregates revenues increased by 17% ($1.5 billion), with gross margins improving to 36%.</li><li>The Specialties business also set records, achieving a 60% revenue increase to $131 million.</li></ul>

Martin Marietta Materials reported an impressive third quarter for 2025, marked by record performance across both aggregates and specialties, emphasizing the enduring strength of its business model and strategic focus.Aggregates revenues increased by 17% ($1.5 billion), with gross margins improving to 36%.The Specialties business also set records, achieving a 60% revenue increase to $131 million.

Martin Marietta Is Betting Big on Rail—Could This Power Move Transform Its Future?

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Taiheiyo Cement’s California platform is vertically integrated and permit-constrained, yet valued at a Japanese consolidated multiple.</li>
<li>Activist engagement targets U.S. asset re-rating, capital allocation discipline, and potential monetisation.</li>
<li>Base case values shares at ¥4,800; activist outcome implies ¥7,200 driven by U.S. multiple normalisation.</li>
</ul>


Taiheiyo Cement’s California platform is vertically integrated and permit-constrained, yet valued at a Japanese consolidated multiple.
Activist engagement targets U.S. asset re-rating, capital allocation discipline, and potential monetisation.
Base case values shares at ¥4,800; activist outcome implies ¥7,200 driven by U.S. multiple normalisation.


Taiheiyo Cement (5233 JP): U.S. Scarcity Assets Drive Activist Re-Rating Potential

<ul><li>Martin Marietta, a leading supplier of building materials, demonstrated robust operational and financial performance in the second quarter of 2025, amid challenging weather and subdued residential demand.</li><li>The company recorded several financial milestones, including an 8% year-over-year increase in consolidated adjusted EBITDA to $630 million and a 35% EBITDA margin, up 170 basis points.</li><li>Aggregates revenues rose by 6% to $1.32 billion, driven by sustained pricing momentum and effective cost management.</li></ul>

Martin Marietta, a leading supplier of building materials, demonstrated robust operational and financial performance in the second quarter of 2025, amid challenging weather and subdued residential demand.The company recorded several financial milestones, including an 8% year-over-year increase in consolidated adjusted EBITDA to $630 million and a 35% EBITDA margin, up 170 basis points.Aggregates revenues rose by 6% to $1.32 billion, driven by sustained pricing momentum and effective cost management.

Martin Marietta’s Quikrete Deal: Could 1.3 Billion Tons of Stone Transform Its Growth?

<ul><li>Martin Marietta Materials Inc. (MLM) delivered a robust performance in the first quarter of 2025, underscoring its resilience despite challenging winter weather affecting key markets such as the Southeast, Southwest, and Midwest.</li><li>The company's performance was characterized by record first-quarter revenues in aggregates, gross profit, gross margin, and gross profit per ton, fueled by a 7% price increase, effective cost management, and margin-enhancing acquisitions.</li><li>The Magnesia Specialties division also delivered impressive results, achieving record revenues, gross profit, and gross margin.</li></ul>

Martin Marietta Materials Inc. (MLM) delivered a robust performance in the first quarter of 2025, underscoring its resilience despite challenging winter weather affecting key markets such as the Southeast, Southwest, and Midwest.The company's performance was characterized by record first-quarter revenues in aggregates, gross profit, gross margin, and gross profit per ton, fueled by a 7% price increase, effective cost management, and margin-enhancing acquisitions.The Magnesia Specialties division also delivered impressive results, achieving record revenues, gross profit, and gross margin.

Martin Marietta: An Insight Into Its M&A Outlook And Price Optimization Strategy!

<ul><li>Martin Marietta Materials Inc. (MLM) has been actively navigating the challenges and opportunities presented in both its industry and macroeconomic environments.</li><li>The company reported a strong performance in 2024 despite facing adverse weather conditions and a challenging economy.</li><li>The year was marked by record financial performance in their aggregates division and significant strategic transactions totaling approximately $6 billion, aimed at enhancing their portfolio.</li></ul>

Martin Marietta Materials Inc. (MLM) has been actively navigating the challenges and opportunities presented in both its industry and macroeconomic environments.The company reported a strong performance in 2024 despite facing adverse weather conditions and a challenging economy.The year was marked by record financial performance in their aggregates division and significant strategic transactions totaling approximately $6 billion, aimed at enhancing their portfolio.

Martin Marietta Materials: Will It Benefit From Increased Infrastructure Spending & Public-Sector Demand Growth?

United States

Martin Marietta Materials, Inc. produces aggregates for the construction industry, including highways, infrastructure, commercial, and residential. The Company also manufactures and markets magnesia-based products, including heat-resistant refractory products for the steel industry, chemical products for industrial and environmental uses, and dolomitic lime.

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Martin Marietta Materials (MLM US)

Martin Marietta Is Betting Big on Rail—Could This Power Move Transform Its Future?

Martin Marietta Materials reported an impressive third quarter for 2025, marked by record performance across both aggregates and specialties,...

Baptista Research

Taiheiyo Cement (5233 JP): U.S. Scarcity Assets Drive Activist Re-Rating Potential

Activist investors target Taiheiyo Cement's California platform for re-rating and potential monetization, aiming to increase share value from...

Rahul Jain

Martin Marietta’s Quikrete Deal: Could 1.3 Billion Tons of Stone Transform Its Growth?

Martin Marietta, a leading supplier of building materials, demonstrated robust operational and financial performance in the second quarter of...

Baptista Research

Martin Marietta: An Insight Into Its M&A Outlook And Price Optimization Strategy!

Martin Marietta Materials Inc. (MLM) delivered a robust performance in the first quarter of 2025, underscoring its resilience despite challenging...

Baptista Research

Martin Marietta Materials: Will It Benefit From Increased Infrastructure Spending & Public-Sector Demand Growth?

Martin Marietta Materials Inc. (MLM) has been actively navigating the challenges and opportunities presented in both its industry and...

Baptista Research

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Martin Marietta Is Betting Big on Rail—Could This Power Move Transform Its Future?

Martin Marietta Materials reported an impressive third quarter for 2025, marked by record performance across both aggregates and specialties,...

Baptista Research

Taiheiyo Cement (5233 JP): U.S. Scarcity Assets Drive Activist Re-Rating Potential

​Activist investors target Taiheiyo Cement's California platform for re-rating and potential monetization, aiming to increase share value from...

Rahul Jain

Martin Marietta’s Quikrete Deal: Could 1.3 Billion Tons of Stone Transform Its Growth?

Martin Marietta, a leading supplier of building materials, demonstrated robust operational and financial performance in the second quarter of...

Baptista Research

Martin Marietta: An Insight Into Its M&A Outlook And Price Optimization Strategy!

Martin Marietta Materials Inc. (MLM) delivered a robust performance in the first quarter of 2025, underscoring its resilience despite challenging...

Baptista Research

Martin Marietta Materials: Will It Benefit From Increased Infrastructure Spending & Public-Sector Demand Growth?

Martin Marietta Materials Inc. (MLM) has been actively navigating the challenges and opportunities presented in both its industry and...

Baptista Research

Activist investors target Taiheiyo Cement's California platform for re-rating and potential monetization, aiming to increase share value from...