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

Raytheon Technologies  / Equity Bottom-Up

<ul><li>In the second quarter of 2024, Raytheon Technologies Corporation (RTX) showcased a robust performance, underpinned by double-digit top-line growth and expanded margins, indicating significant strides in its operational and financial health.</li><li>Despite various challenges, the company's strategic execution and commercial advancements have strengthened its market position.</li><li>However, issues concerning legal settlements and contract adjustments have necessitated substantial financial charges, which might raise concerns among some stakeholders.</li></ul>

In the second quarter of 2024, Raytheon Technologies Corporation (RTX) showcased a robust performance, underpinned by double-digit top-line growth and expanded margins, indicating significant strides in its operational and financial health.Despite various challenges, the company's strategic execution and commercial advancements have strengthened its market position.However, issues concerning legal settlements and contract adjustments have necessitated substantial financial charges, which might raise concerns among some stakeholders.

RTX Corporation: Expanding Market Presence in Defense and Commercial Aerospace! - Major Drivers

<ul><li>Raytheon Technologies Corporation (RTX) started off the year strongly with emphasis on attaining a strong foundation for the future.</li><li>The company is making headway in transforming its three business units: Pratt & Whitney, Collins Aerospace, and Raytheon into industry leaders that can withstand increasing sales and operating profit growth.</li><li>The company's backlog has reached a record high of over $200 billion which is positive evidence of its market strength.</li></ul>

Raytheon Technologies Corporation (RTX) started off the year strongly with emphasis on attaining a strong foundation for the future.The company is making headway in transforming its three business units: Pratt & Whitney, Collins Aerospace, and Raytheon into industry leaders that can withstand increasing sales and operating profit growth.The company's backlog has reached a record high of over $200 billion which is positive evidence of its market strength.

RTX Corporation: These Are The 6 Pivotal Factors Impacting Its Performance In 2024 & Beyond! - Financial Forecasts

<ul><li>RTX Corporation held its Q4 2023 earnings conference call with senior executives such as Chairman and CEO Greg Hayes, incoming CEO Chris Calio and Chief Financial Officer Neil Mitchill.</li><li>The call highlighted a leadership change with the transition of current CEO, Greg Hayes, to Executive Chairman, and Chris Calio assuming the role of CEO.</li><li>The company reported strong full-year results with $74.3 billion in adjusted sales, a growth of 11% organically, and adjusted EPS of $5.06, a growth of 6% year-over-year.</li></ul>

RTX Corporation held its Q4 2023 earnings conference call with senior executives such as Chairman and CEO Greg Hayes, incoming CEO Chris Calio and Chief Financial Officer Neil Mitchill.The call highlighted a leadership change with the transition of current CEO, Greg Hayes, to Executive Chairman, and Chris Calio assuming the role of CEO.The company reported strong full-year results with $74.3 billion in adjusted sales, a growth of 11% organically, and adjusted EPS of $5.06, a growth of 6% year-over-year.

RTX Corporation: Can Their Investments In Differentiated Technologies Further Build Their Competitive Moat? - Major Drivers

<ul><li>RTX Corp managed an all-around beat in its latest result.</li><li>Additionally, the defense segment is benefiting from increased defense spending globally, driven by the current threat environment.</li><li>Furthermore, RTX is actively managing its portfolio by divesting non-core businesses, generating cash proceeds to support its strategic objectives.</li></ul>

RTX Corp managed an all-around beat in its latest result.Additionally, the defense segment is benefiting from increased defense spending globally, driven by the current threat environment.Furthermore, RTX is actively managing its portfolio by divesting non-core businesses, generating cash proceeds to support its strategic objectives.

RTX Corporation: Navigating Turbulence in the Aerospace and Defense Industry! – Key Drivers

Japan Specialist

Mark Chadwick

<ul>
<li>IHI's share price has declined 16% on news that Pratt &amp; Whitney would need to ground more planes due to problems with its PW1100 turbofan engines</li>
<li>IHI has a 15% share of the revenue and risk from this program. The new engine was expected to be a major earnings driver over the next several years</li>
<li>We believe that IHI will be forced to revise down OP guidance to a loss. The bigger impact could be on FCF and future capex plans. </li>
</ul>


IHI's share price has declined 16% on news that Pratt &amp; Whitney would need to ground more planes due to problems with its PW1100 turbofan engines
IHI has a 15% share of the revenue and risk from this program. The new engine was expected to be a major earnings driver over the next several years
We believe that IHI will be forced to revise down OP guidance to a loss. The bigger impact could be on FCF and future capex plans. 


United States

Raytheon Technologies Corporation operates as an aircraft manufacturing company. The Company focuses on technology offerings and engineering teams to deliver innovative solutions such as aero structures, avionics, interiors, mechanical systems, mission systems, aircraft engines, power and control systems, radars, software, and other products.

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Raytheon Technologies (RTX US)

RTX Corporation: Expanding Market Presence in Defense and Commercial Aerospace! - Major Drivers

In the second quarter of 2024, Raytheon Technologies Corporation (RTX) showcased a robust performance, underpinned by double-digit top-line growth...

Baptista Research

RTX Corporation: These Are The 6 Pivotal Factors Impacting Its Performance In 2024 & Beyond! - Financial Forecasts

Raytheon Technologies Corporation (RTX) started off the year strongly with emphasis on attaining a strong foundation for the future. The company...

Baptista Research

RTX Corporation: Can Their Investments In Differentiated Technologies Further Build Their Competitive Moat? - Major Drivers

RTX Corporation held its Q4 2023 earnings conference call with senior executives such as Chairman and CEO Greg Hayes, incoming CEO Chris Calio and...

Baptista Research

RTX Corporation: Navigating Turbulence in the Aerospace and Defense Industry! – Key Drivers

RTX Corp managed an all-around beat in its latest result. Additionally, the defense segment is benefiting from increased defense spending...

Baptista Research

IHI (7013) | Brace for a ¥130b Charge

IHI's share price drops 16% as Pratt & Whitney's engine issues impact revenue and earnings projections, leading to potential losses and impact on...

Mark Chadwick

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RTX Corporation: Expanding Market Presence in Defense and Commercial Aerospace! - Major Drivers

In the second quarter of 2024, Raytheon Technologies Corporation (RTX) showcased a robust performance, underpinned by double-digit top-line growth...

Baptista Research

RTX Corporation: These Are The 6 Pivotal Factors Impacting Its Performance In 2024 & Beyond! - Financial Forecasts

Raytheon Technologies Corporation (RTX) started off the year strongly with emphasis on attaining a strong foundation for the future. The company...

Baptista Research

RTX Corporation: Can Their Investments In Differentiated Technologies Further Build Their Competitive Moat? - Major Drivers

RTX Corporation held its Q4 2023 earnings conference call with senior executives such as Chairman and CEO Greg Hayes, incoming CEO Chris Calio and...

Baptista Research

RTX Corporation: Navigating Turbulence in the Aerospace and Defense Industry! – Key Drivers

RTX Corp managed an all-around beat in its latest result. Additionally, the defense segment is benefiting from increased defense spending...

Baptista Research

IHI (7013) | Brace for a ¥130b Charge

​IHI's share price drops 16% as Pratt & Whitney's engine issues impact revenue and earnings projections, leading to potential losses and impact on...

Mark Chadwick

IHI's share price drops 16% as Pratt & Whitney's engine issues impact revenue and earnings projections, leading to potential losses and impact on...