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

Reliance Steel & Aluminum / Equity Bottom-Up

<ul><li>Reliance Inc. reported its third quarter 2025 financial results, showcasing a mixed performance in a challenging market environment.</li><li>The company continued to demonstrate resilience with its adaptable business model and solid operational execution, achieving a record in tons sold and increasing U.S. market share from 14.5% in 2023 to 17.1%.</li><li>This was attributed to Reliance's strategic focus on customer service, inventory management, and broad processing capabilities, allowing it to outperform the industry despite declining shipment trends.</li></ul>

Reliance Inc. reported its third quarter 2025 financial results, showcasing a mixed performance in a challenging market environment.The company continued to demonstrate resilience with its adaptable business model and solid operational execution, achieving a record in tons sold and increasing U.S. market share from 14.5% in 2023 to 17.1%.This was attributed to Reliance's strategic focus on customer service, inventory management, and broad processing capabilities, allowing it to outperform the industry despite declining shipment trends.

Reliance Steel & Aluminum Co. Is Breaking Into Aerospace & Semiconductors With High-Value Alloys; What Lies Ahead?

<ul><li>The latest financial results for Reliance, Inc. present a complex picture, highlighting both the company's robust performance in certain areas and the challenges posed by ongoing market volatility and economic uncertainties.</li><li>Positives from the results include a record performance in terms of tons sold during the second quarter, with growth outpacing the industry average by 7 percentage points.</li><li>This success can be attributed to the company's extensive scale, access to domestic metals, and comprehensive processing capabilities, further showcasing Reliance's ability to leverage its operational efficiencies and market position to capture additional market share effectively.</li></ul>

The latest financial results for Reliance, Inc. present a complex picture, highlighting both the company's robust performance in certain areas and the challenges posed by ongoing market volatility and economic uncertainties.Positives from the results include a record performance in terms of tons sold during the second quarter, with growth outpacing the industry average by 7 percentage points.This success can be attributed to the company's extensive scale, access to domestic metals, and comprehensive processing capabilities, further showcasing Reliance's ability to leverage its operational efficiencies and market position to capture additional market share effectively.

Reliance Inc.: Is Its Resilience Through Domestic Sourcing & Trade Policy Navigation A ‘Buy’ Signal?

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>The index is reviewed quarterly. The next review will be in June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.</li>
<li>In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELETEs.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
The index is reviewed quarterly. The next review will be in June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.
In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELETEs.


Quiddity Leaderboard S&P 500 Jun 24 Rebal: Many Intra-Review Changes Possible Due to M&A, Spin-Offs

<ul><li>Reliance Inc.'s first-quarter performance in 2025 highlighted both robust financial metrics and some challenges emerging from the broader economic landscape.</li><li>The company reported a non-GAAP earnings per share of $3.77, surpassing internal projections, signifying strength despite prevailing market uncertainty.</li><li>This outperformance was driven by a 12.8% increase in tons sold compared to the previous quarter, attributed both to organic growth and the incorporation of four acquisitions made in 2024.</li></ul>

Reliance Inc.'s first-quarter performance in 2025 highlighted both robust financial metrics and some challenges emerging from the broader economic landscape.The company reported a non-GAAP earnings per share of $3.77, surpassing internal projections, signifying strength despite prevailing market uncertainty.This outperformance was driven by a 12.8% increase in tons sold compared to the previous quarter, attributed both to organic growth and the incorporation of four acquisitions made in 2024.

Reliance Inc.: Diversified Market Exposure to Capitalize On Emerging Trends!

<ul><li>Reliance Steel & Aluminum Co.'s recent earnings report provides a complex picture of its financial performance and strategic initiatives during 2024.</li><li>Positively, the company reported resilience in a tough market, achieving strong financial results through strategic decisions and acquisitions.</li><li>The company’s non-GAAP earnings per share for 2024 were $15.92, demonstrating benefits from targeted growth strategies, diverse market penetration, and strict pricing discipline.</li></ul>

Reliance Steel & Aluminum Co.'s recent earnings report provides a complex picture of its financial performance and strategic initiatives during 2024.Positively, the company reported resilience in a tough market, achieving strong financial results through strategic decisions and acquisitions.The company’s non-GAAP earnings per share for 2024 were $15.92, demonstrating benefits from targeted growth strategies, diverse market penetration, and strict pricing discipline.

Reliance Steel & Aluminum Co.: Diversified Market Exposure to Solidify As A Robust Player In Industrial Distribution Landscape!

United States

Reliance Steel & Aluminum Co. distributes and processes steel and aluminum. The Company's products include carbon, alloy, stainless and specialty steel, aluminum, brass, and copper.  Reliance operates processing and distribution centers throughout the United States. Reliance Steel & Aluminum operates in Spain.

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Reliance Steel & Aluminum (RS US)

Reliance Steel & Aluminum Co. Is Breaking Into Aerospace & Semiconductors With High-Value Alloys; What Lies Ahead?

Reliance Inc. reported its third quarter 2025 financial results, showcasing a mixed performance in a challenging market environment. The company...

Baptista Research

Reliance Inc.: Is Its Resilience Through Domestic Sourcing & Trade Policy Navigation A ‘Buy’ Signal?

The latest financial results for Reliance, Inc. present a complex picture, highlighting both the company's robust performance in certain areas and...

Baptista Research

Quiddity Leaderboard S&P 500 Jun 24 Rebal: Many Intra-Review Changes Possible Due to M&A, Spin-Offs

The SP500 will to see up to 4 intra-review changes before the June 2024 rebal. 3 near certain. The interesting ones? Two SP600 deletions due to...

Travis Lundy

Reliance Inc.: Diversified Market Exposure to Capitalize On Emerging Trends!

Reliance Inc.'s first-quarter performance in 2025 highlighted both robust financial metrics and some challenges emerging from the broader economic...

Baptista Research

Reliance Steel & Aluminum Co.: Diversified Market Exposure to Solidify As A Robust Player In Industrial Distribution Landscape!

Reliance Steel & Aluminum Co.'s recent earnings report provides a complex picture of its financial performance and strategic initiatives...

Baptista Research

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