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>Republic Services managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>They achieved revenue growth of 21%, including acquisitions and acquisition investments remain a priority for the management as they see significant opportunities in the recycling, solid waste, and environmental solutions sectors.</li><li>Their commitment to delivering exceptional customer experiences is reflected in their high customer retention rate and positive trends in Net Promoter Score.</li></ul>

Republic Services managed to exceed analyst expectations in terms of revenue as well as earnings.They achieved revenue growth of 21%, including acquisitions and acquisition investments remain a priority for the management as they see significant opportunities in the recycling, solid waste, and environmental solutions sectors.Their commitment to delivering exceptional customer experiences is reflected in their high customer retention rate and positive trends in Net Promoter Score.

Republic Services Inc.: Unlocking Profitability through Acquisitions! – Key Drivers

Credit

<ul>
<li>Republic Services is a major player within the waste management and environmental services space.</li>
<li>The management has invested more than $900 million in acquisitions that increased free cash flow and enhanced the market position of the company.</li>
<li>Among major developments, Republic Services entered into a joint venture with Archaea Energy Inc. to develop 39 RNG projects over the U.S.</li>
</ul>


Republic Services is a major player within the waste management and environmental services space.
The management has invested more than $900 million in acquisitions that increased free cash flow and enhanced the market position of the company.
Among major developments, Republic Services entered into a joint venture with Archaea Energy Inc. to develop 39 RNG projects over the U.S.


Republic Services Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

<ul>
<li>This is our first report on environmental services player, Republic Services.</li>
<li>The company has had a decent start to 2022 delivering EBITDA and revenue growth and showed an increase in the generated adjusted earnings.</li>
<li>Also, Republic Services continues to realize the advantages of its investments in technology.</li>
</ul>


This is our first report on environmental services player, Republic Services.
The company has had a decent start to 2022 delivering EBITDA and revenue growth and showed an increase in the generated adjusted earnings.
Also, Republic Services continues to realize the advantages of its investments in technology.


Republic Services Inc.: Initiation of Coverage – Business Strategy

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

Cleanaway Waste Management / Event-Driven

<ul>
<li>An <a href="https://www.afr.com/street-talk/cleanaway-in-kkr-s-crosshairs-20220419-p5aed3" target="_blank" rel="noopener">AFR article</a> claimed that <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co Inc (KKR US)</a> is preparing an offer for <a href="https://www.smartkarma.com/entities/transpacific-industries-group-ltd" target="_blank" data-smartkarma-citation="entities:19885:1" rel="noopener">Cleanaway Waste Management (CWY AU)</a>. The shares rose 5.9% to close at A$3.24.</li>
<li>KKR has a long history with Cleanaway. Private equity has recently acquired waste management companies that are increasingly viewed as “infrastructure-like’’. </li>
<li>Cleanaway’s scale, cash generation and modest leverage make it a target. A forward EV/EBITDA multiple of 15.8x, in line with <a href="https://www.smartkarma.com/entities/bingo-industries-ltd" target="_blank" data-smartkarma-citation="entities:24067:1" rel="noopener">Bingo Industries (BIN AU)</a>’s acquisition multiple, would imply A$3.92.</li>
</ul>


An AFR article claimed that KKR &amp; Co Inc (KKR US) is preparing an offer for Cleanaway Waste Management (CWY AU). The shares rose 5.9% to close at A$3.24.
KKR has a long history with Cleanaway. Private equity has recently acquired waste management companies that are increasingly viewed as “infrastructure-like’’. 
Cleanaway’s scale, cash generation and modest leverage make it a target. A forward EV/EBITDA multiple of 15.8x, in line with Bingo Industries (BIN AU)’s acquisition multiple, would imply A$3.92.


US/Europe Event-Driven Analyst

John DeMasi

Advanced Disposal Services I / Event-Driven

On the evening of May 10, 2019, <a href="https://www.smartkarma.com/entities/26366" target="_blank" data-smartkarma-citation="entities:26366:1">Advanced Disposal Services I (ADSW US)</a> filed its draft merger proxy for the special shareholder meeting to vote on the acquisition of the Company by <a href="https://www.smartkarma.com/entities/2560" target="_blank" data-smartkarma-citation="entities:2560:1">Waste Management (WM US)</a>. The merger agreement required the draft merger proxy to be filed by May 13, 2019.
In this brief note I discuss new information revealed, including the background section, regulatory insights and analysis behind the fairness opinion.
This note is a follow up to my initial deal write-up - <a href="https://www.smartkarma.com/insights/waste-management-buying-advanced-disposal-services-a-rubbish-deal-or-cash-from-trash" target="_blank" data-smartkarma-citation="insights:29693">Waste Management Buying Advanced Disposal Services – A Rubbish Deal or Cash from Trash?</a> - published just two days ago before the draft merger proxy was filed with the SEC.

On the evening of May 10, 2019, Advanced Disposal Services I (ADSW US) filed its draft merger proxy for the special shareholder meeting to vote on the acquisition of the Company by Waste Management (WM US). The merger agreement required the draft merger proxy to be filed by May 13, 2019.
In this brief note I discuss new information revealed, including the background section, regulatory insights and analysis behind the fairness opinion.
This note is a follow up to my initial deal write-up - Waste Management Buying Advanced Disposal Services – A Rubbish Deal or Cash from Trash? - published just two days ago before the draft merger proxy was filed with the SEC.

Advanced Disposal Services/Waste Management – Draft Merger Proxy Filing Details

United States

Republic Services, Inc. provides non-hazardous solid waste collection and disposal services in the United States.  The Company provides solid waste collection services for commercial, industrial, municipal, and residential customers.  Republic also operates transfer stations, landfills, and recycling facilities.

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Republic Services (RSG US)

Republic Services Inc.: Unlocking Profitability through Acquisitions! – Key Drivers

Republic Services managed to exceed analyst expectations in terms of revenue as well as earnings. They achieved revenue growth of 21%, including...

Baptista Research

Republic Services Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Republic Services is a major player within the waste management and environmental services space. The management has invested more than $900...

Baptista Research

Republic Services Inc.: Initiation of Coverage – Business Strategy

This is our first report on environmental services player, Republic Services. The company has had a decent start to 2022 delivering EBITDA and...

Baptista Research

KKR to Make a Move for Cleanaway?

An AFR article claimed that KKR is preparing an offer for Cleanaway. A forward EV/EBITDA multiple of 15.8x, in line with Bingo’s acquisition...

Arun George

Advanced Disposal Services/Waste Management – Draft Merger Proxy Filing Details

On the evening of May 10, 2019, Advanced Disposal Services I (ADSW US) filed its draft merger proxy for the special shareholder meeting to vote on...

John DeMasi

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