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>Rexel's performance in the first half of 2025 illustrates a balanced navigation through diverse market conditions, characterized by firm growth in its North American operations and challenged, but resilient outcomes in Europe.</li><li>The company's strategy, underscored by strong cash generation, continued adaptation to digital trends, and targeted mergers and acquisitions, has facilitated steady performance amidst mixed macroeconomic signals.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Rexel's performance in the first half of 2025 illustrates a balanced navigation through diverse market conditions, characterized by firm growth in its North American operations and challenged, but resilient outcomes in Europe.The company's strategy, underscored by strong cash generation, continued adaptation to digital trends, and targeted mergers and acquisitions, has facilitated steady performance amidst mixed macroeconomic signals.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Rexel Eyes a Residential Comeback: Europe’s Hidden Catalyst for a Market Revival!

<ul><li>Rexel, a global leader in the distribution of electrical supplies, delivered its full-year results for 2024, highlighting both the challenges and strides the company made during a complex year.</li><li>This summary consolidates the key elements of the earnings call to provide a balanced view of the company's current performance and future prospects.</li><li>Rexel reported a 2.4% decline in like-for-like sales growth for 2024, within the revised guidance, yet evidencing the softer economic environment, particularly in Europe.</li></ul>

Rexel, a global leader in the distribution of electrical supplies, delivered its full-year results for 2024, highlighting both the challenges and strides the company made during a complex year.This summary consolidates the key elements of the earnings call to provide a balanced view of the company's current performance and future prospects.Rexel reported a 2.4% decline in like-for-like sales growth for 2024, within the revised guidance, yet evidencing the softer economic environment, particularly in Europe.

Global Head of Research & Head of Europe, Lucror Analytics

Felix Fischer

Global Head of Research & Head of Europe

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

The Europe HY Trade Book for September 2024 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for September 2024 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - September 2024 - Lucror Analytics

<h3>Europe High Yield Trade Book</h3>
 The Europe HY Trade Book for August 2024 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

Europe High Yield Trade Book
 The Europe HY Trade Book for August 2024 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.  

Europe HY Trade Book - August 2024 - Lucror Analytics

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Rexel's ESG as "Strong", in line with its Social and Governance scores, while the Environmental score is "Adequate". Controversies are "Immaterial" and Disclosure is "Strong".

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).  We assess Rexel's ESG as "Strong", in line with its Social and Governance scores, while the Environmental score is "Adequate". Controversies are "Immaterial" and Disclosure is "Strong".  

France

Rexel SA distributes low voltage electrical equipment.  The Company distributes wires, cables, ducts, heating, light and ventilation equipment, security equipment, household appliances, and products which connect computer peripherals to networks.  Rexel sells its products to electrical contractors, industrial and service sector companies, homeowners, and government agencies.

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Rexel SA (RXL FP)

Rexel Eyes a Residential Comeback: Europe’s Hidden Catalyst for a Market Revival!

Rexel's performance in the first half of 2025 illustrates a balanced navigation through diverse market conditions, characterized by firm growth in...

Baptista Research

Rexel: Initiation of Coverage

Rexel, a global leader in the distribution of electrical supplies, delivered its full-year results for 2024, highlighting both the challenges and...

Baptista Research

Europe HY Trade Book - September 2024 - Lucror Analytics

The Europe HY Trade Book for September 2024 includes current trade recommendations drawn from our European HY coverage universe, along with...

Lucror Analytics

Europe HY Trade Book - August 2024 - Lucror Analytics

The Europe HY Trade Book for August 2024 includes current trade recommendations drawn from our European HY coverage universe, along with...

Lucror Analytics

Rexel - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Rexel's ESG as "Strong",...

Lucror Analytics

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