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>RPM International is extending its acquisition-led expansion strategy with an agreement to acquire Italy-based Volteco S.p.A. for its Tremco Construction Products Group, adding a specialist in below-grade waterproofing solutions to an increasingly broad construction systems portfolio.</li><li>Volteco, headquartered in Ponzano Veneto, generated approximately €28 million of sales in calendar 2025, and the transaction is expected to close during RPM’s second fiscal quarter of 2027.</li><li>The proposed addition comes as RPM enters fiscal 2027 following record fourth-quarter results, with Construction Products Group and Performance Coatings Group leading growth and management emphasizing maintenance, restoration, infrastructure and high-performance buildings.</li></ul>

RPM International is extending its acquisition-led expansion strategy with an agreement to acquire Italy-based Volteco S.p.A. for its Tremco Construction Products Group, adding a specialist in below-grade waterproofing solutions to an increasingly broad construction systems portfolio.Volteco, headquartered in Ponzano Veneto, generated approximately €28 million of sales in calendar 2025, and the transaction is expected to close during RPM’s second fiscal quarter of 2027.The proposed addition comes as RPM enters fiscal 2027 following record fourth-quarter results, with Construction Products Group and Performance Coatings Group leading growth and management emphasizing maintenance, restoration, infrastructure and high-performance buildings.

RPM International Acquisition Of Volteco: Could This Deal Strengthen Its Global Construction Business?

<ul><li>RPM International Inc.’s fiscal 2026 fourth quarter and full-year results reflected a continuation of record performance across sales, adjusted EBIT, and adjusted EPS, supported by growth in all segments and geographies.</li><li>Consolidated sales increased 7.2%, driven by demand for engineered solutions in high-performance building and infrastructure markets, price increases to offset inflation, and contributions from acquisitions.</li><li>All three business segments—Construction Products Group (CPG), Performance Coatings Group (PCG), and Consumer Group—reported record sales and adjusted EBIT, with the first two segments benefiting from system selling approaches and targeted growth sectors such as roofing, wall systems, data centers, and infrastructure projects.</li></ul>

RPM International Inc.’s fiscal 2026 fourth quarter and full-year results reflected a continuation of record performance across sales, adjusted EBIT, and adjusted EPS, supported by growth in all segments and geographies.Consolidated sales increased 7.2%, driven by demand for engineered solutions in high-performance building and infrastructure markets, price increases to offset inflation, and contributions from acquisitions.All three business segments—Construction Products Group (CPG), Performance Coatings Group (PCG), and Consumer Group—reported record sales and adjusted EBIT, with the first two segments benefiting from system selling approaches and targeted growth sectors such as roofing, wall systems, data centers, and infrastructure projects.

RPM International Inc.’s $899 Million Cash Engine — Can Record Growth Continue?

<ul><li>RPM International's fiscal second quarter of 2026 presented a mixed overview of its business trajectory, reflecting the complexities of the current economic environment.</li><li>The company reported record sales for the quarter, bolstered by targeted growth investments, but this was tempered by a slowdown in momentum as the quarter progressed.</li><li>The deceleration was notably evident in late-October and November, driven by factors such as longer construction project lead times, a softening in DIY demand, and a government shutdown that stymied certain construction activities tied to public funding.</li></ul>

RPM International's fiscal second quarter of 2026 presented a mixed overview of its business trajectory, reflecting the complexities of the current economic environment.The company reported record sales for the quarter, bolstered by targeted growth investments, but this was tempered by a slowdown in momentum as the quarter progressed.The deceleration was notably evident in late-October and November, driven by factors such as longer construction project lead times, a softening in DIY demand, and a government shutdown that stymied certain construction activities tied to public funding.

RPM International: Data Center Build-Outs, Flooring Expansion, and the Coatings Supercycle Setup!

<ul><li>RPM International has recently announced that its Tremco Construction Products Group (CPG) has entered into a definitive agreement to acquire Kalzip GmbH, a leading German provider of aluminum building envelope solutions.</li><li>This move, set to close in the fourth quarter of RPM’s fiscal 2026 pending customary closing conditions, signals a deeper push into global infrastructure markets by the coatings and construction chemicals manufacturer.</li><li>With Kalzip’s strong presence in Europe and India and capabilities in advanced roofing and façade systems, RPM appears to be leveraging M&A to broaden its system-based solutions and turnkey offerings, core pillars that have underpinned recent segment growth.</li></ul>

RPM International has recently announced that its Tremco Construction Products Group (CPG) has entered into a definitive agreement to acquire Kalzip GmbH, a leading German provider of aluminum building envelope solutions.This move, set to close in the fourth quarter of RPM’s fiscal 2026 pending customary closing conditions, signals a deeper push into global infrastructure markets by the coatings and construction chemicals manufacturer.With Kalzip’s strong presence in Europe and India and capabilities in advanced roofing and façade systems, RPM appears to be leveraging M&A to broaden its system-based solutions and turnkey offerings, core pillars that have underpinned recent segment growth.

RPM International’s Kalzip Buyout: A Hidden Growth Engine or a Risky Expansion?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares Russell 2000 ETF / Technical Analysis

<ul>
<li>Since early-October we have discussed our expectation for a bear rally, targeting the 200-day MAs on the $IWM and $SPX; targets were hit (within 0.5% of hitting on SPX).</li>
<li>We are now seeing short-term uptrend breaks on the IWM and the DJIA; this is a good time to get defensive and/or take profits, as the 1.5-month rally appears over.</li>
<li>We expect more weakness in the weeks ahead, and we cannot rule out another test of the 2022 lows.</li>
</ul>


Since early-October we have discussed our expectation for a bear rally, targeting the 200-day MAs on the $IWM and $SPX; targets were hit (within 0.5% of hitting on SPX).
We are now seeing short-term uptrend breaks on the IWM and the DJIA; this is a good time to get defensive and/or take profits, as the 1.5-month rally appears over.
We expect more weakness in the weeks ahead, and we cannot rule out another test of the 2022 lows.


Time to Get Defensive After 1.5-Month Uptrend Breaks; High Yield Spreads Widening Much Like Mid-Aug.

United States

RPM International, Inc. manufactures, markets, and sells various specialty chemical product lines. The Company's product lines include specialty paints, protective coatings and roofing systems, sealants and adhesives, focusing on the maintenance needs of both the industrial and consumer markets.

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Rpm International (RPM US)

RPM International Acquisition Of Volteco: Could This Deal Strengthen Its Global Construction Business?

RPM International is extending its acquisition-led expansion strategy with an agreement to acquire Italy-based Volteco S.p.A. for its Tremco...

Baptista Research

RPM International Inc.’s $899 Million Cash Engine — Can Record Growth Continue?

RPM International Inc.’s fiscal 2026 fourth quarter and full-year results reflected a continuation of record performance across sales, adjusted...

Baptista Research

RPM International: Data Center Build-Outs, Flooring Expansion, and the Coatings Supercycle Setup!

RPM International's fiscal second quarter of 2026 presented a mixed overview of its business trajectory, reflecting the complexities of the...

Baptista Research

RPM International’s Kalzip Buyout: A Hidden Growth Engine or a Risky Expansion?

RPM International has recently announced that its Tremco Construction Products Group (CPG) has entered into a definitive agreement to acquire...

Baptista Research

Time to Get Defensive After 1.5-Month Uptrend Breaks; High Yield Spreads Widening Much Like Mid-Aug.

Our targets for this bear rally have been hit, which were the 200-day MAs on $IWM and $SPX (within 0.5%). Now seeing short-term uptrend breaks on...

Vermilion Research

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