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

Ryan Specialty Holdings  / Equity Bottom-Up

<ul><li>Ryan Specialty Holdings reported solid results for the second quarter of 2025, showcasing both resilience and adaptability in a challenging market environment.</li><li>The company achieved a 23% increase in total revenue, driven by organic growth of 7.1% and strategic acquisitions, which contributed an additional 13 percentage points.</li><li>Adjusted EBITDAC rose by 24.5% to $308 million, with the margin expanding by 50 basis points to 36.1%.</li></ul>

Ryan Specialty Holdings reported solid results for the second quarter of 2025, showcasing both resilience and adaptability in a challenging market environment.The company achieved a 23% increase in total revenue, driven by organic growth of 7.1% and strategic acquisitions, which contributed an additional 13 percentage points.Adjusted EBITDAC rose by 24.5% to $308 million, with the margin expanding by 50 basis points to 36.1%.

Ryan Specialty Group Holdings Inc.’s Risk Focus – Can It Stay Ahead of Evolving Industry Exposures?

<ul><li>Ryan Specialty Holdings delivered a robust set of results for the first quarter of 2025, highlighted by significant growth driven by both organic initiatives and mergers and acquisitions (M&A).</li><li>The company's total revenue increased by 25% year-over-year, a substantial rise underpinned by a mix of 12.9% organic growth and a 13 percentage point contribution from M&A activities.</li><li>Despite a slight decline in fiduciary investment income, the firm achieved these impressive results by capitalizing on strategic acquisitions such as Velocity Risk Underwriters.</li></ul>

Ryan Specialty Holdings delivered a robust set of results for the first quarter of 2025, highlighted by significant growth driven by both organic initiatives and mergers and acquisitions (M&A).The company's total revenue increased by 25% year-over-year, a substantial rise underpinned by a mix of 12.9% organic growth and a 13 percentage point contribution from M&A activities.Despite a slight decline in fiduciary investment income, the firm achieved these impressive results by capitalizing on strategic acquisitions such as Velocity Risk Underwriters.

Ryan Specialty Scales Up with Strategic M&A—How USQRisk & Others Are Powering Its Expansion!

<ul><li>Ryan Specialty Holdings has reported strong financial results for both the fourth quarter and the full year of 2024, indicating robust performance across several key metrics and strategic areas.</li><li>The company achieved an impressive organic revenue growth rate of 11% for the quarter and 12.8% for the entire year, arising from a diverse portfolio that helped it navigate volatile market conditions.</li><li>Total revenue for the year surpassed $2.5 billion, marking a 21% year-over-year increase.</li></ul>

Ryan Specialty Holdings has reported strong financial results for both the fourth quarter and the full year of 2024, indicating robust performance across several key metrics and strategic areas.The company achieved an impressive organic revenue growth rate of 11% for the quarter and 12.8% for the entire year, arising from a diverse portfolio that helped it navigate volatile market conditions.Total revenue for the year surpassed $2.5 billion, marking a 21% year-over-year increase.

Ryan Specialty’s M&A Playbook: How Strategic Acquisitions Are Fueling Explosive Growth!

<ul><li>Ryan Specialty Holdings reported a solid performance in its third quarter of 2024, with key financial metrics indicating overall positive momentum despite certain market challenges.</li><li>The company achieved a 20.5% increase in total revenue, driven by a combination of 11.8% organic revenue growth and contributions from mergers and acquisitions.</li><li>The quarter's adjusted EBITDAC rose by 29.4% to $190 million, with margins expanding by 220 basis points to 31.5%.</li></ul>

Ryan Specialty Holdings reported a solid performance in its third quarter of 2024, with key financial metrics indicating overall positive momentum despite certain market challenges.The company achieved a 20.5% increase in total revenue, driven by a combination of 11.8% organic revenue growth and contributions from mergers and acquisitions.The quarter's adjusted EBITDAC rose by 29.4% to $190 million, with margins expanding by 220 basis points to 31.5%.

Ryan Specialty Holdings: Expanding The E&S & Specialty Market Presence To Push Top-Line Growth! - Major Drivers

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

<ul>
<li>In response to an AFR article, <a href="https://www.smartkarma.com/entities/aub-group-limited" target="_blank" data-smartkarma-citation="entities:11179:1" rel="noopener">AUB Group Limited (AUB AU)</a> confirmed that on 26 September, it received a non-binding proposal from <a href="https://www.smartkarma.com/entities/eqt-ab" target="_blank" data-smartkarma-citation="entities:28922:1" rel="noopener">EQT (EQT SS)</a> at A$45.00.</li>
<li>While the offer represents an all-time high, it is arguably light compared to precedent transactions and peer multiples. EQT's history of unsuccessful ASX tilts warrants some caution. </li>
<li>The Board has granted a six-week exclusive due diligence period, which ends on 20 November. The shareholder structure reduces the vote risk. </li>
</ul>


In response to an AFR article, AUB Group Limited (AUB AU) confirmed that on 26 September, it received a non-binding proposal from EQT (EQT SS) at A$45.00.
While the offer represents an all-time high, it is arguably light compared to precedent transactions and peer multiples. EQT's history of unsuccessful ASX tilts warrants some caution. 
The Board has granted a six-week exclusive due diligence period, which ends on 20 November. The shareholder structure reduces the vote risk. 


AUB Group (AUB AU): EQT’s NBIO at A$45.00

United States

Ryan Specialty Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides specialty insurance solutions for brokers, agents, and insurance carriers. Ryan Specialty Holdings serves customers worldwide.

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Ryan Specialty Holdings (RYAN US)

Ryan Specialty Group Holdings Inc.’s Risk Focus – Can It Stay Ahead of Evolving Industry Exposures?

Ryan Specialty Holdings reported solid results for the second quarter of 2025, showcasing both resilience and adaptability in a challenging market...

Baptista Research

Ryan Specialty Scales Up with Strategic M&A—How USQRisk & Others Are Powering Its Expansion!

Ryan Specialty Holdings delivered a robust set of results for the first quarter of 2025, highlighted by significant growth driven by both organic...

Baptista Research

Ryan Specialty’s M&A Playbook: How Strategic Acquisitions Are Fueling Explosive Growth!

Ryan Specialty Holdings has reported strong financial results for both the fourth quarter and the full year of 2024, indicating robust performance...

Baptista Research

Ryan Specialty Holdings: Expanding The E&S & Specialty Market Presence To Push Top-Line Growth! - Major Drivers

Ryan Specialty Holdings reported a solid performance in its third quarter of 2024, with key financial metrics indicating overall positive momentum...

Baptista Research

AUB Group (AUB AU): EQT’s NBIO at A$45.00

While the offer represents an all-time high, it is arguably light compared to precedent transactions and peer multiples.

Arun George

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