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>Sandvik's first quarter of 2025 showcased varied performance across its business segments and regions, colored by a mix of positive and challenging elements within the broader macroeconomic context.</li><li>The company’s Mining segment showed significant momentum, driven by robust demand and major orders in Australia and South America, contributing to a 7% increase in organic order intake.</li><li>Conversely, the Cutting Tools and Infrastructure divisions displayed continued strain from economic uncertainties, with notable declines in key markets such as Europe and North America.</li></ul>

Sandvik's first quarter of 2025 showcased varied performance across its business segments and regions, colored by a mix of positive and challenging elements within the broader macroeconomic context.The company’s Mining segment showed significant momentum, driven by robust demand and major orders in Australia and South America, contributing to a 7% increase in organic order intake.Conversely, the Cutting Tools and Infrastructure divisions displayed continued strain from economic uncertainties, with notable declines in key markets such as Europe and North America.

Sandvik’s Bold Manufacturing Play: Can It Weather the Next Global Crisis? – Initiation of Coverage

Breaking Down the Mining News of the Day, Money of Mine

Money of Mine

Breaking Down the Mining News of the Day

An ex-underground miner, an ex-investment banker, and an ex-equity research guy breaking down the mining news of the day. It's a bit of entertainment, information, and occasionally some alpha.

<ul><li>Discussion with Darren Kwok from Barminko and Andrew Dawson from Sandvik about load and haul equipment in the mining industry</li><li>Explanation of different types of load and haul equipment, including full battery, hybrid, and diesel electric</li><li>Exploration of reasons why certain technologies, like diesel electric, have not been widely adopted in underground mining operations</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Discussion with Darren Kwok from Barminko and Andrew Dawson from Sandvik about load and haul equipment in the mining industryExplanation of different types of load and haul equipment, including full battery, hybrid, and diesel electricExploration of reasons why certain technologies, like diesel electric, have not been widely adopted in underground mining operationsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Industrivärden offers cost-efficient, long-term exposure to Swedish industrial blue chips, with a high-quality balance sheet and 21% upside potential to our NAV-based target price of SEK 380.2.</li>
<li>While the portfolio remains concentrated in five core holdings, recent underperformance has opened a value gap; Volvo and Sandvik remain key drivers of upside in a cyclical rebound.</li>
<li>The current 5.5% NAV discount is below historical norms, but insider buying and improved fundamentals suggest scope for re-rating as market sentiment stabilizes around Industrivärden’s core assets.</li>
</ul>


Industrivärden offers cost-efficient, long-term exposure to Swedish industrial blue chips, with a high-quality balance sheet and 21% upside potential to our NAV-based target price of SEK 380.2.
While the portfolio remains concentrated in five core holdings, recent underperformance has opened a value gap; Volvo and Sandvik remain key drivers of upside in a cyclical rebound.
The current 5.5% NAV discount is below historical norms, but insider buying and improved fundamentals suggest scope for re-rating as market sentiment stabilizes around Industrivärden’s core assets.


Industrivärden's Q1 2025: NAV Evolution, Discount, Target NAV, Replication

Investment Advisor, Upslope Capital Management

Upslope Capital Management

Investment Advisor

Investment advisor for Upslope Partners Fund, LP, a global long/short equity hedge fund.

<ul><li>Q1 was challenging. However, in the two weeks since Mar 31, the world has changed, owing to an intense realignment of global trade policies.</li><li>This has swiftly aligned markets more with Upslope’s portfolio and approach.</li><li>April-to-date performance1 has been strong (approx. +7%), leaving the Fund +2% YTD (vs. -12% for the S&amp;P Midcap 400).</li></ul>

Q1 was challenging. However, in the two weeks since Mar 31, the world has changed, owing to an intense realignment of global trade policies.This has swiftly aligned markets more with Upslope’s portfolio and approach.April-to-date performance1 has been strong (approx. +7%), leaving the Fund +2% YTD (vs. -12% for the S&amp;P Midcap 400).

Upslope's Quarterly Investor Letter: 2025-Q1

<ul>
<li>NAV of <a href="https://www.smartkarma.com/entities/industrivarden-ab-8f0a0f6c-a595-41f6-a032-9b4820474704" target="_blank" data-smartkarma-citation="entities:43732:1" rel="noopener">Industrivarden (INDUC SS)</a> was c. SEK 160 bn (SEK 370/share) on December 31. NAV increased by 6% during FY 2024. 5-Y total return 78% (OMX30, 64%).</li>
<li>Industrivärden C shares are trading at a 3.9% discount to NAV (vs. 7.4% average for last 5-years). It seems risky to bet on a further discount reduction, rather a reversal.</li>
<li>My target NAV is SEK 171 bn. My TP for the C shares of Industrivärden, assuming a 5% discount to NAV, is SEK 376.5 (4.5% downside).</li>
</ul>


NAV of Industrivarden (INDUC SS) was c. SEK 160 bn (SEK 370/share) on December 31. NAV increased by 6% during FY 2024. 5-Y total return 78% (OMX30, 64%).
Industrivärden C shares are trading at a 3.9% discount to NAV (vs. 7.4% average for last 5-years). It seems risky to bet on a further discount reduction, rather a reversal.
My target NAV is SEK 171 bn. My TP for the C shares of Industrivärden, assuming a 5% discount to NAV, is SEK 376.5 (4.5% downside).


Industrivärden's FY 2024: NAV Evolution, Discount, Target NAV, Replication

Sweden

Sandvik AB is a high-technology engineering group.  The Company develops, manufactures, and markets tools for metalworking applications,  machinery and tools for rock excavation, stainless steel products, special alloys, and resistance heating materials and process systems.  Sandvik markets to industrial companies throughout the world, and tools can also be purchased online.

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Sandvik AB (SAND SS)

Sandvik’s Bold Manufacturing Play: Can It Weather the Next Global Crisis? – Initiation of Coverage

Sandvik's first quarter of 2025 showcased varied performance across its business segments and regions, colored by a mix of positive and...

Baptista Research

The Future of Underground Load & Haul

Darren Kwok and Mr. Andrew Dawson discuss load and haul technology, including diesel combustion engines, full battery electric trucks, hybrids, and...

Money of Mine

Industrivärden's Q1 2025: NAV Evolution, Discount, Target NAV, Replication

Industrivärden offers long-term exposure to Swedish industrial blue chips with potential for upside as market sentiment stabilizes and core assets...

Jesus Rodriguez Aguilar

Upslope's Quarterly Investor Letter: 2025-Q1

Q1 was challenging. However, in the two weeks since Mar 31, the world has changed, owing to an intense realignment of global trade policies.

Upslope Capital Management

Industrivärden's FY 2024: NAV Evolution, Discount, Target NAV, Replication

Industrivarden's NAV increased by 6% in FY 2024, with a target NAV of SEK 171 bn. C shares trading at a 3.9% discount to NAV, TP for C shares at...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sandvik’s Bold Manufacturing Play: Can It Weather the Next Global Crisis? – Initiation of Coverage

Sandvik's first quarter of 2025 showcased varied performance across its business segments and regions, colored by a mix of positive and...

Baptista Research

The Future of Underground Load & Haul

Darren Kwok and Mr. Andrew Dawson discuss load and haul technology, including diesel combustion engines, full battery electric trucks, hybrids, and...

Money of Mine

Industrivärden's Q1 2025: NAV Evolution, Discount, Target NAV, Replication

​Industrivärden offers long-term exposure to Swedish industrial blue chips with potential for upside as market sentiment stabilizes and core assets...

Jesus Rodriguez Aguilar

Upslope's Quarterly Investor Letter: 2025-Q1

Q1 was challenging. However, in the two weeks since Mar 31, the world has changed, owing to an intense realignment of global trade policies.

Upslope Capital Management

Industrivärden's FY 2024: NAV Evolution, Discount, Target NAV, Replication

​Industrivarden's NAV increased by 6% in FY 2024, with a target NAV of SEK 171 bn. C shares trading at a 3.9% discount to NAV, TP for C shares at...

Jesus Rodriguez Aguilar

Industrivärden offers long-term exposure to Swedish industrial blue chips with potential for upside as market sentiment stabilizes and core assets...

Industrivarden's NAV increased by 6% in FY 2024, with a target NAV of SEK 171 bn. C shares trading at a 3.9% discount to NAV, TP for C shares at...