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>The Sherwin-Williams Company recently reported its consolidated sales within the guided range, gross margin expansion, and growth in diluted earnings per share (EPS) and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA).</li><li>However, the results were at the lower end of expected sales.</li><li>Despite the modest first quarter, the company remains confident in its full-year outlook and is optimistic about the upcoming painting season.</li></ul>

The Sherwin-Williams Company recently reported its consolidated sales within the guided range, gross margin expansion, and growth in diluted earnings per share (EPS) and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA).However, the results were at the lower end of expected sales.Despite the modest first quarter, the company remains confident in its full-year outlook and is optimistic about the upcoming painting season.

The Sherwin-Williams Company: What Is Their Market Share Strategy in Emerging Opportunities? - Major Drivers

<ul><li>Sherwin-Williams Company, a global leader in the paint and coatings industry, reported a promising review of their fourth quarter 2023 results and outlook for the first quarter and full year of 2024.</li><li>The company has experienced positive growth, with sales growing 4.1% to $23.1 billion and adjusted earnings per share growing 18.6% to $10.35 a share.</li><li>Sherwin-Williams demonstrated robust financial performance during the fourth quarter that has resulted in a record year for the company.</li></ul>

Sherwin-Williams Company, a global leader in the paint and coatings industry, reported a promising review of their fourth quarter 2023 results and outlook for the first quarter and full year of 2024.The company has experienced positive growth, with sales growing 4.1% to $23.1 billion and adjusted earnings per share growing 18.6% to $10.35 a share.Sherwin-Williams demonstrated robust financial performance during the fourth quarter that has resulted in a record year for the company.

The Sherwin-Williams Company: Can Its Dominant Market Position Last? - Major Drivers

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Heavy lithium. Halfway through the year, the S&amp;P 500 has appreciated 15.4% YTD, driven by the strong performance of the Magnificent Seven, even as the remaining 490+ companies saw their stock prices move more in line with the Russell 2000, which itself posted an 7.8% gain YTD.</li><li>Over the same timeframe, the WTR-CMI Index delivered a disappointing 4.4% gain under the weight of lithium and graphite companies losing 36-62% of their value due to collapsing lithium and synthetic graphite prices, driven by slower growth of EVs and steel production and liquidation of excess inventories by customers, built over the course of 2022-23.</li><li><p>Sticky costs remain as pricing power wanes. Over the course of 2022-23, many companies experiencing a rapid rise in raw material costs, driven by higher petrochemical prices and rising costs of transportation and logistics aggressively raised prices in an attempt to preserve profits, if not profit margins. </p></li></ul>

Heavy lithium. Halfway through the year, the S&amp;P 500 has appreciated 15.4% YTD, driven by the strong performance of the Magnificent Seven, even as the remaining 490+ companies saw their stock prices move more in line with the Russell 2000, which itself posted an 7.8% gain YTD.Over the same timeframe, the WTR-CMI Index delivered a disappointing 4.4% gain under the weight of lithium and graphite companies losing 36-62% of their value due to collapsing lithium and synthetic graphite prices, driven by slower growth of EVs and steel production and liquidation of excess inventories by customers, built over the course of 2022-23.Sticky costs remain as pricing power wanes. Over the course of 2022-23, many companies experiencing a rapid rise in raw material costs, driven by higher petrochemical prices and rising costs of transportation and logistics aggressively raised prices in an attempt to preserve profits, if not profit margins. 

Mat-Chem Notes - Between a Rock and a Hard Place - 2H24 Outlook

<ul><li>The Sherwin-Williams Company delivered a solid result and managed an all-around beat in the last quarter.</li><li>In the third quarter, Sherwin-Williams' Paint Stores Group exhibited commendable resilience, with a 3.6% increase in sales, despite a demanding 21.5% comparison.</li><li>Within the Paint Stores Group, the Protective & Marine sector emerged as the fastest-growing, achieving double-digit percentage sales growth against a mid-teens comparison.</li></ul>

The Sherwin-Williams Company delivered a solid result and managed an all-around beat in the last quarter.In the third quarter, Sherwin-Williams' Paint Stores Group exhibited commendable resilience, with a 3.6% increase in sales, despite a demanding 21.5% comparison.Within the Paint Stores Group, the Protective & Marine sector emerged as the fastest-growing, achieving double-digit percentage sales growth against a mid-teens comparison.

The Sherwin-Williams Company: Acquisition Game-Changer! How Oskar Nolte & Klumpp Coatings Set the Stage for Future Wins! - Major Drivers

<ul><li>Sherwin-Williams managed to surpass the revenue and earnings expectations of Wall Street.</li><li>Given the positive first half and the current outlook for the second half, they have increased their full-year guidance.</li><li>The company's projections for the quarter's consolidated net sales were surpassed and increased by a mid-single-digit percentage.</li></ul>

Sherwin-Williams managed to surpass the revenue and earnings expectations of Wall Street.Given the positive first half and the current outlook for the second half, they have increased their full-year guidance.The company's projections for the quarter's consolidated net sales were surpassed and increased by a mid-single-digit percentage.

Sherwin-Williams Co: What Is Their Biggest Competitive Edge? – Key Drivers

United States

The Sherwin-Williams Company manufactures, distributes, and sells paints, coatings, and related products.  The Company's products are sold to professional, industrial, commercial, and retail customers primarily in North and South America. Sherwin Williams also has additional operations in the Caribbean region, Europe and Asia.

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Sherwin Williams Co (SHW US)

The Sherwin-Williams Company: Can Its Dominant Market Position Last? - Major Drivers

Sherwin-Williams Company, a global leader in the paint and coatings industry, reported a promising review of their fourth quarter 2023 results and...

Baptista Research

Mat-Chem Notes - Between a Rock and a Hard Place - 2H24 Outlook

Over the same timeframe, the WTR-CMI Index delivered a disappointing 4.4% gain under the weight of lithium and graphite companies losing 36-62% of...

Water Tower Research

The Sherwin-Williams Company: Acquisition Game-Changer! How Oskar Nolte & Klumpp Coatings Set the Stage for Future Wins! - Major Drivers

The Sherwin-Williams Company delivered a solid result and managed an all-around beat in the last quarter. In the third quarter, Sherwin-Williams'...

Baptista Research

Sherwin-Williams Co: What Is Their Biggest Competitive Edge? – Key Drivers

Sherwin-Williams managed to surpass the revenue and earnings expectations of Wall Street. Given the positive first half and the current outlook...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Sherwin-Williams Company: What Is Their Market Share Strategy in Emerging Opportunities? - Major Drivers

The Sherwin-Williams Company recently reported its consolidated sales within the guided range, gross margin expansion, and growth in diluted...

Baptista Research

The Sherwin-Williams Company: Can Its Dominant Market Position Last? - Major Drivers

Sherwin-Williams Company, a global leader in the paint and coatings industry, reported a promising review of their fourth quarter 2023 results and...

Baptista Research

Mat-Chem Notes - Between a Rock and a Hard Place - 2H24 Outlook

Over the same timeframe, the WTR-CMI Index delivered a disappointing 4.4% gain under the weight of lithium and graphite companies losing 36-62% of...

Water Tower Research

The Sherwin-Williams Company: Acquisition Game-Changer! How Oskar Nolte & Klumpp Coatings Set the Stage for Future Wins! - Major Drivers

The Sherwin-Williams Company delivered a solid result and managed an all-around beat in the last quarter. In the third quarter, Sherwin-Williams'...

Baptista Research

Sherwin-Williams Co: What Is Their Biggest Competitive Edge? – Key Drivers

Sherwin-Williams managed to surpass the revenue and earnings expectations of Wall Street. Given the positive first half and the current outlook...

Baptista Research