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>Sherwin-Williams just delivered one of the more counterintuitive market reactions in the coatings sector.</li><li>Akzo Nobel rejected a joint approach from Sherwin-Williams and Nippon Paint at an indicative price of €73 per share, with the proposed structure involving Nippon making an all-cash offer and later selling parts of Akzo’s business to Sherwin.</li><li>Yet instead of punishing Sherwin for a failed approach, investors initially pushed the stock higher, with shares rising 0.8% to $313.71 in early trading, while Akzo Nobel’s stock jumped 16% to €61.12 after the rejection.</li></ul>

Sherwin-Williams just delivered one of the more counterintuitive market reactions in the coatings sector.Akzo Nobel rejected a joint approach from Sherwin-Williams and Nippon Paint at an indicative price of €73 per share, with the proposed structure involving Nippon making an all-cash offer and later selling parts of Akzo’s business to Sherwin.Yet instead of punishing Sherwin for a failed approach, investors initially pushed the stock higher, with shares rising 0.8% to $313.71 in early trading, while Akzo Nobel’s stock jumped 16% to €61.12 after the rejection.

Sherwin-Williams Acquisition Shock: Why Investors Cheered The Akzo Rejection!

<ul><li>The Sherwin-Williams Company delivered a solid first quarter in a difficult operating backdrop, with consolidated sales growing by a high single-digit percentage and exceeding guidance across all three reportable segments.</li><li>The result was supported by growth investments, new account wins, share of wallet gains, and continued execution in a market where most end markets remain soft.</li><li>Reported gross margin expanded by 90 basis points despite dilution from the Suvinil acquisition, marking the fourteenth quarter of year-over-year gross margin expansion in the last fifteen quarters.</li></ul>

The Sherwin-Williams Company delivered a solid first quarter in a difficult operating backdrop, with consolidated sales growing by a high single-digit percentage and exceeding guidance across all three reportable segments.The result was supported by growth investments, new account wins, share of wallet gains, and continued execution in a market where most end markets remain soft.Reported gross margin expanded by 90 basis points despite dilution from the Suvinil acquisition, marking the fourteenth quarter of year-over-year gross margin expansion in the last fifteen quarters.

Sherwin-Williams: $773 Million Returned But Middle East Headwinds Could Pressure Industrial Markets!

<ul><li>Sherwin-Williams Company reported strong fourth-quarter and full-year 2025 results, although there were areas with mixed performance, reflecting the challenging operating environment the company navigated.</li><li>The company's consolidated sales in the fourth quarter increased by a mid-single-digit percentage, aided partly by the acquisition of Suvinil, which contributed to the sales boost.</li><li>However, this also introduced some dilution to the gross margin, which, when excluding the acquisition, expanded slightly.</li></ul>

Sherwin-Williams Company reported strong fourth-quarter and full-year 2025 results, although there were areas with mixed performance, reflecting the challenging operating environment the company navigated.The company's consolidated sales in the fourth quarter increased by a mid-single-digit percentage, aided partly by the acquisition of Suvinil, which contributed to the sales boost.However, this also introduced some dilution to the gross margin, which, when excluding the acquisition, expanded slightly.

Sherwin-Williams’ Multi-Year Growth Story Is Taking Shape—And It’s Not Just About Paint!

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Late Friday, S&amp;PDJI announced <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> and <a href="https://www.smartkarma.com/entities/sherwin-williams-co-the" target="_blank" data-smartkarma-citation="entities:15539:1" rel="noopener">Sherwin Williams Co (SHW US)</a> would replace <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> and <a href="https://www.smartkarma.com/entities/dow-inc" target="_blank" data-smartkarma-citation="entities:19107:1" rel="noopener">Dow (DOW US)</a> in the Dow Jones Industrial Avg.</li>
<li>This was done to "ensure a more representative exposure to the semiconductors industry and materials sector, respectively." This will be effective of 7 November close; only four days to trade. </li>
<li>The details merit a closer look. Calculating how much tracks the DJIA should be "easy" but I have questions. That said, <a href="https://www.smartkarma.com/entities/sherwin-williams-co-the" target="_blank" data-smartkarma-citation="entities:15539:1" rel="noopener">Sherwin Williams Co (SHW US)</a> could get exciting.</li>
</ul>


Late Friday, S&amp;PDJI announced NVIDIA Corp (NVDA US) and Sherwin Williams Co (SHW US) would replace Intel Corp (INTC US) and Dow (DOW US) in the Dow Jones Industrial Avg.
This was done to "ensure a more representative exposure to the semiconductors industry and materials sector, respectively." This will be effective of 7 November close; only four days to trade. 
The details merit a closer look. Calculating how much tracks the DJIA should be "easy" but I have questions. That said, Sherwin Williams Co (SHW US) could get exciting.


Dow Jones Industrial Avg Nov24 Rebalance - Sherwin Williams (SHW) Could Get Jiggy

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

Axalta Coating Systems / Equity Bottom-Up

<ul><li>AkzoNobel: Evaluating Strategic Options in a Consolidating Industry AkzoNobel’s boards have unanimously rejected a conditional cash proposal from Nippon Paint Holdings.</li><li>At the same time, management continues to recommend the proposed merger of equals with Axalta, citing stronger long-term industrial benefits.</li><li> The situation reflects broader consolidation themes in the global coatings sector, with additional interest from Sherwin-Williams in select businesses forming part of the backdrop.</li></ul>

AkzoNobel: Evaluating Strategic Options in a Consolidating Industry AkzoNobel’s boards have unanimously rejected a conditional cash proposal from Nippon Paint Holdings.At the same time, management continues to recommend the proposed merger of equals with Axalta, citing stronger long-term industrial benefits. The situation reflects broader consolidation themes in the global coatings sector, with additional interest from Sherwin-Williams in select businesses forming part of the backdrop.

In-depth report: AkzoNobel | The Axalta deal just lost its gloss

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)

Sherwin-Williams Acquisition Shock: Why Investors Cheered The Akzo Rejection!

Sherwin-Williams just delivered one of the more counterintuitive market reactions in the coatings sector. Akzo Nobel rejected a joint approach...

Baptista Research

Sherwin-Williams: $773 Million Returned But Middle East Headwinds Could Pressure Industrial Markets!

The Sherwin-Williams Company delivered a solid first quarter in a difficult operating backdrop, with consolidated sales growing by a high...

Baptista Research

Sherwin-Williams’ Multi-Year Growth Story Is Taking Shape—And It’s Not Just About Paint!

Sherwin-Williams Company reported strong fourth-quarter and full-year 2025 results, although there were areas with mixed performance, reflecting...

Baptista Research

Dow Jones Industrial Avg Nov24 Rebalance - Sherwin Williams (SHW) Could Get Jiggy

The DJIA (Dow30) is an odd anachronism. Price-weighted. Rebalances when it wants. No ranking system. Just a committee and some vague inputs. This...

Travis Lundy

In-depth report: AkzoNobel | The Axalta deal just lost its gloss

AkzoNobel: Evaluating Strategic Options in a Consolidating Industry AkzoNobel’s boards have unanimously rejected a conditional cash proposal from...

The IDEA!

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