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>Smithfield Foods’ third-quarter 2025 earnings presentation provides a comprehensive look into the company's performance, highlighting a mix of positive outcomes and ongoing challenges.</li><li>The company reported a record third-quarter adjusted operating profit of $310 million, up by 8.5% compared to the previous year.</li><li>This performance reflects strategic maneuvers in innovation, value delivery, and efficient operational execution across its business segments.</li></ul>

Smithfield Foods’ third-quarter 2025 earnings presentation provides a comprehensive look into the company's performance, highlighting a mix of positive outcomes and ongoing challenges.The company reported a record third-quarter adjusted operating profit of $310 million, up by 8.5% compared to the previous year.This performance reflects strategic maneuvers in innovation, value delivery, and efficient operational execution across its business segments.

Smithfield Foods: How Strong Can It Stay as Consumers Tighten Their Wallets?

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Smithfield Foods / Equity Capital Markets

<ul>
<li>The company priced 26.08 million shares at $20.00—a reduced offering from the original 34.8 million shares and below the initial $23–$27 range.</li>
<li>Since then, Smithfield has staged a steady and impressive climb. On Monday, shares reached a new post-IPO high of $25.22—a 26% gain from the issue price.</li>
<li>A lesson can be learned: when the market punishes early entries, strong fundamentals and time can still pave the road to recovery.</li>
</ul>


The company priced 26.08 million shares at $20.00—a reduced offering from the original 34.8 million shares and below the initial $23–$27 range.
Since then, Smithfield has staged a steady and impressive climb. On Monday, shares reached a new post-IPO high of $25.22—a 26% gain from the issue price.
A lesson can be learned: when the market punishes early entries, strong fundamentals and time can still pave the road to recovery.


Smithfield Foods Inc (SFD) Six Month Summary: Rough Start with a Resilient IPO Turnaround

<ul>
<li>The company  priced a downsized transaction of 26.08mm shares (down from 34.8mm) at $20.00 (original range $23-$27) and opened at $21.05 for a gain of 5.3% at first trade.</li>
<li>A broken IPO usually hurts the psyche of the IPO market in the short term.</li>
<li>The healthcare space will be looking to give IPOs a boost during the second half of the week with much stronger deals set to debut.</li>
</ul>


The company  priced a downsized transaction of 26.08mm shares (down from 34.8mm) at $20.00 (original range $23-$27) and opened at $21.05 for a gain of 5.3% at first trade.
A broken IPO usually hurts the psyche of the IPO market in the short term.
The healthcare space will be looking to give IPOs a boost during the second half of the week with much stronger deals set to debut.


Smithfield Foods Inc (SFD): IPO Opens with Heavy Selling Pressure, Closes Below Issue

<ul>
<li>Sources have stated that the deal is experiencing "pushback" from the buy-side on the price. </li>
<li>Fresh on the mind of IPO investors is the underperforming energy deal, Venture Global (VG)</li>
<li>Price sensitivity in the deal is a stark signal to exercise caution on this IPO at this time</li>
</ul>


Sources have stated that the deal is experiencing "pushback" from the buy-side on the price. 
Fresh on the mind of IPO investors is the underperforming energy deal, Venture Global (VG)
Price sensitivity in the deal is a stark signal to exercise caution on this IPO at this time


Smithfield Foods, Inc. (SFD): Price Sensitivity Emerges in Another IPO

<ul>
<li>The company is seeking a market cap of $9.1b-$10.7b based on the $23-$27 range. </li>
<li>A high end pricing for Smithfield values the company at roughly 13.5x this year's earnings, a sizable discount to comps Hormel Foods (about 21x) and Tyson Foods (26x).</li>
<li>It is our opinion that the business model is well-rounded, resilient and stable with multiple-organic growth levers.</li>
</ul>


The company is seeking a market cap of $9.1b-$10.7b based on the $23-$27 range. 
A high end pricing for Smithfield values the company at roughly 13.5x this year's earnings, a sizable discount to comps Hormel Foods (about 21x) and Tyson Foods (26x).
It is our opinion that the business model is well-rounded, resilient and stable with multiple-organic growth levers.


Smithfield Foods (SFD): IPO Provides a Compelling Discount to Industry Peers

United States

Smithfield Foods, Inc. is an American food company with a leading position in packaged meats and fresh pork products. With a diverse brand portfolio and strong relationships with U.S. farmers and customers, the company responsibly meets demand for quality protein around the world.

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Smithfield Foods (SFD US)

Smithfield Foods: How Strong Can It Stay as Consumers Tighten Their Wallets?

Smithfield Foods’ third-quarter 2025 earnings presentation provides a comprehensive look into the company's performance, highlighting a mix of...

Baptista Research

Smithfield Foods Inc (SFD) Six Month Summary: Rough Start with a Resilient IPO Turnaround

Smithfield's reduced IPO offering at $20/share has since climbed 26% to $25.22, showing that strong fundamentals and time can lead to recovery in...

IPO Boutique

Smithfield Foods Inc (SFD): IPO Opens with Heavy Selling Pressure, Closes Below Issue

Company prices downsized IPO at $20/share, opens at $21.05 for 5.3% gain. Broken IPOs impact market psyche short term. Healthcare sector to boost...

IPO Boutique

Smithfield Foods, Inc. (SFD): Price Sensitivity Emerges in Another IPO

Investors are exercising caution as buy-side pushes back on price which could signal potential trouble for upcoming IPO Smithfield Foods.

IPO Boutique

Smithfield Foods (SFD): IPO Provides a Compelling Discount to Industry Peers

Company seeking market cap of $9.1b-$10.7b with $23-$27 range, high end pricing values at 13.5x earnings, strong and stable business model with...

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Smithfield Foods: How Strong Can It Stay as Consumers Tighten Their Wallets?

Smithfield Foods’ third-quarter 2025 earnings presentation provides a comprehensive look into the company's performance, highlighting a mix of...

Baptista Research

Smithfield Foods Inc (SFD) Six Month Summary: Rough Start with a Resilient IPO Turnaround

​Smithfield's reduced IPO offering at $20/share has since climbed 26% to $25.22, showing that strong fundamentals and time can lead to recovery in...

IPO Boutique

Smithfield Foods Inc (SFD): IPO Opens with Heavy Selling Pressure, Closes Below Issue

​Company prices downsized IPO at $20/share, opens at $21.05 for 5.3% gain. Broken IPOs impact market psyche short term. Healthcare sector to boost...

IPO Boutique

Smithfield Foods, Inc. (SFD): Price Sensitivity Emerges in Another IPO

​Investors are exercising caution as buy-side pushes back on price which could signal potential trouble for upcoming IPO Smithfield Foods.

IPO Boutique

Smithfield Foods (SFD): IPO Provides a Compelling Discount to Industry Peers

​Company seeking market cap of $9.1b-$10.7b with $23-$27 range, high end pricing values at 13.5x earnings, strong and stable business model with...

IPO Boutique

Smithfield's reduced IPO offering at $20/share has since climbed 26% to $25.22, showing that strong fundamentals and time can lead to recovery in...

Company prices downsized IPO at $20/share, opens at $21.05 for 5.3% gain. Broken IPOs impact market psyche short term. Healthcare sector to boost...

Investors are exercising caution as buy-side pushes back on price which could signal potential trouble for upcoming IPO Smithfield Foods.

Company seeking market cap of $9.1b-$10.7b with $23-$27 range, high end pricing values at 13.5x earnings, strong and stable business model with...