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>Snap-on Incorporated's first quarter of 2025 reflected mixed results influenced by a variety of external factors and internal strategies.</li><li>The company's sales totaled $1,141.1 million, indicating a 3.5% decline year-over-year, also impacted by a 2.3% organic sales decrease and $13.9 million in unfavorable foreign currency translation.</li><li>Despite this, Snap-on demonstrated resilience with a slight improvement in its gross margin, which rose 20 basis points to 50.7%, highlighting the benefits of RCI (Rapid Continuous Improvement) initiatives.</li></ul>

Snap-on Incorporated's first quarter of 2025 reflected mixed results influenced by a variety of external factors and internal strategies.The company's sales totaled $1,141.1 million, indicating a 3.5% decline year-over-year, also impacted by a 2.3% organic sales decrease and $13.9 million in unfavorable foreign currency translation.Despite this, Snap-on demonstrated resilience with a slight improvement in its gross margin, which rose 20 basis points to 50.7%, highlighting the benefits of RCI (Rapid Continuous Improvement) initiatives.

Snap-on Inc.: Will Its Software & Artificial Intelligence Integration Help Alter The Playing Field?

<ul><li>Snap-on Incorporated has reported its fourth quarter and full-year 2024 results, showcasing both strengths and challenges.</li><li>The quarter ended with a slight increase in sales to $1,198.7 million, marking a modest organic growth of 0.2%.</li><li>Despite a relatively flat revenue performance, profitability was robust, with gross margins improving by 140 basis points to 49.7% and operational company (opco) margins reaching 22.1%, an all-time high for the fourth quarter.</li></ul>

Snap-on Incorporated has reported its fourth quarter and full-year 2024 results, showcasing both strengths and challenges.The quarter ended with a slight increase in sales to $1,198.7 million, marking a modest organic growth of 0.2%.Despite a relatively flat revenue performance, profitability was robust, with gross margins improving by 140 basis points to 49.7% and operational company (opco) margins reaching 22.1%, an all-time high for the fourth quarter.

Snap-on Incorporated: How This Premium Tool Maker Is Adapting to Industry Shifts!

External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

<ul><li>Recommendation to short Snap-on ("SNA") due to recent consecutive earnings disappointments</li><li>Projected 15-20% return in next twelve months as 2025 earnings are expected to reset lower</li><li>Competition has intensified and degradation in Tools business goes beyond macroeconomic factors</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. This article was originally published 3 months ago on Value Investors Club.</em></p>

Recommendation to short Snap-on ("SNA") due to recent consecutive earnings disappointmentsProjected 15-20% return in next twelve months as 2025 earnings are expected to reset lowerCompetition has intensified and degradation in Tools business goes beyond macroeconomic factorsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

<ul><li>Snap-on Inc. recently presented its third-quarter financial results for the year 2024.</li><li>The company reported a slight decrease in sales but offset this with increased operating income and profit margins.</li><li>Notably, sales stood at $1.147 billion, a slight decrease from last year's $1.159 billion.</li></ul>

Snap-on Inc. recently presented its third-quarter financial results for the year 2024.The company reported a slight decrease in sales but offset this with increased operating income and profit margins.Notably, sales stood at $1.147 billion, a slight decrease from last year's $1.159 billion.

Snap-on Incorporated Hits A Record High After A Solid Q3 Performance But Will It Last?  - Major Drivers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>Tencent has been busy distributing shares in some of its investments over the past two years, with JD.com’s distribution announced in 2021 and Meituan’s in 2022.</li>
<li>In our earlier note in 2022, <a href="https://www.smartkarma.com/insights/tencent-investee-selldown-the-us-120bn-global-overhang" target="_blank" data-smartkarma-citation="insights:81153" rel="noopener">Tencent Investee Selldown - The US$120bn Global Overhang</a>, we had looked at its overall investment portfolio.</li>
<li>With two of its large investments spun-out, we now re-look at Tencent’s shareholding in various companies to try and gauge which ones it could sell out of and how. </li>
</ul>


Tencent has been busy distributing shares in some of its investments over the past two years, with JD.com’s distribution announced in 2021 and Meituan’s in 2022.
In our earlier note in 2022, Tencent Investee Selldown - The US$120bn Global Overhang, we had looked at its overall investment portfolio.
With two of its large investments spun-out, we now re-look at Tencent’s shareholding in various companies to try and gauge which ones it could sell out of and how. 


Tencent Investee Selldown - JD.com Done, Meituan Done, Two More Still Left

United States

Snap-on Incorporated develops, manufactures, and distributes tool and equipment solutions worldwide.  The Company's products include hand and power tools, diagnostics and shop equipment, tool storage products, diagnostics software, and other solutions for the automotive service industry.  Customers include professional service technicians and motor service shop owners, among others.

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Snap On Inc (SNA US)

Snap-on Inc.: Will Its Software & Artificial Intelligence Integration Help Alter The Playing Field?

Snap-on Incorporated's first quarter of 2025 reflected mixed results influenced by a variety of external factors and internal strategies. The...

Baptista Research

Snap-on Incorporated: How This Premium Tool Maker Is Adapting to Industry Shifts!

Snap-on Incorporated has reported its fourth quarter and full-year 2024 results, showcasing both strengths and challenges. The quarter ended with...

Baptista Research

Snap-On Inc (SNA) - Monday, Jul 29, 2024

Recommendation to short Snap-on ("SNA") due to recent consecutive earnings disappointments. Projected 15-20% return in next twelve months as 2025...

Value Investors Club

Snap-on Incorporated Hits A Record High After A Solid Q3 Performance But Will It Last? - Major Drivers

Snap-on Inc. recently presented its third-quarter financial results for the year 2024. The company reported a slight decrease in sales but offset...

Baptista Research

Tencent Investee Selldown - JD.com Done, Meituan Done, Two More Still Left

Tencent has been distributing shares in some of its investments over the past two years. In this note, we look at which of its remaining investee...

Sumeet Singh

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