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>Terex Corporation reported second quarter 2026 results marked by revenue growth across all segments and improved earnings conversion.</li><li>Consolidated revenue on a pro forma basis grew by 8.5% year-over-year to $2.2 billion, supported by strong demand in materials processing, specialty vehicles, aerials, and environmental solutions.</li><li>Adjusted EBITDA increased 10.7% to $269 million with a margin of 12%, slightly improving over the prior year’s 11.8%.</li></ul>

Terex Corporation reported second quarter 2026 results marked by revenue growth across all segments and improved earnings conversion.Consolidated revenue on a pro forma basis grew by 8.5% year-over-year to $2.2 billion, supported by strong demand in materials processing, specialty vehicles, aerials, and environmental solutions.Adjusted EBITDA increased 10.7% to $269 million with a margin of 12%, slightly improving over the prior year’s 11.8%.

Terex Corporation's Hidden Catalyst — Bookings Surge 25% As Backlog Hits $6.9 Billion!

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>Terex is undergoing a significant strategic transformation, highlighted by the merger with REV Group, to pivot towards less cyclical, higher-margin specialty and environmental equipment markets.</li>
 <li>Recent financial performance shows strong top-line growth driven by acquisitions, with Q2 2026 sales up 50.5% year-over-year; however, the company faces challenges with margin pressure and integrating its new businesses.</li>
 <li>The successful integration of REV Group and the realization of an expected $75 million in run-rate synergies are the most critical near-term catalysts for shareholder value creation.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Terex is undergoing a significant strategic transformation, highlighted by the merger with REV Group, to pivot towards less cyclical, higher-margin specialty and environmental equipment markets.
  Recent financial performance shows strong top-line growth driven by acquisitions, with Q2 2026 sales up 50.5% year-over-year; however, the company faces challenges with margin pressure and integrating its new businesses.
  The successful integration of REV Group and the realization of an expected $75 million in run-rate synergies are the most critical near-term catalysts for shareholder value creation.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul><li>Terex Corporation reported a strong start to 2026, with first-quarter sales increasing by 41% year-over-year on a reported basis to $1.7 billion, primarily driven by the recent acquisition of REV and growth across all legacy business segments.</li><li>On a pro forma basis, which adjusts for the merger and excludes divested businesses, sales grew approximately 11%, with Specialty Vehicles leading at 20% growth, complemented by robust increases in Materials Processing (MP) and Terex Utilities.</li><li>The company’s earnings per share (EPS) rose 18% compared to the prior year to $0.98, boosted by a one-time favorable tax event of $0.10 per share and despite tariff pressures impacting some segments.</li></ul>

Terex Corporation reported a strong start to 2026, with first-quarter sales increasing by 41% year-over-year on a reported basis to $1.7 billion, primarily driven by the recent acquisition of REV and growth across all legacy business segments.On a pro forma basis, which adjusts for the merger and excludes divested businesses, sales grew approximately 11%, with Specialty Vehicles leading at 20% growth, complemented by robust increases in Materials Processing (MP) and Terex Utilities.The company’s earnings per share (EPS) rose 18% compared to the prior year to $0.98, boosted by a one-time favorable tax event of $0.10 per share and despite tariff pressures impacting some segments.

Terex: The Journey From REV Group Integration to Margin Gains—Inside the Specialty Vehicles Transformation!

<ul><li>Terex Corporation has announced a strategic merger with REV Group, a move designed to create a U.S.-centric specialty equipment manufacturer.</li><li>The merger intends to combine complementary operations, management systems, and distribution channels to enhance competitiveness and unlock synergies.</li><li>With Terex shareholders set to own 58% and REV shareholders 42% of the new entity, the merger also offers a cash consideration of $425 million for REV shareholders.</li></ul>

Terex Corporation has announced a strategic merger with REV Group, a move designed to create a U.S.-centric specialty equipment manufacturer.The merger intends to combine complementary operations, management systems, and distribution channels to enhance competitiveness and unlock synergies.With Terex shareholders set to own 58% and REV shareholders 42% of the new entity, the merger also offers a cash consideration of $425 million for REV shareholders.

Terex Corporation: The REV Integration Is a Productivity Story — Consolidation

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>We have summarized the selected global machinery manufacturers’ estimates about the impact of US tariffs.</li><li>Most players expect the impact will materialize starting from 3Q should the tariffs be in place.</li><li>Based on the numbers provided, Komatsu (6301 JP, NR) seems to be taking a relatively large hit among the major names. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We have summarized the selected global machinery manufacturers’ estimates about the impact of US tariffs.Most players expect the impact will materialize starting from 3Q should the tariffs be in place.Based on the numbers provided, Komatsu (6301 JP, NR) seems to be taking a relatively large hit among the major names. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capital Goods - Major global players’ forecast about tariff impact

United States

Terex Corporation is a diversified global manufacturer operating in four business segments: aerial work platforms; construction; cranes; and materials processing.  Terex manufactures a broad range of equipment for use in various industries including the construction, infrastructure, quarrying, mining, shipping, transportation, refining, energy and utility industries.

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Terex Corp (TEX US)

Terex Corporation's Hidden Catalyst — Bookings Surge 25% As Backlog Hits $6.9 Billion!

Terex Corporation reported second quarter 2026 results marked by revenue growth across all segments and improved earnings conversion. Consolidated...

Baptista Research

Primer: Terex Corp (TEX US) - Aug 2026

Terex is undergoing a significant strategic transformation, highlighted by the merger with REV Group, to pivot towards less cyclical,...

αSK Primers

Terex: The Journey From REV Group Integration to Margin Gains—Inside the Specialty Vehicles Transformation!

Terex Corporation reported a strong start to 2026, with first-quarter sales increasing by 41% year-over-year on a reported basis to $1.7 billion,...

Baptista Research

Terex Corporation: The REV Integration Is a Productivity Story — Consolidation

Terex Corporation has announced a strategic merger with REV Group, a move designed to create a U.S.-centric specialty equipment manufacturer. The...

Baptista Research

Capital Goods - Major global players’ forecast about tariff impact

We have summarized the selected global machinery manufacturers’ estimates about the impact of US tariffs. Most players expect the impact will...

CMB International

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