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's first-quarter 2025 earnings report presents a mixed outlook, highlighting areas of strong performance while acknowledging ongoing challenges.</li><li>The company's overall financial performance exceeded its initial expectations, with earnings per share of $0.83 on sales of $1.2 billion.</li><li>The effective tax rate for the quarter was slightly higher at 21%, and the company predicted a return on invested capital of 15%.</li></ul>

Terex Corporation's first-quarter 2025 earnings report presents a mixed outlook, highlighting areas of strong performance while acknowledging ongoing challenges.The company's overall financial performance exceeded its initial expectations, with earnings per share of $0.83 on sales of $1.2 billion.The effective tax rate for the quarter was slightly higher at 21%, and the company predicted a return on invested capital of 15%.

Terex Corporation: An Insight Into Its Backlog

<ul><li>Terex Corporation's fourth-quarter 2024 results showcase a mixed landscape with regard to its financial and operational performance.</li><li>The company reported a total net sales of $1.2 billion for the quarter, slightly up due to the contribution from the Environmental Solutions Group (ESG) acquisition.</li><li>However, legacy segments saw a decline in sales by 17%, reflecting industry-wide channel adjustments and macroeconomic pressures.</li></ul>

Terex Corporation's fourth-quarter 2024 results showcase a mixed landscape with regard to its financial and operational performance.The company reported a total net sales of $1.2 billion for the quarter, slightly up due to the contribution from the Environmental Solutions Group (ESG) acquisition.However, legacy segments saw a decline in sales by 17%, reflecting industry-wide channel adjustments and macroeconomic pressures.

Terex Corporation: An Insight Into Its Aerial Work Platforms (AWP) Financial Strategy & Other Major Drivers!

<ul><li>Terex Corporation's third-quarter 2024 earnings call provides insights into the company's performance, recent strategic moves, and expectations going forward.</li><li>The earnings report highlights several critical factors for potential investors to consider.</li><li>On the positive side, Terex made significant progress by acquiring the Environmental Solutions Group (ESG) from Dover Corporation.</li></ul>

Terex Corporation's third-quarter 2024 earnings call provides insights into the company's performance, recent strategic moves, and expectations going forward.The earnings report highlights several critical factors for potential investors to consider.On the positive side, Terex made significant progress by acquiring the Environmental Solutions Group (ESG) from Dover Corporation.

Terex Faces Shifting Demand: Can Cost Control Keep Them Ahead of the Curve? - Major Drivers

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><p><em>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.</em></p>

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

<ul><li>Terex Corporation reported its second quarter earnings for 2024, exhibiting solid performance amid varied global economic scenarios.</li><li>The revenue for the quarter stood at $1.4 billion with adjusted earnings per share at $2.16, projecting a strong year with an expected annual adjusted EPS range of $7.15 to $7.45.</li><li>This outcome underscores a continued robust operation, aligning with Terex's execute, innovate, and grow strategy, which aims at driving sustainable long-term growth across its operations.</li></ul>

Terex Corporation reported its second quarter earnings for 2024, exhibiting solid performance amid varied global economic scenarios.The revenue for the quarter stood at $1.4 billion with adjusted earnings per share at $2.16, projecting a strong year with an expected annual adjusted EPS range of $7.15 to $7.45.This outcome underscores a continued robust operation, aligning with Terex's execute, innovate, and grow strategy, which aims at driving sustainable long-term growth across its operations.

Terex Corporation: Initiation Of Coverage - Acquisition of Environmental Solutions Group & Other Major Drivers

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: An Insight Into Its Backlog

Terex Corporation's first-quarter 2025 earnings report presents a mixed outlook, highlighting areas of strong performance while acknowledging...

Baptista Research

Terex Corporation: An Insight Into Its Aerial Work Platforms (AWP) Financial Strategy & Other Major Drivers!

Terex Corporation's fourth-quarter 2024 results showcase a mixed landscape with regard to its financial and operational performance. The company...

Baptista Research

Terex Faces Shifting Demand: Can Cost Control Keep Them Ahead of the Curve? - Major Drivers

Terex Corporation's third-quarter 2024 earnings call provides insights into the company's performance, recent strategic moves, and expectations...

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

Terex Corporation: Initiation Of Coverage - Acquisition of Environmental Solutions Group & Other Major Drivers

Terex Corporation reported its second quarter earnings for 2024, exhibiting solid performance amid varied global economic scenarios. The revenue...

Baptista Research

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