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>TopBuild Corp.'s first quarter performance of 2025 reflects a mixed outlook with certain challenges and strengths highlighted across their operations.</li><li>With a reported decline of 3.6% in total sales to $1.2 billion, the company felt the impact of weakened residential construction demand.</li><li>This decline in new residential construction, the company's largest segment, was partially mitigated by growth in its commercial and industrial sectors.</li></ul>

TopBuild Corp.'s first quarter performance of 2025 reflects a mixed outlook with certain challenges and strengths highlighted across their operations.With a reported decline of 3.6% in total sales to $1.2 billion, the company felt the impact of weakened residential construction demand.This decline in new residential construction, the company's largest segment, was partially mitigated by growth in its commercial and industrial sectors.

TopBuild Corp Is Powering Ahead with Aggressive M&A Playbook To Capture Market Share; What’s Next?

<ul><li>TopBuild Corporation reported its ninth consecutive year of growth, underscoring the sustained strength and expansion of its business model.</li><li>Despite a challenging macroeconomic environment marked by elevated interest rates and inflation persisting longer than expected, the company achieved a modest sales increase of 2% in Q4 to $1.3 billion.</li><li>This growth was primarily driven by its Specialty Distribution segment, which saw a 6.6% rise to $601.8 million.</li></ul>

TopBuild Corporation reported its ninth consecutive year of growth, underscoring the sustained strength and expansion of its business model.Despite a challenging macroeconomic environment marked by elevated interest rates and inflation persisting longer than expected, the company achieved a modest sales increase of 2% in Q4 to $1.3 billion.This growth was primarily driven by its Specialty Distribution segment, which saw a 6.6% rise to $601.8 million.

TopBuild Corporation: Acquisition Strategy & Capital Allocation As a Pivotal Driver Of Stock's Long-Term Performance!

<ul><li>TopBuild Corporation's third-quarter 2024 earnings reflect a strategic navigation through a challenging market environment, showcasing both achievements and areas of concern that potential investors should evaluate carefully.</li><li>TopBuild posted a 3.6% increase in sales, reaching $1.37 billion, demonstrating resilience amidst a slower-than expected housing market and fluctuating mortgage rates.</li><li>The company has successfully leveraged acquisitions and pricing strategies across its Installation and Specialty Distribution segments to drive growth, although the organic volume growth remains modest.</li></ul>

TopBuild Corporation's third-quarter 2024 earnings reflect a strategic navigation through a challenging market environment, showcasing both achievements and areas of concern that potential investors should evaluate carefully.TopBuild posted a 3.6% increase in sales, reaching $1.37 billion, demonstrating resilience amidst a slower-than expected housing market and fluctuating mortgage rates.The company has successfully leveraged acquisitions and pricing strategies across its Installation and Specialty Distribution segments to drive growth, although the organic volume growth remains modest.

TopBuild Corp: 7 Significant Forces That Will Define Its Success in 2025 & Beyond! - Major Drivers

<ul><li>TopBuild Corp. delivered a robust performance in the second quarter of 2024, reflective of a solid growth trajectory despite challenges posed by the higher interest rate environment and supply chain constraints.</li><li>The company capitalized on opportunities across its diverse business model, supporting long-term growth despite the headwinds affecting the residential and commercial sectors.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

TopBuild Corp. delivered a robust performance in the second quarter of 2024, reflective of a solid growth trajectory despite challenges posed by the higher interest rate environment and supply chain constraints.The company capitalized on opportunities across its diverse business model, supporting long-term growth despite the headwinds affecting the residential and commercial sectors.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

TopBuild Corp.: How Are They Driving Profitability through Operational Efficiency? - Major Drivers

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/holcim-ltd-7f60ceaa-51af-4f85-ac5f-114595eb04f3" target="_blank" data-smartkarma-citation="entities:27916" rel="noopener">Holcim (HOLN SW)</a> spun off its construction materials and solutions business into a standalone company on Friday, June 20th.</li>
<li>The new company is called <a href="https://www.smartkarma.com/entities/amrize-ltd" target="_blank" data-smartkarma-citation="entities:45209" rel="noopener">Amrize (AMRZ US)</a>. </li>
<li>The first day of trading will be Monday, June 23, 2025.</li>
</ul>



Holcim (HOLN SW) spun off its construction materials and solutions business into a standalone company on Friday, June 20th.
The new company is called Amrize (AMRZ US). 
The first day of trading will be Monday, June 23, 2025.


United States

TopBuild Corp. provides insulation installation services. The Company offers residential insulation products and related accessories. TopBuild serves customers in the United States.

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Topbuild Corp (BLD US)

TopBuild Corporation: Acquisition Strategy & Capital Allocation As a Pivotal Driver Of Stock's Long-Term Performance!

TopBuild Corporation reported its ninth consecutive year of growth, underscoring the sustained strength and expansion of its business...

Baptista Research

TopBuild Corp: 7 Significant Forces That Will Define Its Success in 2025 & Beyond! - Major Drivers

TopBuild Corporation's third-quarter 2024 earnings reflect a strategic navigation through a challenging market environment, showcasing both...

Baptista Research

TopBuild Corp.: How Are They Driving Profitability through Operational Efficiency? - Major Drivers

TopBuild Corp. delivered a robust performance in the second quarter of 2024, reflective of a solid growth trajectory despite challenges posed by...

Baptista Research

Weekly Update (AMRZ, LION, FTV)

The AMRZ spin-off aims to capitalize on the higher valuation multiples of US building supply companies compared to their European counterparts.

Richard Howe

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TopBuild Corp Is Powering Ahead with Aggressive M&A Playbook To Capture Market Share; What’s Next?

TopBuild Corp.'s first quarter performance of 2025 reflects a mixed outlook with certain challenges and strengths highlighted across their...

Baptista Research

TopBuild Corporation: Acquisition Strategy & Capital Allocation As a Pivotal Driver Of Stock's Long-Term Performance!

TopBuild Corporation reported its ninth consecutive year of growth, underscoring the sustained strength and expansion of its business...

Baptista Research

TopBuild Corp: 7 Significant Forces That Will Define Its Success in 2025 & Beyond! - Major Drivers

TopBuild Corporation's third-quarter 2024 earnings reflect a strategic navigation through a challenging market environment, showcasing both...

Baptista Research

TopBuild Corp.: How Are They Driving Profitability through Operational Efficiency? - Major Drivers

TopBuild Corp. delivered a robust performance in the second quarter of 2024, reflective of a solid growth trajectory despite challenges posed by...

Baptista Research

Weekly Update (AMRZ, LION, FTV)

The AMRZ spin-off aims to capitalize on the higher valuation multiples of US building supply companies compared to their European counterparts.

Richard Howe