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>Trimble Inc.'s recent financial results for the first quarter of 2025 present a comprehensive picture of its performance and strategic direction.</li><li>The company reported revenues of $841 million, marking a 3% organic growth and 10% growth when adjusted for timing anomalies related to January 1 term license revenues not being included in this quarter due to fiscal period differences.</li><li>The company's Adjusted Recurring Revenue (ARR) showed a robust 17% organic increase to $2.11 billion, indicating strong performance across its segments.</li></ul>

Trimble Inc.'s recent financial results for the first quarter of 2025 present a comprehensive picture of its performance and strategic direction.The company reported revenues of $841 million, marking a 3% organic growth and 10% growth when adjusted for timing anomalies related to January 1 term license revenues not being included in this quarter due to fiscal period differences.The company's Adjusted Recurring Revenue (ARR) showed a robust 17% organic increase to $2.11 billion, indicating strong performance across its segments.

Trimble Inc.: Is The Recent Growth in ARR through Strategic Bundles A Temporary Phenomenon?

<ul><li>Trimble Inc. concluded its fiscal year with robust performance, exceeding the midpoint of its guidance.</li><li>The company reported fourth-quarter revenue of $983 million, ARR of $2.26 billion, and EPS of $0.89.</li><li>On an as adjusted basis, the fourth-quarter revenue increased by 9%, while gross margins significantly exceeded 70% for the first time.</li></ul>

Trimble Inc. concluded its fiscal year with robust performance, exceeding the midpoint of its guidance.The company reported fourth-quarter revenue of $983 million, ARR of $2.26 billion, and EPS of $0.89.On an as adjusted basis, the fourth-quarter revenue increased by 9%, while gross margins significantly exceeded 70% for the first time.

Trimble Inc.: Is The Strategic Pivot From Traditional Sales To A Subscription-Based Model Paying Off?

<ul><li>Trimble Inc. recently presented its third-quarter financial results, showcasing both progress and challenges within its strategic framework.</li><li>The Connect & Scale strategy, designed to harness digital connectivity across various industrial stakeholders, continues to be a focal point for Trimble.</li><li>This framework not only aims for technological bridging between users and data in fields like engineering, construction, transportation and logistics but also strives for operational uniformity through shared technology and backend systems.</li></ul>

Trimble Inc. recently presented its third-quarter financial results, showcasing both progress and challenges within its strategic framework.The Connect & Scale strategy, designed to harness digital connectivity across various industrial stakeholders, continues to be a focal point for Trimble.This framework not only aims for technological bridging between users and data in fields like engineering, construction, transportation and logistics but also strives for operational uniformity through shared technology and backend systems.

Trimble Inc.: What Is The Expected Impact Of The Transporeon Platform Expansion? - Major Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-12-10/topcon-gets-buyout-offers-from-kkr-eqt-as-japan-m-a-heats-up" target="_blank" rel="noopener">article</a> today said <a href="https://www.smartkarma.com/entities/topcon-corp" target="_blank" data-smartkarma-citation="entities:738:1" rel="noopener">Topcon Corp (7732 JP)</a> is weighing takeover bids received from KKR and EQT. ValueAct has been pressuring the company for 18mos (5+% in May23)</li>
<li>ValueAct has apparently been pushing the company to divest assets and concentrate on core ops, or go private (and have someone else do it). </li>
<li>This is further evidence of the METI-enabled "Bad Cop-Good Cop Routine" which could expand M&amp;A and governance activity dramatically. </li>
</ul>


A Bloomberg article today said Topcon Corp (7732 JP) is weighing takeover bids received from KKR and EQT. ValueAct has been pressuring the company for 18mos (5+% in May23)
ValueAct has apparently been pushing the company to divest assets and concentrate on core ops, or go private (and have someone else do it). 
This is further evidence of the METI-enabled "Bad Cop-Good Cop Routine" which could expand M&amp;A and governance activity dramatically. 


Thinking About Topcon (7732) And the New METI-Enabled Bad Cop-Good Cop Routine

<ul><li>Trimble's recent financial results reflect a dual narrative of ongoing strategic execution and areas necessitating cautious optimism.</li><li>Their Q2 2024 earnings evidenced some robust aspects of their business model as well as areas that are currently more stagnant, or in the process of readjustment and scrutiny.</li><li>The company used the earnings call to highlight the actions it's taking towards overcoming specific challenges while capitalizing on its strategic initiatives.</li></ul>

Trimble's recent financial results reflect a dual narrative of ongoing strategic execution and areas necessitating cautious optimism.Their Q2 2024 earnings evidenced some robust aspects of their business model as well as areas that are currently more stagnant, or in the process of readjustment and scrutiny.The company used the earnings call to highlight the actions it's taking towards overcoming specific challenges while capitalizing on its strategic initiatives.

Trimble Inc.: A Software-Centric Business Model Transition Driving Our Optimism! - Major Drivers

United States

Trimble Navigation Ltd is a leading provider of advanced location-based solutions that maximize productivity and enhance profitability. The Company integrates its positioning expertise in GPS, laser, optical and inertial technologies with application software, wireless communications, and services to provide complete commercial solutions.

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Trimble Navigation (TRMB US)

Trimble Inc.: Is The Recent Growth in ARR through Strategic Bundles A Temporary Phenomenon?

Trimble Inc.'s recent financial results for the first quarter of 2025 present a comprehensive picture of its performance and strategic...

Baptista Research

Trimble Inc.: Is The Strategic Pivot From Traditional Sales To A Subscription-Based Model Paying Off?

Trimble Inc. concluded its fiscal year with robust performance, exceeding the midpoint of its guidance. The company reported fourth-quarter...

Baptista Research

Trimble Inc.: What Is The Expected Impact Of The Transporeon Platform Expansion? - Major Drivers

Trimble Inc. recently presented its third-quarter financial results, showcasing both progress and challenges within its strategic framework. The...

Baptista Research

Thinking About Topcon (7732) And the New METI-Enabled Bad Cop-Good Cop Routine

The METI Guideline on Corporate Takeovers has enabled a BadCop-GoodCop routine to be played out by activists and PE funds. Topcon may be a victim....

Travis Lundy

Trimble Inc.: A Software-Centric Business Model Transition Driving Our Optimism! - Major Drivers

Trimble's recent financial results reflect a dual narrative of ongoing strategic execution and areas necessitating cautious optimism. Their Q2...

Baptista Research

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