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>Unum Group's second quarter 2024 earnings presentation, reflecting on an adjusted earnings per share outlook from an initial 7% to 9% to an updated range of 10% to 15%, depicts a positive position in terms of financial health and market strategy.</li><li>This shift is primarily driven by strong operating performance across multiple business segments, further reinforced by adequate capital management and consistent efforts in hedging and asset re-positioning, particularly concerning the Closed Block segment.</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>

Unum Group's second quarter 2024 earnings presentation, reflecting on an adjusted earnings per share outlook from an initial 7% to 9% to an updated range of 10% to 15%, depicts a positive position in terms of financial health and market strategy.This shift is primarily driven by strong operating performance across multiple business segments, further reinforced by adequate capital management and consistent efforts in hedging and asset re-positioning, particularly concerning the Closed Block segment.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.

Unum Group: Competitive Environment and Market Opportunities! - Major Drivers

<ul><li>Unum Group has reported a commendable first quarter for 2024, signaling a robust start to the year with mixed outcomes that illustrate both strengths and areas requiring attention.</li><li>The company emphasized its achievement of a 13.6% increase in earnings per share, reaching a record $2.12 per share.</li><li>This growth was supported by a significant $350 million in statutory earnings, alongside a 6.6% rise in core operations premium growth.</li></ul>

Unum Group has reported a commendable first quarter for 2024, signaling a robust start to the year with mixed outcomes that illustrate both strengths and areas requiring attention.The company emphasized its achievement of a 13.6% increase in earnings per share, reaching a record $2.12 per share.This growth was supported by a significant $350 million in statutory earnings, alongside a 6.6% rise in core operations premium growth.

Unum Group: Initiation of Coverage -  Expansion Of Service Capabilities & 3 Critical Growth Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

It's time for the S&amp;P500 Index Rebalance. Friday night on 3 Sep ahead of the long weekend we got the <a href="https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20210903-1443045/1443045_sept2021-546-shuf-rebal.pdf" target="_blank" rel="noopener">announcement</a> from S&amp;P Dow Jones Indices. This quarter we have 3 Additions...<ul>
<li>
<a href="https://www.smartkarma.com/entities/match-group-inc" target="_blank" data-smartkarma-citation="entities:25903:1" rel="noopener">Match Group Inc (MTCH US)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/ceridian-hcm-holding-inc" target="_blank" data-smartkarma-citation="entities:27122:1" rel="noopener">Ceridian HCM Holding Inc (CDAY US)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/brown-brown-inc" target="_blank" data-smartkarma-citation="entities:19532:1" rel="noopener">Brown &amp; Brown (BRO US)</a> </li>
</ul>Combined, the three ADDITIONS had US$6.4bn of revenue in the last 12 months, US$1.6bn of OP in that time, and they are forecast to have OP of $1.97bn in the next 12 months.and 3 Deletions... <ul>
<li>
<a href="https://www.smartkarma.com/entities/perrigo-co-plc" target="_blank" data-smartkarma-citation="entities:869:1" rel="noopener">Perrigo Co Plc (PRGO US)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/unum-group" target="_blank" data-smartkarma-citation="entities:2521:1" rel="noopener">Unum Group (UNM US)</a> </li>
<li><a href="https://www.smartkarma.com/entities/national-oilwell-varco-inc" target="_blank" data-smartkarma-citation="entities:3046:1" rel="noopener">National Oilwell Varco (NOV US)</a></li>
</ul>Combined, the three DELETIONS had US$21.97bn of revenue in the last 12 months, US$1.1bn of OP in that time, and they are forecast to have $2.13bn of OP in the next 12 months.<div class="content-highlight">
With 3+x the revenue and a combined OP forecast 8% higher than the ADDITIONS in the next 12 months, these three DELETIONS have a combined market cap of US$16bn as of Friday's close against the combined market cap of the ADDITIONS which are at US$75bn.
That may not make much sense but most major indices are like that - they buy what goes up, after it has gone up, and they sell what underperforms, after it has underperformed. 
</div>While these names are not really a surprise, they may prove interesting.Much more analysis below the fold.

It's time for the S&amp;P500 Index Rebalance. Friday night on 3 Sep ahead of the long weekend we got the announcement from S&amp;P Dow Jones Indices. This quarter we have 3 Additions...

Match Group Inc (MTCH US) 

Ceridian HCM Holding Inc (CDAY US) 

Brown &amp; Brown (BRO US) 
Combined, the three ADDITIONS had US$6.4bn of revenue in the last 12 months, US$1.6bn of OP in that time, and they are forecast to have OP of $1.97bn in the next 12 months.and 3 Deletions... 

Perrigo Co Plc (PRGO US) 

Unum Group (UNM US) 
National Oilwell Varco (NOV US)
Combined, the three DELETIONS had US$21.97bn of revenue in the last 12 months, US$1.1bn of OP in that time, and they are forecast to have $2.13bn of OP in the next 12 months.
With 3+x the revenue and a combined OP forecast 8% higher than the ADDITIONS in the next 12 months, these three DELETIONS have a combined market cap of US$16bn as of Friday's close against the combined market cap of the ADDITIONS which are at US$75bn.
That may not make much sense but most major indices are like that - they buy what goes up, after it has gone up, and they sell what underperforms, after it has underperformed. 
While these names are not really a surprise, they may prove interesting.Much more analysis below the fold. 

S&P500 September 2021 Rebalance:  3 OUT, 3 IN - The Deletions May Be More Interesting

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

On Friday post market close, S&amp;P Dow Jones announced the results of the September review for the <a href="https://www.smartkarma.com/entities/s-p-500" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 (SPX INDEX)</a> that will be effective after the close of trading on 17 September.There are 3 inclusion -  <a href="https://www.smartkarma.com/entities/match-group-inc" target="_blank" data-smartkarma-citation="entities:25903:1" rel="noopener">Match Group Inc (MTCH US)</a>, <a href="https://www.smartkarma.com/entities/ceridian-hcm-holding-inc" target="_blank" data-smartkarma-citation="entities:27122:1" rel="noopener">Ceridian HCM Holding Inc (CDAY US)</a> and <a href="https://www.smartkarma.com/entities/brown-brown-inc" target="_blank" data-smartkarma-citation="entities:19532:1" rel="noopener">Brown &amp; Brown (BRO US)</a>, while the exclusions are <a href="https://www.smartkarma.com/entities/unum-group" target="_blank" data-smartkarma-citation="entities:2521:1" rel="noopener">Unum Group (UNM US)</a>, <a href="https://www.smartkarma.com/entities/national-oilwell-varco-inc" target="_blank" data-smartkarma-citation="entities:3046:1" rel="noopener">National Oilwell Varco (NOV US)</a> and <a href="https://www.smartkarma.com/entities/perrigo-co-plc" target="_blank" data-smartkarma-citation="entities:869:1" rel="noopener">Perrigo Co Plc (PRGO US)</a>.There are inclusions/exclusions to the S&amp;P MidCap 400 and the S&amp;P SmallCap 600 as well.The stocks with the largest impact from passive buying are <a href="https://www.smartkarma.com/entities/match-group-inc" target="_blank" data-smartkarma-citation="entities:25903:1" rel="noopener">Match Group Inc (MTCH US)</a>, <a href="https://www.smartkarma.com/entities/tandem-diabetes-care-inc" target="_blank" data-smartkarma-citation="entities:20893:1" rel="noopener">Tandem Diabetes Care (TNDM US)</a>, <a href="https://www.smartkarma.com/entities/brown-brown-inc" target="_blank" data-smartkarma-citation="entities:19532:1" rel="noopener">Brown &amp; Brown (BRO US)</a>, UniqureNV (QURE US) and <a href="https://www.smartkarma.com/entities/ceridian-hcm-holding-inc" target="_blank" data-smartkarma-citation="entities:27122:1" rel="noopener">Ceridian HCM Holding Inc (CDAY US)</a>.The stocks with the largest impact from passive selling are <a href="https://www.smartkarma.com/entities/united-insurance-holdings-corp" target="_blank" data-smartkarma-citation="entities:19222:1" rel="noopener">United Insurance Holdings (UIHC US)</a>, <a href="https://www.smartkarma.com/entities/team-inc" target="_blank" data-smartkarma-citation="entities:6811:1" rel="noopener">Team Inc (TISI US)</a>, <a href="https://www.smartkarma.com/entities/unum-group" target="_blank" data-smartkarma-citation="entities:2521:1" rel="noopener">Unum Group (UNM US)</a>, <a href="https://www.smartkarma.com/entities/perrigo-co-plc" target="_blank" data-smartkarma-citation="entities:869:1" rel="noopener">Perrigo Co Plc (PRGO US)</a> and <a href="https://www.smartkarma.com/entities/national-oilwell-varco-inc" target="_blank" data-smartkarma-citation="entities:3046:1" rel="noopener">National Oilwell Varco (NOV US)</a>.There are a lot of other stocks that will have a lot to buy/sell from passive funds due to changes in the number of shares and free float and due to funding flows.

On Friday post market close, S&amp;P Dow Jones announced the results of the September review for the S&amp;P 500 (SPX INDEX) that will be effective after the close of trading on 17 September.There are 3 inclusion -  Match Group Inc (MTCH US), Ceridian HCM Holding Inc (CDAY US) and Brown &amp; Brown (BRO US), while the exclusions are Unum Group (UNM US), National Oilwell Varco (NOV US) and Perrigo Co Plc (PRGO US).There are inclusions/exclusions to the S&amp;P MidCap 400 and the S&amp;P SmallCap 600 as well.The stocks with the largest impact from passive buying are Match Group Inc (MTCH US), Tandem Diabetes Care (TNDM US), Brown &amp; Brown (BRO US), UniqureNV (QURE US) and Ceridian HCM Holding Inc (CDAY US).The stocks with the largest impact from passive selling are United Insurance Holdings (UIHC US), Team Inc (TISI US), Unum Group (UNM US), Perrigo Co Plc (PRGO US) and National Oilwell Varco (NOV US).There are a lot of other stocks that will have a lot to buy/sell from passive funds due to changes in the number of shares and free float and due to funding flows.

S&P500 Index Rebalance: Swiping Right on Match

United States

Unum Group provides group disability and special risk insurance.  The Company provides disability insurance, group life insurance, and payroll-deducted voluntary benefits offered to employees at their worksites.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Unum Group (UNM US)

Unum Group: Competitive Environment and Market Opportunities! - Major Drivers

Unum Group's second quarter 2024 earnings presentation, reflecting on an adjusted earnings per share outlook from an initial 7% to 9% to an...

Baptista Research

Unum Group: Initiation of Coverage - Expansion Of Service Capabilities & 3 Critical Growth Drivers

Unum Group has reported a commendable first quarter for 2024, signaling a robust start to the year with mixed outcomes that illustrate both...

Baptista Research

S&P500 September 2021 Rebalance: 3 OUT, 3 IN - The Deletions May Be More Interesting

The S&P500 Quarterly Review is here. 3 in and 3 out. $14bn a side as of now. I expect the DELETIONS are more interesting though the headlines will...

Travis Lundy

S&P500 Index Rebalance: Swiping Right on Match

There are 3 changes to the S&P500 that will be implemented at the close on 17 Sep. There are changes to the S&P400 & S&P600 as well. There will be...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)