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>Verallia reported mixed first-half results that reflected ongoing macroeconomic pressures in Europe but also signs of stabilization in volumes and improvement in cash generation.</li><li>The company’s performance was shaped by regional disparities, input cost volatility, and its continued execution on capacity expansion and decarbonization initiatives.</li><li>While headline figures showed year-over-year declines, sequential trends and balance sheet strength indicated operational resilience in a subdued environment.</li></ul>

Verallia reported mixed first-half results that reflected ongoing macroeconomic pressures in Europe but also signs of stabilization in volumes and improvement in cash generation.The company’s performance was shaped by regional disparities, input cost volatility, and its continued execution on capacity expansion and decarbonization initiatives.While headline figures showed year-over-year declines, sequential trends and balance sheet strength indicated operational resilience in a subdued environment.

Verallia’s Game-Changing Hybrid Furnace in Zaragoza — A New Era of Sustainable Glassmaking!

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>BWGI’s tender offer for Verallia has secured regulatory approvals and board support. With strong financial backing and irrevocable commitments, the threshold for success is achievable but not guaranteed.</li>
<li>While early entrants at €27 enjoy strong arbitrage returns, recent prices near €28.14 offer minimal spread. The current trade hinges on bump potential or long-term rerating prospects.</li>
<li>Erallia trades at 6.3x EV/EBITDA vs. Vidrala’s 7.9x. The DCF fair value implies ~30% upside, making holding shares a credible strategy even if the offer fails or underwhelms.</li>
</ul>


BWGI’s tender offer for Verallia has secured regulatory approvals and board support. With strong financial backing and irrevocable commitments, the threshold for success is achievable but not guaranteed.
While early entrants at €27 enjoy strong arbitrage returns, recent prices near €28.14 offer minimal spread. The current trade hinges on bump potential or long-term rerating prospects.
Erallia trades at 6.3x EV/EBITDA vs. Vidrala’s 7.9x. The DCF fair value implies ~30% upside, making holding shares a credible strategy even if the offer fails or underwhelms.


Glass Half Full: Arbitrage Opportunities in Verallia’s Tender Path

<ul><li>Verallia, a global leader in glass packaging, recently reported its financial results for the fiscal year 2024.</li><li>The company's extensive footprint includes operations in 12 countries with 35 plants and 64 furnaces, supported by a customer base of over 10,000.</li><li>In 2024, Verallia's sales were distributed across several segments, including still wine (32%), spirits (16%), and food (17%).</li></ul>

Verallia, a global leader in glass packaging, recently reported its financial results for the fiscal year 2024.The company's extensive footprint includes operations in 12 countries with 35 plants and 64 furnaces, supported by a customer base of over 10,000.In 2024, Verallia's sales were distributed across several segments, including still wine (32%), spirits (16%), and food (17%).

Verallia S.A.: Initiation of Coverage- Its Expanded Production Capabilities In Europe & Latin America Can Make It A Powerhouse For Future Growth?

<ul>
<li>BWGI proposes a voluntary tender offer at €30 per share (cum dividend), aiming for majority control without delisting, supported by the Moreira Salles family’s substantial financial capacity and credibility.</li>
<li>BWGI’s offer, backed by a $26 billion family office, presents a credible liquidity event; however, valuation and DCF analysis suggest room for a higher bid or competing interest.</li>
<li>Market volatility may increase investor preference for deal certainty, potentially improving acceptance of BWGI’s offer despite its modest premium over Verallia’s recent trading levels and long-term valuation benchmarks.</li>
</ul>


BWGI proposes a voluntary tender offer at €30 per share (cum dividend), aiming for majority control without delisting, supported by the Moreira Salles family’s substantial financial capacity and credibility.
BWGI’s offer, backed by a $26 billion family office, presents a credible liquidity event; however, valuation and DCF analysis suggest room for a higher bid or competing interest.
Market volatility may increase investor preference for deal certainty, potentially improving acceptance of BWGI’s offer despite its modest premium over Verallia’s recent trading levels and long-term valuation benchmarks.


US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schibsted-asa" target="_blank" data-smartkarma-citation="entities:22250:1" rel="noopener">Schibsted/Vend Marketplaces (VENDB NO)</a> is the highest ranked non-constituent. However, its addition is uncertain due to share class liquidity.</li>
<li>The main forecasted additions are <a href="https://www.smartkarma.com/entities/zegona-communications-plc" target="_blank" data-smartkarma-citation="entities:25686:1" rel="noopener">Zegona Communications (ZEG LN)</a> and <a href="https://www.smartkarma.com/entities/nordex-se" target="_blank" data-smartkarma-citation="entities:21682:1" rel="noopener">Nordex SE (NDX1 GR)</a> following price rallies.</li>
<li>The main forecasted deletions are <a href="https://www.smartkarma.com/entities/verallia" target="_blank" data-smartkarma-citation="entities:36586:1" rel="noopener">Verallia (VRLA FP)</a> and <a href="https://www.smartkarma.com/entities/banca-popolare-di-sondrio-scar" target="_blank" data-smartkarma-citation="entities:21166:1" rel="noopener">Banca Popolare Di Sondrio Scar (BPSO IM)</a> following tender offers that significantly reduced their free float.</li>
</ul>



Schibsted/Vend Marketplaces (VENDB NO) is the highest ranked non-constituent. However, its addition is uncertain due to share class liquidity.
The main forecasted additions are Zegona Communications (ZEG LN) and Nordex SE (NDX1 GR) following price rallies.
The main forecasted deletions are Verallia (VRLA FP) and Banca Popolare Di Sondrio Scar (BPSO IM) following tender offers that significantly reduced their free float.


STOXX Europe600 Sep25 Forecast: ZEG, NDX1, FRA to Enter; VRLA, BPSO, EMBRACB to Exit

France

Verallia manufactures and distributes packaging products. The Company offers glass bottles, containers, and jars for food, beverages, and liquids. Verallia serves customers worldwide.

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

Verallia (VRLA FP)

Verallia’s Game-Changing Hybrid Furnace in Zaragoza — A New Era of Sustainable Glassmaking!

Verallia reported mixed first-half results that reflected ongoing macroeconomic pressures in Europe but also signs of stabilization in volumes and...

Baptista Research

Glass Half Full: Arbitrage Opportunities in Verallia’s Tender Path

BWGI’s €28.30/share offer for Verallia nears launch. Deal is credible, valuation modest, spread thin at €28.14. Risk/reward still compelling if...

Jesus Rodriguez Aguilar

Verallia S.A.: Initiation of Coverage- Its Expanded Production Capabilities In Europe & Latin America Can Make It A Powerhouse For Future Growth?

Verallia, a global leader in glass packaging, recently reported its financial results for the fiscal year 2024. The company's extensive footprint...

Baptista Research

BWGI's Tender Offer for Verallia

BWGI offers €30 per share with Moreira Salles family backing, faces potential for higher bid or competition, but market volatility may drive...

Jesus Rodriguez Aguilar

STOXX Europe600 Sep25 Forecast: ZEG, NDX1, FRA to Enter; VRLA, BPSO, EMBRACB to Exit

Uncertain inclusion: VENDB due to share class liquidity. High probability inclusions: ZEG and NDX1 following price rallies. High probability...

Dimitris Ioannidis

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Verallia’s Game-Changing Hybrid Furnace in Zaragoza — A New Era of Sustainable Glassmaking!

Verallia reported mixed first-half results that reflected ongoing macroeconomic pressures in Europe but also signs of stabilization in volumes and...

Baptista Research

Glass Half Full: Arbitrage Opportunities in Verallia’s Tender Path

BWGI’s €28.30/share offer for Verallia nears launch. Deal is credible, valuation modest, spread thin at €28.14. Risk/reward still compelling if...

Jesus Rodriguez Aguilar

Verallia S.A.: Initiation of Coverage- Its Expanded Production Capabilities In Europe & Latin America Can Make It A Powerhouse For Future Growth?

Verallia, a global leader in glass packaging, recently reported its financial results for the fiscal year 2024. The company's extensive footprint...

Baptista Research

BWGI's Tender Offer for Verallia

​BWGI offers €30 per share with Moreira Salles family backing, faces potential for higher bid or competition, but market volatility may drive...

Jesus Rodriguez Aguilar

STOXX Europe600 Sep25 Forecast: ZEG, NDX1, FRA to Enter; VRLA, BPSO, EMBRACB to Exit

Uncertain inclusion: VENDB due to share class liquidity. High probability inclusions: ZEG and NDX1 following price rallies. High probability...

Dimitris Ioannidis

BWGI offers €30 per share with Moreira Salles family backing, faces potential for higher bid or competition, but market volatility may drive...