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>This is our first report on critical technical equipment, components, software, and services provider, Vontier Corporation.</li><li>The company, in its latest earnings, exhibited noteworthy progress in its strategies and performance for the third quarter.</li><li>The top-line performance recorded for the quarter outperformed expectations with baseline core revenue growth of 10%, reflecting gains from the company's connected mobility strategy.</li></ul>

This is our first report on critical technical equipment, components, software, and services provider, Vontier Corporation.The company, in its latest earnings, exhibited noteworthy progress in its strategies and performance for the third quarter.The top-line performance recorded for the quarter outperformed expectations with baseline core revenue growth of 10%, reflecting gains from the company's connected mobility strategy.

Vontier Corporation: Initiation of Coverage – Its 6 Biggest Growth Catalysts! - Financial Forecasts

Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

<ul><li>In this post I tracked my performance on stock mentioned in my blog, and I would like to officially close some ideas here.</li><li>I will start doing that from now on. Something I did privately but not on the blog publicly.</li><li>Either because they have worked out and upside is no more attractive, or because the facts have changed.</li></ul>

In this post I tracked my performance on stock mentioned in my blog, and I would like to officially close some ideas here.I will start doing that from now on. Something I did privately but not on the blog publicly.Either because they have worked out and upside is no more attractive, or because the facts have changed.

<ul><li>First one is Vontier, its main business is a duopoly in gas station equipment and software.</li><li>Repair tools for ICE vehicles. Software and hardware for car washes, and some smaller miscellaneous businesses.</li><li>Some of which they will divest for probably several $100 million in proceeds. And they have a piece in EV charging infrastructure as well. </li></ul>

First one is Vontier, its main business is a duopoly in gas station equipment and software.Repair tools for ICE vehicles. Software and hardware for car washes, and some smaller miscellaneous businesses.Some of which they will divest for probably several $100 million in proceeds. And they have a piece in EV charging infrastructure as well. 

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

On Friday post market close, S&amp;P Dow Jones announced the results of the March 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 19 March.There are 4 additions - <a href="https://www.smartkarma.com/entities/nxp-semiconductors-nv" target="_blank" data-smartkarma-citation="entities:9801:1" rel="noopener">Nxp Semiconductors Nv (NXPI US)</a>, <a href="https://www.smartkarma.com/entities/penn-national-gaming-inc" target="_blank" data-smartkarma-citation="entities:5588:1" rel="noopener">Penn National Gaming (PENN US)</a>, <a href="https://www.smartkarma.com/entities/generac-holdings-inc" target="_blank" data-smartkarma-citation="entities:16223:1" rel="noopener">Generac Holdings (GNRC US)</a> and <a href="https://www.smartkarma.com/entities/caesars-entertainment-corp" target="_blank" data-smartkarma-citation="entities:15532:1" rel="noopener">Caesars Entertainment (CZR US)</a>. To balance that out, there are 4 deletions - <a href="https://www.smartkarma.com/entities/flowserve-corp" target="_blank" data-smartkarma-citation="entities:20555:1" rel="noopener">Flowserve Corp (FLS US)</a>, <a href="https://www.smartkarma.com/entities/sl-green-realty-corp" target="_blank" data-smartkarma-citation="entities:1548:1" rel="noopener">Sl Green Realty (SLG US)</a>, <a href="https://www.smartkarma.com/entities/xerox-holdings-corp" target="_blank" data-smartkarma-citation="entities:17585:1" rel="noopener">Xerox Corp (XRX US)</a> and <a href="https://www.smartkarma.com/entities/vontier-corp" target="_blank" data-smartkarma-citation="entities:28857:1" rel="noopener">Vontier Corp (VNT US)</a>.We estimate one-way turnover will be around US$22.4bn and the funding trade will see selling on a lot of the current index constituents.The biggest impact of the changes will be on <a href="https://www.smartkarma.com/entities/nxp-semiconductors-nv" target="_blank" data-smartkarma-citation="entities:9801:1" rel="noopener">Nxp Semiconductors Nv (NXPI US)</a> where we estimate passive funds will need to buy around 11 days of ADV on the stock. The impact on the other stocks is much lower due to the move between 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> and the S&amp;P Mid Cap 400 indices.

On Friday post market close, S&amp;P Dow Jones announced the results of the March review for the S&amp;P 500 (SPX INDEX) that will be effective after the close of trading on 19 March.There are 4 additions - Nxp Semiconductors Nv (NXPI US), Penn National Gaming (PENN US), Generac Holdings (GNRC US) and Caesars Entertainment (CZR US). To balance that out, there are 4 deletions - Flowserve Corp (FLS US), Sl Green Realty (SLG US), Xerox Corp (XRX US) and Vontier Corp (VNT US).We estimate one-way turnover will be around US$22.4bn and the funding trade will see selling on a lot of the current index constituents.The biggest impact of the changes will be on Nxp Semiconductors Nv (NXPI US) where we estimate passive funds will need to buy around 11 days of ADV on the stock. The impact on the other stocks is much lower due to the move between the S&amp;P 500 (SPX INDEX) and the S&amp;P Mid Cap 400 indices.

S&P500 Index Rebalance: NXPI Is the One to Watch

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vontier-corp" target="_blank" data-smartkarma-citation="entities:28857:1" rel="noopener">Vontier Corp (VNT US)</a> is a carve-out of <a href="https://www.smartkarma.com/entities/fortive-corp" target="_blank" data-smartkarma-citation="entities:26508:1" rel="noopener">Fortive Corp (FTV US)</a>'s mobility infrastructure business. Vontier Corp is getting ready for an IPO in the next few weeks. Goldman Sachs is the sole underwriter in this deal. So far, no pricing terms have been disclosed but it is estimated that the company could raise as much as <a href="https://www.nasdaq.com/articles/fortive-spin-out-vontier-files-for-an-estimated-%241-billion-ipo-2020-02-14" target="_blank" rel="noopener">$1 billion.</a>
</li>
<li><div class="content-highlight">
Vontier Corp provides numerous equipment, software, and services that aim to service the mobility infrastructure industry worldwide. The company supplies numerous solutions including advanced environmental sensors, fueling equipment, field payment hardware, remote management and workflow software, vehicle tracking and fleet management software solutions. </div></li>
<li>The company generated sales of $2.8 billion in 2019, up 4% YoY. From 2015 to 2019, its sales increased by 5.4% CAGR. From 2015 to 2019, the company generated a stable and relatively high average operating margin of 19.2%. 
</li>
</ul>



Vontier Corp (VNT US) is a carve-out of Fortive Corp (FTV US)'s mobility infrastructure business. Vontier Corp is getting ready for an IPO in the next few weeks. Goldman Sachs is the sole underwriter in this deal. So far, no pricing terms have been disclosed but it is estimated that the company could raise as much as $1 billion.


Vontier Corp provides numerous equipment, software, and services that aim to service the mobility infrastructure industry worldwide. The company supplies numerous solutions including advanced environmental sensors, fueling equipment, field payment hardware, remote management and workflow software, vehicle tracking and fleet management software solutions. 
The company generated sales of $2.8 billion in 2019, up 4% YoY. From 2015 to 2019, its sales increased by 5.4% CAGR. From 2015 to 2019, the company generated a stable and relatively high average operating margin of 19.2%. 



United States

Vontier Corporation operates as an industrial technology company. The Company offers environmental sensors, fueling equipment, field payment hardware, remote management and workflow software, vehicle tracking, and fleet management software solutions. Vontier serves customers worldwide.

Vontier Corp (VNT US)

Vontier Corporation: Initiation of Coverage – Its 6 Biggest Growth Catalysts! - Financial Forecasts

This is our first report on critical technical equipment, components, software, and services provider, Vontier Corporation. The company, in its...

Baptista Research

Closing Some Idea's

In this post I tracked my performance on stock mentioned in my blog, and I would like to officially close some ideas here. I will start doing that...

Turtles all the way down

Some new stocks

First one is Vontier, its main business is a duopoly in gas station equipment and software. Repair tools for ICE vehicles.

Turtles all the way down

S&P500 Index Rebalance: NXPI Is the One to Watch

There are 4 changes to the S&P500 with NXP Semiconductors the largest beneficiary of the changes. Estimated one-way turnover is US$22.4bn and there...

Brian Freitas

Vontier Corp IPO Preview

Vontier Corp (VNT US) is a carve-out of Fortive Corp (FTV US)'s mobility infrastructure business. Vontier Corp is getting ready for an IPO in the...

Douglas Kim