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>W.W. Grainger Inc. delivered robust financial performance in 2024, demonstrating consistent strategic progress in response to fluctuating market dynamics.</li><li>The company achieved a total revenue of $17.2 billion, marking a 4.2% increase on a reported basis and a 4.7% increase on a daily organic constant currency basis.</li><li>The growth was driven by substantial contributions from both High-Touch Solutions and Endless Assortment segments, with the latter showing an impressive 11.6% rise in daily constant currency sales.</li></ul>

W.W. Grainger Inc. delivered robust financial performance in 2024, demonstrating consistent strategic progress in response to fluctuating market dynamics.The company achieved a total revenue of $17.2 billion, marking a 4.2% increase on a reported basis and a 4.7% increase on a daily organic constant currency basis.The growth was driven by substantial contributions from both High-Touch Solutions and Endless Assortment segments, with the latter showing an impressive 11.6% rise in daily constant currency sales.

W.W. Grainger Inc.: Expansion of Seller Coverage & Market Penetration & 5 Critical Factors Impacting Its Performance In 2025 & Beyond!

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>JD Industrials’ business model integrates the advantageous resources of JD Group and follows "self-operated heavy asset" route.The operation model is to rely on JD Logistics network to achieve efficient performance.</li>
<li>The platform's openness of JD Industrials is relatively limited. The entry and listing thresholds for merchants are higher than that of peers, which limits the rapid expansion of product richness.</li>
<li>P/S is more appropriate because net profit fluctuates greatly and is more suitable for growth-oriented supply chain companies.JD Industrials’ valuation could be higher than ZKH but lower than <a href="https://www.smartkarma.com/entities/ww-grainger-inc" target="_blank" data-smartkarma-citation="entities:20019:1" rel="noopener">Ww Grainger.</a>   </li>
</ul>


JD Industrials’ business model integrates the advantageous resources of JD Group and follows "self-operated heavy asset" route.The operation model is to rely on JD Logistics network to achieve efficient performance.
The platform's openness of JD Industrials is relatively limited. The entry and listing thresholds for merchants are higher than that of peers, which limits the rapid expansion of product richness.
P/S is more appropriate because net profit fluctuates greatly and is more suitable for growth-oriented supply chain companies.JD Industrials’ valuation could be higher than ZKH but lower than Ww Grainger.   


Pre-IPO JD Industrials (PHIP Updates) - Business Model, Peer Comparison, Forecast and Valuation

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-industrial-technology-ltd" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrial Technology</a> is now looking to raise about US$500m in its upcoming HK IPO.</li>
<li>JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.</li>
<li>We have looked at the company background and refiling updates in our previous notes. In this note, we will talk about the refiling updates.</li>
</ul>



JD Industrial Technology is now looking to raise about US$500m in its upcoming HK IPO.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We have looked at the company background and refiling updates in our previous notes. In this note, we will talk about the refiling updates.


JD Industrials Pre-IPO - Updated Peer Comparison and Thoughts on Valuations

<ul><li>W.W. Grainger, a leading broad line supplier of maintenance, repair and operating (MRO) products, recently presented its third quarter 2024 earnings report, which shed light on the company's performance amidst ongoing economic headwinds.</li><li>The financial results reveal aspects of both strength and areas of concern for the company as it adapts to current market conditions.</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>

W.W. Grainger, a leading broad line supplier of maintenance, repair and operating (MRO) products, recently presented its third quarter 2024 earnings report, which shed light on the company's performance amidst ongoing economic headwinds.The financial results reveal aspects of both strength and areas of concern for the company as it adapts to current market conditions.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.

W.W. Grainger Inc.: Dealing With Supply Chain Vulnerability & Various Challenges That Reduce Our Optimism! - Major Drivers

<ul><li>W.W. Grainger reported its financial results for the second quarter of 2024, reflecting a performance shaped by strategic alignments, moderate growth, and persistent macroeconomic challenges.</li><li>The company, led by Chairman and CEO D.G. Macpherson and CFO Dee Merriwether, emphasized the ongoing commitment to customer-centric innovations and operational adjustments amidst a transforming economic landscape.</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>

W.W. Grainger reported its financial results for the second quarter of 2024, reflecting a performance shaped by strategic alignments, moderate growth, and persistent macroeconomic challenges.The company, led by Chairman and CEO D.G. Macpherson and CFO Dee Merriwether, emphasized the ongoing commitment to customer-centric innovations and operational adjustments amidst a transforming economic landscape.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.

W.W. Grainger Inc.:  A Closer Look At A Bear's Perspective! - Major Drivers

United States

W.W. Grainger, Inc. distributes maintenance, repair and operating supplies, and related information to the commercial, industrial, contractor, and institutional markets in North America.  The Company's products include motors, HVAC equipment, lighting, hand and power tools, pumps, and electrical equipment.

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Ww Grainger Inc (GWW US)

W.W. Grainger Inc.: Expansion of Seller Coverage & Market Penetration & 5 Critical Factors Impacting Its Performance In 2025 & Beyond!

W.W. Grainger Inc. delivered robust financial performance in 2024, demonstrating consistent strategic progress in response to fluctuating market...

Baptista Research

Pre-IPO JD Industrials (PHIP Updates) - Business Model, Peer Comparison, Forecast and Valuation

JD Industrials' business model integrates resources from JD Group, utilizing JD Logistics for efficiency.Higher entry thresholds may hinder...

Xinyao (Criss) Wang

JD Industrials Pre-IPO - Updated Peer Comparison and Thoughts on Valuations

JD Industrial Technology is now looking to raise about US$500m in its upcoming HK IPO. In this note, we undertake an updated peer comparison and...

Sumeet Singh

W.W. Grainger Inc.: Dealing With Supply Chain Vulnerability & Various Challenges That Reduce Our Optimism! - Major Drivers

W.W. Grainger, a leading broad line supplier of maintenance, repair and operating (MRO) products, recently presented its third quarter 2024...

Baptista Research

W.W. Grainger Inc.: A Closer Look At A Bear's Perspective! - Major Drivers

W.W. Grainger reported its financial results for the second quarter of 2024, reflecting a performance shaped by strategic alignments, moderate...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

W.W. Grainger Inc.: Expansion of Seller Coverage & Market Penetration & 5 Critical Factors Impacting Its Performance In 2025 & Beyond!

W.W. Grainger Inc. delivered robust financial performance in 2024, demonstrating consistent strategic progress in response to fluctuating market...

Baptista Research

Pre-IPO JD Industrials (PHIP Updates) - Business Model, Peer Comparison, Forecast and Valuation

​JD Industrials' business model integrates resources from JD Group, utilizing JD Logistics for efficiency.Higher entry thresholds may hinder...

Xinyao (Criss) Wang

JD Industrials Pre-IPO - Updated Peer Comparison and Thoughts on Valuations

JD Industrial Technology is now looking to raise about US$500m in its upcoming HK IPO. In this note, we undertake an updated peer comparison and...

Sumeet Singh

W.W. Grainger Inc.: Dealing With Supply Chain Vulnerability & Various Challenges That Reduce Our Optimism! - Major Drivers

W.W. Grainger, a leading broad line supplier of maintenance, repair and operating (MRO) products, recently presented its third quarter 2024...

Baptista Research

W.W. Grainger Inc.: A Closer Look At A Bear's Perspective! - Major Drivers

W.W. Grainger reported its financial results for the second quarter of 2024, reflecting a performance shaped by strategic alignments, moderate...

Baptista Research

JD Industrials' business model integrates resources from JD Group, utilizing JD Logistics for efficiency.Higher entry thresholds may hinder...