Independent research on the U.S. markets, Baptista Research

Baptista Research

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.

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>Illinois Tool Works Inc. delivered a quarter characterized by steady operational execution, incremental demand recovery in select end markets, and continued margin expansion driven primarily by internal initiatives rather than volume.</li><li>Revenue growth remained modest on an organic basis at 1.3%, but sequential improvement of 4% from the prior quarter and stronger-than-expected performance in segments such as Test & Measurement, Polymers & Fluids, and Automotive OEM indicate a gradual improvement in underlying industrial demand conditions.</li><li>Management highlighted improving order trends, particularly in general industrial and semiconductor-related businesses, although it acknowledged that visibility remains limited and prior volatility in semiconductor demand warrants caution when extrapolating the current recovery.</li></ul>

Illinois Tool Works Inc. delivered a quarter characterized by steady operational execution, incremental demand recovery in select end markets, and continued margin expansion driven primarily by internal initiatives rather than volume.Revenue growth remained modest on an organic basis at 1.3%, but sequential improvement of 4% from the prior quarter and stronger-than-expected performance in segments such as Test & Measurement, Polymers & Fluids, and Automotive OEM indicate a gradual improvement in underlying industrial demand conditions.Management highlighted improving order trends, particularly in general industrial and semiconductor-related businesses, although it acknowledged that visibility remains limited and prior volatility in semiconductor demand warrants caution when extrapolating the current recovery.

Illinois Tool Works: Global Demand Divergence—Can Asia Strength Offset Europe’s Weakness?